Unpleasant estate agent

[Ridiclious]

I'm selling a house on behalf of a relative. The estate agent is a good salesman but has been pushing my relative for a sale at what I consider to be an unreasonable price (£100k less than purchased 10+ years ago). My relative is elderly and I feel is being bullied. I have insisted all communication comes through me and finally the estate agent has agreed.

I would like to switch to another agent within the agency and another has covered whilst the unpleasant one was on holiday. He would be my preference. I just wanted to check that's a reasonable request?

Brexit is causing a lot of uncertainty but the couple who have offered first viewed it in the spring and have now sold their property to proceed. The estate agent was saying if we didn't accept this offer we might lose them but they've had 6 months knowing what the asking price is and still come back.

Thank you! I've contacted the agent to that effect.

Unless it's a unique or very unusual property, you should be able to tell from local sold prices, not asking prices - on e.g. nethouseprices, what a reasonable asking price is - bearing in mind that updating/renovations/extensions may make a significant difference.

If you really think the Ea's price is wrong, I'd def. ask for a change - or switch agents.

Having said that, a lot will probably also depend on the state of the market in the area - slow, moving well - or dead.
We are in SW London and a family house nearby, which was very 'optimistically' priced, has only recently sold - after 3 years on the market, with the price bing gradually reduced in little nibbles.

Do you want or need a quick sale, e..g perhaps for care home fees?

Oh, and I've heard of - and have known personally - of one case of an EA trying to secure a very low price for a mate or relative - particularly when the vendor is elderly and possibly naive and vulnerable.

I know all EAs aren't dodgy but I do have first hand knowledge of some who are.

I think your ideas on the house’s value is wrong. Asking prices mean nothing, you need to look at actual sold prices. If it hasn’t sold in six months, the price is too high!

We are in a very expensive part of the South East. Houses that would have sold for £1.2 million a year ago (even six months ago) are achieving nothing like that. AT LEAST £100k is being taken off before there is any interest.

We looked at a house that was reduced £150k, and is still over priced and isn’t getting any viewings. It needs to drop another £150k to be in line with realistic recent sold prices. It is a family home of a couple who lived there 40 years. Very dated. The family think they can get prices from when the market was at peak but are £2-300k off the mark.

No one is going to risk over paying by £100k or more when we could be heading for a recession and complete chaos in the economy.

I fear you are being over optimistic.

No way would I trust Zoopla for a valuation. How many EA did the relative get round to value it and did they go with the highest?

A house is only worth what someone is willing to pay.

If you've not sold after 6 months then the price is too high or there's something wrong with it.

But if you don't like the agent I don't see anything wrong with asking for another

Zoopla valuations are hopeless though other than where there are a huge number of identical houses in a very small area.

Why do you not want to change agency if you feel so strongly about this. In my experience everyone in the office will be arranging viewings etc so I can't see it being that effective going for a different agent

There's clearly some misunderstandings when I mentioned Zoopla but you'll just have to take my word for it I haven't just taken listing prices in the local area and come up with a number.

We've already had a change of agency and my relative would be upset with more paperwork. Changing agent within agency is a simpler way to achieve the same end.

There's been lots of pressure today to confirm the price to send out the sale memorandums. I'm fighting a losing battle and my relative continues to be pressured.

It doesn't seem to be your battle to fight though OP? You think you know more about a niche property than an Estate Agent that deals with property all the time. The offers that have come in have been more in line with his valuation than yours.

I hope it all goes through smoothly in the end.

I'm sure if you saw how fragile the first agent had made my relative's emotional state you'd rather take the battle than allow them to be bullied. It's not about the value; it's the pressure tactics being used to bully an elderly person into selling their home for a price they aren't comfortable with. Even if they are being unrealistic (which yes I don't think they are) the way they are being pressured into agreeing something that makes them have panic attacks is not OK.

Just a quick note that if your relative bought the house just over 10yrs ago like you say, that would have been before the 2009 economic crash that caused house values to tumble. There are many areas of the U.K. where properties have not recovered to their 2007/8 prices. So it is very possible that a £1m+ property is still worth £100k less than what it was when your relative bought it. Especially if no upgrades or updates have been done in that time.

@dannydaddy

Can you explain what you mean about "all the sales data from estate agencies?" I'm not sure exactly what you're referring to.

Sold prices are all available, usually published around 3 months after completion.

Are you looking at rightmove sold prices and mouseprice to gauge value?

Their job is to work for your relative - you can and should demand a different EA represent the property if they are being pushy