So angry at estate agent. Should I do anything?

(172 Posts)
TerrysNo2 Mon 08-Apr-13 10:43:44

We put our house on the market last week using the price the estate agent recommended and we have had about 20 viewings in the last week but no offers.

Today one of the agents said to me it might be priced a bit high, I replied that they told us what price to use angry angry

What should we do? Drop the price straight away or leave it a bit longer. Its currently on at £340k and so I assume we'd need to drop it to 320-325k.

We're not in a massive rush to move but DS is starting school in September and we're moving area so I would like to be moved before then.

sorry if this post is a bit messy, I need a rant and maybe some positive suggestions / thoughts. Its constantly on my mind at the moment and I am losing sleep over this

Thanks!

thebestpossibletaste Mon 08-Apr-13 10:46:41

Do the estate agents give you feedback from the clients who viewed your property?

TerrysNo2 Mon 08-Apr-13 10:48:09

yes, most say it's too small, there is a railway line at the back of the garden so that's putting a few people off.

it's a perfect home for a couple or those planning a first baby but they've been showing it to families.

LizzyMcGuire Mon 08-Apr-13 10:51:55

One of our local estate agents overprices all their properties by a stupid amount, our neighbour's house was on for £300k when similar properties sell for £250k. You just look at their prices and immediately deduct 20%.

Insania.

Mind you, if people were interested but thought it was overpriced, wouldn't they make a low offer?

Do you want to link it and see what we think of the price?

LizzyMcGuire Mon 08-Apr-13 10:53:03

Also, I don't know what the market's like where you are, but a week is no time at all.

You might want to stand firm.

FasterStronger Mon 08-Apr-13 10:53:11

You need to drop your price. I think your timescales are quite short. Lots of property takes 1+ years now to sell.

TerrysNo2 Mon 08-Apr-13 10:53:49

that's what I thought Lizzy which does give me some hope. If I really wanted out but thought it was only worth £320 then I'd offer that.

not sure I want to out myself by sharing the link on here but I can pm it to anyone who wants it.

Alwayscheerful Mon 08-Apr-13 10:55:12

Yes reduce the price, negative feedback usually indicates the price is too high, viewers could see the room sizes when they looked at the property details. They should be chasing feedback from all the viewers and it should be logged on the computer system. You shouldn't have to chase the feedback, they should call you after every viewing. Reduce to £325.

LizzyMcGuire Mon 08-Apr-13 10:56:01

Oh yes please to pm. I love houses.

wonkylegs Mon 08-Apr-13 10:59:32

It's only been a week, so don't panic. Take a look back and try and get some perspective.
I must admit I did a lot of research before even talking to agents to get a reasonable idea of price in my head (other properties size, location & condition). This meant I laughed when one agent gave us a silly high price as I knew it was ridiculous.
We went with an agent and a price that seemed right to me not just their suggestion. I can't comment if that's worked as it only went on the Market on Friday afternoon and as our agents don't open on a Sunday that means we've only had 1 day of viewings.
Perhaps you could spend a bit of time and see what you think it's worth compared to the market in your area before rushing to drop the price.

TerrysNo2 Mon 08-Apr-13 11:02:01

Lizzy have pm-ed

SoupDragon Mon 08-Apr-13 11:02:06

It's only been a week - I would give it a bit longer before reducing the price.

Do you have lots of big furniture in the rooms making it look smaller? Too much "stuff"?

MaryBS Mon 08-Apr-13 11:02:12

If you had 20 viewings, then I would say you hadn't priced it too highly. But if you are in need of a quick sale, then I guess make it clear there is a "deal to be done" to the Estate agents.

wonkylegs Mon 08-Apr-13 11:02:50

Oops meant to say try to find out from your agents the timescales for typical selling in your area. Some areas it is very slow but in others it's still very fast. Our suburb has a microclimate for quite fast house sales in a city that is generally quite slow otherwise. This is the kind of information an agent should be able to give you very easily.

TerrysNo2 Mon 08-Apr-13 11:03:11

But if I reduce it to 325k then aren't people just going to offer lower?

A friend of mine has been trying to sell hers for months. They have plenty of photos and a floor plan. The estate agent has sent couples, and retired people, even though the property is quite clearly a family home. None of the viewers have found it 'suitable for their needs'.

I can't afford it, or I'd be making an offer.

They've decluttered, repainted, and dressed the house. And they've reduced it.... sad

magimedi Mon 08-Apr-13 11:05:52

Have a look & see what similar property in your area has sold for.

Very difficult to advise with out knowing what your local market is like.

How many agents did you have round to give an opinion?

TerrysNo2 Mon 08-Apr-13 11:08:05

we only had one agent round. we bought from them and I trusted them in the area blush

I don't have much time to spend meeting different agents etc.

LizzyMcGuire Mon 08-Apr-13 11:09:17

Right, I would swap the cot into the small bedroom and the cabin bed into the front bedroom for a start.

Is picture 5 with the fireplace your landing? It's lovely. I would take everything off the shelves and dress them beautifully with just one or two ornaments, get rid of the towels, it makes it look like there's no storage (there is plenty of room in your lovely bathroom.

Can you store one of your sofas? And thin out the books etc in the living room, it's not a small room but looks overstuffed and tiny.

Also can you store away the desk in your bedroom? Or even put teh DC in together and dress the 3rd bedroom as a study?

It's a beautiful house, and I don't think it's overpriced when you look at what else is around. But it does look too small for you and unfortunately that's what buyers will see.

I love love love your kitchen and dining room by the way.

EasterHoliday Mon 08-Apr-13 11:11:12

you wouldn't get 20 people through the door if it was really overpriced. How long is their exclusive period for? serve notice to end it now if you have to do that.

(my next door neighbour's house is for sale - they've had precisely two viewings in a month and tw*t agent has asked them to reduce by 18% of value as the asking price they suggested (in order to get the job) was way too high)

magimedi Mon 08-Apr-13 11:11:44

I'm not being shouty or rude, but you really should have hadvaluations from 3 agents. It's common practice for agents to give a high valuation in order to get your business.

How long are you tied into this agent for? If not for long I would get another couple round for valuation.

And if they ask you what you want/think it's worth just tell them that that is their job.

Is it a one off house or are there a lot similar to it? Check the other achieved prices in your area.

TerrysNo2 Mon 08-Apr-13 11:15:08

Lizzy thank you for taking the time to look! The prospect of making the changes you suggested is overwhelming and not very practical. (the cabin bed would need to be dismantled to remove it and DH would have a great attack as he only put it up recently grin )

Do you suggest making the changes just for the photos or even for when people come over for the viewings?

Again, thank you very much for spending time looking at it wink

TerrysNo2 Mon 08-Apr-13 11:17:33

We haven't signed a contract yet, I've not received it in the post! although they have put it online and we have a for sale board. not sure where that leaves me.

magimedi Mon 08-Apr-13 11:18:42

I'd check on the T & Cs of your agent.

LizzyMcGuire Mon 08-Apr-13 11:20:43

I would do it for viewings. You need to highlight that it's a good sized three bedroom family house (which it is) and downplay the fact you've outgrown it.

Best of luck with it, it really is a lovely home and I think the price is bang on, just sit tight and declutter as much as you can bear to and I'm sure your buyer will come along soon.

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