Time to change agent?

Tangerine88

Am having the same issue. First listed 6 months ago (would never list in winter again), then had to change agents quite quickly due to a major mistake on their part. Went live with new agent in March. Have had lots of viewings, inc. second viewings plus one poor offer. The neighbouring property sold quickly 6 months ago at a higher price point, it is identical apart from one advantage and one disadvantage, therefore fairly even stevens. Now feeling very frustrated. We reduced the price to accommodate the rise in interest rates and won't reduce again as then we're into pricing for smaller properties. I would say I have been told this is not uncommon for the market at the moment.
The feedback from viewers has not revealed much except that some are looking at properties further afield to get more space/some would like a larger garden (I am in London zone 2).
Have you been at home for any of the viewings? You don't have to be out. i have been around and overheard one or two - the agent was not 100% positive plus under-informed about some important factors to do with the property. Some of the stuff they gabbled was sheer nonsense.  Now, many will say it is just the agent's job to get the viewers through the door but they are also here to sell it and offer coherent information, not put buyers off. I too feel they are not 'closers' and I am being pressured into accepting a chancer-type offer so they can collect their commission.
I am giving it a few days and I may seek the advice of another EA, tho I feel changing is not an option right now.
In your case I would not further reduce the price without taking 3rd party advice. And be at home for a viewing. Price reductions and changing agents affects buyer perception very negatively so hold fire.
Good luck! You are not the only one in this boat at the moment.

MultiFuelBurner

It's a strange old market out there, a few doors down employed a very local active EA.

Their house is what was termed in the perfect seeling range (a range where houses shift in this area quickly £400-£500k)

Lots of interest so the EA shifted most of the viewings except two previews to an open day.

8 viewings on the day plus 2 preview viewings and 4 offers.

Looks like it will go over asking price.

I guess the takeaway is the right price and the right estate agent can make a big difference to the final selling price.

We now know who we would use locally to sell our house.

Dogen

Tangerine88 said:

Am having the same issue. First listed 6 months ago (would never list in winter again), then had to change agents quite quickly due to a major mistake on their part. Went live with new agent in March. Have had lots of viewings, inc. second viewings plus one poor offer. The neighbouring property sold quickly 6 months ago at a higher price point, it is identical apart from one advantage and one disadvantage, therefore fairly even stevens. Now feeling very frustrated. We reduced the price to accommodate the rise in interest rates and won't reduce again as then we're into pricing for smaller properties. I would say I have been told this is not uncommon for the market at the moment.
The feedback from viewers has not revealed much except that some are looking at properties further afield to get more space/some would like a larger garden (I am in London zone 2).
Have you been at home for any of the viewings? You don't have to be out. i have been around and overheard one or two - the agent was not 100% positive plus under-informed about some important factors to do with the property. Some of the stuff they gabbled was sheer nonsense.  Now, many will say it is just the agent's job to get the viewers through the door but they are also here to sell it and offer coherent information, not put buyers off. I too feel they are not 'closers' and I am being pressured into accepting a chancer-type offer so they can collect their commission.
I am giving it a few days and I may seek the advice of another EA, tho I feel changing is not an option right now.
In your case I would not further reduce the price without taking 3rd party advice. And be at home for a viewing. Price reductions and changing agents affects buyer perception very negatively so hold fire.
Good luck! You are not the only one in this boat at the moment.

Thank you. It is easy to fret that you are the only one struggling with this -- I don't know anyone else selling at the moment -- so it is somehow reassuring to hear from somebody in that same becalmed boat wondering if baling out is the only option (think I pushed that metaphor too far, sorry). I haven;t been in for the viewings and it looks like that should change. Hearing from you is like looking in the mirror. I fear that talking to another agent will bring a lot of pushiness, and I have been doorknocked by several, but maybe pushy is what is required to shift the house. I am going to give it another couple of weeks and see what happens. 
I hope you make progress soon, and thanks again.

Dogen

MultiFuelBurner said:

It's a strange old market out there, a few doors down employed a very local active EA.

Their house is what was termed in the perfect seeling range (a range where houses shift in this area quickly £400-£500k)

Lots of interest so the EA shifted most of the viewings except two previews to an open day.

8 viewings on the day plus 2 preview viewings and 4 offers.

Looks like it will go over asking price.

I guess the takeaway is the right price and the right estate agent can make a big difference to the final selling price.

We now know who we would use locally to sell our house.

They found the right agent. I am not sure I have. I am in a slightly higher price bracket which I am told is the most stagnant one locally. I know my agent sold a house very quickly down the road, but that was when the stamp duty holiday was on. These circumstances are very different. But what you have said makes me think that EAs really can make a difference.

Dogen

BobT36 said:

What is a "big" reduction to you? 

More than three years of my salary in total. A decent chunk off the price and a huge amount of cash for me. Nothing negligible. 

Murphybear

propertyrental said:

I doubt your agent is doing anything negative in the marketing. If they don't sell your house, they they don't get their fee (subject to your contract that I can't see!). Meanwhile they are spending money each month keeping it on Righmove (I hope?).....

Competition with others on their books? The reality is that with Rightmove and Zoopla etc, you are in competition with all the local properties for sale, not just those on your agent's books.

Multi agent? In my view, pointless these days. Back in the days when buyers went into agent's offices to register, and look at brochures, it made sense, but these days buyers look online and if they see multiple listings of the same property they just think 'desperate'.. And of course it course it costs you more.7

So either stick where you are but hassle the agent with weekly phone calls/visits for updates, or check your contract, serve notice, do more agent research and sign up sole agency with someone new.

When we used Rightmove a few years ago they charged a set fee every month irrespective of how many properties you had.  This was why back then smaller agencies didn’t like using Rightmove.  The agencies did all the work themselves so it didn’t matter to Rightmove.  So there was no financial cost to an EA for not selling a property.  

I don’t know if the rules are still the same. 

saajan_12

Dogen said:

jonnydeppiwish! said:

2 example for you
https://www.rightmove.co.uk/property-for-sale/map.html?locationIdentifier=REGION%5E484&numberOfPropertiesPerPage=499&propertyTypes=&viewType=MAP&mustHave=&dontShow=&furnishTypes=&viewport=-0.953941%2C-0.949349%2C50.8444%2C50.8491&keywords=
been on the market for over 5 months, reduced by £25k in March. A 3 bed chalet sold 3 doors up with proper drive and garden for £410k this month.

https://www.rightmove.co.uk/properties/127070843#/?channel=RES_BUY

Been on the market for over 6 months, originally at £725k. House on same road, not on the main road like this one, sold for £600k last summer. Probably over price by £80-£100k

Thank you, these are visible examples. I know price is obviously a critical issue. I've reduced twice -- big reductions, not tiny ones. My EA has approved of these but has not really suggested further big price cuts. The question is, am I meant to try to correct the market all on my own? Because if I reduce further, I am then running into far smaller houses or in locations on main roads or rather grim estates. The same as a street supposedly has a so-called ceiling price, it presumably has a floor and I think I am near to it. Obviously anything might sell if priced really cheaply but I still have to buy somewhere else when I move and where I'm moving to is in pretty much the same price bracket as me. 

Re big reductions
- firstly if you're starting from a mid agent quoted price, that might just be their optimistic number to get your business.. how did that compare to actual sold prices of similar / nearby properties? 
- secondly, over the last 6 months we've had large interest rate increases, driving a large reduction in property prices. So your reductions may need to be even larger to account for both the market moves and the potentially optimistic starting price. 

Not sure what you mean by 'correct the market all on my own' - ultimately all houses will probably need to reduce given the market direction, and yours may need more if it was initially too high. Re where you're buyin,g its possible the 'for sale' prices are still lofty based on hopes from a few months ago, and may reduce once they see they similarly don't have much itnerest? 

Sarah1Mitty2

saajan_12 said:

Dogen said:

jonnydeppiwish! said:

2 example for you
https://www.rightmove.co.uk/property-for-sale/map.html?locationIdentifier=REGION%5E484&numberOfPropertiesPerPage=499&propertyTypes=&viewType=MAP&mustHave=&dontShow=&furnishTypes=&viewport=-0.953941%2C-0.949349%2C50.8444%2C50.8491&keywords=
been on the market for over 5 months, reduced by £25k in March. A 3 bed chalet sold 3 doors up with proper drive and garden for £410k this month.

https://www.rightmove.co.uk/properties/127070843#/?channel=RES_BUY

Been on the market for over 6 months, originally at £725k. House on same road, not on the main road like this one, sold for £600k last summer. Probably over price by £80-£100k

Thank you, these are visible examples. I know price is obviously a critical issue. I've reduced twice -- big reductions, not tiny ones. My EA has approved of these but has not really suggested further big price cuts. The question is, am I meant to try to correct the market all on my own? Because if I reduce further, I am then running into far smaller houses or in locations on main roads or rather grim estates. The same as a street supposedly has a so-called ceiling price, it presumably has a floor and I think I am near to it. Obviously anything might sell if priced really cheaply but I still have to buy somewhere else when I move and where I'm moving to is in pretty much the same price bracket as me. 

Re big reductions
- firstly if you're starting from a mid agent quoted price, that might just be their optimistic number to get your business.. how did that compare to actual sold prices of similar / nearby properties? 
- secondly, over the last 6 months we've had large interest rate increases, driving a large reduction in property prices. So your reductions may need to be even larger to account for both the market moves and the potentially optimistic starting price. 

Not sure what you mean by 'correct the market all on my own' - ultimately all houses will probably need to reduce given the market direction, and yours may need more if it was initially too high. Re where you're buyin,g its possible the 'for sale' prices are still lofty based on hopes from a few months ago, and may reduce once they see they similarly don't have much itnerest? 

A lower price on a street of similar houses sets a new lower price for all the houses on the street, it just takes someone to accept the new reality first.

Dogen

I find it interesting that most people assume I make up the price of the house. I ask the so-called experts. They tell me a price. I only then decide which one. None of which are the highest one -- in fact nowhere near the highest one. And even less near now -- in fact I am now at £150,000 less than the highest price I was urged by an agent to put it on with -- an agent who still is trying to get my business... because I haven't sold at a price way lower than he quoted! An online estimate from Zoopla says it is worth £40,000 more than I have it on the market even now, not that you can take much notice of that. Price is a factor for sure, or I would not have reduced it twice. But I don't think it is the whole story -- I am still getting viewings and second viewings. As for accepting the new reality, the reality is how much you can get for a house. But I sell the house cheap, I have to buy cheap, and just because I accept the reality, doesn't mean whoever is selling me the next house accepts the same reality. This is what I mean by having to move the market all on my own. The market has not moved, or at least, the selling half of it has not, alas. Anyway, I do appreciate everyone trying to unravel this lousy situation, so thank you. I do realise I am lucky to have something to sell in the first place... so many folk don't. It feels mean to even moan about it. 

CSI_Yorkshire

I appreciate your frustration OP, but this is how selling things works.  You set the price you are willing to accept, but that doesn't mean that there is someone willing to buy at that price, or even if there is then they might not arrive immediately.

Similarly, you need to make sure that whatever price is agreed in the end you are still willing to accept it.

Don't pay much attention to the posters who arrive on every thread to say that prices are way to high, there's going to be a correction, here is the new reality...  Some of them sold years ago to wait for "the crash" and have been trying to rationalise that ever since.