Estate Agent Game

[Deleted User]

Hi Everyone,

I put my house on the market about 4 weeks ago, so far, the agent sent only 4 people to view. Poor performance I think considering that the first 2 were already suited and they only wanted to have a nose for comparisons. But the other 2 - one wanted a BTL, and the other couple liked it very much, but they don't want to put an offer until they have a complete chain on theirs.

Now here's where it gets a bit fishy - the agent phones me up today to ask me to lower the price. My property is comparatively priced with others on the market - he wants me to come down by 5K. If I come down by 5K, I'll probably be down by 10-15K by the time I start getting offers.

Do you think this is agent's tactics? I think this couple are serious but can't afford the asking price. But as I told the agent, surely people are not deterred unduly about the asking price - they can always put their own offers.

I'd like to hear your views on this kind of tactics. Should I lower the price as at the moment, I'm not getting any viewers and the agent thinks that people are put off by the price which I don't think is OTT when compared to other properties.

garethhr

Not sure, but agents normally leave their own houses on the market longer than their clients and tend to get a higher price. I guess you have to find a balance.

scoobysue_4

hi, did you get several estate agents round to value your property before opting for an agent to manage the sale? its always adviseable that you get at least 5 diferent agents, (and without revealing what previous agents have valued it at ) compare the estimated values given, ususally the true value is around the middle of all the estimates given. Some agents do give you high valuations in the hope that you will sign up with them as obviously we all want as much money as we can for our properties as is possible, they then contact you to say that there has been interest but they advise that you lower the price to allow a quicker sale. If you are confident that your house is suitably priced along with others in your area that ARE selling then i personally would keep the price as it is, 4 weeks is still a relatively short period of time and could still sell check whether your agents terms and conditions mean you have to stay with them for a limited period (usually 12 weeks and then a written notice is required after this period has ended) as getting rid of them before can mean requiring fees being requested, i would also ask them directly to expalin exactly what they are doing to promote your property, let them know your unhappy with their services, if they think you might pull out of the contract they might just buck their ideas up and do what they are supposed to do.I have lost monry on my last two properties bu doing what your asked to do but wont make the same mistake next time i assure you. hope this helps in some way

lisahobden

I am on the receiving end of these type of games. I want to buy a house. EA valued it at 425. I can afford 425 but it is being marketed at 449. Vendor not willing to accept 425 as its only just on the market.

Its mad and very frustrating. A house is only worth what someone is willing to pay for it, and I think if we sit it out we may get this house for 425, as we have a complete chain ready to go.

[Deleted User]

lisahobden wrote: »

I am on the receiving end of these type of games. I want to buy a house. EA valued it at 425. I can afford 425 but it is being marketed at 449. Vendor not willing to accept 425 as its only just on the market.

Its mad and very frustrating. A house is only worth what someone is willing to pay for it, and I think if we sit it out we may get this house for 425, as we have a complete chain ready to go.

Thank you Lisa - this is exactly my point. You were not put off from going to see the property at a price of 449K when you can only go as far as 425. I think what is happening with my situation is that I told the agent that I 'm not in a hurry to sell (true), and I also said to him that I want offers close to the asking price. So perhaps he may be stringing me along until I break and lower the price. However, I'm beginning to think he may be wasting my time, because although I'm not in too much of a hurry, I still would like a quick sale. My house is in very good decorative condition in a very well sought after area, I never thought that I would have this problem. The house next door to mine, sold about a year ago in 1 weekend.

Doozergirl

You must be sure that you are comparing the price to what houses have been selling for. Don't compare yourself to houses that are sitting on the market.

I believe in pricing the property to acheive the asking price. Sometimes people are afraid to negotiate, as are vendors, which can result in a buyer not making an offer or the vendor accepting lower than they might need to.

4 viewings in 4 weeks isn't terrible, it's not exactly great either. What is the price? Would £5000 make that much difference?

CB1979_2

I'll say it then, chuck a link up of your house for sale and let the peeps tear it to shreds or say it looks alright

telfordwhite

Did you set the price on the agents advice or did you put it on for more than he suggested?

Someone pointed out that you have to put it on for a price it will sell at.

Where I live a lot of houses are overpriced and sit on the market for months, new vendors see these prices and decide they want to sell for the same price (even if the agents advise lower) when in fact nobody is selling.

It is so frustrating as a potential buyer watching hugely overpriced houses coming on and not being able to put a realistic offer in till 3 or 4 months have passed and the vendor gets less fussy.

Miss-spent_2

i know this sounds naive but i have never seen the point of overpricing a house to allow for knocking a bit off. When we sold our house (in one day, 3 offers!) we put it on for what the EA had advised us and that was what we wanted. It was a reasonable price and we did not intend to lower it. Infact another buyer offered us a bit more and the EA asked if we wanted to raise the price but we said no and stuck with original offer.

OP decide what you will accept, no more or less and sell your house for that.

fimonkey

BUT..what's happening in your area in terms of house-prices? Have they stagnated? have they started to drop a bit? ... Interest rates were lower last year so borrowing the same amount was effectively cheaper (if fixing the deal).. hence be wary of comparing your price to that of what your neighbours sold for 12 months ago.

Also be wary of giving confliciting advice to the EA. Some do overprice just to get you onto their books, BUT they want to sell your house so they can get their money and move on. ..Hence decide if you want a quick sale, or whether you can wait, and be honest to your agent (prob the only time I'll ever advocate being honest to an agent ;-) ). If it's a quick sale you're after, then you may well just have to lower your price!

Also, be aware that if your house in on the market for ages, then the serious buyers will be well aware of that, and may see it as an excuse to offer lower too.

Personally I'd tell the EA that I'm open to all offers, that way viewers will not be put off making an offer, and you can then make a decision on the relative worth of your property, as being mentioned countless times before, a property is only worth what people are willing to pay for it.

Good luck