Switching to multi agency

alreeve27

Hi,

We have had a flat on the market for around a month, with a local independent estate agent. We had a few agents round to value it, and this one stood out as they are older experienced staff, have sold a number of properties in the block and know the ins and outs of it, and currently rent out a number flats in there. Their knowledge of the area and building was far greater than the other chain agents we got round.

We got them down to a 4 week sole agency agreement, and have since had about 8/9 viewings, including a second viewing which didn't go anywhere. Other people I have spoken to have suggested this a decent number of viewings at the moment, however we haven't really had any feedback from anyone, despite the agent leaving messages. It's a bit frustrating.

We've since been speaking to other estate agents regarding our own property search, and some of them have far better opening hours, including Sundays which ours do not. Some of the others also have much larger photos in the window. There's a road where I live which is pretty much entirely estate agents, which ours is on, along with these others with longer opening hours.

Our contract has a 2 week notice period to leave altogether, but we were considering going multi agency with just one other agent which has better opening hours and photos, if we could negotiate the same % fee as we currently have. I've sounded out the potential other agent over the phone about this when they called once asking about going with them, and they said they would match whatever fee we have agreed with our current agent. What I wondered is if anyone else has any advice about doing this? Do you think it's too soon? Are there any other things I should be thinking about? Having not done this before I'm not sure of how long to leave it and what would be a good number of viewings in the current market. I also know that the majority of enquiries come through Rightmove so potentially we aren't going to see a sudden increase in the number of viewings, but what are your thoughts?

Thanks

eddddy

You will get mixed opinions about going multi-agency. Some people say it makes you look desperate, and that it's unlikely that one EA will have access to prospective buyers that the other doesn't.

Others will say it promotes competition.

It might make sense if one of the agents is located in an adjacent area which is more expensive. Your property may then seem cheap to their pool of potential buyers.

alreeve27 wrote: »

they said they would match whatever fee we have agreed with our current agent.

Bear in mind that your current agent may want to increase their fee, if you change to multi agent.

But you're probably in a strong negotiating position, if you say you either want a reduced fee, or you cancel the contract.

G_M

I seriously doubt the new agent, or the old agent, will maintain the same fee once you go multi-agent.

They both risk spending time and money marketing your property, with far less chance of ever earning a fee (since the other may find your buyer), so they will want to compensate that risk by upping the fee.

I'd not go multi agent. These days, 80% of buyers use the internet, so they'll see your property whoever advertises it.

If you're not happy with the current agent (opening hours, quality of service etc), then switch to a sole agency contract with another agent.

hazyjo

I'd never use multi-agency. Well, two at the most, but I'm 99% sure I never would. There are some houses where I'm looking up with about 4 agents and I do think it screams desperate, or problem-seller. Tried to get a viewing at one, and the vendor just kept putting obstacles in the way. No wonder they couldn't sell the bloody thing. It was up for months whereas similar properties were selling straight away.


Many people on these boards refuse to give feedback - it's not the EA's fault. I do, but, as with most, would be diplomatic.


When does anyone step inside an EAs these days? Rarely. I see it online and ring.


Sounds like yours are doing a decent job - I'd not be changing yet.


Is there something that viewers are seeing at the property that they're not seeing in the photos/description that's putting them off? Do you have pets, for example? Or an alley alongside, or an industrial unit/train track at the back? Pylon at the end of the street? Share the link on here if you need feedback (hope you have broad shoulders though!).


Jx

hazyjo

PS how many years are left on your lease? And what is the service charge/ground rent? Does your EA know, and is it on the details?

Doozergirl

It sounds like they're doing a good job. Just on a human level they've invested time and money and are bringing in viewings for you, including a second one. Treat people as you expect to be treated.

If someone doesn't buy your house because the agent isn't open on a Sunday then I'd say they were pretty wishywashy in the first place. If I want to view a house, I'll call when the agent is open. By far the most important shop window is the internet, not the physical window any more.

Surrey_EA

As above, I do not believe that your agent not opening on a Sunday is the reason they have not found you a buyer. The EAs who open on Sundays are unlikely to have the regular experienced staff in the office anyway, and will use less experienced part time staff.

It's 2017 and almost all property searches begin on the internet, in one way or another, meaning the opening hours/days of your specific EA are less relevant.

If the EA you have instructed is half sensible, and you've had a reasonable number of viewings - and 8 in 4 weeks is pretty good - then it is likely that your asking price is a touch on the high side.

How does the price of your property compare to recently sold properties in the block?

csgohan4

Every house will sell... for a price.

How is yours in comparison to similar properties nearby, is it on the higher end, or did you go with the EA who gave you the highest price??

As above lease length service charges e.t.c?

We can certainly critique it if you want to provide a link

Cakeguts

The reason why people do not view a property is because they can find something better for less money.

jbainbridge

Multi agency = desperate. So long as you are on Rightmove people will find you.

9 viewings in a month is good in my books. Maybe hold out a little longer, then consider a small reduction in price.

Don't get too hung up on feedback. As has been said - people are diplomatic - they'll never tell you they hated it and why. The only real feedback you will get are second viewings and an offer!

System

I'm not planning on buying a house until next year so my opinion might not be worth much, but I do keep an eye on the local market by looking at RM regularly. There are a couple of houses on with 2-3 agencies, and all it does is make them look desperate IMO. When I see a house with more than 1 RM advert, I immediately start asking myself what's wrong with it that means it hasn't sold yet, and you don't want to give potential buyers that impression right from the off!