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ADVICE PLEASE! Buying & selling with the same estate agent- pros & cons
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rubymonday
Posts: 19 Forumite
We have found our dream house, it is the end of a chain as it is part of an inheritance. we have put in an offer under a rather high asking price and are hoping the sellers don't get any better offers! We are selling 2 houses to pay for it. Both are likely to be quite saleable and we are pricing competitively to get interest fast. We have our HIPs ready to go and are putting ours on the market tomorrow.
My question is should we sell with the agent who is marketing the house we want to buy? They are dearer 1.5-2% (equivalent) but it could be helpful as our situation is trickier as we have 2 properties to sell. They might also work harder as it will be worth 3 sales for them OR is it actually better to buy/sell with separate agents? I actually prefer other agents as they seem higher profile in the high street and the sellers agent doesn't charge commission just a flat rate that is dearer.
Please has anyone got any advice? All I have thought of so far is beating the sellers agent down to 1% or going with someone else! Problem is might I be shooting myself in the foot or is it money well spent?!
Many thanks in advance
My question is should we sell with the agent who is marketing the house we want to buy? They are dearer 1.5-2% (equivalent) but it could be helpful as our situation is trickier as we have 2 properties to sell. They might also work harder as it will be worth 3 sales for them OR is it actually better to buy/sell with separate agents? I actually prefer other agents as they seem higher profile in the high street and the sellers agent doesn't charge commission just a flat rate that is dearer.
Please has anyone got any advice? All I have thought of so far is beating the sellers agent down to 1% or going with someone else! Problem is might I be shooting myself in the foot or is it money well spent?!
Many thanks in advance
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I should add we are selling the two houses to move my disabled Mum in with us so we have to sell both to get this house with a granny annexe (potential)0
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Go with an agent who works hard and gives a good price for his work.
Test them out - you know what this one was like when you got in touch about a property - see if others are better0 -
Is it advantageous to have one agent working for you in both capacities?0
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rubymonday wrote: »Is it advantageous to have one agent working for you in both capacities?
As an EA I would say too right it is as the overall commission income for getting that chain through is not to be sniffed at. Providing all other things equal or thereabouts.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
As an EA I would say too right it is as the overall commission income for getting that chain through is not to be sniffed at. Providing all other things equal or thereabouts.
So you think it is worth going with them, even if their commission is 2%? as they will do a really good job? Do all EAs have negotiable commission rates? I am totally new to this!0 -
In this market, you find an Estate Agent who can do the job well and who will market appropriately to the target market for your properties. If you have a choice of agents who match up to this, you may allow yourself to think about the price.rubymonday wrote: »So you think it is worth going with them, even if their commission is 2%? as they will do a really good job? Do all EAs have negotiable commission rates? I am totally new to this!
You are fortunate to see from the purchase side what this agent is like. If there are others who match up, then you can consider them.
But given that this agent will have 3 houses, I would be tempted to go for 1.5% and 1.75% for contract in 12 weeks, just to keep the pressure on.After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
rubymonday wrote: »So you think it is worth going with them, even if their commission is 2%? as they will do a really good job? Do all EAs have negotiable commission rates? I am totally new to this!
I am not sure what to say as I often don't agree with some that say you should haggle the EA's commission down to very low levels. Levels where the EA can't have that great an interest in spending money & time on the promotion as there is a poor potential return. In my case I operate a strict 'no haggle' commission structure because I would hate one customer finding out from a another customer they were on differing rates.
Hopefully others will come along and offer advice but I read where one poster was fed up with all the EA's BS but he found one that spoke the truth and said the market was bad so went with him. I do hope that EA sells because that is the right way of doing business.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
You could start by asking what systems the estate agent has in place to avoid a conflict of interest. If they look at you blankly, walk away.0
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Not sure I am sure what their conflict of interests might be. Sorry can you elaborate? As I say I am new to this!!0
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rubymonday wrote: »Not sure I am sure what their conflict of interests might be. Sorry can you elaborate? As I say I am new to this!!
Well any kind of agent (solicitor, surveyor, estate agent) has a duty to act in the best interests of their client at all time. An estate agent's client is the seller. If they are acting for both seller and buyer, then there is potential for conflicts of interest.
What is best for you, might not be best for the person whose house you are buying.
It might not be an issue in your case, but its certainly something the agent should consider.0
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