Confused

evergreen

I am about to put my house on the market. I live in the South and haven't moved for 25 years, so am totally confused as per estate agents. Anyway the first agent, who you pay a set fee to and advertises on tv a lot said a price with offers in excess of. The second one, a local one where you can pay a percentage, or part set charge plus low percentage says house should go on sale for £50,000 more. Third local estate agent suggests that price too, their percentage is higher and last estate agent says price right in the middle of the other 2 prices, but higher percentage still. The first estate agent, did say others would say more to win my business, and when I texted him to say I wouldn't be going with him at this time he rang straight away, to ask why. I said I thought a local agent with an office was probably more appropriate to my house. He asked what the other agents had said, and said the higher price was too high and to be careful of asking too much and having to keep reducing the price as people will think there is something wrong with the house.
I'm not sure what to do now, my gut feeling is if I go with pay one fee, sale or don't sell, then the price doesn't matter to that estate agen, although I'm sure reputation is a big part of them being able to attract people. Any one any thoughts on this or have recent experience of estate agents? I should say I am a Widow so am making these decisions on my own for first time so that might be why I am so indecisive.

hazyjo

In your shoes, I would use a local high street EA and negotiate the commission and the length of term you sign up with them for (wouldn't want more than 8 weeks, 10 at absolute worst). Pay at the end, not at the beginning. If they've got their money, you risk them not needing to bother with your sale. Doesn't sound like an online agent would be that good for you, you'd be better with someone with local knowledge who can talk you through the process.


I'd not really expect to pay more than 1% (your area may vary).


I'd usually pick an average price to market at. You can always reduce it once (substantially) if overvalued.

Mojisola

evergreen wrote: »

I'm not sure what to do now, my gut feeling is if I go with pay one fee, sale or don't sell, then the price doesn't matter to that estate agent

Good advice from hazyjo - we didn't pay anything until the house was sold and then only 1%.

If you have the nerve to post the EA listing on here, people will give you good advice about how good the photos and description are and ways you can improve on them.

The advice can sometimes be a bit harsh but it's worth it to sell quickly!

eddddy

Just to emphasise - I've never come across a 'conventional' estate agent who wouldn't negotiate (haggle) on the terms of their contract.

The easiest (and frequently successful) negotiation lines are:

• "ABC estate agent is quoting a commission rate of x% - can you match that?".

• "Obviously, I'll get a very good feel for how things are going after 4 weeks - so let's start with an 8 week minimum contract. That will allow 4 weeks to see how things are going, and then I can give 4 weeks notice, if things don't seem to be working out."

But more importantly: read, understand and compare their contracts before deciding. Contracts can vary very significantly.

The 'ideal' contract to aim for is 'no sale, no fee' sole agency.

Red flags to try to avoid include 'ready, willing and able buyer' clauses, and withdrawal fees.

evergreen

Thank you for your advice, very useful and things I hadn't thought of. Can I ask how you decide what price to put it on for when they vary by a lot? Do you think some bump up the price to make you go with them?

Davesnave

evergreen wrote: »

Thank you for your advice, very useful and things I hadn't thought of. Can I ask how you decide what price to put it on for when they vary by a lot? Do you think some bump up the price to make you go with them?

If your house is like others nearby, look on Rightmove at the recent sold prices for your postcode and those adjacent. This will show you what houses are actually selling for.


How much you go above those figures depends on how long you want to wait and whether you think your house has a strong USP (unique selling point) of some kind. This is usually something like a great unspoiled view, big garden etc, rather than a new bathroom or a conservatory, which are just 'nice to haves.'

Sootoo

Agree with all this - the local agents will have a better knowledge of what is selling and for what price. Some agents will inflate what they think it will sell for to encourage you to go with them. As someone said look on Rightmove or Zoopla under sold house prices - if you type in the name of your street it will tell you the most recent selling price for each house. This gives you a good idea if someone is inflating the price they think you will get.

thelem

Don't pay too much attention to the asking prices of other properties - some of these will have sat on the market for ages because they are overpriced. The actual selling price could be much less (or they might be withdrawn from the market). Instead look at sold prices.


When looking at minimum terms, be careful of the notice period. Can you serve notice during your minimum term, or is the notice period in additional to the minimum term?


Make sure that in the event the property doesn't sell and you want to switch agents, that the agent will provide a list of everyone who they have introduced. You can then give that to your new agent, and if any of those people enquire again then they should be directed to your first agent. This protects you against both agents claiming their fee for introducing the same person.


Check what marketing is included in their quote, do you get photos, copy, floorplan and EPC or are any of those extra charges (all are essential)? Look at their adverts for other properties online, are the properties well presented? Will they conduct all viewings?



Decide on the price that you want to market it at and give that to the agent as your instruction. Agents won't turn you away over asking price unless they think it is totally unrealistic, and even then they'll probably try to sign you up and then convince you to reduce your asking price later.