Agent recommendations for selling a Factory Conversion Flat in East London?

ReadySteadyPop

johnc said:

Bookworm105 said:

johnc said:

Grizebeck said:

I would use a normal high street agent 

Thanks - why do you say that can I ask?

why do you think you can't?
people start by looking on Rightmove for properties to buy, I doubt your flat is so unique it will appeal to a high end client base that would only be looking on other places.

Sorry I didn't quite understand - Yopa also lists on Rightmove. Also considering a high end Agency that only deals with Factory Conversion Flats. Actually in some ways my flat could appeal to a buyer who wants a Penthouse Factory Conversion flat with private balcony and unobstructed views to the skyline but in East London instead of being in West London or Shoreditch etc - if the location were different it would be much more expensive - only because of the location is it such. That's how I was convinced to buy it as I was originally considering Stratford as far as East London as I knew that particular area would put on value since it's easy to get to central London in 20 mins. Wheras where I am located in Plaistow E13 is just a little different but still actually only 15 mins from Stratford on the bus or driving. 

I was considering Yopa mainly because they are the ones who have sold another Penthouse Flat in my Development whereas the high street agents seem to not be selling flats in my Development and they are staying on the market more despite reducing prices (except one other which is getting no interest as it's priced too high - my neighbours).

Are you using PropertyLog to track prices?

BarelySentientAI

johnc said:

Sorry but I don't really understand this - what are the aspects of service as the sale progresses that the online agencies are missing out on. When I bought my flat 11 years back it was a pretty straight forward process of back and forth that I think any agency should be able to manage - it's simple managing communication and process. 

It should be a straight forward communications process, and if it is then any agency manages it.

However, if anything unusual happens, or someone wants something slightly different to the basic discussions, anything 'off script' really, then the online agencies seem to do worse in those situations.

They often seem to have 'worse' T&Cs as well.

A risk-averse buyer might choose to avoid properties listed with someone like PB because they are worried about the potential for issues.  Many buyers wouldn't mind though.

Schwarzwald

johnc said:

Bookworm105 said:

johnc said:

Grizebeck said:

I would use a normal high street agent 

Thanks - why do you say that can I ask?

why do you think you can't?
people start by looking on Rightmove for properties to buy, I doubt your flat is so unique it will appeal to a high end client base that would only be looking on other places.

… if the location were different it would be much more expensive …

Really, is that how it works? 

Schwarzwald

I find Keatons in East London quite good.
also, just drive around and see which marketing boards you see the most selling and letting.
believe that is a good indication.
i live in East London and Keatons seems to have a “leading” market shares I have the impression

eddddy

johnc said:

I have never sold a flat before and read through the guide on MoneysavingExpert which is incredibly helpful but wondering about agents since that's a crucial aspect of the sale. I am strongly considering Yopa...

It's worth asking for recommendations, but presumably you'll ask 3 or 4 or 5 agents to visit you to do market appraisal.

• They'll give you their 'sales patter'
• You'll interview (or 'grill') them to help you decide how good they are
• You should ask for, and carefully read, their contracts

Then you can decide who you want to hire.

(But obviously, they'll each add positive spin to whatever they tell you.)

johnc

BarelySentientAI said:

johnc said:

Sorry but I don't really understand this - what are the aspects of service as the sale progresses that the online agencies are missing out on. When I bought my flat 11 years back it was a pretty straight forward process of back and forth that I think any agency should be able to manage - it's simple managing communication and process. 

It should be a straight forward communications process, and if it is then any agency manages it.

However, if anything unusual happens, or someone wants something slightly different to the basic discussions, anything 'off script' really, then the online agencies seem to do worse in those situations.

They often seem to have 'worse' T&Cs as well.

A risk-averse buyer might choose to avoid properties listed with someone like PB because they are worried about the potential for issues.  Many buyers wouldn't mind though.

That makes sense as far as anything unusual happening or more complex purchases/sales - mine is a 1 bedroom flat so I suppose when I bought it - it was a very straight forward process and hopefully would be the same when I sell - there really isn't anything complex about the flat that I am aware of and hopefully I should know it well enough. Plus I am chain free. 

Can you let me know which Ts and Cs are worse just so I understand and maybe can highlight to Yopa to see what they say or whether I can mitigate them in some way? I would have thought the target market for my property which would be first time buyers and another segment just above that wouldn't be too bothered about which agency they buy through just as long as things are done correctly (for me at least when I bought and I bought through Foxtons who had a terrible reputation). 

eddddy

johnc said:

Can you let me know which Ts and Cs are worse just so I understand and maybe can highlight to Yopa to see what they say or whether I can mitigate them in some way?

The 'technical' answer to this question is to check all contract terms, including:

• All types of fees payable in all circumstances - e.g. sales commission, withdrawal fees, marketing fees, etc
• Minimum contract period and notice period
• 'Sole Agency' versus 'Sole Selling Rights'
• 'Ready, Willing and Able Buyer' clause
• Is it genuinely "No sale, no fee"?
• Any 'unusual' terms which are in one agent's contract, but not the other agents' contracts.

(There are more things to consider, if you a moving to a new agent.)



Or another way of doing it, is to consider different situations. For example:

1. The estate agent finds a buyer and the sale completes

• What fees would you have to pay?

2. You find a buyer (maybe a friend, family member, somebody at work) and the sale completes

• What fees would you have to pay?

3. Your chosen agent turns out to be useless, and you want to change agent...

• How quickly can you do this?
• What fees would you have to pay? Withdrawal fee? Marketing Fee?

4. You decide not to sell before accepting an offer - either because you've changed your mind, or due to a life event (e.g. redundancy, illness of family member, bereavement)

• What fees would you have to pay? Withdrawal fee? Marketing Fee?

5. You decide not to sell after accepting an offer - either because you've changed your mind, you can't find somewhere to move to, or due to a life event (e.g. redundancy, illness of family member, bereavement)

• What fees would you have to pay? (Many agents would look for the full sales fee. But some are genuinely "no sale, no fee")

johnc

eddddy said:

johnc said:

Can you let me know which Ts and Cs are worse just so I understand and maybe can highlight to Yopa to see what they say or whether I can mitigate them in some way?

The 'technical' answer to this question is to check all contract terms, including:

• All types of fees payable in all circumstances - e.g. sales commission, withdrawal fees, marketing fees, etc
• Minimum contract period and notice period
• 'Sole Agency' versus 'Sole Selling Rights'
• 'Ready, Willing and Able Buyer' clause
• Is it genuinely "No sale, no fee"?
• Any 'unusual' terms which are in one agent's contract, but not the other agents' contracts.

(There are more things to consider, if you a moving to a new agent.)



Or another way of doing it, is to consider different situations. For example:

1. The estate agent finds a buyer and the sale completes

• What fees would you have to pay?

2. You find a buyer (maybe a friend, family member, somebody at work) and the sale completes

• What fees would you have to pay?

3. Your chosen agent turns out to be useless, and you want to change agent...

• How quickly can you do this?
• What fees would you have to pay? Withdrawal fee? Marketing Fee?

4. You decide not to sell before accepting an offer - either because you've changed your mind, or due to a life event (e.g. redundancy, illness of family member, bereavement)

• What fees would you have to pay? Withdrawal fee? Marketing Fee?

5. You decide not to sell after accepting an offer - either because you've changed your mind, you can't find somewhere to move to, or due to a life event (e.g. redundancy, illness of family member, bereavement)

• What fees would you have to pay? (Many agents would look for the full sales fee. But some are genuinely "no sale, no fee")

Thanks - this is helpful though for Yopa since it's upfront fixed fees basically those fees apply in all scenarios  - whether that's a risk or not I don't know but mainly going by the fact they have sold a very similar flat to mine just recently and all the other traditional high street agents don't seem to be doing the same.

Yopa says one of the reasons is that they misprice the flats and put them at a higher price and then reduce and it makes it look bad whereas Yopa of course are not incentivised for selling at a higher price which can be good or bad whichever way you want to look at it but the price they have given me to put it on based on the other sale I think is reasonable and correct based on the research I have done whereas my neighbour has their larger flat on for significantly higher and previously had no interest and I am not surprised why! This is a buyer's market. 

silvercar

My son, as a first time buyer, bought through Yopa without any estate agent issues. They were as good, or bad, as any other estate agents. (Coincidentally also a top floor flat in East London). To give credit to Yopa, he wouldn’t have looked at that flat had he not been encouraged to do so by Yopa, after disliking something Yopa had sent him nearer to Stratford.

EssexHebridean

Not only do a lot of buyers scroll past "online agent" properties on RM, a lot of solicitors also dislike dealing with them and so legal fees may be higher to compensate for the undoubted hassle that will be faced during the transaction.

The issues with online agents as a rule is that they don't have the contacts with other agents and law firms that are a good chunk of what helps progress transactions smoothly and as swiftly as possible. Although agents can be a PITA on occasions, their assistance to push things forward, get information and assist with things like agreeing completion dates through a big chain can be invaluable.