Valuation Appointments

PompeyPete

We're doing the right thing (I think) in getting 3 independent valuations and EA fee quotes.
Yesterday, the first EA (Mann Countrywide) came round.
Our house is fairly easy to value as our build was only completed in 2004, and there are a couple of similar properties currently on the market.
The only real issue I had with the EA is that he was reluctant to give us either a hard-copy of Mann's T&Cs, or a quote on their fees.
He wants me to get back to him, as soon as we have had the other two EAs valuations/fee quotes. Then he'll presumably offer us a slightly better deal.
Is there anything I can do in our favour if the other two EAs want to play the same game?

Another question please:
Is there a sort of % value you can add when comparing similar properties? For example having a private driveway as opposed to allocated parking, being end-terrace instead of terrace, having a private walled south facing garden, and the main rooms (lounge and kitchen) being south facing, as opposed to north facing.

Cheers

lincroft1710

Tell any of the EAs that if they want to do business with you they should comply with your (very reasonable) requests and not play silly games.

Answer to your second question is probably that there is no fixed percentage.

madmish00

If they won't give you T&C's up front I would walk away. It would ring alarms bells with me as to what they were trying to hide. I also wouldn't consider an agent that wouldn't give me an upfront quote.

The ones I had round said 'x is our standard fee but we wouldn't want to lose the property for the sake of 0.25% so if you do want to go with us give us a ring and we'll see if we can reach an agreement'

You could play them at their own game and ring after you have the other valuations and say 'x offered to do it for 0.75%'

Think he might change his tact then!

G_M

Once all 3 agents have been round, write identical letters to them all:

Thank you for visiting on x/x/11, it was a pleasure to meet you.
I look forward to receiving your valuation by return of post, together with your proposed fees and a copy of your terms and conditions.

As discussed please outline your fees based on sole agency, as well as on a multi agency basis, and make clear the minimum term your contract would specify as needed to ensure a sale if on a sole agency basis.

Kindly clarify the steps your company would take to market the property, and how frequently I could expect updates on progress.

Yours sincerely

DVardysShadow

PompeyPete wrote: »

.... The only real issue I had with the EA is that he was reluctant to give us either a hard-copy of Mann's T&Cs, or a quote on their fees.
He wants me to get back to him, as soon as we have had the other two EAs valuations/fee quotes. Then he'll presumably offer us a slightly better deal.

They will all want to do similar, I should imagine. The disadvantage of going first is that the others can undercut you and you don't necessarily get to rebid. This is about the best you can do:

G_M wrote: »

Once all 3 agents have been round, write identical letters to them all: ....

Although not giving a copy of T&C's would give me a bad vibe.

PompeyPete

Thanks for the useful advice. I've just sent the following by e-mail to the Agent, and we'll see how it goes:

Dear Mr xxxx

Thank you for coming round to see us on 6 April. Your presentation was excellent, and we are very grateful.

At the end of our meeting I asked you about your fees, and you suggested that we discuss that further after we have our 2nd valuation, booked for 1200 today.

We went to see the other estate agent yesterday afternoon with a couple of questions, and to try and get a feel for how the valuation meeting would pan out today. Our gut feeling is that they won't commit until they have an idea of what you can offer us!

To be honest, we don't want to be party to a game played by Estate Agents. We'd therefore be grateful for your written valuation, together with the proposed fees, and a copy of your Terms and Conditions. Please outline the fees based onsole agency, together with the minimum term of your contract.

In addition to Cubitt & West, we have now decided to also ask for a valuation and quotation from one of the local independent Agents on Stoke Road. We realise that a local Agent's coverage may not be quite as extensive as yours, but it will be an Agent who uses RightMove (+ other focused media), who is well regarded and been in business for a long time.

Since our meeting with you we've taken the opportunity of looking at the rear of the other properties recently marketed on Cockleshell Square. We feel that having a south facing garden, the main rooms (lounge and kitchen) south facing, and also being far more private (ie not overlooked or shadowed by a block of flats, and with a more secure boundary), our property has important advantages over the others. We've discussed the proposed valuation, changed our minds slightly, and would now like to open at £194,995.

As soon as we have considered the 3 bids we will contact you with our decision, and possibly to discuss matters further.

Looking forward to hearing from you shortly, by post. Kind Regards

Fred and Wilma Flintstone

PompeyPete

Got a letter hand-delivered in less than 4 hours.
£2.5K + VAT (roughly 1.25% for us), and a minimum contract of 6 weeks. Still no T&Cs though!
The next Estate Agent called at 1200 yesterday. 1.25% + VAT on the selling price. I was given a copy of the T&Cs, albeit slightly reluctantly. I haven't had a good read yet, but have noticed they want a minimum 20 weeks. If we decide to go with them I'll get that reduced to 8 weeks. Just noticed that the fee is based on the contracted selling price, so I'll have to change that to actual selling price!

Should I still get a local well established EA to quote as well?

PompeyPete

PompeyPete wrote: »

£2.5K + VAT (roughly 1.25% for us), and a minimum contract of 6 weeks. Still no T&Cs though!

The Mrs has just been down to Mann's to ask for the T&Cs they had promised to post by hand yesterday.
Like getting blood out of a stone! The bloke she saw, who was the one who promised the T&Cs did not want to part with a copy. He said the wording was boring and very small print.
The Mrs said she felt as though she had no right to ask for the T&Cs, and that she wasn't intelligent enough to understand them!
Anyhow , begrudgingly he gave her a copy. He was right about the size of the print.;)

Doozergirl

The contracted selling price is the actual selling price. They are talking about the price on the contract between you and a buyer.

The direction your garden faces makes no difference to a valuation. If might make it more saleable to some people than an identical house across the road, but it won't make it worth more. People make their decisions around little things like that but they won't pay for it. It's something that developers do on new housing estates but it's total marketing BS to get people to pay more for exactly the same house, when people can choose between houses. Second hand houses can't be compared that. If the house is bigger, it's worth more. If it's on a better road, it's worth more. Not being overlooked or the back being sunny doesn't, certainly not in % terms. But it might make people like it a little bit more.

sonastin

I had a very bad experience using a countrywide agent and moved to a local independent who gave infintely better service so I would definitely recommend you listen to what they have to say as well. Mann Countrywide are already giving you the runaround and that bad vibe alone would be enough to put me off. Bear in mind that the countrywide fee might be 1.25% now but if you end up reducing your asking price, the fee will remain and the % will increase. If you go with someone who charges a % fee, the amount you have to pay will come down if your price comes down.

On the factors that you listed as increasing the price, they all come down to matters of taste. As an example, I'm very fair skinned so I like a bit of shade in my garden - west facing to get the evening sun suits me better. South facing windows = sauna in summer. Mid-terrace = free insulation from the neighbours, etc etc. To some people it will be more attractive so could possibly add value but to others, they won't matter one jot...

DVardysShadow

PompeyPete wrote: »

The Mrs has just been down to Mann's to ask for the T&Cs they had promised to post by hand yesterday.
Like getting blood out of a stone! The bloke she saw, who was the one who promised the T&Cs did not want to part with a copy. He said the wording was boring and very small print.
The Mrs said she felt as though she had no right to ask for the T&Cs, and that she wasn't intelligent enough to understand them!
Anyhow , begrudgingly he gave her a copy. He was right about the size of the print.;)

If they do that to you, what will they do to your buyers? I would not avoid a house because it was on with Countrywide. But it could make the difference if there was little to choose otherwise between 2 houses.