Design your dream Estate Agency.

googler

Well, since you folks mention pay-per-hour..... I asked in another thread about whether people would pay their EAs on an hourly rate, as opposed to percentage or fixed-rate commission, but the discussion didn't go anywhere then, so I'll open the subject again.

In this 'dream estate agency' that we're talking about, the agency is paid by the hour. How much would the folks here be willing to pay?

Errata

Don't believe in paying any workman an hourly rate, it's hostage to fortune, which is why solicitors charge by the hour !

clairehi

princessamy86 wrote: »

, I do agree with Claire-it's not difficult to blast through sales updates on a Monday, ring everyone in the chain and check we're on the same page. I can't believe some agents don't do this!

.

Well, Im glad to hear that some do - as I haven't seen much evidence of it personally.
It may seem very basic but it does take discipline to keep on top of things and to persevere in not being fobbed off eg by solicitors who seem to sit on paperwork for weeks on end sometimes and never return calls.

From the comments on here, I really dont think that buyers and sellers actually realise how much effort goes into the post-offer period of the sale. I think there is a real opportunity here for an EA who has a smooth and efficient operation to use this as a selling point. It is no good if your agent gets you asking price on your sale, or you find your dream house, but it then falls through because it is taking too long.

clairehi

googler wrote: »

Standard practice in much of Scotland, since the offer letter forms part of the contract to purchase, is to fax an offer to the selling agent, prior to sending the offer via post.

The first stage is to type it up, on letterhead of course, then fax it, then post it.

What else would you do?

Scan it as a picture, save it, compose e-mail, attach it to e-mail, send e-mail? I'd rather just fax it.

Do you type it up on your manual typewriter, or do you prefer quill and parchment?:rotfl:

potter78_2

VIGILANT22 wrote: »

Why would an agent do this?..They are acting on behalf of the vendor to obtain the best price....by doing as you suggest this is implying you want vendor to drop price....If the vendor is prepared to drop 20k they would have marketed it as this...

Buyers should be quite clear on their budget and cut off point....otherwise you're back to "buyers are liars".........

With respect Vigilant, this is nonsense. Vendors might not want to advertise they're open to offers, as they're always hoping somebody might come along and fall in love with their house and pay full asking price. But if offered a potential buyer who can't quite afford the full asking price, they may still want to them to see the house in case a) they can make an offer that's acceptable to the vendor or b) the buyer has actually got a little more budget than they're letting on to the agent.

And many buyers will not give the estate agent their full financial position, as it potentially undermines their negotiating position should they wish to purchase a house from them at some stage. Also, some buyers are very conservative with their affordibility and can quite easily stretch out another £20k if they find the house of their dreams.

An agent gets their commission from the sellers, but often they don't earn anything unless they can find the middle ground between what the seller would sell for, and what the buyer can afford.

googler

clairehi wrote: »

Do you type it up on your manual typewriter, or do you prefer quill and parchment?:rotfl:

Ha Ha Yersel'

I get the impression that most, if not all, have embraced modern technology as far as PCs and word processing programs are concerned..... but when it has to be in writing for legal reasons, and each offer is different, what else would you suggest?

Let me know when you invent a transporter that will beam an offer from one office to another, won't you?

redlady_1

My dream estate agents, well that would have to be one that has been burnt out!

Estate_Agent

Leave the thread for a day and it goes completely off-kilter!

Firstly, I use email, post and phone as appropriate. If someone wants details posting out to them that is what I do. I get information to my clients - both buyers and sellers - however best suits their needs.

I do all the sales chasing, as do the other 2 EA's in our other office. They're both pretty good at it, but as I am only in week nine I'm only just getting into it.

I run a diary system whereby every client gets called at least once a fortnight if they haven't already been contacted. So yesterday I spoke to a lady who has a very specific request and realises it may take one - two years to find the property. But I speak to her nonetheless because if she has purchased elsewhere I can remove her from my list, but also because it is common sense to build a relationship with her. She knows I am looking for her, and doesn't get the service from a single competitor.

I agree that RM is brilliant. The office I am in has been up and running for less than two months. Our other office just over two years. The other office shows we are first for new listings and stock in that area. The other figures can be improved and I am beginning to work on that. Last year the established office sold 51% of the properties in its catchment area. Currently RM tells me we have 15 competitors in that area, although only one is actually in the town. Unfortunately RM prohibits me publishing this data because the other agents would get upset and take their business elsewhere.

The problem is establishing a reputation and a foothold in our new location. Letting people know we exist. If we repeat the success of the other branch it is only a matter of time until my branch is flying. But it is a big 'if'. I want to speed up the process of educating our new area as to our existence. Flyers etc work, but it is slow and absolutely everyone else does it. We therefore don't stick out from the crowd.

But this thread is about your dream EA. If I can garner marketing ideas at the same time, great. But I appreciate that if you build something slowly and build it well, it will last. For me this is about tapping into the common sense ideas of people who have bought and sold. I don't know everything and never will, I am nine weeks into the job. But I want my branch to be the first choice of EA for everyone looking to sell or buy in the local area.

Do I just have to be patient?

ModernSlave

DVardysShadow wrote: »

Deal with my pet hate - when potential buyers come in, listen to what they want and don't try to recategorise them to price bands.

Mr & Mrs Shadow: We would like a detached house. There are only 2 of us, so 3 bedrooms are fine and Mrs Shadow does not want to clean an en-suite or a Jack and Jill bathroom. Down stairs accommodation is important, separate lounge and dining room , hopefully a utility and some workshop space so Mr Shadow is not always trolling the internet. Downstairs space is far more important to us than upstairs space.
Young EA fool: How much do you want to spend?
Mr & Mrs S: We don't want to focus on that, we want to see what you have that meets the spec
YEAF: OK, we have a wide selection which meets your requirements, how much would you spend?
Mr & Mrs S: Really, let us just see what you have, please.
YEAF: But there is no point in me giving you details for houses which are above or below your means
[several more iterations, then reluctantly, we name a price]
Mr & Mrs S: Having stated that price, it is the specification we want.
YEAF: [emerges from filing cabinet, with details] Have a look at <address>, which is in your price range. It has 5 bedrooms, an ensuite a Jack and Jill bathroom a through lounge diner and an integral garage.
Mr & Mrs S: Thank you.

[I have done this one here before]

So true! We had this happen just yesterday.

googler

redlady_1 wrote: »

My dream estate agents, well that would have to be one that has been burnt out!

Yeah, yeah, that REALLY adds something useful to the conversation (not).