Sitting on RM with Local Agent v Purple Bricks

ddavemac1981

Hi All, we 
Need a bit of advice. My flat in North London has been on the market about 2 months - 5 or so viewings and no offers. We are reconciled to sitting on the market for a while, and are aware that our agent has probably lost a bit of motivation, so may just sit. TBH  we do not want to go down the route of chopping and changing agents - we tried to sell previously doing this and had no joy. we initially tried to sell through PB and had no viewings a few years ago. My question is - if the place is going to sit on RM (having lost its 'newness') should we just switch back to PB - or are they really that bad? We have cut our asking price by about 35K so we are close to what we can afford to sell at, but going to PB means we can drop the price a bit more. 

ciderboy2009

You may be close to what you can afford to sell at but how does that compare with recent sale prices in your area?

If you give a link to the Rightmove advert people will be able to give better advice.

ddavemac1981

Hi,

not going to post the link as do not want the normal pile on that occurs . Things are slow, just really a question off EA v PB In this circumstance.

cheers. 

Doozergirl

I don't think things are slow. 

I'm looking now and it's manic.  Purple Bricks are a nightmare.  I'm not local, so I'll try and book a block of viewings with agents and the purple bricks ones just aren't flexible at all.  I had 7 appointments booked the Friday before for last Wednesday, all beautifully spaced.  Purple Bricks, we could only get in today at 12.30.  I've had to cancel it at the last minute as I don't have the time to waste most of my day driving into London for a 15 minute appointment. 

Ditto with another one.  It took nearly a
month to get a suitable viewing and when we did, the agent was clearly gagging to get to his next appointment.  It was a good apartment in many ways, but it's languishing on the market.  

If you want the best price then it's not going to be found with PB.   I'd seriously consider what your agent is doing as well, because 5 weeks is not time for something to get stale.  5 viewings in that time isn't enough in this market. 

SpiderLegs

I’m not sure what you’re trying to achieve here. You say you are prepared to sit, have little scope to reduce and don’t want to chop and change.

If you’re not a motivated seller, what’s the point in getting a different agent involved? Potential buyers will know how long you’ve been on the market whether with one, two or twenty seven different agents.

NinjaTune

ddavemac1981 said:

Hi,

not going to post the link as do not want the normal pile on that occurs . Things are slow, just really a question off EA v PB In this circumstance.

cheers. 

I think it's a little harsh to use the term "pile on".  From what I've seen, the majority of comments when people post links are actually pretty constructive.  You do need to be open to that constructive criticism though and I guess it's easy to get offended when people are commenting on your home/personal taste in decor.

From posts on here and my personal experience of trying to get information out of Purple Bricks they aren't as good/approachable as traditional EAs.

As you've had very little success with high street EAs it probably wouldn't hurt to give PB a try if it means you can reduce the price.  That may spark a bit more interest but if it's a one bed flat then they really aren't popular with buyers at this point in time unfortunately.

Scotbot

I have  looked at PB properties where the owner does the viewings and they were very responsive so if you can manage the viewings that gets round the agent issue, but then you have the problem of follow up. A good agent will handle the negotiations  better than most owners. 

 If the difference between your agent and PB is enough for a noticeable price cut i.e more than £500, you are paying your agent too much.

numbercruncher8

Don't think it's the agents fault in this instance.

If you couldn't sell a few years ago, it's the price. If you can't sell now and with that few viewings, it's the price.
The market doesn't care what you can afford to sell at. I could give several links of flats of flats which would still be overpriced with 50k off.

If it's an ex newbuild I think the answer is there. New buyers don't get HTB on this, so these buyers look at other developments. IMO many of these are worth less than what they cost but owners don't reduce the price to the market level to not realise a loss so many end up sitting on there forever.

For these flats, it's a very narrow market they are pitching at. Doubly so if surrounding properties are reducing in price. But one day, that person may come along.

If you can't share the area, at least put yourself in the shoes of a buyer and see what else is around and be realistic. If you have to sit it out, look at what has sold and what is currently selling in the block and make it the cheapest out of these. If that means going on PB so be it, but depending where you are I don't think flat prices have increased at all in the last couple years, so if you couldn't sell it then, sticking it on at the same price is gonna have the same result.

Cutting a losses now doesn't have to be a disaster. The next property you buy may come at a better price. There are certainly a lot of headwinds against these flats (people working from home, people value outdoor space, etc), so I don't think it's out of the question that next year it could be an even harder sell at a similar price.

steve866

I would probably be inclined to make a lower offer on a property if I saw it listed with both a traditional agent and PB, or to be honest properties listed with multiple agents in general. To me it smacks of desperation. 

ElizabethRose

ddavemac1981 said:

Hi,

not going to post the link as do not want the normal pile on that occurs . Things are slow, just really a question off EA v PB In this circumstance.

cheers. 

The 5 viewings in two months with no offers suggest there is something else such as price or photos/layout etc. I think at present it doesn't matter who the estate agent is. 

nnewtoarea

Have a chat with your current agent. How many of their listed properties have sold. Are they trying to push your property. What's the contract end date.