Fellow UK FTers - advice picking an estate agent
Jun 28, 2010, 12:24 pm
#1
Original Poster
Join Date: Jan 2001
Location: UK
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Posts: 9,236
Fellow UK FTers - advice picking an estate agent
Hi folks - I would be interested in getting a spot of advice from any and all in the know.
I'm thinking of selling my property. I have had a few agents round and have got some valuation numbers, all tightly clustered and very much in line with my notions of worth.
When you're selecting an estate agent to list your property for sale with, what sorts of terms do you negotiate?
I'm not desperate enough to list with more than one agent, so I can go exclusive for a while. How long would you go exclusive for before insisting on review?
Several of the agents have said "Our commission is X%, but that's a starting point." (Obviously this shows they are open to negotiation.)
What is an absurdly high commission where you live? What is reasonable for an exclusive listing? How would you get that number down?
Would you pick (a) a local agent, (b) someone with branches all over the UK, or (c) someone in the middle, with say five or six branches in the surrounding few square miles?
I should note: I would never touch Foxtons with a ten-foot barge pole, so no need to tell me to avoid them.
Any and all advice is much appreciated as always.
Thanks!
I'm thinking of selling my property. I have had a few agents round and have got some valuation numbers, all tightly clustered and very much in line with my notions of worth.
When you're selecting an estate agent to list your property for sale with, what sorts of terms do you negotiate?
I'm not desperate enough to list with more than one agent, so I can go exclusive for a while. How long would you go exclusive for before insisting on review?
Several of the agents have said "Our commission is X%, but that's a starting point." (Obviously this shows they are open to negotiation.)
What is an absurdly high commission where you live? What is reasonable for an exclusive listing? How would you get that number down?
Would you pick (a) a local agent, (b) someone with branches all over the UK, or (c) someone in the middle, with say five or six branches in the surrounding few square miles?
I should note: I would never touch Foxtons with a ten-foot barge pole, so no need to tell me to avoid them.
Any and all advice is much appreciated as always.
Thanks!
Jun 28, 2010, 2:06 pm
#3
FlyerTalk Evangelist
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The majority of viewings come from the web today, and all agents list on the main websites. All agents are also on the main 'agent only' property listing portals, and someone registered with another agent would still be asked (by that other agent) to see the property as they split the commission. It therefore - realistically - makes little difference who you use.
So ... a) go on price but b) negotiate a very short exclusivity period so you can switch if they don't deliver. That said, be sensible - use a short list of agents who sell property in a similar price band to yours and who have an office near you (which in my case would narrow it down to about 20 within 10 minutes walk ......!)
So ... a) go on price but b) negotiate a very short exclusivity period so you can switch if they don't deliver. That said, be sensible - use a short list of agents who sell property in a similar price band to yours and who have an office near you (which in my case would narrow it down to about 20 within 10 minutes walk ......!)
Jun 29, 2010, 6:47 am
#4
Original Poster
Join Date: Jan 2001
Location: UK
Programs: BA EC Gold
Posts: 9,236
The majority of viewings come from the web today, and all agents list on the main websites. All agents are also on the main 'agent only' property listing portals, and someone registered with another agent would still be asked (by that other agent) to see the property as they split the commission. It therefore - realistically - makes little difference who you use.
So ... a) go on price but b) negotiate a very short exclusivity period so you can switch if they don't deliver. That said, be sensible - use a short list of agents who sell property in a similar price band to yours and who have an office near you (which in my case would narrow it down to about 20 within 10 minutes walk ......!)
So ... a) go on price but b) negotiate a very short exclusivity period so you can switch if they don't deliver. That said, be sensible - use a short list of agents who sell property in a similar price band to yours and who have an office near you (which in my case would narrow it down to about 20 within 10 minutes walk ......!)
There aren't twenty within a ten-minute walk, but there are quite a few within a ten minute drive, so I'll definitely have some choice.
Cheers
Jun 29, 2010, 10:33 am
#5
Join Date: Sep 2003
Location: Anwhere ex-MAN
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Posts: 2,706
Maybe a little late, but it depends if they know you, or could recognise you....
I would mystery shop the agents on your shortlist - posing as a customer looking for your property. See how they behave to the customers in the shop - are you getting good service? How easy is it to arrange viewings with them. Are they keen to help? These are the people that will be selling your house for a serious chunk of cash, so they need to have good customer skills - they will be working for you!
I would mystery shop the agents on your shortlist - posing as a customer looking for your property. See how they behave to the customers in the shop - are you getting good service? How easy is it to arrange viewings with them. Are they keen to help? These are the people that will be selling your house for a serious chunk of cash, so they need to have good customer skills - they will be working for you!
Jun 29, 2010, 1:45 pm
#6
Original Poster
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Maybe a little late, but it depends if they know you, or could recognise you....
I would mystery shop the agents on your shortlist - posing as a customer looking for your property. See how they behave to the customers in the shop - are you getting good service? How easy is it to arrange viewings with them. Are they keen to help? These are the people that will be selling your house for a serious chunk of cash, so they need to have good customer skills - they will be working for you!
I would mystery shop the agents on your shortlist - posing as a customer looking for your property. See how they behave to the customers in the shop - are you getting good service? How easy is it to arrange viewings with them. Are they keen to help? These are the people that will be selling your house for a serious chunk of cash, so they need to have good customer skills - they will be working for you!
Small problem - I am British but grew up in the States and thus am the only person in my postcode who speaks with an American accent.
Thankfully I know several of the agents and am pretty happy with all of their service!
Jun 29, 2010, 4:43 pm
#7
Join Date: Aug 2007
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You could perhaps get the SO to be the mystery shopper....
Jun 30, 2010, 2:22 am
#8
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You're obviously in London. When you can sell a £3m flat in an afternoon and pocket £60,000 commission for doing so, which you could (at the top of the market) repeat weekly, a certain attitude kicks in. It is a sad state of affairs when estate agents can earn £1m a year for fundamentally doing very little, but at one point the top guys in the high end London agents were.
Jun 30, 2010, 4:11 am
#9
Original Poster
Join Date: Jan 2001
Location: UK
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Posts: 9,236
Let me rephrase: I am satisfied in the collective averageness of all of them.
Gaah. Sillyness like this makes my blood boil. Suffice it to say, I'm not selling a £3 million flat.
You're obviously in London. When you can sell a £3m flat in an afternoon and pocket £60,000 commission for doing so, which you could (at the top of the market) repeat weekly, a certain attitude kicks in. It is a sad state of affairs when estate agents can earn £1m a year for fundamentally doing very little, but at one point the top guys in the high end London agents were.
Jul 1, 2010, 3:16 am
#10
Join Date: Nov 2006
Location: San Diego
Posts: 2,686
I've had my flat up on the market for about three months now. We had three local estate agents round who all valued it at around the same price. We went with the closest local one who gave us the best pitch and seemed like they'd do the best selling job.
Unfortunatley the person who gets new properties on the books might be a good salesman but the other staff there aren't. They promised us a pre-market launch, where they had eight people booked to come and look round the flat before it went on the market. They told us to leave the flat when it was going on and when we came back they said the feedback was excellent, seven people turned up and they were really confident it would sell. However our discreet CCTV camera proved that noone turned up other than the estate agent!
Needless to say we are now with a different agent. We have decided to go for a larger organisation with several branches in the area.
Both agents opened at just over 2% commission and we got that down to 1.45% however I do live in one of London's cheaper areas, so that might be significantly higher than what you can achieve.
Unfortunatley the person who gets new properties on the books might be a good salesman but the other staff there aren't. They promised us a pre-market launch, where they had eight people booked to come and look round the flat before it went on the market. They told us to leave the flat when it was going on and when we came back they said the feedback was excellent, seven people turned up and they were really confident it would sell. However our discreet CCTV camera proved that noone turned up other than the estate agent!
Needless to say we are now with a different agent. We have decided to go for a larger organisation with several branches in the area.
Both agents opened at just over 2% commission and we got that down to 1.45% however I do live in one of London's cheaper areas, so that might be significantly higher than what you can achieve.
