selling- estate agents

want2bmortgage3

hi, i have instructed an agent to put my flat on the market, i havent signed anything yet. i was happy with the valuation and they have measured up / taken pics etc.

when i contacted another agent to look at a property i was interested in buying they said can they value my flat for sale. i said i'll let them know as i have to contact my tenants.

so i need to know if anyone can help, should you use one agent at a time? i dont really want to hassle my tenants too much either, so should i tell the new agent i already have signed an agreement , but if this agent is unsuccesful in selling my flat after a certain time then i will contact them at that point?

G_M

There are several issues.
1) agents. Always compare several (3?) agents. Compare their fees, their valuations, their tie-in periods, and their customer service. THEN decide which to use
2) Number of agents. If you use just one agent, and sign a 'sole agency' agreement, they will charge you a lower fee. You will be tied to them for a fixed period - you can negotiate this period so it is not too long. If you use 2 or more agents, on 'multi agency' agreements, whichever one sells the property will charge you a higher fee (but the others get nothing.)
3) tenants. They do not have to let you, or your agents, in. For valuations, photos, or to show buyers round. It is their home. So I hope you are being nice to them or they'll tell you all to naff off!
4. Buyers. Are you planning to sell to anothr landlord, with the tenants in place? Fine. If not, and you plan to sell to owner-occupiers, you'll need to issue S21 Notice and end the tenancy. No sensible buyer will be interested till the property is empty.

hazyjo

I'm pretty sure if you've instructed them verbally, the contract stands.

Out of interest, did you not get say 3 EAs round to value the property?

Did you 'agree' a sole agency price? It is different if you want to instruct two different agents.

Did you negotiate on their fee? Wise to at least try. Also on the term you sign up for.

By all means swap agents at the end of the term. Some will charge you for coming out of the agreement though, even if they've not found you a buyer. Read your contract carefully before you sign.

Jx

DVardysShadow

want2bmortgage3 wrote: »

so i need to know if anyone can help, should you use one agent at a time? i dont really want to hassle my tenants too much either, so should i tell the new agent i already have signed an agreement , but if this agent is unsuccesful in selling my flat after a certain time then i will contact them at that point?

I would say if you don't want to hassle your tenants you need to make up your mind whether you are going to sell tenanted or untenanted. Buyers will be understandably reluctant to offer on a property with tenants in place if they intend to occupy it themselves. Best case for giving vacant possession is 2 months worst case is almost 3 months - unless you buy the tenants out - or longer if the tenants are in their fixed term or if they don't cooperate and stay on.

want2bmortgage3

tenants have already been issued a s21 notice and have just over 2 months. i got the contract from the estate agent today it's a 1.5% fee for 19 weeks sole agents. or 2.5% for multi agents.

G_M

want2bmortgage3 wrote: »

tenants have already been issued a s21 notice and have just over 2 months. i got the contract from the estate agent today it's a 1.5% fee for 19 weeks sole agents. or 2.5% for multi agents.

Well done. I'll keep my fingers crossed for you that the tenants leave in 9 weeks time.

And those terms compare with other agents well? or badly?

19 weeks?!!!! That's 4 months! You'll know in 4-6 weeks if they are any good. If they're not, by week 8 you'll be tearing your hair out.

DVardysShadow

G_M wrote: »

Well done. I'll keep my fingers crossed for you that the tenants leave in 9 weeks time.

And those terms compare with other agents well? or badly?

19 weeks?!!!! That's 4 months! You'll know in 4-6 weeks if they are any good. If they're not, by week 8 you'll be tearing your hair out.

Actually, 4 months, started now, while the tenants are being tipped out really leaves the agent about 10 weeks, which is sort of about right. Except that it is going to cover November and December, which are the deadest months.

want2bmortgage3

Right just catching up with this post, first agent I did ask them to go ahead with marketing the property without discussing fees/tie ins etc (a bit silly) but I was thinking nothing is agreed til I've signed the contract.
They have put a sign up and now sent me their contract and the advert for my property (however with an old photo from a few years ago instead of a new one??). I have ready the contract and the fee is 1.5% and tie in 19 weeks with 3 weeks notice after that to cancel. I have not yet signed this or spoken to them since.
The second agent has been a bit more pro active and now had a look at the property and agrees with agent 1's asking price and has said they would love to market the property and will offer me 1.3% instead of 1.5% fee. Haven't found out their tie in period.
So not sure what to do here.........

GAH

If you have not signed up with Agent 1, you could still go with Agent 2.

TBH, Agent 1 have been a bit neglligent, they should have got you to sign on the dotted line before producing details and putting boards up.

I guess its whether you want to honour your word to Agent 1 or decide to go with Agent 2.

You could get back to Agent 1 and ask them if they will reduce their fee or term. I def would not sign myself in to a 19 week contract.

want2bmortgage3

Thanks, I wasn't made aware of the fee or the tie in by agent 1, I only saw it in the written contract. I will contact them and say I'm not happy with the tie in. Also I will mention agent 2 got in touch and has offered me the lower fee (although I need to find out if they have a long tie in too). Yes I agree they are a bit negligent in going ahead with things without me signing or confirming terms. I dont know why they used an old photo too when they said they were taking new ones. It looked quite different now to a few years ago!

want2bmortgage3

well update here, agent 2 offered a much shorter tie in period of 6 weeks and slightly lower fee. going to have to call agent 1 and if they cant beat the new terms i have been offered i wont be signing their form and will go with agent 2.