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We have recently been through the process and as soon as we found our new house the agent selling ours got stuck into that estate agent on our behalf, explained we had sold ours, were in a short chain and were good for the mortgage etc.
I'm not saying he influenced anything but it felt like he did...
Secondly if there are any complications the EA sorts it and do all the ringing round and make things happen.
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What you should be employing is expertise - knowing the right buyers, understanding what makes your house appealing to the local market, able to handle negotiations in a manner that maintains the buyers goodwill - yet extracting the best possible offer for you, pro-actively progressing the sale via mortgage providers, solicitors and other agents in the chain, etc....
A 'good' agent will get you a higher price, in a shorter time-scale than selling it yourself.
A bad agent is as you describe.
If a seller chooses a bad agent, they probably haven't researched their options properly.
If you have time on your hands and good organisation skills then you could probably do things yourself, especially if your house is desirable and sells without much effort.
What you should be employing is expertise - knowing the right buyers, understanding what makes your house appealing to the local market, able to handle negotiations in a manner that maintains the buyers goodwill - yet extracting the best possible offer for you, pro-actively progressing the sale via mortgage providers, solicitors and other agents in the chain, etc....
A 'good' agent will get you a higher price, in a shorter time-scale than selling it yourself.
A bad agent is as you describe.
If a seller chooses a bad agent, they probably haven't researched their options properly.[/quote]
Agreed. And you can find estate agents that will sell at a fixed cost or much less than 1.5%.
With hindsight I'd beat them down to something like £1250 - £1500 inc VAT fixed cost.
But we payed .75% of the asking price...
Estate Agents are no longer necessary, it's like PPI and claims management companies, they offer a service of convenience for a fee
Either that or your maths is shite...
As I said above I'd forget percentages and negotiate a fixed fee that you would be happy to pay. Obviously it's still relative to the value of the house but £20k! I can see why you wouldn't want to pay those fees.
EDIT: Although if you are based in London that's probably about right.
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I live in Surrey, estate agents dream, nothing is anything close to what I'd call "cheap" round here. And before anyone starts sending me begging letters, it's not my house: my wife already owned it when we met.
They'll also weed out time wasters and those not able to proceed.
'Undervaluing' a house in a rising market can be a good strategy as it generates interest and the final sale price may end up exceeding a higher, initial valuation.
There are plenty of houses sitting on the market with no interest because the asking price is too high and buyers don't want to offend the seller with a more 'realistic' offer.
Loads of reductions on rightmove atm even in London because some sellers and agents are pricing unrealistically.