Do I change Estate Agents?

avawat20

Hi all, my property has been on the market for 11 weeks, I've had 8 viewings in total - had an offer from someone I introduced but they pulled out. Seem to have been close to an offer from a first time buyer but their agreement in principle then seemed to be out of date - been told it was only a few weeks old and it changed because of the mortgage lenders not lending but that was about 3 weeks ago and I don't know how true it all is. It's a one bed flat in a nice part of town.

There have been some mistakes made and lack of contact from them even when they say they will phone which has become increasingly frustrating and hardly get me feedback (apparently uncontactable people). This is my first time selling so I would do things differently next time and have definitely learnt - I thought they had a letting side but didn't think to question it much but turns out they don't really.

I am thinking about switching and have a couple of other bigger chains coming to value this week, I am hoping they can link in better with investors maybe.

Has anyone had a similar experience? I know FTBs are struggling but flats have still been selling in my area. I don't want to post a link on this thread but I don't think the price is necessarily wrong (no feedback to that effect and it says I am open to offers) but obviously these valuations may tell me differently and obviously I had other agents visit at the start.

Does anyone have any experience or advice? I just want to sell quickly to meet the stamp duty deadline! I can't really afford to go multi-agency though.

Thank you for any help.

Slithery

If it's already on Rightmove then changing agents won't make any difference. Dropping the price will.

avawat20

Slithery said:

If it's already on Rightmove then changing agents won't make any difference. Dropping the price will.

It is on Rightmove, I don't know how agents work with their current investors though - would be interesting to hear from any. Do some rely on their agents telling them about properties rather than actively searching?

md258

What would you do if you were wanting to buy a flat? Look on Rightmove etc to see if one comes up or wait for an EA to contact you?

I would have thought that the only investors that would rely on an EA doing the searching for them would only offer rock bottom prices to someone who is struggling to sell.

Crashy_Time

Drop the price, much less drama in the long run.

Thrugelmir

To generate interest have a discussion with the agent regarding the price? 

avawat20

So I will add - I am the cheapest flat in this area and I have said open to offers. If I drop the price then we can't afford the house we want (I can go slightly under asking hence putting OIRO/open to offers). And as I say, feedback has not had this as an issue - I was on for higher initially but dropped to try and sell quicker because then we knew how much we needed.

I wonder if the price will really matter because of the above and I can't drop much lower otherwise I am nearly making a loss and I have added some value to it.

Slithery

Does your building have a completed EWS1 form?

avawat20

Slithery said:

Does your building have a completed EWS1 form?

Sorry, should have clarified but I just don't think about it! It's not high rise so there isn't one.

Crashy_Time

avawat20 said:

So I will add - I am the cheapest flat in this area and I have said open to offers. If I drop the price then we can't afford the house we want (I can go slightly under asking hence putting OIRO/open to offers). And as I say, feedback has not had this as an issue - I was on for higher initially but dropped to try and sell quicker because then we knew how much we needed.

I wonder if the price will really matter because of the above and I can't drop much lower otherwise I am nearly making a loss and I have added some value to it.

Property is not a guaranteed return unfortunately, although recent years have lulled people into thinking this. The good news is that as prices start to correct themselves the house you want to buy is getting cheaper.

numbercruncher8

If you don't post the link I don't think there will be much specific advice anyone could give.

Put yourself in the eyes of an investor, how would the yield stack up if they were to buy your flat at the current asking price?
How easily could a flat rent, and what is the competition?

If you want to sell quickly, price is the biggest tool you have. The thing is, selling to an investor gives away the power somewhat....if they asked for a small cut pre-exchange the stamp duty deadline provides a big incentive to simply go with it.

If you're open to offers and would accept less, it just be easier to simply put the price at what you would take, especially if it puts it into a lower Rightmove price band.