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

silvercar

EssexHebridean said:

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. 

Not in my experience. The yopa agent was helpful, in any case you can exchange phone numbers with the seller and progress things direct. Also, not all high street estate agents are effective or reliable.  

peterhjohnson

johnc said:

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. 

;A "simple" flat does not guarantee a simple process!

* Maybe the buyer turns out to be a hopeless dreamer. A good agent will find that out early
* Maybe the buyer is awkward, slow, demanding, etc. A good agent can help
* Maybe you find yourself in a chain and someone else in the chain has the the above problems.

For my last move, my agent had a separate  "Progress Department" who talked to everyone all the time and held a 6-property chain together.

EssexHebridean

silvercar said:

EssexHebridean said:

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. 

Not in my experience. The yopa agent was helpful, in any case you can exchange phone numbers with the seller and progress things direct. Also, not all high street estate agents are effective or reliable.  

I'm glad you found them good. Generally speaking, online agents are pretty shocking to have to deal with from the perspective of the legal firms though. Completely agree on some high street agents also being shocking, I suspect every firm will have a few of those who make our hearts sink when a client says they are using them too! (It should also be mentioned that it is not always possible to have direct contact with your buyer/seller - not everyone is happy to have that level of contact.)

johnc

silvercar said:

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.

Thanks - that's good to hear. I was thinking as a final step I am going to reach out to the person that's just sold their flat through Yopa to hear their experience (if Yopa will give me his details - if not I will have to search around in my Development). Thats funny it's a top floor flat in East London - it would be really funny if it is the one in my Development! It's not also a factory conversion is it? Mine is near Stratford too - I might send you a direct message!

johnc

EssexHebridean said:

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. 

Perhaps but as I have said Yopa are the ones who have sold a very similar flat in my Development whereas other high street agents have not. While absolutely that could be true that buyers scroll past "online agents" I think that's probably less here in East London where buyers are looking at cheaper properties/value properties and are first time buyers aswell. 

What you have said about solicitors or contacts etc I personally don't buy that - that sounds like any industry complaining about online entrants because of course they will be taking more clients with lower fees and so high street agents would tell you that. What would stop Yopa (or other online agents) from having contacts - so for instance the estate agent I am dealing with has been an estate agent in Plaistow (where I am in East London) for the last 20+ years and born and brought up in the area. Plus Yopa already has a law firm they are associated with (though I am not going to automatically choose them of course without getting quotes). PITA? Assistance on pushing things forward, etc to me comes down to an individual and less so about an estate agent. 

EssexHebridean

I am talking from personal experience, not guesswork - and the firm I work for is in East London!  It's not that the online agents aren't able to make contacts, it's that the reduced fees generally mean that they work on the basis of "sell it, move on to the next" whereas high street agents see a sale through to its conclusion and are generally responsive to requests to help with progression along the chain. In fairness to Yopa, they are certainly better that the dreaded Purple Bricks, but I would suggest that you are very clear with them from the start that you do require their assistance in the future where progression needs a push, and that you expect a timely response to contact from your solicitor etc going forwards. 

silvercar

EssexHebridean said:

I am talking from personal experience, not guesswork - and the firm I work for is in East London!  It's not that the online agents aren't able to make contacts, it's that the reduced fees generally mean that they work on the basis of "sell it, move on to the next" whereas high street agents see a sale through to its conclusion and are generally responsive to requests to help with progression along the chain. In fairness to Yopa, they are certainly better that the dreaded Purple Bricks, but I would suggest that you are very clear with them from the start that you do require their assistance in the future where progression needs a push, and that you expect a timely response to contact from your solicitor etc going forwards. 

'Sell it, move on to the next' only works if the sale happens. That is the same whether the EA is online or or on the high street.

johnc

EssexHebridean said:

I am talking from personal experience, not guesswork - and the firm I work for is in East London!  It's not that the online agents aren't able to make contacts, it's that the reduced fees generally mean that they work on the basis of "sell it, move on to the next" whereas high street agents see a sale through to its conclusion and are generally responsive to requests to help with progression along the chain. In fairness to Yopa, they are certainly better that the dreaded Purple Bricks, but I would suggest that you are very clear with them from the start that you do require their assistance in the future where progression needs a push, and that you expect a timely response to contact from your solicitor etc going forwards. 

Thanks - did not quite understand the part about the firm you work for being in East London? Are you saying you work for an agent? Is that what you meant. If so then that would make sense. As someone else said I would assume all agents want to finish the sales process and move on. One thing you didn't say is that I can see there could be a scenario where an online agent with fees paid upfront is less motivated to prioritise actions vs a high street agent but from what I have read that hasn't been the case and I know when I bought my flat through a large high street agent I certainly had to chase so I'm not sure how much of a difference it makes. Certainly most people I have spoken to in our Development dislike most of the large high street agents - the only agent that has been recommended is a small high street one and that's on the tenancy side not selling. And as I said before since Yopa have successfully sold a very similar flat I am inclined to go with them.

EssexHebridean

I work for a solicitors.  

annetheman

OP, I was about to buy a house on a road J******* Road, E** 9** that had converted warehouse flats (I ended up pulling out).

As I was researching how sales progressed on that road in general, I was curious about the flats too and saw that most had sold for less than what they were bought for. Noted a very high purchase price in the buying frenzy of 2022 also which is probably going to sting.

But I think looking at it broadly, flats are having a tough time the past decade (usual reasons you've heard, Grenfell, leasehold stuff in the news, WFH wanting outside space etc). I just sold mine in August so was watching the flat market with very keen interest and noted it seems to be an everywhere issue, but especially London and the SE; you may therefore find it might be hard to sell or you may have to drop below what you think it's worth (or if really unlucky, what you paid for) regardless of which agency you use.

It's a market thing, not the specific agent, IMO. That being said I also had to fire my first agent (a large national) and had a great experience with the next (a local) so quality does vary!

Anyway I wish you the best of luck and persevere, it's not easy selling a flat - I know - but you'll get there!