Who is to blame for deluded sellers?

Alter_ego

Maybe not so deluded, you can always drop the price - but try raising it!

ukcarper

I wonder how many are not to concerned about selling and try a bit of kite flying.

System

It is the sellers. The EA can do diddly squat until the seller signs on the dotted line.

Now an EA can say whatever s/he wants. But when sellers are happy to go with cowboys that charge less compared to reputable ones that charge more then there is only the seller to blame.

System

Alter_ego wrote: »

Maybe not so deluded, you can always drop the price - but try raising it!

If the price is low then it should attract enough interest to get more than one bid at asking price and potentially counter offers over asking price.

Jhoney_2

The new mortgage criterior imposed in April, consistently low/no salary increases and changes in personal circumstances all contribute to interest too.

As for the EAs, they show you a lot of properties they have just sold and the comparables to confirm how they came to their valuation. They then tell you how many people they have 'lined up' for similar properties - Then....

They say it's just quiet at the moment,lol.

Got an acceptable offer on my last place by word of mouth in 2 weeks.

The EAs cannot take all the blame, however they are a little too enthusiastic in their own demise of reputation in most instances.

I agree the price is not the most important, but I eliminate EAs on what they don't mention.

E.g I had some tiles missing as you approached the front door - couldn't miss the poor kerb appeal! Only one EA suggested doing something about it (I had planned to). He got the contract, but I ended up getting the offer myself.

If I were an EA and walked into a filthy home etc, I would politely have a word regarding making the property more saleable - How could you not?.

This time online EA for sure.

Jhoney_2

Also with buyers, we are all looking for that delusional bargain too - I have never seen a post saying ' I love this property, how much should I offer over the asking price?

The truth is we are thrifty buyers and greedy sellers.

Better_Days

Walcott wrote: »

But when sellers are happy to go with cowboys that charge less compared to reputable ones that charge more then there is only the seller to blame.

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

IME the fee that EA's charge has little bearing on how reputable or effective at selling property they are.

The more expensive EA's are often parts of large chains who produce glossy brochures, and extraneous marketing tactics (anyone remember those god-awful 'guided tours' which were simply a panned photo accompanied by dreadful music?)

All style and often no substance. But those glossy brochures etc have to be paid for.

System

That is not really the point though. It is the sellers responsibility to chose an appropriate EA. They own the house and they ultimately make the decision on price, not the EA.

And many towns in the Uk have very few large chains in them, so even if that was my point, it still wouldn't apply.

lessonlearned

Jhoney wrote: »

The EAs cannot take all the blame, however they are a little too enthusiastic in their own demise of reputation in most instances

If I were an EA and walked into a filthy home etc, I would politely have a word regarding making the property more saleable - How could you not?.

This time online EA for sure.

Edited your post to just address a couple of points.

1. EA - you are right whilst EAs cannot always be blamed for a sellers greed many EAs do themselves no favours. There are a lot of EAs who have no proper training, no knowledge, no real skill, dubious morals and ethics....Yes there some rogues and scoundrels out there. But then again you will find them in any profession and in all walks of life.

2. Some EAs, when confronted with a smelly flea pit do try and make a few polite suggestions.:rotfl: alas they usually fall on deaf ears.

Part of my job was to arrange part exchange. I have turned down some right cookers.......:rotfl:

3. I think online EAs will probably be the future way of buying and selling for the bulk of the market. However, this would entail vendors being lot more pro-active, eg doing their own viewings etc.

It has to remembered that under our current system the EA's primary role is merely to act as an "introducer" - bringing vendors and sellers together. If you want a more comprehensive hand holding service similar to those that Phil Spencer offers to both vendors and purchasers then you would have to pay substantially more in fees.

No EA can provide that kind of service for 1 to 1.1/2 per cent.

In places like the USA, Australia, New Zealand a Realtor as they are called has to pass exams and be licensed. You will get a more comprehensive service but it will typically cost you around 6 per cent, sometimes divided between the vendor and the purchaser.

Realistically you cannot expect that level of service unless you pay for it.

UK EA fees are low by comparison with most other countries, and you have to remember the negotiaor doesn't get the full commission.

Fees are paid to the office,, the staff receive a basic salary and a small portion of the commission. It's not that generous.:rotfl:

I graduated from a high street EAs office to working for developers, almost tripling my salary.

I was repeatedly head hunted by EAs but always turned them down because they couldn't afford me.......:D

inatdeepend

Good point about online EAs though I wonder if they will ultimately help or hinder. Given a lot seem to be "fixed fee" as little more than a listing agent / admin processer there doesn't seem to be likely to be the same motivation to sell - after all they've made their money upfront, and it doesn't matter what price it sells at. I know there are a few competing models some based around sale and percentage, but I'm not sure how they compare in takeup against the pay a one off fee.

Also vendors doing their own viewings may lead to a sense of resentment and too much personal thinking - how come the viewer can't see how lovely my home is and how much effort I put into it and how wonderful it is and it's worth so much more than anything else round here because it's so amazing? When as a buyer I'm thinking well the very similar house up the road sold for 20K less and actually I'd need to repaint the whole place and paper over your hideous feature wall...