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Depends on if you want a quick sale and if there are are a number of similar houses in the area for sale at the same time and how yours compare to theirs. 

Are they taking a fixed rate for the sale or percentage of the sale? I'm thinking you are going to say the former.

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15 minutes ago, Coldo said:

Depends on if you want a quick sale and if there are are a number of similar houses in the area for sale at the same time and how yours compare to theirs. 

Are they taking a fixed rate for the sale or percentage of the sale? I'm thinking you are going to say the former.

They are taking 1 percent, no similar houses to mine in area, they are wanting me to start at £16000 less than valuation, they say this will generate more buyers looking , just seems a bit much to me

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23 minutes ago, Coldo said:

Depends on if you want a quick sale and if there are are a number of similar houses in the area for sale at the same time and how yours compare to theirs. 

Are they taking a fixed rate for the sale or percentage of the sale? I'm thinking you are going to say the former.

Meant to add it would be offers over

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2 hours ago, 86glebestreet said:

They are taking 1 percent, no similar houses to mine in area, they are wanting me to start at £16000 less than valuation, they say this will generate more buyers looking , just seems a bit much to me

I remember reading an interesting article about estate agents, I think it was by the Freakonomics guys.

In summary, they were saying that the agent wants to sell your house ASAP to get their 1%.  1% of £400,000 is £4,000, 1% of £416,000 is £4,160.  So only £160 different but the house might sell two months quicker at the lower price.

And in fact the individual you are dealing with might be on say 10% of that 1% so they are pocketing either £400 or £416.

For you the sacrifice is £16,000. You might be willing to take that trade if you want a very quick sale but the point is that an estate agent is not always entirely on your side.

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11 hours ago, Denny's Yard said:

I remember reading an interesting article about estate agents, I think it was by the Freakonomics guys.

In summary, they were saying that the agent wants to sell your house ASAP to get their 1%.  1% of £400,000 is £4,000, 1% of £416,000 is £4,160.  So only £160 different but the house might sell two months quicker at the lower price.

And in fact the individual you are dealing with might be on say 10% of that 1% so they are pocketing either £400 or £416.

For you the sacrifice is £16,000. You might be willing to take that trade if you want a very quick sale but the point is that an estate agent is not always entirely on your side.

Bang on the money there.

The only people the estate agents are looking out for are the estate agents.

People often (understandably) fall into the trap of believing that an estate agent on a percentage basis will always try and get you the best price and do everything in your interests because it's best for them too, right?  Not so.  As you say, £160 less today is often actually worth an awful lot more to them than that extra £160 in two months' time.  And your £16,000 is worth a damn sight more to you than the £160 is to them.

And truthfully, how much of the £4,160 or £4,000 have they actually earned in terms of value? Not a great deal of it.  What do you actually get for your £4K?

The new online-based fixed fee model looks like much better value for the vendor and I think is going to change vendor behaviours massively over the next five years or so to the point where traditional estate agents will get squeezed massively. It will then in turn put them in the position where they need to embrace the new culture and change themselves or face oblivion.

That sector of the market is in for a significant shakeup in the near future which will be to the benefit of buyers and vendors alike.

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We sold with an estate agent, and in hindsight they probably did advise us in their benefit more than our own in that regard.

Their marketing was pretty good, which definitely generated interest, but they were very keen to get everything done quickly.

We maybe could've squeezed another couple of grand from the buyer, but then we didn't even sell to the highest bidder, as they were in a chain and had a set date in mind.

Sold it in 8 days for more than we expected..

In response to the OP, we were told people were generally getting 10% above the offers over price or near to home report value, so they marketed it 10% under. How much estate agents influence these things I don't know?

Solicitors are the real robbing bastards of this game though!!!!

 

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21 hours ago, 86glebestreet said:

Anyone had a home report and the estate agent wants to put house on market at a lower price than the valuation, 

Yep. I think they suggested 5% under valuation versus the HR to generate a bit of interest. If things are bit sluggish it is a good idea IMHO.

Edited by thplinth
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Guest flumax
21 hours ago, Eisegerwind said:

https://www.propertyeagle.co.uk/selling/

Why not pay this lot £400, theyll take some nice pics of your house, ask you how much you want to sell for,make an ad and stick it on Zoopla. Never understood what estate agents do.

Would love to use someone like that, but in the North East, aspc have a virtual monopoly. Very few properties go on rightmove, Zoopla etc, so no one lists so sticks to aspc which makes them stronger... Only way of getting on aspc is to use a partner who charge mad money. 

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23 minutes ago, flumax said:

Would love to use someone like that, but in the North East, aspc have a virtual monopoly. Very few properties go on rightmove, Zoopla etc, so no one lists so sticks to aspc which makes them stronger... Only way of getting on aspc is to use a partner who charge mad money. 

 

Really? I just searched Aberdeen on Zoopla and 216 properties came up. Is Zoopla, rightmove etc not the way everyone looks for property, do people still walk into estate agents and ask them to find them a property?

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45 minutes ago, Eisegerwind said:

 

Really? I just searched Aberdeen on Zoopla and 216 properties came up. Is Zoopla, rightmove etc not the way everyone looks for property, do people still walk into estate agents and ask them to find them a property?

You know the North East is not just Aberdeen?

 

Rightmove has for example Peterhead 17, Inverurie 7, Stonehaven 2. Compare that to  ASPC: Aberdeen 2827, Peterhead 270, Inverurie 387, Stonehaven 132.

 

I agree, People don't go in to estate agents, they'll use a website and in the north east the website  for houses is  aspc which has over 5000 properties listed for Aberdeen/shire 

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4 minutes ago, flumax said:

You know the North East is not just Aberdeen?

 

Rightmove has for example Peterhead 17, Inverurie 7, Stonehaven 2. Compare that to  ASPC: Aberdeen 2827, Peterhead 270, Inverurie 387, Stonehaven 132.

 

I agree, People don't go in to estate agents, they'll use a website and in the north east the website  for houses is  aspc which has over 5000 properties listed for Aberdeen/shire 

My previous reply maybe came across as a bit abrupt, wasn't meant to! I think the numbers you've quoted pretty much sums up what you said originally. I'm just very surprised at that. It could be the same in the central belt with the ESPC type set ups to be honest, All I really know was that when I was buying/selling a few years back everything that we looked at was on Zoopla and Rightmove etc.

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South Africa the commission taken by agents is 7%   - yes no typo

I reckon you should go 10% under - no obligation to sell 

If you have a cheaper price, you will generata interest in a lower spend bracket, who if they like your place, might stretch themselves to buy 

If folk are accustomed to people going 10% under, they might think you still want to get 10-20% above the 100% HOme Valuation report you have

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18 minutes ago, Eisegerwind said:

My previous reply maybe came across as a bit abrupt, wasn't meant to! I think the numbers you've quoted pretty much sums up what you said originally. I'm just very surprised at that. It could be the same in the central belt with the ESPC type set ups to be honest, All I really know was that when I was buying/selling a few years back everything that we looked at was on Zoopla and Rightmove etc.

No worries. 

It is an odd part of the world. If I recall aspc was the first spot in the UK and I think this lends itself to being ingrained.  I also think people round here like artificial inflated pricing. 

Sadly I think when I come to sell I'll have to go with one of those money grabbing  charlatans.

 

I know that neighboring angus and moray spc are no way near as prolific. Maybe I'll live over the border next. 

 

 

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13 hours ago, sbcmfc said:

We sold with an estate agent, and in hindsight they probably did advise us in their benefit more than our own in that regard.

Their marketing was pretty good, which definitely generated interest, but they were very keen to get everything done quickly.

We maybe could've squeezed another couple of grand from the buyer, but then we didn't even sell to the highest bidder, as they were in a chain and had a set date in mind.

Sold it in 8 days for more than we expected..

In response to the OP, we were told people were generally getting 10% above the offers over price or near to home report value, so they marketed it 10% under. How much estate agents influence these things I don't know?

Solicitors are the real robbing bastards of this game though!!!!

 

So, if HR value was £100000, they marketed it at £90000 (10% under).

But at 10% over asking price, would yield £99000.

?

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On 10/05/2017 at 11:10 PM, 86glebestreet said:

They are taking 1 percent

Tell them you want a fixed fee.

They do no more work for a £100000 property than they do for a £200000 one.

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There's some harsh comments in here about estate agents, I've worked with (not for) a lot of estate agents and although some are obsessed with their commissions there are some who are customer focused and they will do all they can for their clients. Those experiences were in Scotland. 

Down here in the south east the estate agents are a lot different, the buying process is obviously different but there's a lot more greedy bastards here. 15 years working in Scotland and I never had any heated  arguments with estate agents, down here for one year an argument is a weekly occurrence. There's still some who will look at the bigger picture by being more customer focused because they want that customer to refer others and also come back for repeat business. Too many down here think short term by focusing on the immediate commissions.

Edited by vanderark14
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11 hours ago, flumax said:

You know the North East is not just Aberdeen?

 

Rightmove has for example Peterhead 17, Inverurie 7, Stonehaven 2. Compare that to  ASPC: Aberdeen 2827, Peterhead 270, Inverurie 387, Stonehaven 132.

 

I agree, People don't go in to estate agents, they'll use a website and in the north east the website  for houses is  aspc which has over 5000 properties listed for Aberdeen/shire 

No way can that many houses be for sale in inverurie at present, surely? There's only about 10,000 of a population! 

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55 minutes ago, Parklife said:

No way can that many houses be for sale in inverurie at present, surely? There's only about 10,000 of a population! 

Closer to 11k.

387 see bottom left 

Screenshot_20170512-101127.png

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1 hour ago, Flure said:

So, if HR value was £100000, they marketed it at £90000 (10% under).

But at 10% over asking price, would yield £99000.

?

Bastards tied us in knots with Maths.

:lol:

I didn't find estate agents too bad. They seem to have a stereotypical bad reputation, perhaps the ones in the south east have propagated that?

As I said earlier, conveyancing is the real daylight robbery in moving house! All the pointless back and forth and holding things up apparently for the sake of it.. 

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