Multi agency agreements....

SplanK

We are first time sellers, and our house is up for sale with a low cost, 'out of town' estate agent. We agreed a fixed fee no matter of the sale amount during a promotion. This fee is very favourable (£900 inc VAT) and snapped their hand off. At the time, they had a house we were interested in. The house is on RM, Zoopla and a fair few other online portals, as well as being advertised in paper and what not. We didn't think this would be an issue. It went on the market towards the end of Jan at an overpriced figure, but I let it go thinking we would get offers below which we could simply accept. I have a lowest figure in mind and working with that figure for our own searches.


We have an initial 5 viewers, they felt like tyre kickers out for a jolly to be honest. We organised a reduction a week before the bank hol (2 months in), this spurred 4 additional viewers, all were "keen and finances in place", but 2 of them bought other houses on sale with our agent, or 2 were no longer interested.
Typically, houses around our estate tend to sell quite quickly, recently 2 other properties sold within a week o them going up (including our next door neighbour!), and this is the same historically.


The main problem we have is that we have found our dream house, and we want to do everything in our power to sell ours as quick as possible to go for it.


I am now thinking multi agency. A particular 'in town' chain agency I have noticed who have sold around here has managed to go to SSTC within a couple of weeks and have initially agreed a 1%+VAT rate with no fixed tie in. They are coming to review it with us on Saturday, but I am not sure if this is the right approach, or if I am expecting too much too soon. For me looking on RM, I don't immediately think anything bad when I see a house twice with 2 different agents, but what do others think? Since we have only been on the market for what will be 3 months, am I trying to rush things and letting emotions get the better of me?! In addition, although the original EA agree to a multi agency, they would remove the promotional offer and stick us on their standard 0.9+VAT fee.


hhmmm!

Annie1960

If you live in a large town, then i can see no reason for a multi-agency approach.

I think the multi-agency approach is more relevant is you live in a small village, and it would make sense for you to advertise with EAs in some of the larger towns in your area.

However, with the Internet, even this may not be so relevant these days.

SplanK

My other thought rather than multi agency, is to drop the original out of town, and go with the in town.


I am in Chorley, so not a massive town, but not small either. They have managed to get viewers through the door, and the service we get from them is great.


As you say, is it relevant in this day in age where most people will be using RM and similar? You would thing with our target audience (our house is a small 3 bed semi) which is FTB's and people looking to downsize, the out of town EA with a large internet presence would be fine.


Either that or I am just being impatient expecting something to happen that simply wont and its sods law the others have sold in a week or 2, and that changing EA wont make much difference!

ethank

I love the multi-agency approach, when you have firms competing to sell, it will sell quicker.

SplanK

Well, just had them around.... my initial thought that because this particular branch was in town and that they have sold a couple of houses around here within weeks that they might be good..


However...


1. Price point... no difference in cos really if we exclude the special offer I got with EA1 (0.9 for EA1 and 1.0 for EA). As we are on a fixed rate of £900 it works out somewhere between 5-800 difference to switch (assuming we sell!)


2. EA2 advertise in less locations. RM and their own site, where as EA2 advertise RM, Zoopla, a few other smaller portals and their own site. Not sure if it makes much odds though as more or less everybody uses right move as one of their portals.


3. EA2 even said that the days of having a branch in the high street isn't hat it used to be due to people looking on RM first. There are very few people who still do their window shopping through windows in town, most will look on RM, and they have seen footfall into the branch diminish over time.


4. In his mind, our price we have it on already would be his recommendation and there appears to be no show stoppers. He cant see why it wont sell for what we have put it up for. So that does confirm we were initially over priced, and that we are now more realistic.


5. The only thing going for EA2 then is their open hours. They offer 8 till 8, however their branch is 9-5 but before and after that is just a call centre.


He also mentioned that the ratio between viewing/offers is about 10/1. We are on viewing 9 (assuming they turn up at 2 today!).


So it looks like I have been a little too eager and letting emotions get the better of me, BUT at least I have had a conversation with EA2 and confirmed out existing position and that just because they are in town, does not mean they will get any more offers than a out of town EA!