Online estate agents
Discussion
Hi
I have a flat for sale and it has been with a conventional agent for 3 months. There have only been a couple of viewings in this time even after the price was dropped by 50k.
It is in a very desirable location but the market has been tough due to the brexit etc
I am contemplating trying one of the online agents; any one got any advice??
It would seem that the essential thing is that they use Rightmove and Zoopla?
Cheers
I have a flat for sale and it has been with a conventional agent for 3 months. There have only been a couple of viewings in this time even after the price was dropped by 50k.
It is in a very desirable location but the market has been tough due to the brexit etc
I am contemplating trying one of the online agents; any one got any advice??
It would seem that the essential thing is that they use Rightmove and Zoopla?
Cheers
TROOPER88 said:
Hi
I have a flat for sale and it has been with a conventional agent for 3 months. There have only been a couple of viewings in this time even after the price was dropped by 50k.
It is in a very desirable location but the market has been tough due to the brexit etc
I am contemplating trying one of the online agents; any one got any advice??
It would seem that the essential thing is that they use Rightmove and Zoopla?
Cheers
Apart from the cost saving when it sells I can't see anyone caring who the agent is, I just get on right move and see what's what, couldn't care who the sellers agent wasI have a flat for sale and it has been with a conventional agent for 3 months. There have only been a couple of viewings in this time even after the price was dropped by 50k.
It is in a very desirable location but the market has been tough due to the brexit etc
I am contemplating trying one of the online agents; any one got any advice??
It would seem that the essential thing is that they use Rightmove and Zoopla?
Cheers
We tried to view a few houses using Purple Bricks. Epic ballache. We had to make an account on the website, then book a viewing slot online, it would than take a few hours to come back and tell us yay or nay, then on one house they cancelled the viewing, but didn't tell us, so we rocked up to the house at 10am on a Sat to find the seller had no idea what was going on.
As a buyer I'd rather a traditional agent, pick up the phone and talk to someone style.
As a buyer I'd rather a traditional agent, pick up the phone and talk to someone style.
We're selling through a high street agent and they're worth every penny. We're buying through purple bricks and they're worse than useless. I've literally never received a single call or email about progression of the purchase through them or their connected conveyancer, everything has been down to me and mine.
Sir Bagalot said:
If you haven't had many viewings, and the location is ok, then it's simply down to price
exactly.How much has it cost you using the agents at the moment? zilch nothing. Do you not think they will want to sell your house to earn some money? yes of course they do. Every house will sell - if it hasn't its too expensive.
Online - what incentive do they have to sell it? Zilch nothing they often get paid upfront. If they do a fee on the sale then what do you think they will do that your real high street agent hasn't already?
In fact online agents don't progress a sale, they are a listing agency. When a chain needs to be moved along and sales progressed its the high street agents keeping it all together. Have a talk to them about the hassle Purple etc causes as they simply dont keep chains together. You may well get buyers/chains not dealing with PB because they cause too much hassle.
So post your sale details up ! 50k off doesn't mean anything with no figures mentioned of the asking price which may have been too expensive to start with. Did you ask the EA for a banding of what they would expect it to sell for or did you TELL the agent what you wanted for it?
I am a traditional agent and have a horror of trying to work with any sale involving purple bricks.
Their model is, get an upfront fee, "good morning good discount goodbye"if it sells great, there is zero customer service. 50% of my job is keeping a sale together post offer, having a line of communication up and down the chain to sort any problems, dealing with the various solicitors.
Bear in mind that with a real agent we get no fee unless the sale happens so we are mega incentivised to ensure your transaction completes, online agents have already been paid so really don't care.
The "local property expert" could very easily have been a photocopy salesman until two weeks ago...........DO NOT DO IT. I don't say this out of fear of change or competition but from real experience.
If your house has been on the market for some time and hasn't sold its usually down to price, give it to a new agent, get good photos etc. As an agent I have to be careful what I say about someones house in case I offend them. Say to the agent, "please be brutaly honest, are there any small things I can do to make my house a more attractive proposition; I promise I won't be offended".
Also if you had a few agents round at the start this is what happens.
Agent 1 thinks its worth £450k, he knows that 90% of vendors will give the deal to whoever dreams up the biggest number so he says £475k.
Agent 2 knows this and says £485k
Agent 3 then says £495k
When you are Agent 1 and lose the deal and ask them do you really think its worth £495 the standard answer is" well its worth giving it a go you never know" you then see after about 4-6 months a price reduction to Agent No 1's figure and it sells
Their model is, get an upfront fee, "good morning good discount goodbye"if it sells great, there is zero customer service. 50% of my job is keeping a sale together post offer, having a line of communication up and down the chain to sort any problems, dealing with the various solicitors.
Bear in mind that with a real agent we get no fee unless the sale happens so we are mega incentivised to ensure your transaction completes, online agents have already been paid so really don't care.
The "local property expert" could very easily have been a photocopy salesman until two weeks ago...........DO NOT DO IT. I don't say this out of fear of change or competition but from real experience.
If your house has been on the market for some time and hasn't sold its usually down to price, give it to a new agent, get good photos etc. As an agent I have to be careful what I say about someones house in case I offend them. Say to the agent, "please be brutaly honest, are there any small things I can do to make my house a more attractive proposition; I promise I won't be offended".
Also if you had a few agents round at the start this is what happens.
Agent 1 thinks its worth £450k, he knows that 90% of vendors will give the deal to whoever dreams up the biggest number so he says £475k.
Agent 2 knows this and says £485k
Agent 3 then says £495k
When you are Agent 1 and lose the deal and ask them do you really think its worth £495 the standard answer is" well its worth giving it a go you never know" you then see after about 4-6 months a price reduction to Agent No 1's figure and it sells
Rangeroverover said:
I am a traditional agent and have a horror of trying to work with any sale involving purple bricks.
Their model is, get an upfront fee, "good morning good discount goodbye"if it sells great, there is zero customer service. 50% of my job is keeping a sale together post offer, having a line of communication up and down the chain to sort any problems, dealing with the various solicitors.
Bear in mind that with a real agent we get no fee unless the sale happens so we are mega incentivised to ensure your transaction completes, online agents have already been paid so really don't care.
The "local property expert" could very easily have been a photocopy salesman until two weeks ago...........DO NOT DO IT. I don't say this out of fear of change or competition but from real experience.
If your house has been on the market for some time and hasn't sold its usually down to price, give it to a new agent, get good photos etc. As an agent I have to be careful what I say about someones house in case I offend them. Say to the agent, "please be brutaly honest, are there any small things I can do to make my house a more attractive proposition; I promise I won't be offended".
Also if you had a few agents round at the start this is what happens.
Agent 1 thinks its worth £450k, he knows that 90% of vendors will give the deal to whoever dreams up the biggest number so he says £475k.
Agent 2 knows this and says £485k
Agent 3 then says £495k
When you are Agent 1 and lose the deal and ask them do you really think its worth £495 the standard answer is" well its worth giving it a go you never know" you then see after about 4-6 months a price reduction to Agent No 1's figure and it sells
Seems fair enough, however I would like to raise a couple off points for discussion regarding the on-line agents. When you say they take your upfront fee and then really don't care if the house sells or nor. With that business attitude they are not going to be around for very long, bad words soon get around after all. Given the money they are pumping into their promotions I get the idea they do intend to be within the market for the duration Their model is, get an upfront fee, "good morning good discount goodbye"if it sells great, there is zero customer service. 50% of my job is keeping a sale together post offer, having a line of communication up and down the chain to sort any problems, dealing with the various solicitors.
Bear in mind that with a real agent we get no fee unless the sale happens so we are mega incentivised to ensure your transaction completes, online agents have already been paid so really don't care.
The "local property expert" could very easily have been a photocopy salesman until two weeks ago...........DO NOT DO IT. I don't say this out of fear of change or competition but from real experience.
If your house has been on the market for some time and hasn't sold its usually down to price, give it to a new agent, get good photos etc. As an agent I have to be careful what I say about someones house in case I offend them. Say to the agent, "please be brutaly honest, are there any small things I can do to make my house a more attractive proposition; I promise I won't be offended".
Also if you had a few agents round at the start this is what happens.
Agent 1 thinks its worth £450k, he knows that 90% of vendors will give the deal to whoever dreams up the biggest number so he says £475k.
Agent 2 knows this and says £485k
Agent 3 then says £495k
When you are Agent 1 and lose the deal and ask them do you really think its worth £495 the standard answer is" well its worth giving it a go you never know" you then see after about 4-6 months a price reduction to Agent No 1's figure and it sells
My guess is that they are recruiting from the established professional pool or even using some independants to do the valuations. Of course I may be miles off the mark but be interested in others POV.
Hi Chaps
Brilliant advice so far. Thank you.
Ok, I have flipped over 3 flats in the last couple of years and the others have sold in a couple of days max to one of the first to view.
This particular flat was totally refurbished in April/May this year and put straight on the market at 395k.
I know the area extremely well and have in fact just sold the one bed flat under this one.
I don't fall in love with these properties like most people do which results in people believing their own cars and houses are worth more than they actually are.
We reduced it to 350k 6 weeks ago.
I'm a realist and will reduce the price if needed.
There has only been a couple of viewings; both of which love the flat apparently but was out of their budget.
The fact the flat is above commercial will put some people off but would be worth circa 50k more had it not been.
I fortunately can afford to reduce the price and still do ok.
My current agent believes the price is more than realistic and tbh is reluctant to reduce it.
Thoughts??
Reduce to 335k and move onto the next project??
This is the flat in question:
http://www.rightmove.co.uk/property-for-sale/prope...
Many thanks
Brilliant advice so far. Thank you.
Ok, I have flipped over 3 flats in the last couple of years and the others have sold in a couple of days max to one of the first to view.
This particular flat was totally refurbished in April/May this year and put straight on the market at 395k.
I know the area extremely well and have in fact just sold the one bed flat under this one.
I don't fall in love with these properties like most people do which results in people believing their own cars and houses are worth more than they actually are.
We reduced it to 350k 6 weeks ago.
I'm a realist and will reduce the price if needed.
There has only been a couple of viewings; both of which love the flat apparently but was out of their budget.
The fact the flat is above commercial will put some people off but would be worth circa 50k more had it not been.
I fortunately can afford to reduce the price and still do ok.
My current agent believes the price is more than realistic and tbh is reluctant to reduce it.
Thoughts??
Reduce to 335k and move onto the next project??
This is the flat in question:
http://www.rightmove.co.uk/property-for-sale/prope...
Many thanks
Nice flat, but to me it still seems a little expensive for its situation above a commercial unit - when looking at the "view similar properties" tab on Rightmove it shows you're competing with purpose built developments for the same money or houses for just slightly more money.
With that said, I appreciate that roads next to each other can vary drastically in psf values in that neck of the woods!
With that said, I appreciate that roads next to each other can vary drastically in psf values in that neck of the woods!
FrankAbagnale said:
Nice flat, but to me it still seems a little expensive for its situation above a commercial unit - when looking at the "view similar properties" tab on Rightmove it shows you're competing with purpose built developments for the same money or houses for just slightly more money.
With that said, I appreciate that roads next to each other can vary drastically in psf values in that neck of the woods!
Thanks; appreciate your input.With that said, I appreciate that roads next to each other can vary drastically in psf values in that neck of the woods!
Houses on the road or similar surrounding roads range from 550-1mil
You'd struggle to buy a 2 bed flat in a purpose built block walking dist to Surbiton for under 400
bristolbaron said:
We're selling through a high street agent and they're worth every penny.
Of course it depends how many pennies...I just sold a flat, and had to pay the agent £24k. Never, Never again. I felt bloody sick. I think if you know what you're doing and happy with your own pricing, give it a shot. I know I will from here on out.
HotJambalaya said:
Of course it depends how many pennies...
I just sold a flat, and had to pay the agent £24k. Never, Never again. I felt bloody sick. I think if you know what you're doing and happy with your own pricing, give it a shot. I know I will from here on out.
How much did it sell for?! I thought most fees were circa 1% +VAT?I just sold a flat, and had to pay the agent £24k. Never, Never again. I felt bloody sick. I think if you know what you're doing and happy with your own pricing, give it a shot. I know I will from here on out.
bristolbaron said:
We're selling through a high street agent and they're worth every penny. We're buying through purple bricks and they're worse than useless. I've literally never received a single call or email about progression of the purchase through them or their connected conveyancer, everything has been down to me and mine.
Same here. Luckily the lady we are buying from is in turn buying our house, so our agent is happy to work for both sides to ensure the commission from our sale. I would never sell through PB based on my experience of buying through them.
I've used this quote a few times when the same question regarding EA fees has been used -
"It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much you lose a little money – that’s all. When you pay too little, you sometimes lose everything, because the thing that you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot."
If I am trusting someone with my biggest asset, it isn't going to be because that person charges the lowest fee.
"It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much you lose a little money – that’s all. When you pay too little, you sometimes lose everything, because the thing that you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot."
If I am trusting someone with my biggest asset, it isn't going to be because that person charges the lowest fee.
wiggy001 said:
bristolbaron said:
We're selling through a high street agent and they're worth every penny. We're buying through purple bricks and they're worse than useless. I've literally never received a single call or email about progression of the purchase through them or their connected conveyancer, everything has been down to me and mine.
Same here. Luckily the lady we are buying from is in turn buying our house, so our agent is happy to work for both sides to ensure the commission from our sale. I would never sell through PB based on my experience of buying through them.
Have used EasyProperty for advertising a rental though, and that was great, good value and simple, both from my and the tenants points of view.
HotJambalaya said:
Of course it depends how many pennies...
I just sold a flat, and had to pay the agent £24k. Never, Never again. I felt bloody sick. I think if you know what you're doing and happy with your own pricing, give it a shot. I know I will from here on out.
1% incl vat and they're working hard for it.. Photos were excellent, vewings and contact good and sales progression excellent. Of course no one wants to pay out a load of money for nothing, however I don't think they're offering bad value for the service given. I just sold a flat, and had to pay the agent £24k. Never, Never again. I felt bloody sick. I think if you know what you're doing and happy with your own pricing, give it a shot. I know I will from here on out.
fesuvious said:
FrankAbagnale said:
I've used this quote a few times when the same question regarding EA fees has been used -
"It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much you lose a little money – that’s all. When you pay too little, you sometimes lose everything, because the thing that you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot."
If I am trusting someone with my biggest asset, it isn't going to be because that person charges the lowest fee.
Absolutely."It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much you lose a little money – that’s all. When you pay too little, you sometimes lose everything, because the thing that you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot."
If I am trusting someone with my biggest asset, it isn't going to be because that person charges the lowest fee.
I wish I could tattoo that on some prospective customers foreheads @30minutes before I meet them.
crankedup said:
Why is it that high st agents use % to work out the selling fee? This seems completely unreasonable given the wide spectrum of selling prices of houses. It's not like the work involved is particularly different from a 120k house and a 500k house.
I'm not an estate agent nor have any direct connection to one. Since when has the cost of providing the service been tied to the selling price? Everyone charges the market rate and manages their costs to make more or less money. I do think selling an expensive house costs the agent more. Better photos, more complex viewings, longer chains, more complex finance arrangements etcPersonally I use 2 agents, one for selling, one for letting, I've bought off the same agent too
TROOPER88 said:
Hi Chaps
Brilliant advice so far. Thank you.
Ok, I have flipped over 3 flats in the last couple of years and the others have sold in a couple of days max to one of the first to view.
This particular flat was totally refurbished in April/May this year and put straight on the market at 395k.
I know the area extremely well and have in fact just sold the one bed flat under this one.
I don't fall in love with these properties like most people do which results in people believing their own cars and houses are worth more than they actually are.
We reduced it to 350k 6 weeks ago.
I'm a realist and will reduce the price if needed.
There has only been a couple of viewings; both of which love the flat apparently but was out of their budget.
The fact the flat is above commercial will put some people off but would be worth circa 50k more had it not been.
I fortunately can afford to reduce the price and still do ok.
My current agent believes the price is more than realistic and tbh is reluctant to reduce it.
Thoughts??
Reduce to 335k and move onto the next project??
This is the flat in question:
http://www.rightmove.co.uk/property-for-sale/prope...
Many thanks
Had you decorated the other flats like that one? The colours in the living room are probably a bit marmite. The pink in the bedroom as well. Not that you'd expect a bit painting to put people off if they are serious, but if there's lots of competition and there are other factors like being above a shop etc, it could be one of the issues that ends up in the negatives list.Brilliant advice so far. Thank you.
Ok, I have flipped over 3 flats in the last couple of years and the others have sold in a couple of days max to one of the first to view.
This particular flat was totally refurbished in April/May this year and put straight on the market at 395k.
I know the area extremely well and have in fact just sold the one bed flat under this one.
I don't fall in love with these properties like most people do which results in people believing their own cars and houses are worth more than they actually are.
We reduced it to 350k 6 weeks ago.
I'm a realist and will reduce the price if needed.
There has only been a couple of viewings; both of which love the flat apparently but was out of their budget.
The fact the flat is above commercial will put some people off but would be worth circa 50k more had it not been.
I fortunately can afford to reduce the price and still do ok.
My current agent believes the price is more than realistic and tbh is reluctant to reduce it.
Thoughts??
Reduce to 335k and move onto the next project??
This is the flat in question:
http://www.rightmove.co.uk/property-for-sale/prope...
Many thanks
I wouldn't have thought young families/people with kids will be the target market for a 1st floor flat? So the colours and the staging might not be helping?
Other than that, as others have said, it's possibly just down to price. The most important thing is to be on Rightmove. Even the s
ttest online only agents must realise they actually need to do their job if they want to make money. Aren't a lot of them franchises as well? It's within their interest to do as good a job as traditional agent, otherwise people won't use them and they won't get their upfront fee.All they need to do is introduce a buyer, then you can do the chasing of the solicitor etc. I would have thought if you had a decent solicitor, they wouldn't need chasing, so saying the online only ones won't do that and using it as an excuse to not use them is crazy. I'd rather save thousands and have to make a few phone calls to solicitor etc than have the agent chase them up.
If you are in no rush to sell, I would say you don't have much to lose by sticking it on with an online only one.
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff