Recently put house on the market. Not too bad an experience so far, but Estate Agents:
- massively over-valued house so that we would go ahead with them instead of other agents who priced house more accurately. It worked to an extent. We did go ahead with them with our eyes wide open thinking, well, let's see what they can do if they're so confident... House hasn't sold, no offers have been put forward; we now want to change for agent who initially priced house more realistically as we do not want to drop price with agent who over-valued house.
- A day before contract was due with above agent and after 10 days with no viewings whatsoever, they miraculously bring in two viewings, both of which showed no interest in the house whatsoever and left after 5 minutes. I am thinking the people who came to view were misled by the agents just to get the viewings? I don't know, obviously just speculation.
- Agents have been assuring us that people who actually viewed house twice are 'this close' to making an offer. I think if they were they would have done it by now and that agents are just trying to get us to stay with them.
I only had the prospective of a buyer, but an estate agent sent us to view a 3 bedroom flat. It was a one bed, but if we put a sofa in the kitchen and a stud wall in the living room it would create 3 cupboard size bedrooms
When we sold our last place, one of the prospective EAs (savills) massively over valued it.
They wanted 2% commission. We said we would pay 2% if they achieved the price they were suggesting or v close, but only 1% if sale price turned out to be much less. We wanted to see how confident they were, would they put their own money where their mouth was.
This is the problem with a few local agents. We always keep an eye on the market. If a house doesn't sell straight away you assume there is a problem. Much better to start at a realistic price. This is mainly the fault of the estate agents in giving people un realistic advice.
There are a few houses that I have liked the look of, but never even bothered with a viewing because the price is so much more than my research suggested. One of these houses has now gone on the rental market. I did ask the ea to pass on that I was interested but didn't want to waste time/get the sellers hopes up. They live out of area and I very much doubt this info was passed on. I wonder how many potential sales these people have missed out on?