Picking an estate agent..

zain

Any advice would be really helpful here:

We are planning to put our flat on the market probably Feb looking to upgrade to a house finally. Anyway, we had three estate agents to value our flat today and we are not sure which one to pick:
All of them charge 1.25 % fee and have a 8 week tie-in period.

The first one came across quite pushy, initially he said his fee was 1.5% and when i queried this he said' Ok, then i drop it to 1.25%'. He suggested we put our flat on the market for 250K and December has been a really busy month and we should get on with it etc etc..

The second one was an older gentleman and was listening to us more and when we suggested 'around Feb' - he thought It was reasonable.Talked about the strengths of the place but suggested a figure of around 230-235K.He was less pushy and sounded realistic- though possibly not a 'man of action'

The third one said he has two figures in mind: 269K and 250K. He kept saying there are some silly prices out there and you never know someone will pay. In the end he said 250K is probably the price to go for hoping for around 240K. He thought we should put it on immediately and just after Xmas there will be people looking for a fresh start. When i suggested that we haven't seen anything yet and indeed there may not be enough around for us to make an offer, he said that didn't matter as your buyer is likely is probably First time and will be very flexible.

I couldn't quite decide whether the First and Third were simply pushing up the price so we would go for them?

Any thoughts.

Thanks In advance

Snow_Dog

First, if you haven't already, check out websites like rightmove and nethouseprices etc to ascertain your own opinion on the value of your house. Dont just rely on the EA's. House valuations are mostly based on what similar properties have sold recently in similar areas, you need to do your own homework to see which EA is closest to reality.

8 week tie in is not too bad, most wont be happy with less because it doesnt give them much time to "market" the property though you could argue for 6 weeks.

1.25% again is not excessive, though you could suggest to the one that you prefer that if something was done with the 1.25% then he could have a deal. Nothing ventured nothing gained and they are all capable of adjusting periods and percentages.

We knocked our last EA down in time and percentage, added 5K to his valuation and sold within 2 months.

Also make sure you are happy with their photos, dont let them just pop round on a rainy day when you're not there with the bins out front or anything. Proof read thoroughly the short form. Its quite surprising what detail sometimes catches peoples eyes when they are scanning the brochures. A lot of people will be looking for specifics.

Doozergirl

Always make your decision on how you are treated as a buyer as I can guarantee that you will never see any of the people that came round today again. Their job is to value houses, not to sell them, so you can't know how hard they will work for you.

As you are waiting a month or so before marketing, I can't recommend enough that you get yourself registered with all the local agents as a buyer and see who you get the best service from. Tell them that your house is already on the market as otherwise you'll be seen as a timewaster. Many you hear nothing from again and if you're lucky, you'll find one or two that keep in touch.

I guarantee that you will never see any of the people that came round today, again. Their job is to value houses, not to sell them, so don't be swayed on their sales pitch.

In every three there's always
a)one who seems like he can't be bothered and only touts for cheap business that gets him a quick sale.
b)one who throws loads of figures around until he finds the one that you like and then commits to that one.
c)(if you're lucky) one that is simply confident. Otherwise you end up with another of the above.

courtjester

Also, make sure you thoroughly read the agents contract BEFORE you sign it and understand all the terms.

Be prepared to strike out any terms you don't agree with - you don't have to accept the basic format. If you see the phrase "ready, willing and able...." (purchaser), get rid of it - this will mean the agent can charge you if they introduce someone even if that someone doesn't buy your property.

Go for a sole agency (most contracts are) but make sure the agent hasn't added extra terms which change the sense of the contract - a sole agency means only one agent. It doesn't mean you can't sell your home privately through your own advertising or to a friend, work colleague or family member providing they haven't come through your agent. Some agents 'add' clauses to say that they can charge for sole agency even if you sell yourself - that changes the contract to something quite different from sole agency and such amended contracts are not legal if they are still called 'sole agency'.

Your price bracket is difficult because it falls around the stamp duty threshold of 250,000 - hence the reason for one agent saying either market at 250k (249950) or 265k as buyers are reluctant to consider pricing between owing to the hike in tax. If you are not in a rush, you can experiment at the higher level, see what response you get and later drop the price to the lower level if you have to. Of course, if you go for 265k, don't be suprised by offers below 250.

Finally, as you will necessarily have to do your own research to check the agents figures, photos, descriptions etc., why not consider selling the property yourself (privately). There are now good property websites where you can advertise and sell direct without incurring agents commission and the professional ones you can run alongside an agents contract - avoiding the commission if you find and sell to your own buyer.

zain

Thanks for all your responses