Estate Agent come to me with a Proposition

[Deleted User]

Hi all,

Would be interested to hear what you make of this!

Had my house valued by 5 different agents, general consensus is its around would I thought my asking price would be. I have decided to try to sell my house privately, I know its a good location and well maintained etc. All the EA's were quite keen to market it and I suspect it will easily sell itself.

I've seen a property and put in an offer today. The agent came back to me saying the vendors will talk it over tonight and the EA will phone me tomorrow morning.

The agent also said he has a proposition. The vendors are looking to buy another property to rent out and especially interested in properties like mine, i.e. the style of my house and the estate I live on. The EA said would he like me to introduce them to my house, I asked if I would incurr a fee? He basically said he would let them view my house and charge me £1250 for the privildege, this is a fixed fee, if they don't buy, I still pay.

To me this sounds daft, for £2800 I can go with an agent, stay on their books till my house is sold and have unlimited viewings.

If I say yes to their offer, I have spent £1250 and got nothing out of it, and if I can't sell my house privately, I've got to find over £2800 for an EA.

I thought about it, all they have to do is make a phone call, no marketing, no advertising, no board - Just a phone call and escort the vendors on a viewing.

So I rang back and suggested £300 on a No sale No fee basis. This was refused as they said they are still selling my property for me and they have charged £1250 on the 1.25% of fees quoted in their valuation. As I spoke to another guy not the first who phoned me, he said he would discuss it with his colleague and may be they could do something with the price.

I consulted my father who suggested the £300 No Sale No fee basis, he thinks they are taking the p***.

So what should my next move be, apart from see what they say in the morning. I am continuing to paint my own board and intend to put up my own FOR SALE sign by sunday (gotta wait for paint to dry).

The benefit of agreeing to a price if they come back to me is there will be no chain, I buy theirs, they buy mine - perfect. However this agent valued my house lowest of the 5 EA I had round.

Can someone please offer me their opinion and advice? Its been nearly 10 years since I've had to deal with EA's.

Thank you.

Bailey

loanranger_4

The EA's proposition is preposterous.

I also think that the agent maybe pitching for your business ! All be it in an original way.

I think the £300 No Sale No Fee is very fair. It incentivises all involved but the EA is getting greedy and wants to maximise revenue from their client. If the client is genuinely interested in properties like yours in that area, it's only a matter of time before he sees your board.

As you'd already decided, try the board out for a few weeks before doing deals with estate agents.

Thanks

nelly_2

As far as I can see you have no obligation to this EA.

Go round to the vendors house and ask them if they are interested. I wouldnt even give it a second thought.

[Deleted User]

Thanks both.

Nelly I can't do that, the house is already vacant. The family had 2 properties, they moved into one and rented the other. Now they are selling it but want to buy another to rent, keep some investment, hence the proposal on my house.

I shall wait for a phone call tomorrow.

waterbaby

I have no special knowledge, but if they are going to get £1250 for showing someone round your house - well, can I come and do it instead?

I suppose that they are taking you on as a client in your own right, so they would bring more people round, and that's their justification.

Sorry I have no advice to offer, but I am amazed!

Aargh I just reread and they really are charging you £1250 to bring one person to your house! Regardless of what happens! I think I will become an estate agent.

johannamse

Deleted_User wrote:

Hi all,
However this agent valued my house lowest of the 5 EA I had round.

This would not matter - you can just tell them you want to advertise / tell potential buyers you want to sell at £x, ie whatever you choose. Their valuations are just guidelines, you can ask them to sell it at whatever price you choose. I hope this makes sense. The words are in my head, but are not coming out straight.

By the way I agree with everyone else their propostion is outragous.

virgin_moneysaver

I went with an EA who r now going 2 charge me £2k plus - yet the person who've put in an offer heard by word of mouth 'cos one of their best mates was living in the area & it turned out that I knew them - I wish I was brave enuf to have tried to sell it privately - I showed them around myself (4 times) as the EA couldn't make it - so I'm paying £2k for 1 local rag insert, an insert on their website (not a national one) & a piccy in their window

bella123

phone the EA and tell him to p*** off

margaret_3

Bailey! This is mind-blowing! What a cheek!
Can you not approach the people yourself and offer to sell?
I hope you can.
Margaret

Paul_Varjak

So, one Estate Agent acting for you (as the seller) and his other client (the purchaser) in the sale of your house?

CONFLICT OF INTEREST! CONFLICT OF INTEREST! CONFLICT OF INTEREST!

Solicitors cannot act for both seller and purchaser, so why Estate Agents?

And, remember, an Estate Agent acts for you the seller to get the highest possible price, and he acts for the buyer to get the lowest possible price! Why do you think that Estate Agent offered you the lowest valuation on your property!

And the Estate Agent may be working hand in hand (and I mean backhanders here) with the purchaser to get him the lowest price for your property and the highest price for the property you want to buy!

I would tell both of them to get st***ed!

I think there is some voluntary organisation for Estate Agents - is he a member? If he is, I would contact that organisation to see if they have a Code of Practice on this sort of thing!

BTW I remember seeing a TV programme on a certain Estate Agent near Warrington who was doing something like this. PM me if you want details!

sal

The nerve! Put the sign up and wait is my advice.

Don't know about the conflict of interest business though, my estate agent is acting for every property in the chain, it is very helpful as they can give me more information on the progress of everyone else's stuff than my solicitor can. Having said that, we sold within a week of putting it on the market, full asking price, only one ad in the paper and second viewing, they were also the lowest valuation as we were keen to get moving quickly. So I often wish I'd tried to sell it myself, but on the other hand they are able to avoid any uncomfortable dealings with buyers.

Catch 22.

Sorry going off track a bit. I think your suggestion of £300 is very fair.

Sal