Search Agents - Questions

dboswell

Mrs B and myself are considering using the services of a search agent for our next London property.

Our current home is under offer and contracts have gone out. We have been searching for 2-months ourselves and despite open to a large-ish area (prob cover 3,000 houses, not flats) we are yet to find anything suitable in budget.

We quite like searching (its our 5th property in 25 years), but we are coming up with blanks and time is pushing on, but even if we go into rental we still have the same problem of finding a new home to buy.

A friend used a search agent a few years back and I was wondering if any one else here has. In fact, we have a few calls lined up tomorrow with some.

1. Did they access off market properties?
2. Did they get you a good price or market price as with our friend?

I have established their fees a retainer plus 1.5%.

Are there any questions I should ask?

Grateful for tip before our calls.

marksoton

dboswell wrote: »

I have established their fees a retainer plus 1.5%.

Are there any questions I should ask?

Yes. Why their fee is 1.5% and what the hell a "retention " fee is for....

dboswell

marksoton wrote: »

Yes. Why their fee is 1.5% and what the hell a "retention " fee is for....

Not apparently

Okrib

I deal with search agents all the time - from the small one man bands to big companies with an impressive clientele.


I like dealing with them. You know that their clients are normally serious, and it adds strength to any offer that is made. It normally makes the conveyancing process easier too as the search agent will make sure their lawyer is on top of things.


We inform search agents about properties we have coming to the market before they are launched, and they will keep us informed of their client searches. We do quite a few off market sales to them. They usually get to hear about properties first, that ultimately is what you are paying them for.


Try to pick one who has helped buyers in the same price range / area.


I can also recommend a couple of companies depending which area you are looking in.

dboswell

Okrib, would you say in your experience buyers via search agents pay pretty much market value or lower i.e. save you more than their fee?

The friend I had completed on a probate sale via a search agent but I dont think they managed to negotiate anything but only got to hear first and that was about 12-months into their search.