Need some advice on Estate Agent - Really fed up

DarrenW_2

Hi all

We moved into a brand new 4-bed property last year. Unfortunately, we have to relocate. We are being marketed with a National Estate Agent. Our property has been on the market since early May and we have not had ONE VIEWING!!!

We have reduced the price from 204,950 to 198,950 to 189,950 and still no joy. I know the housing market is slow, but I would have thought at least one person would view....:-( The photo's are nice and I can provide a link to the property if it helps.

Anyway, my concern is with the EA. Their fees are fixed (£4800 +VAT) regardless. When we put the property on the market, it was at a time when HIP packs were required, but we got a discounted £99+VAT HIP pack. I want to go multi-agency, or maybe even sack them completely but they are saying that if I do this, I will have to pay the full value of the HIP (over 500 quid) plus a £150 admin charge for 'work undertaken to sell the house'. I'm like, yeah, so much work!!!

Any advice? I've read through the T&C's and we were tied in for 20 weeks, but it does say we would become liable for the above costs if we move agents - are they right???!!

Hammyman

My neighbours have been on the market for 18 months, the people we've bought off nearly 3 years and they only had 3 viewings.

£150 doesn't get you a lot of work.

DarrenW_2

Suppose your'e right. Rubbish market. Just so annoying not even having a viewing. Cheers Hammy

CloudCuckooLand

When you saw they wanted £4,800+VAT to sell a £200k house you should have run away swiftly. No surprise, if they are that expensive for the whole package, that they will have expensive get-out clauses.

Whether you can challenge specific charges will depend on the small print.

You will have to pay the HIP, probably. They provided one. Or paid someone to do it. You would have to check the Ts&Cs of the "discount" to try and avoid it.

Regarding the £150 admin charge, if you didn't check the small print in advance, its probably too late now.

If you really resent paying the exit charges and may reduce the price to attract fresh interest, why not just drop the price with them - it doesn't matter who its on with, 90%+ of buyers are browsing the internet and will spot the change.

Put the link up in case someone can spot something obviously detracting from a potential viewing/sale.

betmunch

Who are you on with? Sounds like Connells?

They overvalue the house to get you on board then fix their fee so that when you get fed up with having no viewings you start to lower your price, but they will still get the same money. Or at least thats what our local one does, we have loads of disgruntled Vendors wanting to come on with us, but wont pay the exit fee!

Its a pretty good scam if you think about it from their point of view, they will get some money for failing to do their job properly!

Unfortunately I think you will find they have a watertight contract.

I would get other agents round to value your house and see which of them is the most sensible then pay off your current agent and just accept it as a lesson learnt.

DarrenW_2

Thanks Cuckoo. It is on Rightmove and is on a premium listing. We went with them knowing what the fees are - but felt they were the best option to sell quickly. Not sure what the quote is for - our move is being caused by circumstance notthing else :-)

DarrenW_2

ha ha good guess betmunch. I think it's probably valued about right now. Suppose we were just trying to minimise losses as we had bought it new. Will stick with them. Better the devil etc...

betmunch

Personally if it were me I would still get some second opinions.

Most EAs do no obligation apraisals, if you have the time to listen to what they have to say why not have them round? Try and get someone whos been round the block a few times and knows about selling houses in a poor market rather than the teenager in a cheap suit who can recite the company speil word for word.

What makes you think that your house is priced right now? Didnt you think it was priced right when you first came to the market?

DarrenW_2

No, what I mean is, we priced it at what we wanted for it, not realising how bad the market is. You always pay a premium for a new build and we are resigned now to losing on it (but hoping to gain in the next move). The houses identical to ours on the estate went between £175 and 225k over a two year period.

Richard_Webster

No, what I mean is, we priced it at what we wanted for it

You never do that if you want to sell a property. You ask the agents what it will sell for. When they give you a figure to put it on and what they think it would sell for and want to tie you in for 20 weeks you ask them what it will really sell for if they had a 4-6 week agency.

brit1234

DarrenW wrote: »

The houses identical to ours on the estate went between £175 and 225k over a two year period.

Going on what you said your house at £189,950 is far too expensive in the falling market. Hence no viewings. £175K sounds the most realistic benchmark but you need to get this verified.

There are buyers out there with deposits however you have to price to the current banks lending criteria which is a lot tighter than 2 years ago. Price it right and you will get the viewers.

It may be worth speaking to some other estate agents to get a more realistic valuation. There are more and more honest ones out there, who will actually tell you the truth how to price it rather state the highest valuation to get the business.