Do Estate Agents actively find buyers?

heston2014

Hi

Our property has been on the market for a month and we've had 2 viewings so far. It's listed on Rightmove, Zoopla and Prime Location. Just wondering if EA actively find buyers or they just list properties on these websites and wait for leads?

I am losing confidence in our EA, I appreciate it's still early days and market is slow. If they recommend an asking price, then surely it's not overpriced? I was under the impression that EA's actively market properties, no?

We can't progress with our house hunting unless we sell ours. I was expecting more proactiveness from the EA, they do have a portfolio of expensive properties and ours is an ex-council, hoping they've not taken ours on for the sake of 'mixing up' their stock a bit and then leave us to one side and not market ours properly.

csgohan4

or perhaps the house is overpriced? slow area?

Thrugelmir

heston2014 wrote: »

If they recommend an asking price, then surely it's not overpriced?

As a seller. You want to achieve the maximum price that you can for your property. Start higher and reduce accordingly is the way to proceed. Maintain a dialogue with the EA. Listen to the feedback that you receive from viewers.

heston2014

EA recommended the initial asking price and now suggesting a 25k price drop in 1 month. They must've anticipated that asking price was ambitious but why recommend in the first place?

csgohan4

heston2014 wrote: »

EA recommended the initial asking price and now suggesting a 25k price drop in 1 month. They must've anticipated that asking price was ambitious but why recommend in the first place?

To get your business. if you had 3 EAs' and one offered to sell your flat at the highest, you would naturally go with that one

babyblade41

heston2014 wrote: »

EA recommended the initial asking price and now suggesting a 25k price drop in 1 month. They must've anticipated that asking price was ambitious but why recommend in the first place?

They boost your expectations knowing that the price is over inflated, after a few weeks it's suggested you drop the price...and now you are tied into your contract.

Probably best to research what your price should be from sold in the area recently or post a link on here

The upmarket agents I know of won't take on stock that doesn't fit their brief as they have no one on their books who are looking for an upcoming property to link them to you.

The more standard EA's have a list of buyers and as soon as a property comes on their books they can email the details across to those looking for your type of house.

Why did you go with them in the first place if they sell mostly 1 million plus homes ??

Thrugelmir

Ask them. Local markets can change for a whole variety of reasons. No one is going to pay a price for yours. If others on the market have sold at or been reduced in price recently.

heston2014

csgohan4 wrote: »

To get your business. if you had 3 EAs' and one offered to sell your flat at the highest, you would naturally go with that one

We had valuations from other EA and they were all consistent and we picked this one instead of a local one as there was a property that we were interested in through them. We're now tied to another 8 weeks with them and will switch EA if no further progress during this time.

csgohan4

heston2014 wrote: »

We had valuations from other EA and they were all consistent and we picked this one instead of a local one as there was a property that we were interested in through them. We're now tied to another 8 weeks with them and will switch EA if no further progress during this time.

EA actively are selling your house by putting it on line on right move e.t.c, they may have contacts who are in the market for buying, but the bottom line is the price usually.

Have you compared like for like in sold prices in the area, is it overpriced?

heston2014

babyblade41 wrote: »

They boost your expectations knowing that the price is over inflated, after a few weeks it's suggested you drop the price...and now you are tied into your contract.

Probably best to research what your price should be from sold in the area recently or post a link on here

The upmarket agents I know of won't take on stock that doesn't fit their brief as they have no one on their books who are looking for an upcoming property to link them to you.

The more standard EA's have a list of buyers and as soon as a property comes on their books they can email the details across to those looking for your type of house.

Why did you go with them in the first place if they sell mostly 1 million plus homes ??

I've noticed that unlike other EA's, I haven't received any emails of properties from them which gives me the impression they don't actively market properties. We picked them as we were interested in a house through them, also they have other properties similar to ours in SE London area so thought that we fit their portfolio in that sense. I'm just surprised at their suggestion of 25k price drop in one month, should've recommended a lower asking price initially to attract more interests. Unfortunately, stuck with them for 8 weeks so will see how it goes.

Thanks everyone!

babyblade41

If you don't get anymore interest then spend the next few weeks researching and know what to get from the next agent.

Good luck moving forward