Value of flats

daveyjp

kiwi07 said:

Edi81 said:

Depends on where in the country it is. 

The price is only what a buyer is willing to pay - so many variables….

So the agents are working for buyers but not for sellers? If they set the price they want, so do they really work for the seller? In America it's for how much the seller want to sell the property for but here the estate agent set the price they want? 

No they work for the seller.  However they can ask whatever they want, in reality its the lender which generally decides the value.

Also remember a property can be valued for income or for living in.

A holiday cottage may be £2,000 a week to rent to holidaymakers, to rent to a permanent resident could be £2,000 a month.  What is the value of the property?

As regards flats.  Some could be ten times what they sold for 15 years ago, some could be half the price.  All down to local supply and demand and occupational costs.

kiwi07

daveyjp said:

kiwi07 said:

Edi81 said:

Depends on where in the country it is. 

The price is only what a buyer is willing to pay - so many variables….

So the agents are working for buyers but not for sellers? If they set the price they want, so do they really work for the seller? In America it's for how much the seller want to sell the property for but here the estate agent set the price they want? 

No they work for the seller.  However they can ask whatever they want, in reality its the lender which generally decides the value.

Also remember a property can be valued for income or for living in.

A holiday cottage may be £2,000 a week to rent to holidaymakers, to rent to a permanent resident could be £2,000 a month.  What is the value of the property?

As regards flats.  Some could be ten times what they sold for 15 years ago, some could be half the price.  All down to local supply and demand and occupational costs.

So if EA value it so low they want to sell for some mates so they make a good profit? I got impression they all work for their  investors mates. 

kiwi07

daveyjp said:

kiwi07 said:

Edi81 said:

Depends on where in the country it is. 

The price is only what a buyer is willing to pay - so many variables….

So the agents are working for buyers but not for sellers? If they set the price they want, so do they really work for the seller? In America it's for how much the seller want to sell the property for but here the estate agent set the price they want? 

No they work for the seller.  However they can ask whatever they want, in reality its the lender which generally decides the value.

Also remember a property can be valued for income or for living in.

A holiday cottage may be £2,000 a week to rent to holidaymakers, to rent to a permanent resident could be £2,000 a month.  What is the value of the property?

As regards flats.  Some could be ten times what they sold for 15 years ago, some could be half the price.  All down to local supply and demand and occupational costs.

In our area flats are snapped up really quickly by renters and the price of rent has doubled. So market dictates to sell the flats for low at the same time increasing the rent for the tenants. 

Veteransaver

kiwi07 said:

daveyjp said:

kiwi07 said:

Edi81 said:

Depends on where in the country it is. 

The price is only what a buyer is willing to pay - so many variables….

So the agents are working for buyers but not for sellers? If they set the price they want, so do they really work for the seller? In America it's for how much the seller want to sell the property for but here the estate agent set the price they want? 

No they work for the seller.  However they can ask whatever they want, in reality its the lender which generally decides the value.

Also remember a property can be valued for income or for living in.

A holiday cottage may be £2,000 a week to rent to holidaymakers, to rent to a permanent resident could be £2,000 a month.  What is the value of the property?

As regards flats.  Some could be ten times what they sold for 15 years ago, some could be half the price.  All down to local supply and demand and occupational costs.

In our area flats are snapped up really quickly by renters and the price of rent has doubled. So market dictates to sell the flats for low at the same time increasing the rent for the tenants. 

So rent it out then.
Or ignore the agents and put it on the market at the price you think it's worth and see if you get any offers.

kiwi07

Veteransaver said:

kiwi07 said:

daveyjp said:

kiwi07 said:

Edi81 said:

Depends on where in the country it is. 

The price is only what a buyer is willing to pay - so many variables….

So the agents are working for buyers but not for sellers? If they set the price they want, so do they really work for the seller? In America it's for how much the seller want to sell the property for but here the estate agent set the price they want? 

No they work for the seller.  However they can ask whatever they want, in reality its the lender which generally decides the value.

Also remember a property can be valued for income or for living in.

A holiday cottage may be £2,000 a week to rent to holidaymakers, to rent to a permanent resident could be £2,000 a month.  What is the value of the property?

As regards flats.  Some could be ten times what they sold for 15 years ago, some could be half the price.  All down to local supply and demand and occupational costs.

In our area flats are snapped up really quickly by renters and the price of rent has doubled. So market dictates to sell the flats for low at the same time increasing the rent for the tenants. 

So rent it out then.
Or ignore the agents and put it on the market at the price you think it's worth and see if you get any offers.

I can't rent it out, I want to sell it. The problem with EA they all pretend like they are working for you but in reality they have their preferred investors. So once the flat is on the market, they call them saying something like there is a flat which I can arrange it to sell cheaply to you. I am concerned they all work this dodgy way. 

daveyjp

kiwi07 said:

daveyjp said:

kiwi07 said:

Edi81 said:

Depends on where in the country it is. 

The price is only what a buyer is willing to pay - so many variables….

So the agents are working for buyers but not for sellers? If they set the price they want, so do they really work for the seller? In America it's for how much the seller want to sell the property for but here the estate agent set the price they want? 

No they work for the seller.  However they can ask whatever they want, in reality its the lender which generally decides the value.

Also remember a property can be valued for income or for living in.

A holiday cottage may be £2,000 a week to rent to holidaymakers, to rent to a permanent resident could be £2,000 a month.  What is the value of the property?

As regards flats.  Some could be ten times what they sold for 15 years ago, some could be half the price.  All down to local supply and demand and occupational costs.

So if EA value it so low they want to sell for some mates so they make a good profit? I got impression they all work for their  investors mates. 

If you don't trust agents either sell it yourself or stick it in an auction.

Tabieth

kiwi07 said:

Veteransaver said:

kiwi07 
I can't rent it out, I want to sell it. The problem with EA they all pretend like they are working for you but in reality they have their preferred investors. So once the flat is on the market, they call them saying something like there is a flat which I can arrange it to sell cheaply to you. I am concerned they all work this dodgy way. 

Even if they do have their preferred investors, as a seller you don’t have to accept an offer. If you get an offer you think is too low, ignore it. Hold out for a better offer. The EA isn’t in charge, the seller decides what offer to accept. 

kiwi07

Tabieth said:

kiwi07 said:

Veteransaver said:

kiwi07 
I can't rent it out, I want to sell it. The problem with EA they all pretend like they are working for you but in reality they have their preferred investors. So once the flat is on the market, they call them saying something like there is a flat which I can arrange it to sell cheaply to you. I am concerned they all work this dodgy way. 

Even if they do have their preferred investors, as a seller you don’t have to accept an offer. If you get an offer you think is too low, ignore it. Hold out for a better offer. The EA isn’t in charge, the seller decides what offer to accept. 

What they can do in a unethical practice- not to bring the viewers in at all so they can then say - see your property isn't popular, we have to lower the price. There is only one person who is interested  (their investor). 

Tabieth

kiwi07 said:

What they can do in an unethical practice- not to bring the viewers in at all so they can then say - see your property isn't popular, we have to lower the price. There is only one person who is interested  (their investor). 

If you’re that untrusting then sell via auction. Or go with several estate agents for a bit of friendly competition. 

It could be that all your local EA are unethical but that’s a little bit unlikely. My understanding is that flats don’t increase in value the way that houses do in many areas. I don’t know where you are selling or what your local market is like. But I really wouldn’t be seeing conspiracies here, there are far simpler explanations to slow sales. 

kiwi07

Tabieth said:

kiwi07 said:

What they can do in an unethical practice- not to bring the viewers in at all so they can then say - see your property isn't popular, we have to lower the price. There is only one person who is interested  (their investor). 

If you’re that untrusting then sell via auction. Or go with several estate agents for a bit of friendly competition. 

It could be that all your local EA are unethical but that’s a little bit unlikely. My understanding is that flats don’t increase in value the way that houses do in many areas. I don’t know where you are selling or what your local market is like. But I really wouldn’t be seeing conspiracies here, there are far simpler explanations to slow sales. 

So you don't believe there are dodgy EAs with not ethical practice?