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Bobajobbob

Local Agents In Race To 1% Fees

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For what it is worth.

Am looking to sell my house at the moment and have been doing the rounds of agents gradually chipping them down on fees. Finally got one down to 1% and happy with that am proceeding. Funnily enough a few days after signing on the dotted line a number of other agents who swore blind they couldn't act for less than 1.75%, 1.5% and 2.5% in the case of Foxtons have been calling and offering special discounts at 1%.

Just goes to show, always negotiate hard with these guys and whatever they are saying at the moment they are still selling nothing.

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For what it is worth.

Am looking to sell my house at the moment and have been doing the rounds of agents gradually chipping them down on fees. Finally got one down to 1% and happy with that am proceeding. Funnily enough a few days after signing on the dotted line a number of other agents who swore blind they couldn't act for less than 1.75%, 1.5% and 2.5% in the case of Foxtons have been calling and offering special discounts at 1%.

Just goes to show, always negotiate hard with these guys and whatever they are saying at the moment they are still selling nothing.

If you know that they are not selling anything, why are you looking to add to the number of houses that aren't going to be sold?

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For what it is worth.

Am looking to sell my house at the moment and have been doing the rounds of agents gradually chipping them down on fees. Finally got one down to 1% and happy with that am proceeding. Funnily enough a few days after signing on the dotted line a number of other agents who swore blind they couldn't act for less than 1.75%, 1.5% and 2.5% in the case of Foxtons have been calling and offering special discounts at 1%.

Just goes to show, always negotiate hard with these guys and whatever they are saying at the moment they are still selling nothing.

Did Foxtons offer a discount?

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There's an agent in my area who does 0.5% commission.

Admittedly they're a no-frills agency, I guess you get what you pay for.

But in these hard times I think people are swayed by the idea of saving a few £k.

And they do seem to be selling a fair few houses at the moment from what I can see.

http://www.homewebsite.co.uk/

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If you know that they are not selling anything, why are you looking to add to the number of houses that aren't going to be sold?

The problem may be finding an Estate Agency that is doing any better than the one the OP has gone with. Certainly in Worcester transactions levels remain very low. Out of 20 EA's in Worcester, during August, they each managed to get 4.5 properties to turn SSTC on average - so most were doing 1 a week. In September one EA has already had 3 SSTC properties become re-available.

Compared to March, April, May time this year it is also noticeable that EA's (in Worcester, Birmingham, Bromsgrove, etc.) are now often asking the question - well, how much do you think it is worth? When told told that cutting the asking price by 15% would probably generate some interest they tend to nod (as opposed to in the past - 'don't be stupid'; 'I'd buy it myself at that price'; etc., etc.). Perhaps it is beginning to sink in that cutting asking prices is the way to stimulate rising transaction levels? January through to April next year should be an interesting time.

Edited by Alfie Moon

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Surely it depends on the service, such as accompanied viewing etc.. If I were to sell a house I would even do the photographs to make sure they were decent enough....

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If you know that they are not selling anything, why are you looking to add to the number of houses that aren't going to be sold?

Agree completely. You get what you pay for.

When I last sold (late 2007), I went with an agent at 1%. In 3 months 3 viewings, and then they went bust. I went to another agent for 1%, 1 viewing in 2 months and then they went bust. Went for an agent that charged 2% (as the total sales package they presented made sense). Guess what? Two viewings within a week, and one went to offer and then through to completion.

Motivated seller + Motivated agent = sold house....

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Agree completely. You get what you pay for.

When I last sold (late 2007), I went with an agent at 1%. In 3 months 3 viewings, and then they went bust. I went to another agent for 1%, 1 viewing in 2 months and then they went bust. Went for an agent that charged 2% (as the total sales package they presented made sense). Guess what? Two viewings within a week, and one went to offer and then through to completion.

Motivated seller + Motivated agent = sold house....

Maybe you are like the grim reaper to EAs. The final one was too scared not to sell.

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Agree completely. You get what you pay for.

When I last sold (late 2007), I went with an agent at 1%. In 3 months 3 viewings, and then they went bust. I went to another agent for 1%, 1 viewing in 2 months and then they went bust. Went for an agent that charged 2% (as the total sales package they presented made sense). Guess what? Two viewings within a week, and one went to offer and then through to completion.

Motivated seller + Motivated agent = sold house....

Exactly!

Nobody will ever instruct me because I'm the cheapest EA in town, but we do far better than many of our competitors who compete soley on fees. We cost more, but there is a reason why.

If you instruct a crap EA, which lets face it there are plenty to choose from, who is not motivated to sell your home it doesn't matter whether their fee is 1% or 10% if they never get you an offer.

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Exactly!

Nobody will ever instruct me because I'm the cheapest EA in town, but we do far better than many of our competitors who compete soley on fees. We cost more, but there is a reason why.

If you instruct a crap EA, which lets face it there are plenty to choose from, who is not motivated to sell your home it doesn't matter whether their fee is 1% or 10% if they never get you an offer.

Are you also one of the few EA's with half a brain cell who understands that getting the seller to be realistic and cutting the price may actually increase your profits or are you like the majority of EA's who believe that the best way forward to increase revenue is to pander to their clients denial and delusion and to continue to ramp the market through the property sections in cheap local rags (whilst praying that 2007 will magically return)? Just interested that's all.

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If you know that they are not selling anything, why are you looking to add to the number of houses that aren't going to be sold?

That was badly phrased. What I meant is that there is very very little on the market. What is on the market is selling fast.

I am adding to this because I need to move and I figure it is worth trying to catch the end of the dead cat bounce.

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Exactly!

Nobody will ever instruct me because I'm the cheapest EA in town, but we do far better than many of our competitors who compete soley on fees. We cost more, but there is a reason why.

If you instruct a crap EA, which lets face it there are plenty to choose from, who is not motivated to sell your home it doesn't matter whether their fee is 1% or 10% if they never get you an offer.

In the competitive London market all the major players are much of a muchness as far as I am concerned.

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