Double Estate Agent fees?

[StarTravels]

It's so frustrating!

We sold our house straight after the open day after 4 viewings and then panicked we had to find somewhere so we didn't keep them waiting too long. Found somewhere and fell in love. Had offer accepted and then the next day our buyer pulled out!

We really don't want to lose the house we've found.

Has anyone ever incentivised the estate agent by agreeing to double their fee if they find a new good buyer within a week? If so, did it work or what do people think of this as a strategy?

It may sell really quickly again, but I also assume all the currently interested people would have viewed it when it first came on the market, so we are panicking it won't be as quick the second time round.

What could the agents do in a week that they didn't already do when the house first went on the market?

I suppose it would incentivise them to be proactive and phone people rather than just wait for them to walk in? And put the sales focus on our property rather than some of the others ?

No, don't do it! Complete waste of money they won't do a thing differently. If it sold quickly the first time chances are it will again.

Do you have any 'back up buyers'? (Anyone who put in an offer or wanted to second view before but missed out?)

I used to work in an estate agents - we had one customer offered £500 bonus to the individual who secured him an offer at or over the asking price. We have never worked so hard to try and get viewings before in our life! Most estate agents are minimum wage (im in the north) and this really was a lot of money on top of our wage. Was something a bit different anyway, so I wouldn't rule it out - but I'd make sure it went direct to the specific person if they will let you (as they are the ones you need to motivate) rather than the agency.

We had two other interested parties. One really wanted it but hadn't even got their house on the market yet so wasn't going to make an offer and the other one was worried about the gas and electricity bill and despite saying they were planning to make an offer we couldn't get in touch with them to tell them about our offer so I didn't consider them very serious.

My worry is that anyone looking right now would have already viewing on our open day, but I agree it was very quick so probably only showed up on right move for a week.

Perhaps you're right Billy, we just really wanted this house. And I would be so sad to lose it.

I've never sold before (FTB last time) and with a toddler, tidying up and going out all the time for viewings was a nightmare the first time round and we only did it for a couple of days!

You catch more flies with honey.

Cheesy but this is the best bribe I've seen and I worked in an estate agents for a while. Get your property details printed on a few mugs and take them in to the estate agent office with some crispy creme donuts and a selection of nice tea and coffee. It made the vendor very memorable and after it sold, everyone in the office still did everything they could to get the sale completed as quickly as we could. We all thought 'how nice' she was, he did her admin next, pushed the other side etc. It's those little things that also help get it over the line.

Ooh I like that idea MrTumble! We are in the South East, so no idea if they are paid similarly, but if we offered £1k to the person who found us a buyer it would save us a lot compared with doubling the fees! Thanks for the idea!

I'm not sure our house is pretty enough for a Mehfruit, but I will definitely suggest DH goes round with some Krispy Kremes

I used to work for Countrywide in the SE and the only time someone was offered a bonus, the company took it off them saying it was unfair and not company policy to allow staff to accept gifts over £20 and put it towards 'the Christmas party (yeah right)' but then again they are tight as a ducks whatsit

The squeaky wheel gets the oil.
Just keep phoning them up to ask latest news. Be annoying without being too annoying.