Who has sold a property using an online estate agent?

lessonlearned

UsernameAlreadyExists wrote: »

Addendum: I've just bothered to read the rest of the few posts that were on this thread when I first noticed it, and bit my tongue.

I've since realised that I actually like both googler (for his reasoning and logic) and also lessonlearned because he's a realist. High street EAs have their place, but as has already been pointed out ... the customer base and business model is changing.

There is a compromise to be had, and it will probably be found.

*waves at googler.

Actually I'm a she but it doesn't matter:D

Anyway thanks for the vote of confidence.

The point I have tried to make on here - and I think Googler would probably agree with this is - ranting and raving, pouring out vitriol and bile is going to get these EA haters absolutely nowhere.

Of course I can understand the frustrations of having your property languish on the market for months even years on end.

In a case like this people just want to get the sale and get on with their lives. Many people feel trapped and frustrated, And yes for many this will lead to anger.

But the point is this anger won't get you your sale.

There are plenty of people on these boards who are getting their sales, myself included.

Instead of allowing your anger to run riot many of you would be better to take a step back and revisit the issues involved.

Lashing out in blind fury rarely solves a problem - cool logic and sweet reason will be far more likely to get you the results you want.

You need to take your emotions out of the equation - this is business after all - and learn how to negotiate to get what you want.

So the EA hasn't delivered - then sit down and talk to them to try and find out what's wrong.

If the EA still leaves you feeling underwhelmed then try another. Try to build up a decent relationship with one who inspires a bit more confidence.

If you don't like the package they are offering then negotiate another one.

Don't just try and slash the commission rate. Be more creative.

Take a leaf out username's book and offer them something more palatable by offering at least some form of upfront payment.

Broker a "bespoke" deal to suit you. If your chosen EA won't go for it there will be plenty of others who will.

I have in the past done several "bespoke" deals for clients.

Several times I have gone for a lower commission with a top up bonus.

EG - Starting with a realistic valuation using £100k as a nice round figure.

Asking price £110K . Sale price achieved £105K.

Commission on first £100K could be 1%, with a bonus of 5% on the extra £5K. Win-win,:D Everybody's happy.

I think the deal that username brokered - ie £750 upfront for marketing, with a further £250 for the EA to progress the sale sounds like a very workable compromise. Something similar to this may well become the norm in the future.

If I were still a practising EA I would be delighted to be offered such a deal.

A guaranteed £750 even if I failed to deliver a sale. It's a fantastic deal for the EA, they have nothing to lose.

OK the final £1000 netted for a successful sale may be less than half than the "average" commission but a good chunk of that is guaranteed. From an EA's point of view what's not to like.

From the Vendor's point of view - again - what's not to like, the services of an EA at a much lower price.

Under the current system of no sale no fee, it is the EA who takes all the risks. The Vendor only pays if the sale is successful.

Abortive sales and no sales cost the EA money. This cost is underwritten by the successful sales.

If more Vendors were prepared to share the risks then costs would come down. It really is that simple.

scamlist

Just to make it clear.
You can buy / sell a house without an estate agent or solicitor.
It can all be done by yourself.
The only reason you pay for services is to (hopefully) avoid any unforeseen pitfalls. You are paying for knowledge and experience.
I have done loads of Land Registry alterations, obtaining Probate, Tenancies etc etc.
You just need to put in the research.
Most of the information is freely available on the internet - you just have to dig for it.
So don't grumble at what other people do or charge for - either pay up or get it done yourself.

Lastly don't believe everything you read on some sites. e.g. Zoopla appears to have a lot of information that is trawled from other web sites or from house owners - and that is not the most reliable source. Values and conditions can be way out. I know someone that recently challenged the data and had it updated, together with the value being upped by thousands.

UsernameAlreadyExists

taxiphil wrote: »

Just out of interest, does a properly drafted contract exist for all of this, or it is just a gentlemans agreement?

I just hope he didn't sniff an easy £750 for uploading some pics onto Rightmove, and he still feels incentivised enough to actually sell your house.

I signed what seemed to be a standard agreement form for that company. They put a figure of 0% in the final comission box and it was added to the form that the £750 payment had been made.

With regard to his incentive to sell? ... I'd like to think I've played this well in terms of the very reason I ended up dealing with this specific EA is because they are selling the house I want to buy next. I've made this perfectly clear from the outset and I am not pulling a fast one, I do genuinely want the place. He needs to facilitate the sale of my house in order that I can buy the next .... so the faster he sells mine, the faster he'll get his cut from the other house that's being sold the traditional way.

googler

scamlist wrote: »

Just to make it clear.
You can buy / sell a house without an estate agent or solicitor.
It can all be done by yourself. ....
You just need to put in the research.
Most of the information is freely available on the internet - you just have to dig for it.

I can service my car myself, too, working from a Haynes manual, on my drive, but I pay someone else to do it, because it's messy, for one thing. They're set up for disposal of oil and other fluids, I have to make a special trip to the dump site with it after I'm done. They've invested in the tools, ramps etc. - if I get halfway through and find I need some special tool or other, I'm stuck, but they usually have them to hand. Oh, and I get someone else to do it because I have other things to do. I think many working folk pay others to sell their houses for them for this very reason.

Lastly don't believe everything you read on some sites. e.g. Zoopla appears to have a lot of information that is trawled from other web sites or from house owners - and that is not the most reliable source. Values and conditions can be way out. I know someone that recently challenged the data and had it updated, together with the value being upped by thousands.

Which is why I keep telling folk on here to only pay attention to the sold prices on Zoopla, not the 'valuations'. The sold prices can't be tampered with.

lessonlearned

scamlist wrote: »

Just to make it clear.
You can buy / sell a house without an estate agent or solicitor.
It can all be done by yourself.
The only reason you pay for services is to (hopefully) avoid any unforeseen pitfalls. You are paying for knowledge and experience.
I have done loads of Land Registry alterations, obtaining Probate, Tenancies etc etc.
You just need to put in the research.
Most of the information is freely available on the internet - you just have to dig for it.
So don't grumble at what other people do or charge for - either pay up or get it done yourself.

Of course people can market their property and do their own conveyancing. There is no law against either. Vendors and purchasers alike can conduct their business how they see fit.

However, what people are paying for is a service. Either they can't or don't want to do it themselves so they are prepared to pay for someone else to do the legwork.

Googlers example of car servicing is a good one.

Personally I wouldn't dream of cleaning my own car let alone servicing it. I prefer to pay someone else to do it. I hate the job,

I usually manage to hurt my back if I try to do it myself. I would end up paying far more for a physio than I would to get it cleaned.

Same with cleaning windows. Why on earth would I do that when I can pay someone to do it for me. I hate the job.

Generally people are not complaining about getting the services of an EA. What they appear to be saying is that they have been disappointed with the service they have been given. A completely different kettle of fish.

Many people see EA's as either expensive or incompetent - in many cases unfortunately both.

I am in agreement with many posters on here. I agree that many, but by no means all EA's, need to up their game.

I think that as a whole the profession needs to re-evaluate the way they do business and move forward with the times.

I firmly believe that they need to evolve to meet changing circumstances and the differing needs of their clients.

A one size fits all package of 1% - 3% take it or leave it no longer works. If EA's are to survive - just like many other businesses - they need to change their business models.

I think what we may see in the future is a two tier system.

On the one hand there will be a package similar to that negotiated by Username. This would appeal to the more pro-active vendors and purchasers who want to engage in the process and assume a level of personal control.

On the other hand there could be a move towards the one to one Realtor system seen in places like the USA, New Zealand etc. The Realtor will be a lot more hands on. They will of course charge accordingly.

If I could use weddings as an anology.

Some people like to arrange their own weddings, increasingly some people are now employing the services of a wedding planner.

The same sort of principles that lie behind the wedding industry models can also work for EA's.

It will be down to the old adage "You pays your money and you takes your choice.

What you cannot expect - in any service industry - is 5 star service for a bargain basement price.

I recently sold my house. My husband is in a nursing home. I decided to find a solicitor who was prepared to do home visits.

The first solicitor I approached point bank refused even though I offered to pay them more. The second solicitor thought for a moment and said I'm afraid I would have to charge you £200 for the visit because I would have to factor in travelling time and lost earnings whilst I am away from my desk.

That was fair and reasonable. Guess which solicitor got my business. To me that extra £200 was money well spent. It meant that I didn't have to drag my sick husband out into the January snow.

You get what you pay for.

Bananamilk_2

I am about to put property on market and am looking at both Housenetwork and 121move, both of which offer a very similar service. As far as I can see, they do everything a high street EA does, apart from conduct the viewings - but having been shown round properties before by some oily 20 year old oik in a cheap suit and the personality of a crisp packet, I would much prefer to show people round myself than rely on EAs.

I can't really see any downside, and surely online EAs will be the way forward. Probably better if you're in a big city though, rather than somewhere more rural, where people probably want the local knowledge of a traditional EA.

I will post my experiences here once I take the leap!

Lit_Up

Bananamilk wrote: »

having been shown round properties before by some oily 20 year old oik in a cheap suit and the personality of a crisp packet, I would much prefer to show people round myself than rely on EAs.

Luvvit :rotfl:

googler

Bananamilk wrote: »

Probably better if you're in a big city though, rather than somewhere more rural, where people probably want the local knowledge of a traditional EA.

Why wouldn't you also want local knowledge within a city?

Hoof_Hearted

Most people wouldn't be moving to an area without throroughly researching it. In any case, the agent is a salesman/woman and is hardly likely to highlight the down sides of the area. EA's local knowledge of the housing market may be useful, but it is best to do your own leg work on the area.

Lit_Up

Hey everybody, read this from a disgruntled Estate Agent who can't handle online startups eating into his trade

"An industry figure has hit out at what he calls the budget, private and no-cost property adverts appearing on Rightmove and Zoopla... Trevor Mealham, who runs INEA (the Independent Network of Estate Agents), said: “These are budget agents offering main portal exposure starting at no cost. They are essentially offering a way for private sellers and landlords to access Rightmove and Zoopla.... “I think it is simply wrong that these adverts are accepted, because these are 1,500 instructions that Rightmove’s and Zoopla’s traditional subscribers will not get... Yet it is these agents who year after year face subscription hikes and who have built these portals up to what they are today.”

Another !!!! who tries to stifle change and consumer choice rather than innovate and future proof himself.

http://www.estateagenttoday.co.uk/news_features/Righmove-and-Zoopla-under-fire-for-taking-budget-agents-adverts