Is our estate agent useless or is it the flat?

[Mizydoscape]

Flat has been on the market for 5 weeks now. We've had 2 viewings. That's it. We walked past the estate agent the other day and it's not in their window? We don't live in the town anymore and visit infrequently. Any advice on how to get more interest? We are tied on price as it's a shared equity flat and the valuation survey is the price it needs to sell close to but this was the top end of estate agents valuation.

We hear nothing from the agents if i don't call them. Are they being a bit crap? What questions can I ask them next time I call?

All new to us! Advert link below.

www.rightmove.co.uk/property-for-sale/property-72282246.html

Ground floor flats have always been tricky to sell. The block looks nice and, if I was looking for a flat, might appeal to me but I wouldn't want ground floor.

Before lockdown I was seriously considering downsizing to a nice easy maintenance flat now DC are on their way. Lockdown has shown me that I really don't want that. I expect others feel the same and that numerous people in flats would love to move out, as a result of their experience during lockdown, so the market for flats is going to be difficult for a while.

As always, it will sell at the right price, which may well be much reduced in the current market.

Sounds like you have 7 problems.

1. Top end of price range. These shared equity schemes / shared ownership schemes are notorious for over valuing a property (a higher valuation is better for their books) and then making it difficult for an owner to sell because there is less ability to be flexible on price. They have a reputation for 'trapping' owners.
2. That estate having a bad local reputation about the build quality according to another poster.
3. Covid meaning flats are less popular, generally.
4. The fire safety issues on flats meaning its currently very difficult to secure a mortgage on flats. A lot of mortgage lenders will put the details into the system and computer will simply say no, regardless of other details due to the age of the flat if you dont have the relevant certificate. The problem isnt widely known and theres little political will to highlight it atm.
5. First time buyers looking at that price range are amongst some of those most heavily hit by job losses. I would have thought Torquay which relies heavily on the hospitality sector will be particularly vulnerable atm.
6. It leasehold, which again is problematic and there are many people caught up in issues over it and reluctant to take on.
7. The property itself and the way its being marketed. The photos dont look inviting / sell a lifestyle. Its a ground floor flat which a lot of people are more concerned about security for. The blurb describing the property is flat and does bugger all to sell it. The pictures make it look small and theres no detail on the size of the floor space on the floor plan which always helps me compare the size of a property. Nor is there a total floor space of the property in the main description.

I think its also telling its pitched solely at cash buyers looking to purchase it as a rental property - as it focuses on potential rental yield - rather than saying something like 'ideal for first time buyers' or 'great for access for limited mobility' for example.

If your estate agent hasnt told you that your potential number of buyers is extremely limited and you have a lot of issues which hit just about all the current housing scandal issues (poor new build quality, leasehold, shared equity valuations and flat fire regulations) they are not doing you a good service. Especially will that piss poor description of the flat.

Im afraid OP, you've got a bit of a turkey on your hands in terms of how easy this one is going to be able to sell and its come at exactly the wrong time too. I fear it will be on the market a while and you will have limited interest before you are able to eventually sell and you should be prepared for that.

I dont know what to suggest. If it wasn't for the mortgage issue I'd suggest trying to sell the lifestyle to broaden the potential buyers to include more than investors, but thats only going to be limited to cash buyers downsizing rather than first time buyers. The risk is throwing money at the problem is may only have limited effect. Your plus points on this are accessibility and the patio for older buyers. People do want outdoor space and gardens are selling properties. You need a picture of the private patio. Ideally preferably with something like plant pots and garden furniture to stress its a private area but i appreciate this may have a cost which isnt ideal.

Well said @RedToothBrush

Sorry OP, sounds like you’re facing a perfect storm.

Last year, a relative bought a flat a stone’s throw from your flat, for her son to live in. She was specifically looking in that development . They seem quite popular. I haven’t seen it myself however.

I don’t think it’s overpriced, just marketed badly. It’s great that it has a garage. Needs stressing how close it is to Torre station and the town centre. Also lots of flats there have open plan kitchen/living which yours doesn’t.

I sold a flat in Torquay a couple of years ago, and got Connell’s along for a valuation. For some reason the guy really irritated me (but I’m old and have had my fill of cocky estate agents).

However, I went with Haart and they were brilliant, especially the manager Jenny. She phoned me after every viewing with feedback, and chased up those viewers who seemed interested. She was also very good at contacting solicitors, which really isn’t her job.

My relative and her son were delighted that he moved out. They would’ve killed each other in lockdown.

Good luck

@SoosanCarter thank you for your feedback.

We are now having trouble getting anyone to contact with regards to changing the advert. I've been promised calls back which haven't happened and am getting the odd vague response to an email a week after it was sent so I really wouldn't recommend connells at all.

[quote Mizydoscape]@SoosanCarter thank you for your feedback.

We are now having trouble getting anyone to contact with regards to changing the advert. I've been promised calls back which haven't happened and am getting the odd vague response to an email a week after it was sent so I really wouldn't recommend connells at all.[/quote]
Perhaps as the flat is shared ownership and thus so hard to sell, EAs in the last days of the post lockdown boom are focussing their energy on properties that might actually sell?

It’s not shared ownership though.
Try RTFT

@SparklesGalore it's not shared ownership though, and surely as we are paying them enough money to sell the flat they should be at least making a token effort?

It looks quite soulless and not at all like a home. That would only appeal to potential landlords.

Also agree about flats not selling well at the moment. People are looking for houses and gardens.