Selling and buying houses

curtis122

I'm putting my house on the market next year, I'm very excited but very apprehensive if thats the right word to describe it as there are so many things out of my control and situations and processes I'm not familiar with. I'm one of those people that like to know what's what and how things work and even more so when there is a lot of money involved, i don't want to feel ripped off or fooled somehow. 

My current home I bought off a developer many years ago so the process was pretty easy.  I've read lots on some good sites (Home Owners Alliance is a great one) about buying and selling houses, things to look out for/be aware of but I find real life advice, guidance from people who have done this and have learnt lessons along the way the most helpful. No doubt over the next 6 months/year, however long it takes I will have many questions but to start with its 'Estate agents' to sell my house.

I plan on getting 3 estate agents round to value, I know going with the highest does not always mean the best but are there certain things I should be asking above the norm like how do they advertise their properties etc I was thinking the smaller EA may be better to work with than the bigger EA's (the ones who have offices all over the country) as my experience with bigger companies they can be harder to speak with anyone properly, they are more 'process' for things.

Also I've read there are things to look out for in any contract with EA's like tie ins and fees but should there be anything else I should be aware of before signing in making sure they do or don't do?

FlorayG

Look for an EA you can develop a personal relationship with - so usually a local one or local office. This is because they know the local market and often will know quite a lot about people on their books. When I put mine with the local EA he said immediately he would speak with 3 people he knew who he thought would like it - he knew because he had showed them other houses and found out what they did and did not like. Because they are a very small company it's usually the same people conduct viewings. He also got me my current house at a decent discount, presumable because he was able to assure the vendor that I would not mess them about because they had refused the same offer from other people
20 years ago when I was buying my first house I gave the local EA considerable grief because I swear I looked at nearly 30 and nothing suited me then one day he said " Go and look at this one, I know it's above your price but they will take an offer". It took him a while to persuade me it would be worth seeing but the minute I saw it, it was perfect. They did take a very reduced offer as well, so I got the house I really wanted that I would not have even considered if the agent hadn't known me personally by then.

curtis122

Thanks, this is why I think maybe smaller and local may be better. In regards to buying it won't matter too much as I'm looking at buying several counties away.

Some questions I'm thinking of I should be asking them are - 

How do you market the property?
When do you do viewings? (I read somewhere one did just Saturdays.)
How much notice do you give for viewings?
How do you contact about viewings? Email / WhatsAp? 

Bigphil1474

We got quotes from 3 local EA's and they were all pretty similar. I didn't like one of them, and my OH didn't like another one so we went with the one we both didn't dislike. Worked out fine. Turns out one of the ones we didn't go with was rubbish at answering phones and arranging viewings, as we tried to view properties they were selling. Price should be a factor, but the ones who quoted us were identical - 0.9% + VAT.

Pretty much everyone markets via Rightmove. If they don't use them, I'd not even consider tbh.

Our EA did some of our viewings and we did some - the people who actually bought had a viewing with each and said the one with us was better as we could tell them more about the property and answer questions. Worth considering which you'd prefer. We had viewings any day at any time. Best not to restrict given buyers are at a premium at the moment (IMO). We would generally get text messages saying a viewing in a few days time. That shouldn't be a problem.

Best advice I'd give is just concentrate on selling your house, maybe do a shortlist on Right Move of properties you'd like to buy, but don't go viewing any. Yours might sell in a few weeks or might take months. Obviously, tidy your house as best you can, and bear in mind it needs to be kept that way for a while.

Herzlos

You ideally want an EA with a local presence and a good reputation. As said they may already have potential buyers in mind, ours knew of a few people who'd been looking for something in our area for a while and a few people who lost out on an identical house a few months earlier.  

The same guy gave us early access to the house we eventually bought, where we had a viewing and placed an offer before it went live.

Those guys do a lot more than just list the house on rightmove and arrange viewings, which you just don't get from the budget/online places.

If you're not in a rush, have a look at what's for sale and what's selling in the area you are in and want to buy and see which EA is doing most of the work.


For viewings, discuss it with the EA. You can pretty much dictate when and if you or the EA does the viewings. They'll generally try and group them together so it's easier for them and a bit of competition for the buyers to see the other buyers.

curtis122

Is that not one of the sales tactics for EA's though, them telling you "I have buyers waiting" Given EA's are basically salesman and in general don't have the best rep, who is to say they are just saying that hoping you will sign up with them.

Herzlos

curtis122 said:

Is that not one of the sales tactics for EA's though, them telling you "I have buyers waiting" Given EA's are basically salesman and in general don't have the best rep, who is to say they are just saying that hoping you will sign up with them.

It's a bit of both; it's more time efficient for them and allows them to show that multiple people are interested. An EA is a salesman though.

As a seller it's probably a good thing; people may bid higher to beat the others. As a buyer you should totally ignore such sales tricks and just offer what you feel is right.

Elliott.T123

Herzlos said:

curtis122 said:

Is that not one of the sales tactics for EA's though, them telling you "I have buyers waiting" Given EA's are basically salesman and in general don't have the best rep, who is to say they are just saying that hoping you will sign up with them.

It's a bit of both; it's more time efficient for them and allows them to show that multiple people are interested. An EA is a salesman though.

As a seller it's probably a good thing; people may bid higher to beat the others. As a buyer you should totally ignore such sales tricks and just offer what you feel is right.

If there is an EA who has sold similar properties in the area recently it is worth looking at them for sure, they are likely to genuinely have buyers waiting.

A previous house I owned was a terrace on a fairly nice estate (mostly 3-5 bed detached with maybe 15 2 bed terraces) In my block of 6 2 of the others had been on the market in the last few months, one was still up (way over priced) and the other had sold the week before mine went on, I went with the agent who had sold next door. Within 48 hours I had 3 offers from people who had missed out on next door and the agent had kept in contact with.

EssexHebridean

Look for an agent who's been established for a long while - the recently set up entities have only had experience of selling during the boom times - when they are faced with even a bit of a glitch in the market that becomes a problem. 

Oh - and being a first time seller is every bit as challenging as being a first time buyer! 

Albermarle

OP,
One tip is read this forum regularly. It is very active and plenty of new threads and posts every day, many regarding EA's , FTB 's etc 

Our EA did some of our viewings and we did some - the people who actually bought had a viewing with each and said the one with us was better as we could tell them more about the property and answer questions. Worth considering which you'd prefer. 

I think this comes down to your personality.
If you are the shy, retiring type, or on the opposite side do not know when to shut up, then maybe best let the EA handle the viewings. Although they often send junior staff who can be a bit clueless.

ReadySteadyPop

curtis122 said:

Is that not one of the sales tactics for EA's though, them telling you "I have buyers waiting" Given EA's are basically salesman and in general don't have the best rep, who is to say they are just saying that hoping you will sign up with them.

That`s right, another tactic is to overvalue the house to get you on their books and then pressure a sale when buyer`s valuations start to come in lower.