Why pay an EA when you do all the work?(21 Posts)
That is the summary of my comment!
I don’t know....... I think a good EA will do their best to get you a good price and know how to work buyers into paying a bit more than if you went through Purple Bricks or whatever.
I sold a house last year through an EA with an excellent reputation. The home report value was £300k and their commission was 1% but this went up to 1.5% if the house sold for over £330k, they got me £336k for it. I don’t think I would have got that if I had sold it myself, so I believe the EAs services were a good investment.
I think a good EA will do their best to get you a good price and know how to work buyers into paying a bit more
Well the Freakonomics chaps say not. If the commission percentage goes up (as in your case) it may change it but they get such a healthy chunk, another grand or two makes no difference to them.
The UK system is bonkers.
Don't use an estate agent then. It's not compulsory.
another grand or two makes no difference to them.
Of course it does, they’re a business and “another grand or two” isn’t pocket change.
I’d see it as something having gone wrong if you’re doing all the work! We didn’t do any of the viewings (that was the main reason we wanted an agent...) and felt that we got our money’s worth on the sales progression and chasing side. Agent cost pretty much the same as the solicitor in our case and I spent much less time pissed off with the agent. It is of course house dependent and I can completely see it isn’t worth it for every one but it made sense for us.
Agree that the English system is overall incredibly painful though, you’re defo right on that!!
I completely disagree with you. I sold my house last year using an online agent, sold overnight. The after sale care was rubbish, little communication and then the sale fell through. I put it back on the market with a local agent, it again sold within 48 hours. 3 months then proceeded of the conveyancing process. My EA was like a bulldog and without her pushing solicitors etc the sale would never have gone through.
Selling your house is only the first part of the
nightmare jigsaw the worst and most complex part is pushing it to completion and the online agents just didn't have the same motivation.
The process took 9 months overall from first selling to moving and was so so stressful I would have paid my local agent double for the work they did.
Our estate agent lined up 4 viewings for us before it even went on Rightmove etc. Our house officially went on sale in the evening, we had the viewings the following day and sold.
Also, having viewed properties through online estate agents, you can tell the photos aren't professional which puts many off viewing, there's often glaring errors in the description (we viewed a house with 'views of open fields'- which were being built on) and houses are often overpriced (the price they'd sell for if they were in perfect condition, but when you view they're nowhere near perfect- one house had walls put in by the seller which didn't even reach the ceiling properly)
Having been used to the UK system of buying and selling a house, when we bought our house in NZ it was a total revelation! We need to sort the UK system out, it's so riddled with loopholes and drama.
In NZ we viewed the house, made a conditional offer (subject to building survey) when that came back clear the offer went unconditional and neither we, nor the vendors, could pull out without financial penalties. From offer to completion took 16 days.
@Draylon Everyone finds houses they might want to view on Rightmove don't they?
Er, who do you think is putting these houses on RightMove for you to see?
The DIY EA game is not yet working flawlessly, but it is getting there. Until then, EAs are a necessary evil.
A relative bought in Scotland under Scots law - seemed better and less stressful than my experiences.
I agree house selling is broken. Why is no political party targeting reform? Housing is in crisis and the sales process is one part of it.
We need EA's in the UK because we are too polite to haggle face to face.
Also, we did our own viewings so I don't think the EA was value for money.
Ski4130 there isn't a UK system, Scottish and English systems are very different.
The English buying system is a mess but we are currently selling/buying. As it happens both with the same agent. They negotiated a good price for us to sell at, but also managed to get us a realistic buying price.
We have been registered with allthe local agents who have contacted us regularly about potential properties, even before they appeared on right move. They chased potential buyers for us too. I wouldn't have wanted to do all this on my own.
As a pp said the online agents come with no floor plans and dodge photos on the whole, plus the majority of the time overpriced.
So long as you remember that in England the EA is employed by the vendor to help market the property, and that's all, you'll be fine.
Of course, EAs offer far more services than just marketing, as the name implies, but for most people that's the only service they pay them for.
The UK system needs an overhaul.
EA's do seem to be more useful in different areas though. My expensive EA in London had 3/4 people lined up to view before it went online. One of which bought my house. They did all the viewings, I wouldn't dream of doing them myself. They also chase the buyers and facilitate the sale,make sure it goes smoothly.
Still not worth the money though. The solicitor seems to do far more work for a fraction of the price.
We sold through an EA last year, and they certainly did a LOT of work. For 1.19%, they provided lots of staging advice and took amazing photos. They also managed and hosted all the viewings, chasing up all enquiries about the property, encouraging viewings. They gathered feedback from viewers, which probably made it more reliable that if we had directly asked for feedback ourselves. They then negotiated the actual offers stage. Most importantly, though, they consulted with other EAs involved in our chain and frequently spoke to our solicitor, pushing things along and assisting us as issues arose.
Admittedly, this EA was much better than the one we had used previously, so it is worth shopping round and getting opinions on them.
As for the whole hazy pint culture etc, you are definitely right on that one!
We've never done a viewing, the agents have always done it.
We sold our house last year, used a local EA who charged us a fixed price. He did all the viewings and was totally brilliant.
I was a bit pissed to find that out EA wouldn't do the viewings for us (I thought that was the point), BUT in the end we sold our house to someone on their books who wouldn't have considered it without a push, so ultimately it was worth it.
Join the discussion
Registering is free, easy, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.Register now »
Already registered? Log in with:
Please login first.