Should we change Estate Agents?

[Tblock1800]

Hi guys, our 2 bed apartment is currently on the market and has been for nearly 2 months now with an independent Estate agent. It’s a lovely property (our 1st home) in Surrey very close to shops, Surgery, chemist etc, but also has beautiful views of the common so the summer is lovely sitting out on the balcony. It’s still in excellent condition as was a new build when we bought it 7 years ago. Rooms are both double bedrooms and has lots of space. It’s certainly priced appropriately for the market and type of property it is.

The issue is our estate agents has only managed to get us 2 viewers in nearly 2 months. 2 viewers pulled out which isn’t their fault, but am i being unreasonable into thinking we should have a bit more interest?

I spoke to a larger firm today Cubit and West about potentially taking them on when our contract with our current estate agents is up which is next month and they believe we should be getting more interest for our property. Obviously they are going to big our place up because they want commission, but they have sold similar properties like ours recently.

We are looking at upgrading to a 3 bedroom house, as we have a 3 year old and 8 month old now and need the room and garden etc.

would you expect your estate agents to get you more viewings than just 2 people in 2 months? I just think a bigger firm might have a bit more clout, contacts and more input at selling it rather than relying completely on right move

It depends flats aren't doing well right now, what's the service charge? How much is it listed for? Would you share a link?

Drop the price first, it’s always the price.

Estate agents won’t need clout or contacts to sell a 2 bedroom flat.

Thanks guys. Only issue about dropping price is it then alters our budget for properties we are looking at ourselves. We have a bit of wiggle room to drop a little, but i would still expect more than 2 viewers surely? Regardless of flats being slightly slower at selling, i have seen places like ours selling on other sites. Did we make a mistake of going with an independent estate agent and not one of the big boys?

What are the estate agent photos like? Most people will look at them before booking a viewing.

As long as it’s on Rightmove it will be reaching a wide audience.

If no one wants to view it then it probably is too expensive compared to other flats people could buy within the same sort of budget. Changing EAs won’t solve the main problem although they aren’t being very proactive if they haven’t been talking to you about reducing the price.

Until the Budget, I don't reckon people will be looking unless they're really desperate to move.

Price could be an issue too, a property is only worth what a buyer is prepared to pay, not what the seller wants.

I don’t think going with a big estate agent would improve things, rather the opposite! I listed our house three weeks ago with an independent, starting viewings 15 days ago and had 12 viewings in two weeks and two offers, one of which we accepted yesterday (only a smidge under asking). As long as the agent answers the phone and has an ad on RightMove which represents your place well, then there isn’t all that much more you’d expect. We did price realistically though (but not absurdly so) and my guess is that made the agent’s job a lot easier.

Is there an agent who sells most houses/ flats similar to yours in your area? For this sale and our last we went with the agent who sold most of the most similar property in the local market and who we actually liked.

I find independent sellers better with flats, but what is the service charge and ground rent?

@Tblock1800

My neighbours changed EA's approximately 2 months ago after 6 months on the market with a handful of viewings and no offers.

We had a brief chat about a week ago, where I listened sympathetically about the market being dead and the fact that the new EA had not created any improvement in interest.

I could have told them what the issues are but in the interest of good neighbourly relations (given they are going nowhere without a reality check or the EA being blunt) I kept my counsel.

The house is massively overpriced. It's that simple. Their mistake is they are not being realistic their comparisons. Have changed the details but imagine they are looking at local prices for 5 bed houses and pitching at the very top pricing. Problem is their house has 3 doubles and 2 singles with one en-suite compared to 5 doubles with 2 en-suites plus house bath. Their garden is small in comparison to the size of the house though I don't think that's a dealbreaker. The kitchen is small and very dated - compared to large modern kitchen diners and 2 additional reception rooms. There is no downstairs study. It's a nice house and could be fantastic (smaller than average garden aside) but it needs £100k spent on it to reconfigure the layout to the standard of the houses they are pricing at (the latter of which are still selling as it's a desirable area).

So the first thing you need to do is your research. Look at comparable local properties. All 2 bed flats are not equal. Room sizes/layout/storage/state of the block as a whole/position within the block/service charges/parking places and security. Be sure you know the local market and be ruthless in how you rate your property against others because buyers will.

A new EA can't fix overpricing.

However look at the pictures and the overall listing. Does it really show the flat to best advantage? Looking at other local flats which "grab" you? Why? Can you replicate those photos/wording?

Don't get sucked into the narrative of you can't afford to drop the price because of your buy budget. Remember you'll be negotiating at the other end but again be realistic- can you afford what you want? Is now the right time to sell if you have to compromise?

Flats unfortunately just are not popular right now. You might have to just accept it wasn't the investment you thought it was.

Having done my research I'd be inclined to drop the price as much as you feel able to test the reaction.

If that doesn't work you may have to consider staying put for a while of re-setting your expectations of what you can afford to buy next.

Could you do a dual agency and ask C&W if they will match the commission you have agreed with existing? Nothing better than a bit of competition between two estate agents.

As long as your property is on Rightmove and zoopla if someone's looking for what you are selling it won't matter who is marketing, you need shit hot pictures obviously to get people's interest.

Whether an agent has 1 office or 150 matters not at all these days, with Rightmove/Zoopla/OTM each agent has the same shop window and reach.

unless the listing is complete crap it’s almost certainly price.

We were on with one agent for 6 months with very few viewings. Switched agents but kept the price the same, and had two offers in a week.

Was a one bedroom flat. I don't know if the first agents just didn't answer the phone or whether it was pure coincidence.

Hi I sent you a pm offering some advice :)

I am sure it will work out if you tell the buyer that he/she needs to overpay for your leasehold to help you on the housing ladder.

Have you tried getting a friend to pretend to be a potential buyer and asking to view the flat? Would tell you a lot about how the agent is selling your property (or not …).

Thanks for the input people. Much appreciated. We still have a contract with estate agents for another month so will give them that at least. It will sell I’m sure of it and we will eventually get the house we are looking for, but just a bit frustrated how slow the interest has been and I’m personally thinking another EA might change that but it’s just my opinion. For the questions about pricing, it’s not overpriced. It’s exactly the same price as all the other apartments of that ilk in my area and the surrounding.

But are the other apartments of a similar ilk selling?

There’s nothing to be gained by comparing to other asking prices, it’s offer/selling prices that are key.

If its not selling it will be either price or service charge. I would ask the Estate Agent why it is not selling and what you can do?

I'd be interested to know how you think a new EA will make a difference, if the property is on Rightmove and the photos are okay? I'm in a similar position to you and have reduced the price of ours. But I don't see much point in changing EA because I can't think of anything they could do to drum up more interest.

Market is absolutely dire here. Houses sitting on the market for years sometimes, not because they're expensive (they're bargains!) but because they don't suit the needs of those who are buying. I live in an area where people want to buy second homes or homes to retire to, and they tend to want bungalows or small houses. The big gorgeous Victorian houses are on for peanuts and still not selling.

If it were priced correctly, you would have had more viewings and at least one offer, if not more than one. The only other reason for a lack of interest, generally speaking is if there is some obvious defect with the property or the listing is really shocking. Are either of these the case?
Smaller, independent agents are often better than larger ones in terms or marketing and personal service. I doubt a new agent will make a difference unless your current one is particularly poor.

Nope, the listing is excellent and there is honestly nothing wrong with our property. I just think at the moment flats are harder to sell, but I’m just thinking a new agent might have possible contacts. People walking into the estate agents itself on the high streets. Other aspects of a larger EA might make a difference

I don't think that people really do this any more though, do they? It's all about Rightmove. Even the contacts is now the Rightmove alert system...

Rightmove obviously does, but still think possibly people might even look at websites of big estate agents as well where as you’re highly unlikely to look at a small independent EA agent website

I agree that nearly everything is on Rightmove now and that people don't bother with agent's websites. Most people responding think it's likely a pricing issue and that a change of agent is unlikely to make a difference but it's up to you.