Estate agent fees

silvercar

Does the discount voucher say it needs to be presented when you sign up the agent, or not?

Hoof_Hearted

timmyt wrote: »

always use high street. always.

Some of you cannot get your heads round that fact that a flat-fee online agent would work hard and professionally to secure a sale without the incentive of commission. Fortunately, it is the case.

I guess Timmy would get fewer referrals (how much do you pay the agent?) if more people bought online.

googler

Hoof_Hearted wrote: »

Some of you cannot get your heads round that fact that a flat-fee online agent would work hard and professionally to secure a sale without the incentive of commission. Fortunately, it is the case.

What 'hard work' do they do?

Are you suggesting that they're aiming to work as a non-profit or charity organisation, that they have no wish to make a living?

Hoof_Hearted

timmyt wrote: »

My work is repeat business. Online Agent, where do we start - these are generalisations of course before some bright spark points that out:

1. not local enough most house owners know their local market better than any agent -- our high street agent suggested an asking price of £35,000 less than we achieved (subject to contract) -- quick sale, quick commission.
2. no history in the community scraping the barrel with this one.
3. fixed upfront fees means lack of incentive some people work hard without being motivated by commission, such as doing a good job for a client.
4. not popular with buyers who think 'he's gone cheap in selling, what have they gone cheap with inside the house' none of our viewers gave a toss about who was selling the house for us -- they were only interested in the house without being pushed into a decision by a greedy agent.
5. many wont do viewings I don't think any do viewings, but I know the house better than any agent and am happy to do viewings myself.
6. if they take the money and offer poor service, here today, dot.com tomorrow You can pay up front and get excellent service. Some of you in the business do not understand that it is possible to work hard and give good service for a modest fee. The greed for commissions may be ingrained in traditional agents' psyche, but this is a different and more moral model. Nobody ever gets bad service from high street agents, of course.
7. who are they really as people, whereas bricks and mortar people you can always meet Personally, I don't want to have a relationship with an agent. Online EAs have a contact person who gets back to you very quickly.
8. cheaper price means less effort will be spent Greedy people are motivated by money, I agree, and they will work for their thousands in commission. If you accept the more limited online service you can save a fortune and still get a good result.

Example:
House sale: £400,000

High Street EA: 1.5% & VAT = £7,200
HouseNetwork: £400 inclusive.
Saving: £6,800 Yeh, but it's a drag showing people around your house innit, so not really worth it.

Enfieldian

MrRee wrote: »

OK, I've bought and sold plenty of properties.

In the good years I have sold privately, it is really simple - I refuse to pay some EA a huge amount of money in a moving market.

I have used EA's in quiet times - the 1990-1994 years come to mind - the key to getting a great price in a very slow market is to tell the EA that you will market your property at less than they value it at (not much, just 5%) ..... this gets their juices flowing - they know that there will be plenty of buyers at this price and you haggle a flat fee (equal to just less than 0.5%). Do NOT agree a %!

Reason being is that the property then goes to sealed bids and the price achieved is higher than any EA valued it at (when they wanted 1.5%!).

When you've been in the game as long as I have, you know the score .....

Really?

In 1992 to 1995 in North London the agency I worked for was getting 2% sole and 2.5 to 3% multi fees on most of what we sold.....