Estate Agents now wanting to charge fixed fee

freddieD

Correction:

Agent C

On the sheet from website www.vizzihome.co.uk.
It was their office, among offices of the same Estate agent in the loality that sold the most. The others are not competing Estate Agents.

I still have not found a good site with reviews of local Estate Agents

annie123

Never pay for a glossy brochure unless your property is over 1 million, and then I'd expect it to be included in the fees. The agent will get a kick back for sending business to the company that produce. That's agent 1 out.

Agent 2 sounds as though they send a senior neg out to do the valuation rather than the manager. No problem with that but they are either new to the area or haven't sold many of your type of property before or haven't done their homework on comparable sales.

Agent 3 sounds fine, if they are not a fly by night or you'll be wasting your time. Have a look at their website, somewhere on there there should be an about us page. If not ask friends neighbours if they know how long they have been there.

Get another couple in if your feel the need.

Sounds like your property should go on at £159'995 and take offers as per my advice in my other post.

Out of those I'd go with No3 based on what you've said.

I've worked for companies who are not members with no problems but for peace of mind look to see if the agents are members. You have somewhere to complain to if needed. http://www.tpos.co.uk/

freddieD

I have checked more about agent C. They have been around since 1998. They have quite a few properties in my area in Rightmove.
I have asked them why they suggested an asking price of £160K when they came to see me and then said £150-£160K on the letter they sent since then. I am waiting for the reply.

annie123

They are an established agent which is good.
An estate price is a marketing price, not necessarily the price that they think they can achieve.
What the letter means is put it on for £159'995 and we expect offers over 150k, and if we're lucky we'll get you the asking price.
The sale agreed price is a start, the next person who has to agree it is the mortgage company valuation.
Their price is the bottom line. They will ask the EA for comparables to justify the sale price. They will also contact other EA to get their comparables.

From an EA point of view we like sellers who are friendly and not on the phone by lunchtime the following day demanding feedback from viewers.
All viewings will be followed up but we have to wait to speak to the viewer who may be to busy to take a call from us the next day, especially if they are not interested. You will be informed when we are.

You mentioned doing referb works earlier. Don't take it personally if people don't like what you've done and make sure any works conforms to any regulations required.
You may spend 10k on a new kitchen but that doesn't make your home worth 10k more. Some like wood work tops, others not, some like free standing range cookers, others integral hobs and oven. You get the idea.

Laminate flooring is another one, I HATE it and so do 50% of viewers, but the other 50% will like it.
You get the idea. Don't go mad on a referb, search sold prices for your area and property type on rightmove to see what sells near you.

PollyOnAMission

My EA, also in the Midlands, charged a fixed fee of £2100. This was against an expected sale price of £150k, which is the offer I accepted. Unfortunately the final sale price was £145k following my buyer's mortgage valuation but it still ended up pretty reasonable as a percentage (1.2% + VAT).

They did offer a % rate but I requested the fixed fee, as they had a minimum they would accept anyway (the amount I ended up paying).

Looking at your options I would go with Agent C.

My agent was great. Local firm in the village I was buying (they were also selling the house I bought), selling lots of properties in the area, pre-registered prospective buyers who were looking for properties like mine.

As it happens they had a buyer on the books who viewed my house before the advert even went online. She ended up buying it in the end, but not before they had lined up eight other viewers (two of whom had second viewings) in a week. My original viewer had made an offer within a week of me appointing the agent and it was all negotiated and accepted within a week after that.

marlot

Turn it into a win:win if you can.

I did a good deal last time I sold. They reckoned the house was worth £200-220k. I thought more like £180-190k.

I negotiated a lower fee if it went for less than 180k. Standard fee for 180-200k, and slightly enhanced fee over £200k.

I also made a side promise to the agent that the staff in the (small) office would get 10% of anything it made over 200k.

My advert got prominence in the window and adverts, lots of viewings. I didn't quite make 200k, but I took a case of champagne into the office to thank them for trying.

freddieD

Yes I have just decided on agent C. I will instruct them unless they get diffficult with the tie in period or fee for a lower price sale.

I have done my own market research and I may be able to sell it for £150-£155K with an asking price of £160K

Sorry, laminate flooring it is (and tiling and carpets), this house does not justify solid wood flooring or any other fancy flooring.

And I am a designer so I will not disappoint people with good taste only the ones with bad taste.:)

annie123

freddieD wrote: »

Yes I have just decided on agent C. I will instruct them unless they get diffficult with the tie in period or fee for a lower price sale.

I have done my own market research and I may be able to sell it for £150-£155K with an asking price of £160K

Sorry, laminate flooring it is (and tiling and carpets), this house does not justify solid wood flooring or any other fancy flooring.

And I am a designer so I will not disappoint people with good taste only the ones with bad taste.:)

Carpets are my fav, but not up the side of the bath and in the kitchen as I've seen before :eek:

Hoof_Hearted

annie123 wrote: »

The first thing you do is work out what gives you the most personal income, and you start with that property to get viewings and work your way down the list till you reach the bottom.

How hard would you work to get say £30 less tax and NI, to sell your property?

This says it all really. EA's are not working for the vendor but to maximise their own income. The concept that if you take on a property, you give good service, seems alien to them.

Initially, use an online agent, get on Rightmove, and sell your house for £500. These agents are not commission based, so you get the same good service whatever you are selling.

Annie has shown what EA's really are -- self-serving money grabbers.

DRP

marlot wrote: »

Turn it into a win:win if you can.

I did a good deal last time I sold. They reckoned the house was worth £200-220k. I thought more like £180-190k.

I negotiated a lower fee if it went for less than 180k. Standard fee for 180-200k, and slightly enhanced fee over £200k.

I also made a side promise to the agent that the staff in the (small) office would get 10% of anything it made over 200k.

My advert got prominence in the window and adverts, lots of viewings. I didn't quite make 200k, but I took a case of champagne into the office to thank them for trying.

A case of champagne!?!? :eek: