Differing Estate Agents' Values - Who to go with?

AndrewSmith

As with everything else though it is all about value for money.

Don't try to drive the commission down too far else there will be absolutely no incentive for the estate agent to outlay money on press advertising or the active marketing of the property.

You will get what you pay for. If you want an agent that is proactive, keen to market and sell, and has good local coverage with a health number of 'sold' boads in the area then expect to pay slightly more for this.

Never judge the sucess of an agent by the number of 'for sale' boards. If an agent has a large number of 'for sale' boards in the area but few 'sold' then he is overpricing property. Look for the most number of 'sold' boards for an indication of the agent who is actively selling and valuaing realistically.

Andy

kenshaz

I recently drove the commission down following Martin's advice for the sale of my son's house ,the difference in rates was amazing all for the same job,and it sold rapid ,with the lowest fee.No sale no fee,lowest fee and go for it,all estate agents want to sell ,so they are all keen,this a competitive market shop around.Just follow Martin's advice,he is impartial.

AndrewSmith

kenshaz wrote:

Just follow Martin's advice,he is impartial.

As indeed am I. I have nothing to gain from sharing both my professional and personal experiences with posters, and am in no way affilliated with any estate agency.

I have prior estate agency experience spanning 8 years and have bought and sold approx 20 times in the last decade, so I do speak from a somewhat 'hands on' experienced standpoint. I am however in no way disagreeing wint what MARTIN suggests.

Do your own research on houseprices in your area, do not allow your property to go stale on what is a slowing market generally.

Whilst I wholeheartedly agree with not paying over the odds for a service look at it this way.

If an estate agent has 2 similar properties on his books:

1 he feels is a little overpriced and he has been driven down to a low commission of, say, 1% including VAT.
2 Is reasonably priced for which he is getting 1.25% + VAT in commission.

Which do you think he is going to put the most effort into selling, and will advertise weekly in the local property papers?

This is not an endorsement or agreement that it should be this way, merely a common sense statement.

Apply such thought to your own job and you will agree I am right.

Dizz

Hi everyone

Thanks for your help. I have decided to go with an agent who thinks I should put it on at £110k, this is 5-7k less than the highest valuation, (which I think was a bit generous...) but four other agents all valued it at a maximum of £105k, so I think going for middle ground is best. Plus this agent has the lowest selling fees. Thanks for all your advice ;o)

AndrewSmith

A wise choice you will not regret.

:beer:

dwsjarcmcd

A lot of sound comments, but I am pretty cynical about EA's, and would always research the market and have a really good idea as to what the place is worth. I have just sold my house and the difference between the highest and lowest valuation (we had 3)was a massive £100k. The agent who gave us the lowest figure was the one who sells our 'type of property' locally. He was talking nonsence but many feel they need to trust these people, I have no idea why.

The other 2 were £30k apart and we chose the highest valuation. My logic is it's difficult to move up in price but easy to move down and people always try their luck and make lower offers irrespective of the price.

The house was put on the market at the highest price and sold within 2 days at a fantastic price!

In my view, when choosing an agent, the most important thing is what website they are on. 80% of people research this way. In my opinion, the agent must use Rightmove.co.uk, anything else is a poor substitute. Make sure you know the search criteria bands are i.e dont put it on at £155k if you want £150k, because the search parameters tend to be in £25k or £50k increments, so people searching between £125k & £150k won't find you.
An estate agent is only their to get people to your home, not much else these days IMHO!

kenshaz

Dizz wrote:

Hi everyone

Thanks for your help. I have decided to go with an agent who thinks I should put it on at £110k, this is 5-7k less than the highest valuation, (which I think was a bit generous...) but four other agents all valued it at a maximum of £105k, so I think going for middle ground is best. Plus this agent has the lowest selling fees. Thanks for all your advice ;o)

So you went for the cheapest that is what this site is all about,when I am told ,but my product is better.:money: