Going dual agency or lower price. Advice please

Secretxdays

I'm hoping someone can give me a bit of advice. I've had my property on the market for just over 3 months at 180000 I've had a good number of viewings but no offers or second viewings. The only feed back I've had is it's too small or there is no dining room (which I would have thought was obvious according to the floor plans). My agency haven't given me any other feedback. They are now asking me to lower the price by 5 grand. While I realise I might not get full asking price I can't see this going to see me getting offers when people can do that already.

One of the other things I've thought about is getting another estate agent and being multiple agency. I believe my contract with my current estate agents allows this but how do I go about doing this.

eddddy

Secretxdays wrote: »

I'm hoping someone can give me a bit of advice. I've had my property on the market for just over 3 months

...

One of the other things I've thought about is getting another estate agent and being multiple agency. I believe my contract with my current estate agents allows this but how do I go about doing this.

After 3 months, I'd guess you're out of the minimum contract period. I think I'd just change EAs, rather than go multi-agency.

Speak to some other EAs to see what they say about your property, and it's asking price.

And follow the termination terms in your current EA's contract - typically 2 or 4 weeks written notice.

tori.k

What is the benefit of duel marketing?
With everything being viewed online nowadays I would think it would be of little benefit.
Your feedback seems to suggest that its priced a little high for the size of the property and its amenities, worth having a look at the competition disregard the decor unless its priced as a total referb and compare location and space, then decide if your is worth keeping your current price tag or a dropping.

Secretxdays

Thanks
Space wise mine is just over 500sqft and others on the market at 550sqft at 175 but not in the same area. My area is a slightly better location really.
I have been doing some rearranging furniture and decluttering to make it look bigger.

SpiderLegs

Yes dual agency will definitely make house bigger and give you a dining room.

Waste of time.

Mickygg

I’m another for no to dual agency.

The only way that will help is if they have someone on their books who isn’t looking on Rightmove or they target someone not looking on Rightmove. How likely in this day and age? Not very.

I considered dual when selling my last home because was struggling to sell. What put me off is that is what people do when they struggle and go dual agency so you are highlighting you can’t sell.

Don’t do it, better to lower price.

Mickygg

Secretxdays wrote: »

Thanks
Space wise mine is just over 500sqft and others on the market at 550sqft at 175 but not in the same area. My area is a slightly better location really.
I have been doing some rearranging furniture and decluttering to make it look bigger.

10% bigger on a small space is quite a pull, especially if you are asking a premium. If your location is better then I would drop to £175k to compete with others where smaller size is offset by better location.

Gwendo40

Lowering by £5k (or less than 3%) might generate a bit of new interest, but I doubt it would be enough for you to be suddenly inundated with asking price offers.

heston2014

I'm in the same boat and considering dual agency. Our agent has suggested a 25k price drop after a month which I thought was too soon. Ours is an ex local council property but in a good location which is why we don't think we should lower the price just yet. The other agent is an ex LA estate agent so we might stand a better chance with them in terms of potential investors or purchases that are interested specifically in ex LA properties. We haven't signed up yet as our current term runs for another 6 weeks. We will see if in the next 4 weeks our current agent makes any progress, then we will bring the other agent on board or switch to them at the end of the current contract.

AnotherJoe

I can't see what good a 5k drop will do either since they could make an offer anyway, it's not as if a lower offer would be insulting at that level.
I would consider a new agent and £10k off. That's still less than 5%. I also think you need to assess the presentation of your property, as it's small you need to make sure it doesn't appear even smaller, so remove and adjust furniture to make the best (as you are doing) . That would include minimising wall decorations like posters and pictures which make a place seem crowded. You need to make a good first impression with layout and price.
Presumably the viewers you've had so far viewed to see if the price made up for lack of dining room and smallness and decided it didn't hence their comments. Bear in mind a lower price price is relative so if you take a hit on price that doesn't matter as long as you can get equivalent off your purchase.

Cakeguts

The situation is this.



If you get lots of viewings but no offers that means that people don't want to pay the price you are asking they can get something better and cheaper somewhere else.



If there is a lot of competition for selling that kind of house you will have to reduce the price to the level of or just under the competition if you want to sell.


A house is not worth what an estate agents says it is worth it is worth what someone will pay you for it. At the moment no one wants to pay you £180k for it but they might pay £170k