Online Estate Agents

Bustle

I've just used hatched to market my property as well as marketing it on gumtree. I've used a highstreet agent previously but was left less than impressed for paying money for old rope.

The online agent took the photos and market it on their website and also put it on all the main web portals (eg. rightmove, etc) and book viewings for me to show people around. They charge a fraction of the cost so hoping to save lots of money...and aggro dealing with incompetent high street agents.

WebGuru

We were very happy with the price (full asking)

WebGuru

You can't make somebody pay more for a property than they want to.

What most people don't realise is they are estate agents just they sit in an office, not a high street. They all used to work in high street estate agency's and have the same training.

JQ.

WebGuru wrote: »

We were very happy with the price (full asking)

I guess that depends on whether the asking price was correct.

JQ.

WebGuru wrote: »

You can't make somebody pay more for a property than they want to.

Really?

It all depends on who you use. There are rubbish EA's and there are good ones, get a good one and it can pay dividends. I've always used highly recommended ones and they've used every tactic in the book to increase offers, which has always proved very successful for me.

Paying cheap fees does not always result in good value for money.

I work in the property industry, nothing to do with EA's and I have no connection to them. I am more than qualified to market my own house, however, I have always used local EA's and I've always been happy with the results. Many of the professional property developers on MSE also use EA's.

So in answer to your question, no I don't think traditional EA's will be extinct in 5 years time. Hopefully, it will just mean all the crap ones go bust.

googler

WebGuru wrote: »

What most people don't realise is they are estate agents just they sit in an office, not a high street. They all used to work in high street estate agency's and have the same training.

Every member of every online agency in the land is a former employee of a high street agency? How do you know this - have you polled them all?

What training do they do in an online agency? The same as they did in the high street agency? Do you mean they do the same training again, once they join the online agency, so that they've done it twice?

Contessa

JQ,
You say:

"I've always used highly recommended ones and they've used every tactic in the book to increase offers, which has always proved very successful for me."

I'm trying to decide whether to market my house with a traditional EA or an on-line one. Can you please tell me more about what using "every tactic in the book" is so that I am better able to decide which to use?
Thanks for any advice.

WebGuru

don't worry googler I don't have the effort to keep replying to your posts. You win.

theartfullodger

Webguru (yeah, right..) I conclude you own/work for an online agency.. how's about a little honesty & directness?? I kinda doubt googler is "worried" - suspect he's come to the same conclusion/.. PM me with your contact details pls (I will be marketing a property late September, seriously..)

JQ.

Contessa wrote: »

JQ,
You say:

"I've always used highly recommended ones and they've used every tactic in the book to increase offers, which has always proved very successful for me."

I'm trying to decide whether to market my house with a traditional EA or an on-line one. Can you please tell me more about what using "every tactic in the book" is so that I am better able to decide which to use?
Thanks for any advice.

Personally, I've always incentivised EA's. Get a value that you'd be happy with and agree a lower than average fee at that level and then propose a large bonus should they hit a certain level above that, say 5%, and if they get 10% above they get an even bigger bonus.

I've picked the above numbers out of the air, you need to calculate the numbers based on your own property's circumstances.

It's then up to the EA how they achieve their bonus, whether that be fictitious bids, creating a a bidding war that does not exist, applying pressure to the buyer, pushing my property to everyone who walks through the door of their office (whether it's what they want or not) etc, etc. I leave that up to them, but always make sure I'm aware I know what tactics they are using so I don't say something to the buyer that may undermine the EA.

However, I would comment that the above only works if you get a good EA and that they want that bonus. From my perspective this tactic has always worked and we've achieved values £15k higher than the highest valuations by the 4 EA's we've had round to quote. It might not work for all people or all properties. But on the basis that my house is the biggest financial commitment I'll ever make I always want to ensure the person negotiating the sale is good at negotiating and is highly incentivised to get me best value. I certainly would not be trusting that to an anonymous internet company.