Private sale and EA fees

googler

Jaynorth wrote: »

I have started marketing it myself to colleagues, friends and friends of family etc... making them all aware that there is more scope for negotiation of price if a private sale is agreed.

If they weren't interested before, do you really think that shaving around 1% off your asking price will make them interested now.....?

As someone said, if there's any serious buyers in your extended family, they won't be sitting inactive, waiting for your call - they'll be out looking already, and will likely have seen your property already.

If they're not serious, it's probably not worth contacting them.

kingstreet

Jaynorth wrote: »

Okay thanks, I know my sole agency period is coming to an end in the next week and I am on a 7 day notice period with them so I could in theory just give them 7 days notice if I find a buyer and take things from there.

Are you sure that's all it says?

Typically, I'd expect it to be "sole selling rights" and contain a period after the agreement is cancelled in which a sale still leaves you liable for their fee.

Carefully read your contract in full.

Jaynorth_2

googler wrote: »

If they weren't interested before, do you really think that shaving around 1% off your asking price will make them interested now.....?

Actually I was thinking of making it closer to 3% which would cover the EA fees but I understand the point you are making...

But it is almost like saying that there is no point in changing things like the pictures on rightmove because anybody who has been looking has already seen the property and are just not interested so new pictures will not change a thing, yet people still try and change things with new pictures and dropping the price even if it is by just 1%

googler

Jaynorth wrote: »

But it is almost like saying that there is no point in changing things like the pictures on rightmove because anybody who has been looking has already seen the property and are just not interested so new pictures will not change a thing, yet people still try and change things with new pictures and dropping the price even if it is by just 1%

You change pictures if there's something wrong with the original set, or if something materially changes about the house; not to try and re-attract people who've looked already.

hazyjo

3% EA fee?! That's high...

Did you negotiate on the fee when you instructed them? Would they reconsider their rates?

People are likely to be offering well under a 3% reduction on asking price so I doubt it'll make much difference. Usually they're in at around 10% under...

What are similar properties selling for near you? Could it be that you're still overpriced?

Jx

googler

hazyjo wrote: »

3% EA fee?! That's high...

I think OP meant that a 3% discount on the asking price would cover the fees (with a bit more besides the fee) rather than his actual agreed fee is 3% .....

Jaynorth_2

hazyjo wrote: »

3% EA fee?! That's high...

Did you negotiate on the fee when you instructed them? Would they reconsider their rates?

People are likely to be offering well under a 3% reduction on asking price so I doubt it'll make much difference. Usually they're in at around 10% under...

What are similar properties selling for near you? Could it be that you're still overpriced?

Jx

Googler is right, EA fees are 2%. Similar properties are priced either higher or slightly lower than mine and they seem to be selling. All of the similar properties are priced more or less within £10k of each other and the new builds that are springing up are considerably more expensive, so I don't think I am really overpriced because there still has to be room for negotiation which every buyer would expect to do particularly in the current market.

hazyjo

Thought that after I'd typed it... mind you, 2% is still high. Maybe re-/negotiate...

And 2 or 3% won't make a difference anyway as (as mentioned) people will be looking at properties around 10%+ more than what they're prepared to pay.

New builds will nearly always command a premium. Plus they're usually negotiated down too.

Jx

Jaynorth_2

hazyjo wrote: »

Thought that after I'd typed it... mind you, 2% is still high. Maybe re-/negotiate...

And 2 or 3% won't make a difference anyway as (as mentioned) people will be looking at properties around 10%+ more than what they're prepared to pay.

New builds will nearly always command a premium. Plus they're usually negotiated down too.

Jx

Well if 2 or 3% will not make any difference then I won't bother because like I said, I do not think that it is over priced and I am not expecting the asking price. EA will not budge on their commission because they feel it is justified in comparison to the service that you get from the competition in my area which I know only too well is absolutely crap but I might push for a multi-agency contract once the sole agency period is over - anything to increase the traffic through my door!

woody2234

the internet was invented and that finished the travel agents but for some reason these things called "estate agents" still exist, I want to buy, the seller wants to sell but EAs just keep getting in the way