reducing price and rightmove

lillypoo

Morning all

thinking of reducing asking price on my property.  Asked EA how much we should reduce by and his answer was that to get it back on rightmove it would have to be a sizable chunk. But i see houses come on as listed in the last 24 hours ( my search criteria) all the time after a reduction.

is my EA talking about taking it off rm and relisting it completely? does anyone here know the rules? 

MoneySeeker1

Maybe he is quoting you his personal criteria - and you've taken that as being an "estate agent wide" criteria? I'd certainly want to check for myself whether the facts boiled down to him trying to get me to make a drastic reduction in the price and, if so, whether it was realistically warranted to do so. (EDIT: just had a quick check - and...yep....looks like you're a woman and now wondering if he'd try that one with a male seller).

Personally - I'd be asking a couple of other EA's what their criteria is for having their houses up on Rightmove to compare. I always thought that EA's put all their properties on Rightmove regardless - except for those EAs too mean/not business-minded enough to use Rightmove in the first place for any of their properties.

lillypoo

MoneySeeker1 said:

Maybe he is quoting you his personal criteria - and you've taken that as being an "estate agent wide" criteria? I'd certainly want to check for myself whether the facts boiled down to him trying to get me to make a drastic reduction in the price and, if so, whether it was realistically warranted to do so. (EDIT: just had a quick check - and...yep....looks like you're a woman and now wondering if he'd try that one with a male seller).

Personally - I'd be asking a couple of other EA's what their criteria is for having their houses up on Rightmove to compare. I always thought that EA's put all their properties on Rightmove regardless - except for those EAs too mean/not business-minded enough to use Rightmove in the first place for any of their properties.

thank you. hadnt thought of it that way. i thought it was rightmoves own rules he was talking about. ill do a bit of research.

UnderOffer

I always thought a price reduction meant the properties on Rightmove popped back up to the top as ‘newest listings’. If you do reduce ensure it falls near to the price cut offs/drop down selection ie £200 not £210 as if purchasers select £200 as their max budget, they will not see your £210 property listing. 

Matt_ftb

I think he is talking about the amount you need to reduce by to get it to appear at the top again. I assume there is a threshold to stop people reducing by £50 to get to the top of searches.

MovingForwards

Your property has been listed for 6 - 8 weeks, what feedback have you had from the EA after the viewings? 

How much are similar properties selling for (not being listed) in your immediate and wider area? 
How do their prices compare to yours?

Do you get a good feeling when dealing with your EA? If not, how long until your contract with him expires?

AdrianC

Let's see the RM link, and we can help you identify the issue...

Are you getting viewings?

lillypoo

MovingForwards said:

Your property has been listed for 6 - 8 weeks, what feedback have you had from the EA after the viewings? 

How much are similar properties selling for (not being listed) in your immediate and wider area? 
How do their prices compare to yours?

Do you get a good feeling when dealing with your EA? If not, how long until your contract with him expires?

the feedback has been
the gardens too big
the gardens too small
my dogs would escape through the hedge
its too small for my growing family
not enough room to extend

there are no similar properties nearby.  this is a cottage built in about 1880 with huge garden, fully modernised throughout but 'retaining original character features ' blah blah

had a very good feeling about EA when they wanted to sell on our behalf, but now feel as if theyre losing interest and/ or impetus
think i am tied to them until mid december



thanks everyone for your replies,  will talk to them later and let you know what happens

lillypoo

Matt_ftb said:

I think he is talking about the amount you need to reduce by to get it to appear at the top again. I assume there is a threshold to stop people reducing by £50 to get to the top of searches.

yes this is what i am thinking or hoping too. will have to find out what the threshold is.

knightstyle

We reduced by £5k and got to the top a year ago and did not sell.  We also reduced by £10k 6 weeks ago and now sold STC.
So IMO you need to reduce a decent amount to attract buyers but it all depends on demand in your area.

lillypoo

knightstyle said:

We reduced by £5k and got to the top a year ago and did not sell.  We also reduced by £10k 6 weeks ago and now sold STC.
So IMO you need to reduce a decent amount to attract buyers but it all depends on demand in your area.

thats great thank you