Who is to blame for deluded sellers?

Jhoney_2

lessonlearned wrote: »

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.

No offence but they seem to be more prolific in some professions - EAs being one of them

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.

Then as an industry, it would be advisable to confront this together and say...if you sell said fleapit, we will reduce AP by x (then all the local EAs should stick to the x unless advise taken)

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.

Most OEA do the 'etc' - Vendors know their home better than anyone, but if required they will do viewing too, albeit at an additional fee.

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.

Not difficult to self advertise

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.

Agreed, but Phil/kirsty show is assistance with buying, not selling. Where they do selling on TV e.g, they do tell the vendors what's what and muck in to get it ready for open days!

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

Agreed, but nor can/should Eas provide ther services mentioned earlier for 3-4% or -1.5% for that matter.

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.

Maybe it's the way forward if it elimnates the rubbish services of many poor EAs by weeding the out. It may be a little though as the OEA is here already and will only improve imo as you get a menu of service options to pick from. That is not to say they will not be flawed at times, but much more financially manageable.

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:

It shows.

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

Quite right too if your good at what you do.

I don't mean to be harsh, but the traditional, high street EA Industry needs to take a long hard look at themselves and roll their sleeves up.

tea-bag

Jhoney wrote: »

I don't mean to be harsh, but the traditional, high street EA Industry needs to take a long hard look at themselves and roll their sleeves up.

That's why I am doing it online! :T

phil1873football

EA valued mine at £62k with the Home Report (in Scotland) valuing it at £66k. I intended marketing it at o/o £59k and EA suggested marketing it at o/o £62k so I did....still on the market after 2months.

I am looking for the market price which I don't see as being deluded tbh as it's what it is worth based on an Independent Professional Surveying company which is used by Mortgage Lenders.

Jhoney_2

inatdeepend wrote: »

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...

However there are practical factual things e.g renovations, extension etc I had my drains mapped by the water company, my boiler is recently fitted but was reallocated downstairs from a bedroom as part of extensive works, how much insulation is under the attic floorboards, likelyhood of PP to extend, neighbour info etc etc and all the works done to justify the price I am willing to accept...and why that house sold for 20K less!:beer:

orionmoo

A house is only worth as much as someone is willing to pay for it, sellers should remember that. If your house is say for example on the market for £245,000 yet all offers haven't exceeded £230,000, despite what you or your EA valued the property at, it isn't worth £245,000 its worth at most £230,000. It's market forces through and through although it may not seem it to a standalone seller who bought their house in 2006 for a bomb, and the EA tells them it is barely worth any more despite all the renovations they've made.

westv

orionmoo wrote: »

A house is only worth as much as someone is willing to pay/accept for it

Corrected.

Jhoney_2

westv wrote: »

Corrected.

Absolutely, and at that moment in time you have your real time valuation. The acceptance of offer and sale agreed by both parties.

Try the "A house is only worth as much as someone is willing to pay for it, sellers should remember that." idea in the local supermarket with a pint of milk in your hand.

You will not need a house, you'll be accommodated at Her Majesty's Pleasure.

lessonlearned

Jhoney wrote: »

I don't mean to be harsh, but the traditional, high street EA Industry needs to take a long hard look at themselves and roll their sleeves up.

The whole buying and selling process in England, including the legal side of things needs a total overhaul, and I include high street EAs.

I would like to see licensed and fully trained EAs, I would like to see a much fairer system for all. I would introduce some form of legal holding deposit or reservation fee, non refundable unless the house sale was not viable in some way in order to weed out the worst time wasters and to stop both gazundering and gazumping.

There are certain elements in both the Scottish system and the one used in Spain (I have also sold properties across Europe so have a reasonable working knowledge of how some European countries work, although I am by no means an expert).

Unfortunately most systems have their negatives as well as their pluses.

I think the now abandoned Home Information Pack was a worthwhile attempt to protect purchasers but it wasnt properly thought through and its implementation was rushed so therefore it failed to address the issues it was supposed to deal with.

I can see that radical change is required but no one seems prepared to grasp the nettle - too many vested interests as usual and not just EAs either.

I can see and understand why so many people ae disallusioned with EA's. frankly I was never so more relieved to make the switch to working directly for developers as opposed to working as a high street EA - and not just because of the increase In my pay - that was just the icing on the cake.

In my life as a negotiaor for developers I got to do things my way, had sole charge of the sales process and could ensure that things ran smoothly, that people were treated right, that I was afforded the courtesy and respect that I deserved, that my clients received good customer service and that my employers got the sales they needed for their business to grow and thrive.

In many ways it was like being slf employed because I had full responsibility for my own actions and work load. This level of autonomy and responsibility is just not possible if you work for a high street EA, especially the major chains.

You would be surprised to learn just how few decisions the average EA is allowed to make, they are not allowed or encouraged to think for themselves or to show Any real iniative.

As I said before moving from an EAs office to working directly for developers tripled my salary at a stroke.

After a few years I struck out on my own as a self employed independent freelance, selling properties all over Europe just like Phil or Kirsty but not appearing on TV.

I won't tell you how much European developers paid me - it would give you heart failure........

Of course you have to take into account that as a freelance I was responsible for all my own expenses, flights, hotels, car hire, etc however it was both enjoyable and financially rewarding.

I am now retired (sort of:rotfl: but that's another story) I still dabble in property.

It all boils down to what kind of service you want your EA to provide.

If you want a simple introduction service and perhaps a bit of sales progressing then an online service will probably meet your needs.

If you want a more comprehensive service then the average high street EA will not be able to provide what you require - at least not at the rates they currently charge.

I can see a time when the industry will split.

On the one hand will be a simple online service where both purchasers and vendors will be required to be more pro-active and, on the other hand, a full bespoke package for those who either cannot or do not wish to manage the process themselves.

That kind of fully comprehensive bespoke service, similar to the one I provided when I was selling properties in Europe, does not come cheap.

It will not be the provided by a traditional street EA, they cannot do it. Such a service would have to be provided by self employed freelancers, similar to the Realtors that work in places like the US, New Zealand and Australia.

How much are you prepared to pay ..........

As a guide if you wanted me to come out of retirement and step into the ring I would charge at least 5 per cent, with a minimum of £5k.

To paraphrase a certain super model "I wouldn't get out of bed for less":::rotfl: :rotfl: That's what I am worth.

Now I can just picture some of your horrified reactions......5 per cent

But you have to remember the old adage - "you get what you pay for" and if you want a true professional service then you need to pay a proper fee.

Pay peanuts, get monkeys.

If you want or need to save money, then assume responsibility, take charge, and do most of it yourself.

jacko74

Alter_ego wrote: »

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

I'm currently looking to buy on Anglesey where there are plenty of deluded sellers... and a great deal of them have actually RAISED their asking prices in the 2-3 years that their properties have been sat on the market!

Jhoney_2

jacko74 wrote: »

I'm currently looking to buy on Anglesey where there are plenty of deluded sellers... and a great deal of them have actually RAISED their asking prices in the 2-3 years that their properties have been sat on the market!

Isn't that approx how long the the Duke and Duchess of Cambs have lived there?..hence the rise.

No offence, but not a bad strategy imo - people will come... they have the 'anecdotal Kudos' that go along with that to brag about so I can see why.