Is anyone moving now?
Discussion
Seventyseven7 said:
Anyone got any advice on estate agent fees when selling. I’m in Surrey and selling a property around 650-675k. Estate agent is asking for 1.5% plus VAT as their fee. Is this good?
I've just seen this. I'm in Surrey, higher price bracket. I managed to negotiate a (small, local) agent down to 0.8% + VAT for sole agency. However, it's been on the market for several months and I'm now thinking of moving to a larger agent who will no doubt charge more (I think 1% is fairly standard). I started on the basis that I just wanted to get the house on RightMove and it didn't really matter who was selling it, but the agents have made some strange comments while showing prospective buyers around, which was irritating. Mind you, another large agent I tried previously blatantly lied to me, so that was the end of that arrangement. I've had 4 viewings in the last 10 days and they tell me things are picking up, but I think I'm priced too high anyway. I'll have to reduce the price now, but I'm not sure whether to give the current agent a bit more time at the lower price or whether to just switch to someone new at a lower price. Any thoughts anyone?
Bluesgirl said:
I've just seen this. I'm in Surrey, higher price bracket. I managed to negotiate a (small, local) agent down to 0.8% + VAT for sole agency. However, it's been on the market for several months and I'm now thinking of moving to a larger agent who will no doubt charge more (I think 1% is fairly standard). I started on the basis that I just wanted to get the house on RightMove and it didn't really matter who was selling it, but the agents have made some strange comments while showing prospective buyers around, which was irritating. Mind you, another large agent I tried previously blatantly lied to me, so that was the end of that arrangement. I've had 4 viewings in the last 10 days and they tell me things are picking up, but I think I'm priced too high anyway.
I'll have to reduce the price now, but I'm not sure whether to give the current agent a bit more time at the lower price or whether to just switch to someone new at a lower price. Any thoughts anyone?
Making strange comments during the viewings is obviously different, depends what has been said I suppose. Some of the larger firms, even at the higher price brackets, use part-time viewing staff, or juniors who aren't always familiar with the property or area. I'll have to reduce the price now, but I'm not sure whether to give the current agent a bit more time at the lower price or whether to just switch to someone new at a lower price. Any thoughts anyone?
4 viewings in 10 days is pretty good going, but if you're priced too high that is going to make life difficult. I would always hope that in this situation the existing agent be given the opportunity to market at a lower price, rather than losing the instruction and seeing another agent get the house at the lower price.
Bluesgirl said:
Seventyseven7 said:
Anyone got any advice on estate agent fees when selling. I’m in Surrey and selling a property around 650-675k. Estate agent is asking for 1.5% plus VAT as their fee. Is this good?
I've just seen this. I'm in Surrey, higher price bracket. I managed to negotiate a (small, local) agent down to 0.8% + VAT for sole agency. However, it's been on the market for several months and I'm now thinking of moving to a larger agent who will no doubt charge more (I think 1% is fairly standard). I started on the basis that I just wanted to get the house on RightMove and it didn't really matter who was selling it, but the agents have made some strange comments while showing prospective buyers around, which was irritating. Mind you, another large agent I tried previously blatantly lied to me, so that was the end of that arrangement. I've had 4 viewings in the last 10 days and they tell me things are picking up, but I think I'm priced too high anyway. I'll have to reduce the price now, but I'm not sure whether to give the current agent a bit more time at the lower price or whether to just switch to someone new at a lower price. Any thoughts anyone?
What’s the feedback from the agent about the viewings?
Bluesgirl said:
Seventyseven7 said:
Anyone got any advice on estate agent fees when selling. I’m in Surrey and selling a property around 650-675k. Estate agent is asking for 1.5% plus VAT as their fee. Is this good?
I've just seen this. I'm in Surrey, higher price bracket. I managed to negotiate a (small, local) agent down to 0.8% + VAT for sole agency. However, it's been on the market for several months and I'm now thinking of moving to a larger agent who will no doubt charge more (I think 1% is fairly standard). I started on the basis that I just wanted to get the house on RightMove and it didn't really matter who was selling it, but the agents have made some strange comments while showing prospective buyers around, which was irritating. Mind you, another large agent I tried previously blatantly lied to me, so that was the end of that arrangement. I've had 4 viewings in the last 10 days and they tell me things are picking up, but I think I'm priced too high anyway. I'll have to reduce the price now, but I'm not sure whether to give the current agent a bit more time at the lower price or whether to just switch to someone new at a lower price. Any thoughts anyone?
They want to list the house at the highest end, I’m thinking this is too high, but we shall we. I guess it leaves me a lot of room for negotiation- whilst possibly putting people off being priced at the highest point.
Greshamst said:
Finally due to exchange next week.
Noticed that the title deeds have a house name, and then house number on them.
Solicitor asked for the house name to be updated and reflected on the mortgage.
Mortgage company is infuriatingly insisting on doing another survey on the property (having already done a survey when mortg first applied for) … box ticking that apparently cannot be ignored.
Frustrating.
Update: new valuation went fine thankfully, as you might remember an earlier mortg company downvalued by 80k so was a bit nervous. Noticed that the title deeds have a house name, and then house number on them.
Solicitor asked for the house name to be updated and reflected on the mortgage.
Mortgage company is infuriatingly insisting on doing another survey on the property (having already done a survey when mortg first applied for) … box ticking that apparently cannot be ignored.
Frustrating.
But we did not exchange this week as not everyone in the upper chain had signed all the documents.
So, hopefully exchange early next week. Bit annoying as we’d had pressure put on us to get everything ready and deposit transferred to solicitor mid week.
Bluesgirl said:
Seventyseven7 said:
Anyone got any advice on estate agent fees when selling. I’m in Surrey and selling a property around 650-675k. Estate agent is asking for 1.5% plus VAT as their fee. Is this good?
I've just seen this. I'm in Surrey, higher price bracket. I managed to negotiate a (small, local) agent down to 0.8% + VAT for sole agency. However, it's been on the market for several months and I'm now thinking of moving to a larger agent who will no doubt charge more (I think 1% is fairly standard). I started on the basis that I just wanted to get the house on RightMove and it didn't really matter who was selling it, but the agents have made some strange comments while showing prospective buyers around, which was irritating. Mind you, another large agent I tried previously blatantly lied to me, so that was the end of that arrangement. I've had 4 viewings in the last 10 days and they tell me things are picking up, but I think I'm priced too high anyway. I'll have to reduce the price now, but I'm not sure whether to give the current agent a bit more time at the lower price or whether to just switch to someone new at a lower price. Any thoughts anyone?
It might sound cynical but agents are all pretty similar, their key characteristic being a willingness to tell you anything to secure the contract and the second being failing to live up to expectations. The bigger ones like Savills and Hamptons are no better than smaller local agents, they just tend to have more failed public school educated boys and girls working for them and a better standard of clothing and company car.
In a twist on the 'it's the economy stupid' line, I say 'it's the market, stupid'. We've seen this over the last four years, which have seen phases when nothing would sell and anything would sell. We're now in a much more difficult period where pricing is still invariably based on what the property might have fetched two years ago. Sellers struggle to accept that their neighbour sold in 24 hours and got £X two years ago and now they might struggle to get £X minus 20%. They ignore the fact that their new place could well be cheaper too. It's just too bad if they have planned to use the cash - prices can go down as well as up.
If the market is challenging, as it is now, you either have to price keenly or wait it out. Unfortunately, holding out and steadily dropping your price gets noticed and the perception out there will be that there's something wrong with the property or you are desperate. Changing agents frequently sends out the same signals. Disregard all of the people (esp the big firms) who will tell you about their exclusive list of people ready and waiting to buy. If you want, just test it - a one off deal to introduce these wonderful buyers for one week only. It's a win win surely? No need for expensive photographs, printing or even a listing online. Don't worry about getting knocked over in the rush...
If you've had four viewings then unless they're tourists (and there are plenty of those for high end property) and no really negative feedback, I'd hold your nerve for another month or so, both in terms of agent and price. February is far from the best time to sell. But put the agent on notice
Edited by Unreal on Tuesday 27th February 21:09
In response to the 'tell you anything' bit above.
Late yesterday my colleague approached me with a quandary.
She'd just been to a customer who told her she'd sold to a cash buyer with no chain below.
The issue is that my colleague only two days ago went to visit the family buying this very house. Only they are 3rd in a chain, with (obviously) 2 transactions below.
I wrote my very first blog on this 12 years ago. It's still happening.
It presents serious issues for moving companies as well as just being downright disrespectful & deceitful to the agents customer. We've seen this hundreds of times.
They'll likely find out the truth 1-2 weeks before exchange. It's probably they told the agent they wanted a cash buyer with no chain (which is imo a daft thing to do anyway) and the agent has, simply lied to get the sale done.
Late yesterday my colleague approached me with a quandary.
She'd just been to a customer who told her she'd sold to a cash buyer with no chain below.
The issue is that my colleague only two days ago went to visit the family buying this very house. Only they are 3rd in a chain, with (obviously) 2 transactions below.
I wrote my very first blog on this 12 years ago. It's still happening.
It presents serious issues for moving companies as well as just being downright disrespectful & deceitful to the agents customer. We've seen this hundreds of times.
They'll likely find out the truth 1-2 weeks before exchange. It's probably they told the agent they wanted a cash buyer with no chain (which is imo a daft thing to do anyway) and the agent has, simply lied to get the sale done.
LuckyThirteen said:
In response to the 'tell you anything' bit above.
Late yesterday my colleague approached me with a quandary.
She'd just been to a customer who told her she'd sold to a cash buyer with no chain below.
The issue is that my colleague only two days ago went to visit the family buying this very house. Only they are 3rd in a chain, with (obviously) 2 transactions below.
I wrote my very first blog on this 12 years ago. It's still happening.
It presents serious issues for moving companies as well as just being downright disrespectful & deceitful to the agents customer. We've seen this hundreds of times.
They'll likely find out the truth 1-2 weeks before exchange. It's probably they told the agent they wanted a cash buyer with no chain (which is imo a daft thing to do anyway) and the agent has, simply lied to get the sale done.
I have posted before on the myth of cash buyers. The percentage of people who are genuinely liquid is low. The status of cash buyer is used by agents to induce sellers to accept an offer and is attractive to the agent in terms of getting paid quickly. The buyer 'jumps the queue' because they market themselves as something special are perceived as higher quality by sellers.Late yesterday my colleague approached me with a quandary.
She'd just been to a customer who told her she'd sold to a cash buyer with no chain below.
The issue is that my colleague only two days ago went to visit the family buying this very house. Only they are 3rd in a chain, with (obviously) 2 transactions below.
I wrote my very first blog on this 12 years ago. It's still happening.
It presents serious issues for moving companies as well as just being downright disrespectful & deceitful to the agents customer. We've seen this hundreds of times.
They'll likely find out the truth 1-2 weeks before exchange. It's probably they told the agent they wanted a cash buyer with no chain (which is imo a daft thing to do anyway) and the agent has, simply lied to get the sale done.
Anyone being told they have a cash buyer needs to say "prove it". Don't take the agent's word for it. Request suitably redacted documentary evidence of the cash in the buyer's name. Legitimate cash buyers will comply within hours with a screenshot, dreamers and liars will flounce. Of course, agents should vet buyers as a matter of course, but most don't do anything beyond a few cursory checks.
I reported our residential property volumes (law firm with 7 property lawyers) around half way through January but by way of an update, we took on 265 new instructions in January, ahead of our long term average, and in February we're at 284 with a day in the month to go.
There's definitely more confidence around at the mo, even from estate agents.
Surprised at how busy it's been. Dead cat bounce? Who knows.
There's definitely more confidence around at the mo, even from estate agents.
Surprised at how busy it's been. Dead cat bounce? Who knows.
crisp packet said:
I reported our residential property volumes (law firm with 7 property lawyers) around half way through January but by way of an update, we took on 265 new instructions in January, ahead of our long term average, and in February we're at 284 with a day in the month to go.
There's definitely more confidence around at the mo, even from estate agents.
Surprised at how busy it's been. Dead cat bounce? Who knows.
This is for new instructions ie chain forming or formed rather than completions? There's definitely more confidence around at the mo, even from estate agents.
Surprised at how busy it's been. Dead cat bounce? Who knows.
Out of interest what proportion of new instructions go to completion?
Unreal said:
It might sound cynical but agents are all pretty similar, their key characteristic being a willingness to tell you anything to secure the contract and the second being failing to live up to expectations. The bigger ones like Savills and Hamptons are no better than smaller local agents, they just tend to have more failed public school educated boys and girls working for them and a better standard of clothing and company car.
That sounds pretty accurate! Edited by Unreal on Tuesday 27th February 21:09
You would hope in a good many cases that the established, local independent firm were a far better bet than Savills, Hamptons etc. There are far fewer places to hide in a small local firm, whereas with the larger outfits a certain amount of the years business walks through the door regardless of how incompetent the staff are.
With the almost monopoly position Rightmove holds, it matters little whether a firm has 1 office or 101, everyone's shop window is more or less the same!
LuckyThirteen said:
In response to the 'tell you anything' bit above.
Late yesterday my colleague approached me with a quandary.
She'd just been to a customer who told her she'd sold to a cash buyer with no chain below.
The issue is that my colleague only two days ago went to visit the family buying this very house. Only they are 3rd in a chain, with (obviously) 2 transactions below.
I wrote my very first blog on this 12 years ago. It's still happening.
It presents serious issues for moving companies as well as just being downright disrespectful & deceitful to the agents customer. We've seen this hundreds of times.
They'll likely find out the truth 1-2 weeks before exchange. It's probably they told the agent they wanted a cash buyer with no chain (which is imo a daft thing to do anyway) and the agent has, simply lied to get the sale done.
Should the agent not do some due diligence when an offer comes in? I received 2 offers when we moved, my agent advised to reject one as he said he'd sold to a cash buyer and they did some digging and he'd accepted an offer from someone that hadn't sold their house yet.Late yesterday my colleague approached me with a quandary.
She'd just been to a customer who told her she'd sold to a cash buyer with no chain below.
The issue is that my colleague only two days ago went to visit the family buying this very house. Only they are 3rd in a chain, with (obviously) 2 transactions below.
I wrote my very first blog on this 12 years ago. It's still happening.
It presents serious issues for moving companies as well as just being downright disrespectful & deceitful to the agents customer. We've seen this hundreds of times.
They'll likely find out the truth 1-2 weeks before exchange. It's probably they told the agent they wanted a cash buyer with no chain (which is imo a daft thing to do anyway) and the agent has, simply lied to get the sale done.
We used a local chain who were brilliant, they have a progress chasing team that chased everyone up and down the chain to keep things moving along. They were a little more expensive than other agents, but well worth the extra
Just accepted an offer on ours!
Went on Rightmove 3 weeks ago. 6 viewings, 1 offer, accepted.
They came straight in at just 1.5% below our asking price, so accepted straight away.
Moving house didn't feel 'real' until we got the offer, now my anxiety has kicked in and we've got to crack on with finding somewhere!
Went on Rightmove 3 weeks ago. 6 viewings, 1 offer, accepted.
They came straight in at just 1.5% below our asking price, so accepted straight away.
Moving house didn't feel 'real' until we got the offer, now my anxiety has kicked in and we've got to crack on with finding somewhere!
Got the searches back today, really hoping this pushes it closer to an exchange date since at the moment I'm stuck in Limbo. Can't arrange anything without a moving date, too early to start packing, am trying to spend as little money as possible until then, so the time is mostly spent sitting around and hoping nothing else breaks in my house.
Question regarding conveyancing quotes.
For combined sale & purchase (£340k sell, £500k buy) I'm getting quotes ranging from £2k-£4k, all local firms. Surely the same work is required regardless of who is doing it? Are the cheaper places cheap for a reason? Are the more expensive places going to offer a better service?
The firm we used for our last sale/purchase are coming up at £2700, and did a decent enough job, might just go with them for ease.
For combined sale & purchase (£340k sell, £500k buy) I'm getting quotes ranging from £2k-£4k, all local firms. Surely the same work is required regardless of who is doing it? Are the cheaper places cheap for a reason? Are the more expensive places going to offer a better service?
The firm we used for our last sale/purchase are coming up at £2700, and did a decent enough job, might just go with them for ease.
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