Selling a flat off-market - London - your experiences/views

SXX

Hello - My small London flat is currently listed on the property portals.  Viewings are trickling in but no offers.   

Most of the viewings are time wasters.  I have spoken to EA to spend more time in registering buyers and sorting out the wheat from the chaff before booking in any viewings.

I need to sell but am not desperate and can wait for the right person.

EA wants to reduce the price anything from £20k to £50k depending which sales negotiator I speak to!  I am aware that this is plain daft and doesn't make sense.

As there is no mega urgency to sell and I want to avoid the time wasters, I was thinking of selling the flat off market via a suitable EA.  Has anyone done this or is off market for expensive top end properties?

km1500

was wondering why you think.you will get more viewings that way compared with being on eg rightmove

lika_86

Selling off market usually takes place for high end properties because the seller wants a level of privacy and/or because they have engaged an agent who has access to a book of people who are searching for a very specific type of home (and who likely don't have the time or inclination to view lots of houses). Because of the fees, the agent has an incentive to spend their time going out to people on their list who want the type of property in question and seeing if they want to view.

For a standard flat and if your agent already isn't pre-qualifying people appropriately, you won't do better off-market. 

It's difficult from your post though to understand if these people are genuinely time-wasters or whether they just didn't want to buy your property.

km1500

agreed, particularly as the EA seems to be saying it is overpriced by 20-50k

Emmia

And your property may be at too high a price - so the reduction suggested might be entirely appropriate.

SXX

km1500 said:

was wondering why you think.you will get more viewings that way compared with being on eg rightmove

I am not after more viewings - just better quality viewings - ie people who are genuinely looking to buy (rather than perhaps window shopping to see what's out there).

user1977

SXX said:

km1500 said:

was wondering why you think.you will get more viewings that way compared with being on eg rightmove

I am not after more viewings - just better quality viewings - ie people who are genuinely looking to buy (rather than perhaps window shopping to see what's out there).

I'd happily tolerate some window-shoppers if I'm also getting more genuine buyers through the door.

BikingBud

SXX said:

Hello - My small London flat is currently listed on the property portals.  Viewings are trickling in but no offers.   

Most of the viewings are time wasters.  I have spoken to EA to spend more time in registering buyers and sorting out the wheat from the chaff before booking in any viewings.

I need to sell but am not desperate and can wait for the right person.

EA wants to reduce the price anything from £20k to £50k depending which sales negotiator I speak to!  I am aware that this is plain daft and doesn't make sense.

As there is no mega urgency to sell and I want to avoid the time wasters, I was thinking of selling the flat off market via a suitable EA.  Has anyone done this or is off market for expensive top end properties?

What is off-market? An EA still markets the property or nobody know it's for sale?

What do you mean by the right person? Does that mean the personal qualities are more important than the monetary  offer or that you just don't like the EA advice.

How much is the 20-50k reduction in percentage terms? Of course if you do not need to sell then holding out might be OK for you but when people want to buy and want to buy at the right price for them but you are unwilling to consider any price adjustment they don't waste their time any further and walk away.  

As there are at least 2 sides to every story, perhaps you are being considered a kite flyer and time waster by the viewers.

propertyrental

Is that £20K off £100K? or off £500K? Or....

If your EA thinks the property is overpriced

a) what do other EAs think?

b) what do you think (comparing with other local properties)?

If you're in no hurry, stick to the current price but accept that getting people throgh the door is what matters - and yes, some will be window shopping, may have financial issues, or just might not like the property!

(Is it well presented?)

eddddy

SXX said:

I am not after more viewings - just better quality viewings - ie people who are genuinely looking to buy (rather than perhaps window shopping to see what's out there).

As it's a small flat, I guess the target market is first time buyers, or maybe BTL investors.

• If, for example, an FTB phones the agent and says they want to view your flat - what questions would you want the agent to ask to make sure they are genuinely looking to buy? And/or what evidence would you want the FTB to produce?

• Putting yourself in the buyers shoes - if you phoned an estate agent to request a viewing, how much questioning would you tolerate, before getting really annoyed? (And/or might you tell some fibs about how genuine you are?)

Hoenir

SXX said:

km1500 said:

was wondering why you think.you will get more viewings that way compared with being on eg rightmove

I am not after more viewings - just better quality viewings - ie people who are genuinely looking to buy (rather than perhaps window shopping to see what's out there).

To decide whether a property is of interest you need to view it. Chicken and egg.