Should I go multi-agency?

scooter_chick

I've had my flat on the market since the end of July. I've had lots of viewings (3-4 per week pretty much all the way through), and 3 offers that I've accepted (after negotiation), which have then fallen by the wayside for various reasons. I have also had another offer that I've rejected & am waiting to see of the buyer comes back with an improvement, but it's been a couple of weeks, so I suspect that they won't.

I'm getting pretty fed up of not having sold, and am thinking of going multi-agency in the New Year to try to get things moving, but I'm not sure if this would help. The deal with the current agent is 1%; if I go multi-agency they need 2 weeks notice & would charge me 2%. The other agency that I would use will charge me a fixed price for sole agency (works out at about 1.25%), or 1.5% for multi-agency. So to do multi-agency, I'd want to negotiate the first one down to 1.5% too. Both agents are happy with my current asking price.

So apart from the commission, what else do I need to think about? Will going multi-agency make me look desperate? Will the agents try less hard (or try harder) if there's two of them competing? Does anyone have experience of this?

Am fairly happy with the current agent - they are well established, a local independent & sold me the flat in the first place. I've had a friend mystery-shop them and while they weren't perfect, they didn't do anything dreadful! But when it comes down to it, my flat's not sold, hasn't really been really anywhere near sold and of course I've seen my 'dream' properties to buy all get sold while I've been waiting.

Thanks for any advice!

DVardysShadow

To a large extent, your EA seems to be doing his job in terms of bringing people through who make offers - would you actually want more viewers???.

Where it is going wrong is that the offerrors are not able to follow through. You need to think about why this is happening and only when you understand why should you think about changing agent - and you should do it only if the other agent can offer something to address the problem.

Can you tell us a little about why the offers have fallen?

googler

3-4 viewers per week AND 3 offers since July, all of which were acceptable offers......

I'd say you're getting excellent results from your current agent, considering the current climate.

Unless the other agent can provide evidence that they can definitely bring in results comparable to or exceeding the current one, I wouldn't bother.

Fire_Fox

Why are the accepted offers falling by the wayside? Are you getting buyers through the door that don't have their finances in place, is your solicitor or management company dragging their heels, are surveys or searches coming back with something negative?

scooter_chick

First offer - buyer 'was a bit odd' according to the EA, and never actually even got a solicitor - just sort of vanished.

Second offer - from a very cautious couple, who then got told by their mortgage advisor that it's 'impossible to get a mortgage on an ex-Local Authority property'. EA went ballistic at the mortgage advisor, who did admit he was wrong, but the damage had been done, and they backed out.

Third offer - couldn't get their mortgage apparantly, but didn't really get a reasonable explanation.

Current offer - they are waiting to see another property on with the same EA that the tennants are being difficult about doing viewings for (fair enough), then they'll decide whether to increase on mine apparantly.

So these offers have never really got off the ground properly and I'm wondering if the agent isn't trying hard enough in this respect. It's not got to the point where any of them have actually booked a survey etc. Which is why I'm getting a bit frustrated - I can't live at this level of tidyness much longer!!!!

DVardysShadow

I am very sorry to hear about the second offer in particular. my first house was ex LA and I knew that my next house would be nowhere as nice and I was right. Never had a problem with a mortgage either. There is a problem with a style of construction which some LA's used, but that is a totally different matter.

I think overall, with the current situation, you are likely to find more apparent buyers turn out not to have the wherewithal to see a purchase through. Your agent may be a little weak on filtering them out and may have been a little weak in not keeping on top of the Mortgage Advisor - although if these buyers were not forthcoming as to the advisor, then the agent is unable to do much.

But I don't see your agent is doing anything which is actually deterring anyone.

googler

Sounds as though your 3-4 viewers per week are mainly 'window-shoppers' who aren't necessarily able to proceed when they do like your flat....

You may, between you and your EA, want to filter the time-wasters out, and only allow viewings to those who have finance in place, those who have sold or are selling their current property, etc etc.....

You'll get fewer viewers, but better quality viewers.

Fire_Fox

scooter_chick wrote: »

First offer - buyer 'was a bit odd' according to the EA, and never actually even got a solicitor - just sort of vanished.

Second offer - from a very cautious couple, who then got told by their mortgage advisor that it's 'impossible to get a mortgage on an ex-Local Authority property'. EA went ballistic at the mortgage advisor, who did admit he was wrong, but the damage had been done, and they backed out.

Third offer - couldn't get their mortgage apparantly, but didn't really get a reasonable explanation.

Current offer - they are waiting to see another property on with the same EA that the tennants are being difficult about doing viewings for (fair enough), then they'll decide whether to increase on mine apparantly.

So these offers have never really got off the ground properly and I'm wondering if the agent isn't trying hard enough in this respect. It's not got to the point where any of them have actually booked a survey etc. Which is why I'm getting a bit frustrated - I can't live at this level of tidyness much longer!!!!

So at least two potential buyers didn't have their finances in place? Tell your estate agent you only want serious viewers with a mortgage in principle.

DVardysShadow

Fire_Fox wrote: »

So at least two potential buyers didn't have their finances in place? Tell your estate agent you only want serious viewers with a mortgage in principle.

I can see your point, but in this market, I would not let lack of MiP be used to deter viewers. I have never gone out as buyer with a MiP, other than as a verbal confirmation. I would however suggest that buyer needs to get a survey booked PDQ to maintain my interest as seller.

Also worth noting that even if second offer had MiP, it might still have fallen on Mortgage Advisor's prejudices.

scooter_chick

DVardysShadow wrote: »

I can see your point, but in this market, I would not let lack of MiP be used to deter viewers. I have never gone out as buyer with a MiP, other than as a verbal confirmation. I would however suggest that buyer needs to get a survey booked PDQ to maintain my interest as seller.

Also worth noting that even if second offer had MiP, it might still have fallen on Mortgage Advisor's prejudices.

Yes, I'd rather keep them coming through the door I think. Plus my MiP is only verbal too - I'd be furious if I wasn't able to view anything because of that.

I was just wondering to myself whether the EA should/could be doing more to get these 'offers' to stick & whether adding in another agent may get them to try harder, or whether this is just normal.

jassco

googler wrote: »

but better quality viewers.

Personally I wouldn't do this and think its a bad idea. I'd like to draw attention to the bit I've quoted as well... it's backwards logic, as yes you'll have fewer viewers, meaning those that come through on average will be better. But at the end of the day, you'll still get exactly the same number of quality viewers.

Whereas if you get more people in (remember you'll still have the same number of quality viewers), there's a chance that one of those who may have been vetted actually falls in love with the place and is the eventual buyer.

Selling is a numbers game. The more people that see it (regardless of 'quality'), the more chance you have of selling.

With regards to your own hassle, only accept an offer when evidence of a MiP has been provided, and tell them you will keep marketing until this point.