Increasing the asking price of your property

DRP

PeteHi wrote: »

This is my point. It's my house and I can sell it for what I want. It's not like I'm doubling the asking price, just putting it up 17% higher than a neighbouring flat sold for 18 months ago. They haven't evn suggested an alternative figure !!!!!! Just "we are taking it off the market you owe us a termination fee".
//snip

I find myself totally agreeing with the OP. The EA does not sound like someone I would like to do business with.

googler

PeteHi wrote: »

This is my point. It's my house and I can sell it for what I want.

But you're not going to sell it, you're just marketing it at a stupid price, contrary to the contract you agreed with the agent.

It's not like I'm doubling the asking price, just putting it up 17% higher than a neighbouring flat sold for 18 months ago. They haven't evn suggested an alternative figure !!!!!! Just "we are taking it off the market you owe us a termination fee".

There's no point in suggesting an alternative figure, since anyone who puts the price of their property up by 17%, but who really wants to sell it, is truly in la-la-land

Surely a higher sale price = a higher fee for them. Obviously they might have to wait years to get a bite, or I might be able to reduce the asking price in a few months time if nothings happening.

In that case, it's merely a millstone around their neck for a number of years, as there's no prospect of it selling until you reduce the price back to something realistic. There's no prospect of it selling at the higher price, so the higher fee doesn;t exist.

Still I'd have thought they'd want the business/be happy to have a property sat on their books that they dont have to agreesively market for the time being. But no, it seems they just want the cash.

Like anyone else in business, they're looking to make a living. In order to do this, they need a turnover, some activity, from which they make a profit. No profit = no business.

Why would they 'want the business' that isn't going to generate any turnover for them? Why would they be 'happy' to have your overpriced property sitting around gathering dust?

Sharks.

Name-calling. That's really constructive.

googler

PeteHi wrote: »

I didn't mislead them, present them with a non-negotiable contract, or terminate said contact.

The time for negotiation on a contract is before it's signed, surely?

You wish the change the terms of the contract, the agent doesn't.

PeteHi

What can I say, I'm a bad man.

GDB2222

Go and sit on the naughty step.

adindas

What happen if the vendor increases the price to whatever they want?
- The house is unlikely to be sold easily. No sale no fee....
- It will sit in the EAs book under the EAs cost.

But the worst thing is that because it might damage their business reputation. If there are quite reasonable numbers of their properties considered to be overprice, it will turn the potential buyers away from them.

It happens to me when I bought my first home. I know a particular EA, their asking price has always been overpricing, I know because I always do market comparison before considering viewing a property. So every time I got call from them, I always say thank you I am not interested even before consider looking the advertisement. Once, I got angry because it just waste my time I told him to stop calling me.

So for any acute EA, why should it allow the vendors to increase asking price whatever the vendor want if it is bad for EAs business. Unless they charge monthly fees, they might have prevented this to happen in the first instance in the contract