Estate Agent or Do viewings yourself?

John_M_Business

I'm just in the process of selling my flat and am glad that the EA I chose is working for me. The EA even gave me a couple of hours of his time to talk about how to set up the flat for viewings. All his advice was really good and has undoubtedly improved the way the flat is presented.

Because of his input, we also got great images of the property and the asking price for the flat was pushed up considerably (both offers are within 6% of the new asking price).

We've only has serious buyers through the door, steady stream of them, two offers currently on the table. All being followed up correctly...

Equally, however, I could have chosen the 'moneysaving' option of choosing an agent with lower fees (.5% less)... who valued the flat at 12% less than the current asking price. However this is a muppet's game. I have since found out that they don't market properties properly, show flats poorly, don't return phone calls to clients and generally do everything you SHOULDN'T do in property... but that's why they're hungry for business.

John_M_Business

meanmachine wrote:

The people on here who actually have to deal with agents - in other words buyers and sellers - seem to have a different opinion of them than the agents themselves.

Er... Meany, can you mention a time where you have actually had to deal with EA's on your own behalf as a buyer or seller? Forget the tyre-kicking... ACTUALLY buying or selling? (after all, most EA's can spot tyre-kickers)

If you can't, then surely you can't really contribute much experience to this thread.

meanmachine wrote:

And can all the agents on this board please answer me this one question: do you need ANY qualifications to be an agent? And no, pointing to the web sites of voluntary bodies as evidence doesn't count.

There is much irony in this comment. As Rolf Harris would say: "Can you see what it is, yet?"

Hepatacyte

Something I have often wondered about estate agents is why do they charge a % of the purchase price as a fee? If I sell my house, worth about 500K, do they work harder for me than for someone whose house is only worth 250K. I would certainly hope so, given that I will be paying twice the amount as the other person. Somehow I do not think that they do though. In the last 13 years I have sold/bought 10 houses. The only agent who I considered any good was the one who turned up in his Porsche 911, sold my house within 1 week and then called me to tell me he had the ideal house for me just come on his books that morning. I made an offer on it that afternoon. From the rest I got the usual litany of excuses, broken promises, half-truths, bogus other parties and mis-information. Sad really.

Throughout this thread i have to admit that I agree more with mean machine than the practising agents. As a professional myself (chartered status of a royal society and 3 degrees) I do find it funny that estate agents like to equate themselves with doctors, lawyers and engineers (and scientists like me of course). Don't think so guys.

nelly_2

Hepatacyte wrote:

Something I have often wondered about estate agents is why do they charge a % of the purchase price as a fee? If I sell my house, worth about 500K, do they work harder for me than for someone whose house is only worth 250K. I would certainly hope so, given that I will be paying twice the amount as the other person. Somehow I do not think that they do though. In the last 13 years I have sold/bought 10 houses. The only agent who I considered any good was the one who turned up in his Porsche 911, sold my house within 1 week and then called me to tell me he had the ideal house for me just come on his books that morning. I made an offer on it that afternoon. From the rest I got the usual litany of excuses, broken promises, half-truths, bogus other parties and mis-information. Sad really.

Throughout this thread i have to admit that I agree more with mean machine than the practising agents. As a professional myself (chartered status of a royal society and 3 degrees) I do find it funny that estate agents like to equate themselves with doctors, lawyers and engineers (and scientists like me of course). Don't think so guys.

Damn good points there mate all the way through especialy the percentage part.

I reckon it takes about the same amount of time to learn to become an estate agent as it does to learn litter patrol at mcdonalds.

John_M_Business

... but everyone relates their services to prices paid...

...I am just selling my maisonette and the first question all of my solicitors (alleged 'professionals') ask is how much is it going for... then they tell me their price. Interesting when I bought it, I paid £350 to a solicitor, now I'm going to pay the best part of £1K.

This happens across the field. Like in Marketing - the area I work in - the way agencies charge is a percentage of the marketing budget...

However, EA's must be GREEDY, but Doctors / Lawyers etc. NO NO NO, they're worth what they charge...

meanmachine_2

John, I don't necessarily disagree with what you're saying, but if, for some mad reason, I wanted to be an estate agent, then all I'd have to do is acquire a shop front, a cheap suit and away we go.

If I wish to start operating on people, the minimum training required is around 5 years. The same with lawyers.

I also think that these old school professions attract a very different type of person. I've met very few doctors who are flash Harry, look at my wad types. In fact, I have mates who are doctors, but have no EA friends. Funny that.

Anyway, keep us updated on the sale of your gaff.

John_M_Business

Sure. EA's aren't true Professionals in the way that, perhaps, Doctors are.

But they **should** be (and I say this lightly because there are some with Stetsons and Lassoo's out there) on the same par as other 'Professionals' from service industry.

Sure anyone can set an EA up, but then anyone can set up most kinds of businesses - retail, marketing, etc. without professional qualifications. However, in the end, the ones that are successful are those that apply a professional approach - whether it is gained 'on the job' or 'qualification' is not that important (in fact, I would argue that REAL WORLD EXPERIENCE is VASTLY MORE valuable in the business world than QUALIFICATIONS - but that's a whole other discussion).

We have just accepted an offer on our place of just under 96% of the asking price... let's hope it all goes smoothly from here. IMHO the EA (I'll divulge their name now) - Marsh and Parsons - have definitely earnt their worth - even though I'll end up paying them more than £10k.

meanmachine_2

Fair enough. I was going to ask you to namecheck them anyway.

And I agree, life experience is the best qualification of all.

Around five years ago I was shafted by a young punk of a lettings agent who travelled everywhere by pushbike because he hadn't even learned to drive yet. They took my deposit, screwed me on a deal and refused to return my money until I threatened them with lawyers. I won't name them!

However, I was saved from being homeless by an excellent landlord who happened to be from the old school of Estate Agency (Kensington and Chelsea was his patch). He was honest and straightforward. As am I.

So yes, there are a couple of decent EAs around (the exceptions to prove the rule imo...)

EdInvestor

Estate agents are in sales and marketing.They are not "professionals" - in this area the professionals are the surveyors.

You did want the agent actually to sell your house, one assumes.;)

Having said that I must admit my personal expereince is much the same as Hepatacyte's.I would estimate that only about 10-15% of agents are any good. It's worth finding the good one, as it saves so much time and hassle.

When you want to buy or sell, take a morning off work and go round and visit all the agents one after the other.Compare the way you are are treated and the service you are offered.The competent, efficient and imaginative agent (there is always one!) will stand out like a sore thumb and the way ahead will be clear..

river_kwai

John_M_Business wrote:

We have just accepted an offer on our place of just under 96% of the asking price... let's hope it all goes smoothly from here. IMHO the EA (I'll divulge their name now) - Marsh and Parsons - have definitely earnt their worth - even though I'll end up paying them more than £10k.

Is that how much you are paying the EA, more than £10k!!!