Getting out of estate agent contract

Legacy_user

Hi we have had our house up for sale since 26th April with an estate agent. It's was up for 139.950 we had 4 viewings in 3 weeks. At week 5 they advised us to reduce the price we reduced it to 134.950, on Friday we will be at 10 and we still have only had the 4 viewings so no viewings in 6 weeks. We have changed the master bedroom on their advice. I have contacted them to complain so last week they put our property as a featured property on rightmove but till no viewings. We are in a sole gent contract for 20 weeks how can I get out if any device much appreciated thanks. I'm so depressed now I was even thinking of the we buy any house sites. Please help.

steampowered

You need to get a copy of the agent's T&Cs which you would have agreed to when you appointed them. Carefully read the T&Cs to see what they say about termination of the contract. Ask your agent for a copy if you don't have them.

Sole agent T&Cs will normally say that there is a minimum sale period of (for example) 10 weeks. After that initial period, you can give (for example) 2 weeks notice to terminate the contract.

You can normally terminate your contract with the EA by giving them the proper period of notice. Make sure that you formally terminate your current EA's contract before you appoint a different EA.

Unfortunately if the property is on rightmove but you aren't getting viewings, it is possible that your property is overpriced or that you are just in a slow market.

G_M

Gail02 wrote: »

.We are in a sole gent contract for 20 weeks how can I get out if any device much appreciated thanks. .

I'm afraid you made a big mistake in signing a contract like this.


I would never sign one for longer than 8 weeks. Ideally 6.

JGB1955

Shows how different the market is in different parts of the country. Had our house on the market since January, with 4 weeks notice of cancellation but no minimum term. Now moved on to another agent 20 weeks contract with 4 weeks notice. Still don't think we'll get rid of it in a hurry, but no rush...,

eddddy

Gail02 wrote: »

We are in a sole gent contract for 20 weeks how can I get out if any device much appreciated thanks.

The point of contracts is that they are binding on both parties. If they weren't binding, there wouldn't be any point in having them.

Unfortunately, there's unlikely to be a way out.

Gail02 wrote: »

I was even thinking of the we buy any house sites.

Their business model is that you accept maybe 65% to 70% of the 'market price' in order to get a quick sale - i.e. you reduce the price by about 30%.

If that's the way you want to go, you could just ask your current EA to reduce the price by 20% (but I suspect that's not what you want).

AdrianC

Gail02 wrote: »

Hi we have had our house up for sale since 26th April with an estate agent. It's was up for 139.950 we had 4 viewings in 3 weeks. At week 5 they advised us to reduce the price we reduced it to 134.950, on Friday we will be at 10 and we still have only had the 4 viewings so no viewings in 6 weeks.

Let's have a look at the RM link...

diggingdude

What are you complaining about to the estate agents? they can't magic people to look at and offer on your house

AdrianC

diggingdude wrote: »

What are you complaining about to the estate agents? they can't magic people to look at and offer on your house

There was me, thinking that was their job...

SmashedAvacado

Have you asked them to give you a summary of the other properties they have on the market and how many clicks and views and viewings that they have had - ideally if they are a big agent in your price bracket

Have you asked them for the stats on other properties at your price that have sold in the last couple of months- have you looked at those properties

Have you asked them what they are doing to drum up viewings

Have you asked them which are their most popular properties for viewings ?

Don’t just complain or throw the baby out with the bath water- get informed as to whether they are under performing or over performing based on the market that you’re in

ethank

Can you post a link to your property

OldMusicGuy

I have been in a similar situation. You need to read your contract as it will say how you can get out of it.

The only provision in our contract to allow us to get out of it prior to the end of the sole agency period was if the EA had done something wrong. If yours is similar, then you cannot get out of the contract in the sole agency period unless the EA is at fault for some reason and accepts they are at fault.

So read your contract and find out how you can get out of it. I think you will find that unless the agent has done something wrong, you are stuck with them for the sole agency period. You can usually give notice to end the contract once the sole agency period is up, that is likely your only way out unless you have grounds to say they have done something wrong (and being "not very good" in your opinion will not be sufficient).

You can instruct another agent while you are in the sole agency period, but you will then pay two lots of EA fees because the EA with sole rights is entitled to their fees even if someone else sells it.

Bottom line - you signed the contract, you are stuck with it. The best way forward is probably to work with the EA as best you can.

Edit - I'll agree with steampowered. Your property is overpriced if you want to sell it quickly. We found that as well with our property.