EA valuation - not selling

frugalsmurf

Our landlord got a few estate agents to value the house as we were thinking of buying.
They didn't tell them this, just said they wanted to know what it was worth if they sold.
Two were great, said the price they expected.
One gave a very over inflated price then called them non stop saying had they considered it, then saying the had four viewings lined up if they put it on the market....etc. very hard sell.

I think they expect to value houses which won't be sold, but I think sometimes it's easier not to be blatant and say that to them, or say you're not selling immediately.

AlexMac

My experience echoes the above. Use three local agents not online ones. We found that all 3 turned up and measured/photographerd very quickly, gave an immediate value and confirmed in writing within 1 or 2 days. Interestingly there was a significant variation of over 15%, and we sold at the top one! So even if you end up not selling, thank the efficie t ones and remember them for when you do

Samsonite1

Davesnave wrote: »

And they told you that, I suppose?

Not sure what you mean, but they came with printouts of Zoopla and RightMove to show how they came up with the valuation. They rounded up the price slightly, but all 3 agents came up with the same figure and they all showed the same printouts.

Incidentally, we were not getting any viewings, so I changed agents and increased the price as I reckoned we were priced the same as 3 bed houses despite being 4 bed, we then got lots of viewings and 5 offers. I got the impression that EAs do not know as much as they should. I was happy with the service though - they did viewings up until 9pm (with our consent), 7 days a week.

Davesnave

Samsonite1 wrote: »

Not sure what you mean, but they came with printouts of Zoopla and RightMove to show how they came up with the valuation. They rounded up the price slightly, but all 3 agents came up with the same figure and they all showed the same printouts.

There are two sorts of figures from Zoopla, estimates and sold prices.

If the agents used sold prices, fair enough, that makes sense, but the estimates are not reliably accurate.

Samsonite1

Davesnave wrote: »

There are two sorts of figures from Zoopla, estimates and sold prices.

If the agents used sold prices, fair enough, that makes sense, but the estimates are not reliably accurate.

They were definitely using the estimates. For sold prices, they struggled to find any 4 bed properties in the area as most are 3 beds. They showed me 4 bed sold prices for houses in cheaper neighbourhoods which is why I knew it was too low, yet they argued. I assumed that they would rather sell quickly at a lower price. Funny how it went much better when putting the price up (against advice). My thinking was that people were missing our house as it was in too low a price bracket before. I think I was right - could be a fluke of course!

googler

glasgowdan wrote: »

It's like asking tradesmen to quote on a job.

It's not. The OP explicitly said they're not selling.

Who asks a plumber out to quote for a bathroom refurbishment if they're NOT intending to get it done?

Davesnave

Samsonite1 wrote: »

They were definitely using the estimates. For sold prices, they struggled to find any 4 bed properties in the area as most are 3 beds. They showed me 4 bed sold prices for houses in cheaper neighbourhoods which is why I knew it was too low, yet they argued. I assumed that they would rather sell quickly at a lower price. Funny how it went much better when putting the price up (against advice). My thinking was that people were missing our house as it was in too low a price bracket before. I think I was right - could be a fluke of course!

There's really no excuse for that.

In pre-Internet days, it was possible to find agents undervaluing due to unfamiliarity with areas, but nowadays I'd not expect that to happen often.

When I had a cheap house valued in 2006, one agent scarcely looked at it before announcing "£130k."

I sold it about 5 months later for £148k. Yes, it took a while, but I didn't mind waiting for an extra £18K!

Samsonite1

Davesnave wrote: »

There's really no excuse for that.

In pre-Internet days, it was possible to find agents undervaluing due to unfamiliarity with areas, but nowadays I'd not expect that to happen often.

When I had a cheap house valued in 2006, one agent scarcely looked at it before announcing "£130k."

I sold it about 5 months later for £148k. Yes, it took a while, but I didn't mind waiting for an extra £18K!

Completely agree - I think EAs are struggling against the cheap internet alternatives, but they really need to do a good job to win business and that starts with doing a proper valuation!

Interestingly though, I think with the internet ones, you have to pay up front even if they do not sell the property? That is what I have heard - that is enough to put me off them for the time being.