Estate agents - all the same?

Estate agents - all the same?

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Discussion

eldar

21,614 posts

195 months

Tuesday 19th August 2014
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oddball1973 said:
Avoid the small local agents - tried that route twice and total failure both times in shifting the property (doesn't help these small agents use Daphne and Fiona the bosses wife's friends to run the show because they're cheap) soon as I went to the big boys the sold sign was up in two weeks. Don't fall for the personnel touch bullst, you want the guys who shift houses to sell your house and to be hungry for the commission.
That is true in many cases. A good local agent though actually knows the market, and will get good results. Just find a good one...


Renovation

1,763 posts

120 months

Tuesday 19th August 2014
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My last house wouldn't sell for some unknown reason.

I went to 3 different agents all of whom used the same marketing yet each time I moved agent I got a flurry of interest and viewings - I can't understand why these buyers didn't come previously unless they were all new to the market which seems unlikely.

In the end the best known agent locally - who was also the most expensive - who had town centre office, which was one of the few open on a Sunday - sold it.

I asked the buyers how they saw it - Rightmove - it was pure chance as every agent had put it there.


Thurbs

2,780 posts

221 months

Friday 22nd August 2014
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Renovation said:
My last house wouldn't sell for some unknown reason.
Pirce. HTH.

Renovation

1,763 posts

120 months

Friday 22nd August 2014
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Thurbs said:
Renovation said:
My last house wouldn't sell for some unknown reason.
Pirce. HTH.
jkgy

HTH

gaz1234

5,233 posts

218 months

Friday 22nd August 2014
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Ebay

Ken Sington

3,958 posts

237 months

Friday 19th September 2014
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I suspect, although I have no proof either way, that the online sales for £99 avoiding agents work best when there are no chains involved. If there is a chain, and some Doris 2 houses up or down the chain is cutting up rough because she wants to take the curtains and her buyer wants her to leave them, it needs someone to manage this situation and smooth it over. A solicitor probably won't do this except at massive additional billing, so a good agent comes into his own and earns his fee if he can make things happen.

EggsBenedict

1,770 posts

173 months

Friday 19th September 2014
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I don't know if you have neighbours who have recently bought/sold, but ask them what they did and what their experiences were, and if they'd recommend the agents they used

From my perspective, I'm going through the process of buying a house, and the agents on both sides have been great.

On the selling side, had sensible conversations around how I wanted it to go, got feedback on the house, and what we should do to help the sale along (basically de-clutter and tart the drive up a bit) and then it was sold in 4-6 weeks. As we're buying, I've asked this agent (the one we're selling through) for advice, and recommendations for surveyors and solicitors, and they've been really helpful.

On the buying side, again, been really sensible conversations aimed at getting the sale moving along.

Haven't had any sort of issue with either really. I think it's helped that I've been as transparent as possible

I've a colleague at work who tried to self-market - he said that he felt the market isn't ready for the online experience - yes, you can find your house on Zoopla, but once the process starts, you want that intermediary. I'd agree overall.

PurpleTurtle

6,940 posts

143 months

Friday 19th September 2014
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4) local independent that comes with personal recommendation

When I was last selling and buying I had (what I felt was) an obnoxious buyer finding fault in my property where there was none to get a reduction. The market was moving upwards, so I called their bluff and said "deal off, back on the market tomorrow for a few £000 more".

All hell broke loose with the buyer, and ultimately I did have to take a drop on the agreed price, but only after my selling agent negotiated a bigger drop with the place I was buying to make sure the chain completed. Ergo, my cost to move was less. Skills like that can get lost in the headline "what % are they taking?" question that many people select an agent on.

I have since recommended this agent to several friends for his ability to get the deal done, not just the headline rate, and have indeed used him again myself since, all happy.


jonah35

3,940 posts

156 months

Friday 19th September 2014
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I do think £500 is sufficient for selling any house. A board, a rightmove listing, some photos and a non qualified person answering a phone. No different to selling a car but PH don't charge £3,000 for selling it.

I personally would prefer to answer the phone myself to buyers so I can be friendly, not put them on hold, have answers to hand and be accommodating re viewings.

Rightmove and zoopla are where 99% of buyers look.

EggsBenedict

1,770 posts

173 months

Friday 19th September 2014
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jonah35 said:
I do think £500 is sufficient for selling any house. A board, a rightmove listing, some photos and a non qualified person answering a phone.

Rightmove and zoopla are where 99% of buyers look.
A couple of points for you:

1) Finding the house on the internet is a tiny portion of the process. Or even finding the house. And actually, not all houses are on there. We were in a position where we were asked what our position was, and were told "that's a shame, there's houses that we have on our books where we've not advertised them because the sellers want potential buyers to have sold before even passing details on - some of those might be good for you" - you'd never know this unless you used the agent.

2) £500 might be what selling a house is worth to you, but I think after doing just one house, you probably wouldn't do any more than that. The thing is that they also need to cover all the other expenses they have on the houses they don't sell. For example, someone I know was quite a long way down the track of buying a house, when a friend of his missus sent her a text saying 'would not move there - you really get a lot of noise from a nearby A road'. His missus charged down to the house, stayed a while and then decided that it was too noisey and they pulled out of the purchase. The estate agent invests time in that set of buyers and gets no resulting cash.

It's a bigger picture thing

jonah35

3,940 posts

156 months

Friday 19th September 2014
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EggsBenedict said:
jonah35 said:
I do think £500 is sufficient for selling any house. A board, a rightmove listing, some photos and a non qualified person answering a phone.

Rightmove and zoopla are where 99% of buyers look.
A couple of points for you:

1) Finding the house on the internet is a tiny portion of the process. Or even finding the house. And actually, not all houses are on there. We were in a position where we were asked what our position was, and were told "that's a shame, there's houses that we have on our books where we've not advertised them because the sellers want potential buyers to have sold before even passing details on - some of those might be good for you" - you'd never know this unless you used the agent.

2) £500 might be what selling a house is worth to you, but I think after doing just one house, you probably wouldn't do any more than that. The thing is that they also need to cover all the other expenses they have on the houses they don't sell. For example, someone I know was quite a long way down the track of buying a house, when a friend of his missus sent her a text saying 'would not move there - you really get a lot of noise from a nearby A road'. His missus charged down to the house, stayed a while and then decided that it was too noisey and they pulled out of the purchase. The estate agent invests time in that set of buyers and gets no resulting cash.

It's a bigger picture thing
Not sure what point one has to putting a house on rightmove? I didn't understand the point, sorry.

Re point 2, thats quite my point, I don't want to pay their overheads for other houses and for other sales that fall through!!

EggsBenedict

1,770 posts

173 months

Friday 19th September 2014
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jonah35 said:
Not sure what point one has to putting a house on rightmove? I didn't understand the point, sorry.

Re point 2, thats quite my point, I don't want to pay their overheads for other houses and for other sales that fall through!!
Point one is about value add. So if you get your house on rightmove, then that's fine, but then you have to deal with the timewasters.

Point two is about a business model. If they don't charge when they don't sell, then the model has to change to you pay your 500 quid (or whatever) regardless of sale or not. The point about the cost of an agent is that it provides incentive for them to put effort into selling your house. So if they don't 'deserve' the 1 - 1.5% they charge, you can do it yourself. When you've done that, please feel free to come back and say you're going to open up as an estate agent yourself and sell houses for £500 a pop. After all, there's seemingly a glaring gap in the market for such a service.

jonah35

3,940 posts

156 months

Friday 19th September 2014
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EggsBenedict said:
jonah35 said:
Not sure what point one has to putting a house on rightmove? I didn't understand the point, sorry.

Re point 2, thats quite my point, I don't want to pay their overheads for other houses and for other sales that fall through!!
Point one is about value add. So if you get your house on rightmove, then that's fine, but then you have to deal with the timewasters.

Point two is about a business model. If they don't charge when they don't sell, then the model has to change to you pay your 500 quid (or whatever) regardless of sale or not. The point about the cost of an agent is that it provides incentive for them to put effort into selling your house. So if they don't 'deserve' the 1 - 1.5% they charge, you can do it yourself. When you've done that, please feel free to come back and say you're going to open up as an estate agent yourself and sell houses for £500 a pop. After all, there's seemingly a glaring gap in the market for such a service.
There is a gap in the market for online selling of houses for say £500 per pop. Thats why one of the best fund managers ever has just made a big investment in purplebricks.com or whatever its called.

The only value I see is someone else goes to do the viewings and has the keys but I could give a retired bloke £20 per viewing which would work out cheaper.

I know agents do well but there days are numbered!



Sheepshanks

32,530 posts

118 months

Friday 19th September 2014
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EggsBenedict said:
We were in a position where we were asked what our position was, and were told "that's a shame, there's houses that we have on our books where we've not advertised them because the sellers want potential buyers to have sold before even passing details on - some of those might be good for you" - you'd never know this unless you used the agent.
You didn't get to know either - the agent wouldn't tell you.

Pit Pony

8,265 posts

120 months

Monday 22nd September 2014
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Try asking questions about a flat which has been on the market for 6 months, with an agent who is not in the area. If those questions actually would be MORE important than the viewing to the potential buyer.

In fact if you ask "What is the remaining lease ?" and they say "I think it's 90 years" and you say, "well 90 years would have been typical in the mid 60's when this was built, so can you confirm that for definite, with the vendor, before we view?" you don't expect to hear "Well, that's the sort of thing for your solicitor to sort out".

Well yes, I'd expect him to check that you and the vendor haven't lied to me, but my offer (or not) is based on how long it is.

EggsBenedict

1,770 posts

173 months

Tuesday 23rd September 2014
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Sheepshanks said:
You didn't get to know either - the agent wouldn't tell you.
Ho Ho Ho. Very clever. Give yourself a paper hat.

I think you understand exactly what I meant.

EggsBenedict

1,770 posts

173 months

Tuesday 23rd September 2014
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fesuvious said:
Agent does not advertise a house?

Great Agent. Remind me to be very impressed.
??

EggsBenedict

1,770 posts

173 months

Tuesday 23rd September 2014
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jonah35 said:
EggsBenedict said:
jonah35 said:
Not sure what point one has to putting a house on rightmove? I didn't understand the point, sorry.

Re point 2, thats quite my point, I don't want to pay their overheads for other houses and for other sales that fall through!!
Point one is about value add. So if you get your house on rightmove, then that's fine, but then you have to deal with the timewasters.

Point two is about a business model. If they don't charge when they don't sell, then the model has to change to you pay your 500 quid (or whatever) regardless of sale or not. The point about the cost of an agent is that it provides incentive for them to put effort into selling your house. So if they don't 'deserve' the 1 - 1.5% they charge, you can do it yourself. When you've done that, please feel free to come back and say you're going to open up as an estate agent yourself and sell houses for £500 a pop. After all, there's seemingly a glaring gap in the market for such a service.
There is a gap in the market for online selling of houses for say £500 per pop. Thats why one of the best fund managers ever has just made a big investment in purplebricks.com or whatever its called.

The only value I see is someone else goes to do the viewings and has the keys but I could give a retired bloke £20 per viewing which would work out cheaper.

I know agents do well but there days are numbered!
If anything, the business model will change. Some agents will be marginalised because they deal mostly in simple, red brick estate, 'houses as a commodity' type business. I can see how that could very much be simplified. However, that doesn't represent the whole market.

Your view of the value of the estate agent is most likely coloured by your own experiences, which again, don't necessarily match the rest of the market's.

I know I'm taking an unpopular stand, defending estate agents, and I would agree that there are a number who if tied together, attached to a big weight and thrown into the sea wouldn't represent a massive loss to society, but that doesn't mean there's no value in what a decent section of that industry does.

crankedup

Original Poster:

25,764 posts

242 months

Tuesday 23rd September 2014
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The house for sale that we had spotted has now been STC (:, oh well other half wasn't doing somersaults to buy it. Searching again now.

monthefish

20,439 posts

230 months

Tuesday 23rd September 2014
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jonah35 said:
I do think £500 is sufficient for selling any house. A board, a rightmove listing, some photos and a non qualified person answering a phone. No different to selling a car .
hehe Course it isn't....