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Property/DIY

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Original poster

Change agent/reduce price/do both?

20 replies

R2221 · 11/04/2019 11:19

We are in SE London. Our property has been on the market for a few months but we didn't sell yet :( Our agent (online) wants us to reduce again (reduced twice already). DH wants to change agents. We have 2 agents in mind:

Agent1: Not local, but they sold a property down the road 0.5% (incl VAT)
Agent2: Locally known 1%+ VAT

Has anyone managed to bring down EAs commission %? if yes, by how much?

OP posts:

Bluntness100 · 11/04/2019 11:21

If it's not selling it is the price op. The agent isn't hugely relevant as long as it's on right move in reality.

Want to post a link?

Original poster

R2221 · 11/04/2019 12:28

@Bluntness100, thanks for your reply.

bumping for more responses....

OP posts:

LindsayDentonsWineBottle · 11/04/2019 13:00

I agree with the above poster. It all comes down to price. Have you had many viewings? What has the feedback been like?

balalalala · 11/04/2019 13:40

I've always managed to negotiate the agent's fee down. Sometimes they'll go with say 1% if they get full asking price then on a sliding scale down however realistically I've agreed between 0.5 and 0.85 each time.

Hotterthanahotthing · 11/04/2019 13:45

I always get about 3agents to look around and see what they see as a realistic selling price and choose the ones I feel confident about.
Once you chosen one you need advice on presentation,most people choose which properties they want to view on line so presentation is important.

Mildura · 11/04/2019 13:59

0.1-0.2% off the EAs fee is pretty irrelevant if the price is £50k out.

If you've been on for months without selling you need to look at your price before worrying about the commission rate.

Bluntness100 · 11/04/2019 14:07

Agree, if your property is on right move, that's how most people decide to view now. The vast majority. And they decide to buy based on the viewing. The agent will have many inputs, for example mine was on to the sellers side chasing, talking to me about various things, but all after I'd decided to buy.

However prior to this, I picked the property on right move. The agent showed me round, but I didn't buy it because he was selling it to me. He was fairly irrelevant. He came into play once I made an offer.

If the house isn't selling, then changing agents isn't going to make it sell.

Original poster

R2221 · 11/04/2019 16:04

Thanks everyone. We had loads of agents come in to do the valuation. Went with the average figure. Reduced twice since and we are now at the lowest valuation figure. Again had few other agents come in to value, most of them think that the figure we are at now is reasonable. Two agents suggested I reduce further, making my property in the price range of those needing full refurb (mine is in move-in condition). Of course, that will most probably get me a quick sale, but I would like to sell at a reasonable price. We aren't desperate enough to sell it at a bargain price yet.

OP posts:

Original poster

R2221 · 11/04/2019 16:17

Has my property become "old stock" on Rightmove now? Reducing the price (while still staying with our current agent) will push my listing back to the top. But will buyers avoid it because it has been on for a while now? One of the new agents suggested I take it off the market for a couple of weeks and then re-list with them with fresh pictures etc. Im so confused, I dont know what to do :(

Option A: Stay with our agent - reduce the price
Option B: Change agent, and re-list at our current price
Option C: Change agent, reduce the price
Option D: Get it off the market and re-list after Brexit

OP posts:

Nissandriver · 11/04/2019 16:28

Place holder - as we are exactly in the same position so keen to watch this thread

Surreynewbie · 11/04/2019 16:33

I have a slightly different opinion to other posters. I’m a property investor and spend too much time dealing with estate agents. From my experience (although not in your area!) the online estate agents (especially the major colour related one) are almost impossible to book viewings with - you request Tuesday at 10 and they cancel that and rebook for a different time at a different day. You have to log on to the website to change and it’s hard to communicate with the viewing agent to explain when you are free. Do you have a good friend who could pretend to be a potential buyer? They might be able to give you some useful feedback on your agents.

Mildura · 11/04/2019 16:42

Yep, agree with that.

As well as look at price, employ a 'proper' estate agent. Not just a pay upfront listing service.

Original poster

R2221 · 11/04/2019 16:59

@Surreynewbie : We suspected that initially. Had friends call them etc. The viewing booking etc process was seamless.

OP posts:

Bluntness100 · 11/04/2019 17:31

How long has it been on the market op? Yiu say a few months, but that can be a wide range.

Yes it will be old stock if say six months or more, but you can see listing history so I'm not sure of the point of waiting.

On top of that people can also see what it was listed for previously. So the fact agents are telling you it's only reasonable now, or still too high, means it was way over priced before. So some folks might think you're an unrealistic seller and avoid.

Bluntness100 · 11/04/2019 17:37

You also say it's in walk in condition, but sometimes it's very hard for owners to see the reality of their property,

Sometimes people think their homes are fab, when in reality the kitchen or bathroom or both is old, the decor hasn't been refreshed in years, or is particularly gaudy, or even the house is cluttered and the furniture mismatching, there are so many examples of owners thinking their homes are comparable to refurbed ones, when they are far from it, or have different layouts, less floor space, or a poor garden.

I'm not saying that's yours, but if it's been on for awhile, then something is amiss, and if you've agents telling you to price it comparable to ones needing a refurb you might be slightly blinkered.

fourcanaries · 11/04/2019 17:38

Can you post a link so we can give objective replies?

amroc18 · 11/04/2019 18:40

I would second what others said about moving to a high street agent. Also, It depends on your property but if it’s a bit unusual consider a specialist agent for that property. We did and that worked for us

golanheights · 11/04/2019 19:05

Sadly, I think the bubble might really be bursting this time for London property prices. It must be a pretty hard pill to swallow, I'm sure; after so many years of insane house price increases.

Flicketyflack · 11/04/2019 19:23

Possibly price?

I would take it off, declutter and new photos & relist/relaunch.

Be realistic about the price if you want it to sell.

People may think there is a problem if it has been on for more than 12-14 wks.

When I was looking I was well aware of price, re-listings and knew when places were put on with other agents - it made me wonder about the seller not agent!

Buyers can be picky in current market so it needs to be pristine imo.

I think most things sell for right price

WBWIFE · 11/04/2019 21:02

Online agents are shit and the problem you have now is your new agent has to put the house up for what its currently on for or less if you choose to.

I would go with whatever agent you are online where the advert looks good.then negotiate the price.

I got ours down from 1.5 plus vat to 0.9 plus vat

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