Selling without an Estate Agent

lovethymini

googler wrote: »

Maybe it's time to find one who can justify the money they charge.... benjo seems to have found one.

Here's a thought - how do you value your own time? What are you currently paid per hour at your own work?

If you don't hire an agent, why not add up all the time that you spend on arranging a sale board, advertising, plugging it into a self-sale website, phone calls, running viewings, etc etc. Once you're done, come back and tell us how much it all cost you in time and money terms, I'd be interested to see how that compares with any EA fees you've been quoted.

I'm a housewife with a toddler, so it would just be a case of looking at how much it would cost to advertise in the best places.

lovethymini

confused31 wrote: »

As long as you can get your house on right move i see no problem in not using a agent, we had viewings and not once did the agent do the viewings.

A person will see your house on right move and make the call to make a viewing 9 times out of 10, the estate agent will call you to arrange a viewing.

If they make a offer, the buyer will phone the estate agent make the offer to them for them to phone you, and i personally would prefer the offer made directly to myself.

I can see no logic in todays market of paying a estate agent for 5 minutes work, the only thing i would recommend is to make sure the description and the photographs of your house are good, we had some right dodgy photos done by our x estate agent.

As for prices just look what similar houses went for in the same area and go from there, if you get no offers then reduce the price.

Its a go between service at a very high premium, and remember most buyers like sellers do not like estate agents.

I would love to advertise on Rightmove as it has so many visitors, however when I looked into this, there wasn't an option to advertise privately, and they advise against it.
I would use a surveyor and research the local market to find the most realistic price to advertise at.

lovethymini

IHS88 wrote: »

Hi lovethymini

In these credit crunching times, it certianly is appealing to try and sell without the need for an estate agent.

Here's my advice...

Don't dismiss Using a traditional estate agent completely. Instead, use an agent alongside selling privately.

Essentially, have a race between you and the agent and see who wins.

If you're around to do viewings and you have a realistic asking price then you have every chance of getting your property sold DIY.

Should you decide to take my advice, be aware of agents charging upfront fees and remember to check their paperwork to ensure you will NOT be charged a fee should you find a buyer privately yourself.

Best of luck!

Thank you!

I had started to think of using a EA alongside as they have access to all the best portals, we have a lovely guy who we bought the property through originally. His fee is 1.5% which would be approx £3k plus vat.
I'm sure I saw a self-advertising website on one of the big sites, it's just a matter of finding it again...

lovethymini

poppysarah wrote: »

www.houseladder.co.uk
is used by a couple of optimists round here.

Just checked them out - free advertising for 2 weeks. Definately worth a shot!

They don't have any properties in the area we want to move, but there's some in our hometown at the moment. I suppose this is still a new concept for many people but perhaps this will change over time.

lovethymini

googler wrote: »

Maybe it's time to find one who can justify the money they charge.... benjo seems to have found one.

Here's a thought - how do you value your own time? What are you currently paid per hour at your own work?

If you don't hire an agent, why not add up all the time that you spend on arranging a sale board, advertising, plugging it into a self-sale website, phone calls, running viewings, etc etc. Once you're done, come back and tell us how much it all cost you in time and money terms, I'd be interested to see how that compares with any EA fees you've been quoted.

My flat sold to the first viewer at the asking price, back in 2007. as effective as it was, I still thought that the service was overpriced.

chickmug

lovethymini wrote: »

I want to try to avoid using an EA this time round, so I'd be really interested in hearing others' experiences - any success stories, recommendations, nightmares?!

I don't have any issues with EA in general, I just can't justify the money they charge.

This could be a good way to save thousands of pounds on a housemove :j

The options seem to be the full traditional agents service at one end of the scale and selling private at the other. The former is likely to cost a few thousand/s so the temptation to save money is very high but is it worth it.

Regularly I came across people who had tried to sell privately and come unstuck for a number of reasons but the most common was that the so called buyer just was not able to raise the money and had dropped out. People used to say they had tried to find out the financial position but felt it was nigh on impossible for a layman. The next most common reason the sale had fell apart is that despite being under offer for months and months with repeated reassurance from the buyer the sale was going nowhere fast. So the seller felt they had to withdraw, from selling to that buyer, or that they were being taken for a ride. It can be hard for a layman to know what should happen, and when, and the reasonable time scales for each of the stages.

Other reasons were issues arising from the buyer usually structural survey, or down valuations, or despite them having said they had ‘no need to sell’ a chain mysteriously emerged and one that was going nowhere fast.

I also have come across many who did sell successfully in previous years but who said it was very stressful and they feel they conceded too much money in the haggling or giving way when issues arose on surveys. OK I wouldn’t have come across those who had sold successfully so accept my thoughts are based on the negative cases.

So far I have covered those who have tried to sell privately but many of the same issues arose when people chose a poor, or cheap, or online type of agent. Difficulties getting through to the right person at the agency, none return of phone calls and emails. A sudden realisation that having paid money up front, before which the patter had been absolutely charming, then after the money was paid over total disinterest in the selling side. Jekyll and Hyde behaviour?

I hear of many that thoroughly recommend some online agents, so accept their recommendation, but feel the money paid is so low that the agent can’t possibly have the infrastructure to spend serious time where a sale hits real snags. I also wonder with some if it is a 16 year old lad doing it from his back bedroom. Some of these sites have only a handful of house!!!

Perhaps I am biased but I still feel using the traditional agents service is the most comprehensive but only if the agent is a good one. Also feel you will often get more commitment from the smaller independents as you will often deal direct with a partner/director and their commitment is extremely high. The size of the agents doesn’t make much difference as all sizes of agent appear on the main house selling web sites such as Rightmove so the playing field is very much levelled compared with pre- web site sites. Good agents should maximise your chances of selling at the best price, in the shortest time with the least hassle to you ---- BUT there lies the problem trying to find those good agents. You don’t need to like them but you do need to feel they will be working for you.

lovethymini

mitchellst3ve wrote: »

Indeed, I think thats the benefit you get of using an online estate/letting agent. They pay the fees to get themselves on there and you just pay your small fee to the agent.

SMALL? :rotfl:

I disagree. Somewhat!

lovethymini

socrates wrote: »

Why would any buyer look here, when there's far more property to be found elsewhere?

Its another case of someone giving advice who has very little knowledge.

To the OP - find a decent EA - preferably one that is not part of a chain who owns their own business - they will be more flexible on fees and have a vested interest in selling as its their own company.

Get a realistic valuation, do not pay any upfront fees and do not tie yourself in for too long

Good luck

Thanks Socrates, I know how much I can realistically achieve, my would-be EA is a decent independant, and I've never agreed to a long tie-in. I've never paid any fees up front either
He's still after 1.5% though, hence this thread!

lovethymini

chickmug wrote: »

The options seem to be the full traditional agents service at one end of the scale and selling private at the other. The former is likely to cost a few thousand/s so the temptation to save money is very high but is it worth it.

Regularly I came across people who had tried to sell privately and come unstuck for a number of reasons but the most common was that the so called buyer just was not able to raise the money and had dropped out. People used to say they had tried to find out the financial position but felt it was nigh on impossible for a layman. The next most common reason the sale had fell apart is that despite being under offer for months and months with repeated reassurance from the buyer the sale was going nowhere fast. So the seller felt they had to withdraw, from selling to that buyer, or that they were being taken for a ride. It can be hard for a layman to know what should happen, and when, and the reasonable time scales for each of the stages.

Other reasons were issues arising from the buyer usually structural survey, or down valuations, or despite them having said they had ‘no need to sell’ a chain mysteriously emerged and one that was going nowhere fast.

I also have come across many who did sell successfully in previous years but who said it was very stressful and they feel they conceded too much money in the haggling or giving way when issues arose on surveys. OK I wouldn’t have come across those who had sold successfully so accept my thoughts are based on the negative cases.

So far I have covered those who have tried to sell privately but many of the same issues arose when people chose a poor, or cheap, or online type of agent. Difficulties getting through to the right person at the agency, none return of phone calls and emails. A sudden realisation that having paid money up front, before which the patter had been absolutely charming, then after the money was paid over total disinterest in the selling side. Jekyll and Hyde behaviour?

I hear of many that thoroughly recommend some online agents, so accept their recommendation, but feel the money paid is so low that the agent can’t possibly have the infrastructure to spend serious time where a sale hits real snags. I also wonder with some if it is a 16 year old lad doing it from his back bedroom. Some of these sites have only a handful of house!!!

Perhaps I am biased but I still feel using the traditional agents service is the most comprehensive but only if the agent is a good one. Also feel you will often get more commitment from the smaller independents as you will often deal direct with a partner/director and their commitment is extremely high. The size of the agents doesn’t make much difference as all sizes of agent appear on the main house selling web sites such as Rightmove so the playing field is very much levelled compared with pre- web site sites. Good agents should maximise your chances of selling at the best price, in the shortest time with the least hassle to you ---- BUT there lies the problem trying to find those good agents. You don’t need to like them but you do need to feel they will be working for you.

Thanks Chickmug, that was a really useful post. You've made some very good points, namely the checking of the buyer's situation - how would I do that without an EA? THis could boil down to gut feelings upon face-to-face conversations... hmmm!

Think I'll have a conversation with the EA about negotiating his fee...

chickmug

lovethymini wrote: »

checking of the buyer's situation - how would I do that without an EA? THis could boil down to gut feelings upon face-to-face conversations... hmmm!

Even though we throughly checked all before agreeing to make a viewing some of our sellers did their own 'on the door step' vetting to be absolutely sure. One was ex forces officer (Major) and he asked them point blank beofre they got past the hall. It caused a few complaints from would be buyers that we had to calm down.

Even poor or inexperienced agenst can' vet people properly. Just what is the point agreeing to a viewing or even worse agreeing to a sale unless you know the whole picture with the would be buyer.

Good luck