[cite]Posted By: powerchord[/cite]I hate the fact that Property Lawyers are liable for the minutiae of trannsfers (fencing, drainage, who's adopted the road, boundaries etc) and complete the exchange with hundreds of thousands of pounds within say an hour but are paid about £1200 quid.
Compare and contrast the Estate Agent fee of 3/4 to 1 1/2 per cent on a sale.
Complete agree with that, the property lawyers pissed me off a lot more than the estate agents when I brought a flat last year. A four figure sum for doing what seemed like very little. I wasn't allowed to add it to my mortgage, which put me in the red for a while. Perhaps I should have tried harder at school and become a lawyer!
If you don't mind I''ll add my twopennoth - seeing as I have bought & sold 7 properties in my 22 yrs of property ownership.
I have learnt that Estate Agents view most vendors as just another number and so if you really want tro sell your property you ashve to be on their backs EVERY day, finding out what marketing they are doing for YOU and YOUR property. Ask them when YOUR property is going to be one of the half a dozen going into the local papers that week. As mentioned on here, not everyone uses the internet, and a lot of people still use the local papers as a starting point. MOst estate agents advertise in the loicals and have space for only a limited no. of properties............make sure YOURS is one of them.
I will also say that the onus is on you. Please don't take unbridge at this, but if you've had 14 viewings and no hint of interest , then there is a problem. Either:
1) there is a problem with the location of your property - is it near a motorway/railway line/industrial estate/council estate.
2) there is as problem with the look of your property - are there structural defects/mold etc - general decor isn't usually a problem and moist people re-decorate when they move in
3) there is aproblem with your viewings - are they the right type of people. By the sounds of it yoiur properrty will be for 1st time buyers/single people - can they get a mortgage ?
A few yrs ago I tried selling my house - 3 bed terrace in dartford. Was on the market for 3 months - about 8 or 9 viewings but no offers. We took it off the market for a month, spent £1,000 on re-docoratiing, a new carpet and fresh paint, put it back on the market and sold it within a week !
I actually DO believe the Estate Agent for once - the housing market is on the brink and properties may well fall again over the next year or two. The real problem is that NO-ONE knows the correct price for YOUR property.........even if you get an offer at the asking price, a lenders surveyor/valuer may well down value it and the prospective purchaser will then pull out as he wont be able to secure a mortgage. They used to say a property was only worth what someone was prepared to pay for it - nowdays it is only worth what a valuer says it is !
We all like to think our property is worth a certain figure...........and estate agents don't help by marketing a property at too higher a figure in the first place, knowing that you can always drop the price later on............how many times do you see properties for sale going UP in price if they have been on the market for weeks ???
Have a look on rightmove at similar properties in your area - there is a section on there that tells you what price they actually SOLD for, not what they were advertsied at !! - these figures are from Land Registry and are available 3 months after completion - This is good if you live ina street/area with similar 3 bed properties or a new estate of flats/apartments. If you find that 3 similar properties to yours sold for around £100k then its no good trying to sell yours for £120k.
Do people really wait for the News shopper to come through their door then decide to move house?
I really belive the internet is the place where houses are sold. Certainly it must be the first port of call.
Who doesnt surf and who does? My mother is an OAP and she would be lost without the net. My son has been using the net from the time he was in infants school. I'm hard pushed to name a single family member or friend who cant switch on a PC, its part of life now.
If Estate agents were not on the web, they would go out of business if they tried to compete in todays market.
If an agent values a place at £100k he will make about £2k commission when it sells.
If you get an offer of £95k that looks genuine, the agent will probably advise you to take it because:
He is going to drop only £100 in his commision expectation, yet he may not earn anything at all if you hold-out for the full price, or it may get sold by another agent and he again earns nothing.
With the abolition of the HIP more people are able to market their property without having to pay a fee upfront. This is going to increase supply and will reduce pressure on price rises. However, I find it difficult to believe that we are going to have a significant reduction in house prices anytime soon.
It is more lkely, as has already been said, that the Agent inflated the value of the property to appeal to the natural greed in us all with the intention of reducing the price once he has you under contract. I would be worried about the number of viewings with no offers though. It takes on average 12 viewings to sell a property, so if you've had 14 and no offers that suggests that either the viewers are fabricated, or plain time wasters, or there is something they see when the come out that is not apparent on the property particulars. This issue needs to be discovered, as it is quite likely that it is not price sensitive, so reducing the price may make no real difference, or may not be necessary. You really need to chase the agents for the feedback, as it might be something really easy to sort out and then the property will sell for what you are asking now.
Do people really wait for the News shopper to come through their door then decide to move house? I really belive the internet is the place where houses are sold. Certainly it must be the first port of call. Who doesnt surf and who does? My mother is an OAP and she would be lost without the net. My son has been using the net from the time he was in infants school. I'm hard pushed to name a single family member or friend who cant switch on a PC, its part of life now. If Estate agents were not on the web, they would go out of business if they tried to compete in todays market.. Valiantphil
Nearly an OAP myself Valiantphil...... Estate Agents may well be on the web, but of the 5 agents in Bexley Village only 2 have there own site! Having a presence on rightmove is very important but not the only web presence you need. If you live in Bexley/Bexleyheath it is probably an important maketing tool.I live in a bit of a specific area, and probably the reason why Jackson's and Right move departed years ago. Obviously it is important that you select an agent that wants your house, and is correctly valued. But as others have stated this is not a mystic art or an exact science!. Other areas other variables come into consideration, traffic, mainroad,Schools... how near the shops, three of my viewers were concerned where the sun sets/rises...... Perhaps they prey a lot!
To be fair to estate agents (blimey there's a sentence I thought I'd never type), everyone involved in the house buying/selling process is almost always a complete and utter twunt so they are in good company. That means the buyer, your lawyer, their lawyer, the mortgage broker, the mortgage company, their mortgage broker, the surveyor, and anyone else sticking their oar in is a flipping nightmare waiting to happen (including ourselves if we don't get things in perspective and try and stay reasonable). If you manage to find a good 'un make sure you keep 'em.
I've had a few whispers but i would obviously like to help out all Charlton fans so if anyone would like advice on selling/moving then please contact me.
For all those saying his estate agent is this/that and any other name, he's had 14 viewings in 2 months. In the current market i think that's quite good. I'd have to agree with Golfie that something is putting them off when they view the place. Either there's something that turns them off when they look round, or they think it's over priced.
[cite]Posted By: kings hill addick[/cite]Bournemouth, that's a bit of a sweeping generalisation.
I speak from (bitter) experience both personal and in my professional capacity. I'm yet to meet anyone inlvolved in the business that I would happy recommending to someone else.
Fair enough, but I, personally, know a lot of Mortgage Brokers that are as honest and as decent as any other business man. Not to mention the fact the they are regulated and monitored. How many other industries do you have to give your clients a full breakdown of what you earn, and from where, before you make any recommendtion, followed up by a full report of exactly what you did, and why you did it?
Just a quick thing. You have to make the property attractive to potential buyers. No clutter, nice fixtures/ fittings. I sold my flat last year. I moved everything I didnt need at that moment into storage, made sure there was easy access to all areas of the flat, put fresh flowers out etc. The Estate agents said put it on the market for £160k, I said put it on for £175k. Three viewings in first week, an offer for the full asking a week later.
Sounds silly but when I was looking to buy the state of some peoples houses left me thinking sod buying that.
Yes, look beyond the decor, but good decor helps ...
[cite]Posted By: kings hill addick[/cite]Fair enough, but I, personally, know a lot of Mortgage Brokers that are as honest and as decent as any other business man. Not to mention the fact the they are regulated and monitored. How many other industries do you have to give your clients a full breakdown of what you earn, and from where, before you make any recommendtion, followed up by a full report of exactly what you did, and why you did it?
Each to their own I suppose but I know, professionally, numerous mortage brokers and estate agents that I wouldn't trust to tell the truth if their kiddies lives depended on it. Not saying everyonebut as a profession there are a lot of wide boys and sharks in the property game. And I should know...
Comments
I have learnt that Estate Agents view most vendors as just another number and so if you really want tro sell your property you ashve to be on their backs EVERY day, finding out what marketing they are doing for YOU and YOUR property. Ask them when YOUR property is going to be one of the half a dozen going into the local papers that week. As mentioned on here, not everyone uses the internet, and a lot of people still use the local papers as a starting point. MOst estate agents advertise in the loicals and have space for only a limited no. of properties............make sure YOURS is one of them.
I will also say that the onus is on you. Please don't take unbridge at this, but if you've had 14 viewings and no hint of interest , then there is a problem. Either:
1) there is a problem with the location of your property - is it near a motorway/railway line/industrial estate/council estate.
2) there is as problem with the look of your property - are there structural defects/mold etc - general decor isn't usually a problem and moist people re-decorate when they move in
3) there is aproblem with your viewings - are they the right type of people. By the sounds of it yoiur properrty will be for 1st time buyers/single people - can they get a mortgage ?
A few yrs ago I tried selling my house - 3 bed terrace in dartford. Was on the market for 3 months - about 8 or 9 viewings but no offers. We took it off the market for a month, spent £1,000 on re-docoratiing, a new carpet and fresh paint, put it back on the market and sold it within a week !
I actually DO believe the Estate Agent for once - the housing market is on the brink and properties may well fall again over the next year or two. The real problem is that NO-ONE knows the correct price for YOUR property.........even if you get an offer at the asking price, a lenders surveyor/valuer may well down value it and the prospective purchaser will then pull out as he wont be able to secure a mortgage. They used to say a property was only worth what someone was prepared to pay for it - nowdays it is only worth what a valuer says it is !
We all like to think our property is worth a certain figure...........and estate agents don't help by marketing a property at too higher a figure in the first place, knowing that you can always drop the price later on............how many times do you see properties for sale going UP in price if they have been on the market for weeks ???
Have a look on rightmove at similar properties in your area - there is a section on there that tells you what price they actually SOLD for, not what they were advertsied at !! - these figures are from Land Registry and are available 3 months after completion - This is good if you live ina street/area with similar 3 bed properties or a new estate of flats/apartments. If you find that 3 similar properties to yours sold for around £100k then its no good trying to sell yours for £120k.
I hope this helps
I really belive the internet is the place where houses are sold. Certainly it must be the first port of call.
Who doesnt surf and who does? My mother is an OAP and she would be lost without the net. My son has been using the net from the time he was in infants school. I'm hard pushed to name a single family member or friend who cant switch on a PC, its part of life now.
If Estate agents were not on the web, they would go out of business if they tried to compete in todays market.
If you get an offer of £95k that looks genuine, the agent will probably advise you to take it because:
He is going to drop only £100 in his commision expectation, yet he may not earn anything at all if you hold-out for the full price, or it may get sold by another agent and he again earns nothing.
Hence the encouragement to drop prices.
Its free and Sarah Beanie is proper MILF.
http://www.tepilo.com/
It is more lkely, as has already been said, that the Agent inflated the value of the property to appeal to the natural greed in us all with the intention of reducing the price once he has you under contract. I would be worried about the number of viewings with no offers though. It takes on average 12 viewings to sell a property, so if you've had 14 and no offers that suggests that either the viewers are fabricated, or plain time wasters, or there is something they see when the come out that is not apparent on the property particulars. This issue needs to be discovered, as it is quite likely that it is not price sensitive, so reducing the price may make no real difference, or may not be necessary. You really need to chase the agents for the feedback, as it might be something really easy to sort out and then the property will sell for what you are asking now.
I really belive the internet is the place where houses are sold. Certainly it must be the first port of call.
Who doesnt surf and who does? My mother is an OAP and she would be lost without the net. My son has been using the net from the time he was in infants school. I'm hard pushed to name a single family member or friend who cant switch on a PC, its part of life now.
If Estate agents were not on the web, they would go out of business if they tried to compete in todays market.. Valiantphil
Nearly an OAP myself Valiantphil...... Estate Agents may well be on the web, but of the 5 agents in Bexley Village only 2 have there own site! Having a presence on rightmove is very important but not the only web presence you need. If you live in Bexley/Bexleyheath it is probably an important maketing tool.I live in a bit of a specific area, and probably the reason why Jackson's and Right move departed years ago. Obviously it is important that you select an agent that wants your house, and is correctly valued. But as others have stated this is not a mystic art or an exact science!. Other areas other variables come into consideration, traffic, mainroad,Schools... how near the shops, three of my viewers were concerned where the sun sets/rises...... Perhaps they prey a lot!
Agreed with the second sentence. Hall of Fame.
Free market economy - if you don't like the way the local cafe cooks sausages then cook your own and don't pay for them ! (Poor but valid example)
You are paying so if you aren't getting what you want, move your custom or DIY.
Either there's something that turns them off when they look round, or they think it's over priced.
I speak from (bitter) experience both personal and in my professional capacity. I'm yet to meet anyone inlvolved in the business that I would happy recommending to someone else.
*Clique comment.
Sounds silly but when I was looking to buy the state of some peoples houses left me thinking sod buying that.
Yes, look beyond the decor, but good decor helps ...
Each to their own I suppose but I know, professionally, numerous mortage brokers and estate agents that I wouldn't trust to tell the truth if their kiddies lives depended on it. Not saying everyonebut as a profession there are a lot of wide boys and sharks in the property game. And I should know...
Sold for a good price and exchanged yesterday.
I haven't got bad word to say about estate agents