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ryanh

Our Estate Agent

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Hi

My first post. We have had our house on the market for 10 weeks without a single viewing. Furthermore we have had not a single call from the EA (we have to call them), and they are generally demonstrating a couldn't care less attitude.

When they valued the house, they advised they could sell at £155,000 within 4 weeks. We said that our view was nearer £170,000, based on many examples of similar properties in the same postcode. They said that they were happy to put on at (near to) that price, but we would have to be patient. We agreed, and it went on at £167,500. 8 weeks on, and having seen a property we like, we have been into them to see what is happening. After not even recognising us, they said there was no interest at all, and that we needed to drop to £159,995 to fall into the under £160,000 banding on Rightmove. We pointed out that this would not be the price would get, as bargaining and reducing is almost taken as read, which would take us probably back to the £155,000 region, to which they essentially said 'told you so'. We have spoken to several other agents, all of whom feel our property is on at the right price (whilst acknowledging we will have to accept a little lower). Our agent has effectively said that if we don't lower to what they suggest we've no chance of selling and it will just sit on their books. The main problem is that we are on sole agency. Actually, the main problem is that the manager is one of the rudest most arrogant people I have ever met. There is a real clash, to the point that my wife has to deal with him much of the time.

They have agreed that we can come out of the sole agency agreement, but only if we pay for our HIP. A HIP which has never been compiled. We signed up to a free HIP agreement almost the day before they were abolished, and were told not to worry about them. The contract forms had not been updated, so they left it as it was. Now they are saying they won't release the EPC link if we don't pay the £399 + VAT HIP price (despite their own charge for just an EPC being £98 + VAT).

I cannot abide them and see that we have no chance of achieving a sale from them. That they are on a fixed fee and not % fee appears to have made them interested in only the sale and not what they achieve for us. We have until September 30th for our sole agency agreement to run, and will obviously make no progress towards a sale (and getting the house we have seen) if we just sit it out. However, having paid them £200 already for 'special marketing' (a premium listing on Rightmove) which others do not charge up front, I am loathe to pay them a further £470 to have effectively achieved nothing (other than ill feeling).

Does anybody know where we stand? Surely they cannot enforce payment (contract or not) for something which has not been done?

Many thanks.

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When they valued the house, they advised they could sell at £155,000 within 4 weeks. We said that our view was nearer £170,000, based on many examples of similar properties in the same postcode.

It would appear that there are some estate agents that know what they're doing.

Do want to sell it or have it on sale at a price where you can tell all your mates its worth such and such or do you want to sell and move?

Your view is nearer £170k? Are you an estate agent? Are you a surveyor? Are you a greddy beggar?

I look forward to your second post.

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Hi

My first post. We have had our house on the market for 10 weeks without a single viewing. Furthermore we have had not a single call from the EA (we have to call them), and they are generally demonstrating a couldn't care less attitude.

When they valued the house, they advised they could sell at £155,000 within 4 weeks. We said that our view was nearer £170,000, based on many examples of similar properties in the same postcode. They said that they were happy to put on at (near to) that price, but we would have to be patient. We agreed, and it went on at £167,500. 8 weeks on, and having seen a property we like, we have been into them to see what is happening. After not even recognising us, they said there was no interest at all, and that we needed to drop to £159,995 to fall into the under £160,000 banding on Rightmove. We pointed out that this would not be the price would get, as bargaining and reducing is almost taken as read, which would take us probably back to the £155,000 region, to which they essentially said 'told you so'. We have spoken to several other agents, all of whom feel our property is on at the right price (whilst acknowledging we will have to accept a little lower). Our agent has effectively said that if we don't lower to what they suggest we've no chance of selling and it will just sit on their books. The main problem is that we are on sole agency. Actually, the main problem is that the manager is one of the rudest most arrogant people I have ever met. There is a real clash, to the point that my wife has to deal with him much of the time.

They have agreed that we can come out of the sole agency agreement, but only if we pay for our HIP. A HIP which has never been compiled. We signed up to a free HIP agreement almost the day before they were abolished, and were told not to worry about them. The contract forms had not been updated, so they left it as it was. Now they are saying they won't release the EPC link if we don't pay the £399 + VAT HIP price (despite their own charge for just an EPC being £98 + VAT).

I cannot abide them and see that we have no chance of achieving a sale from them. That they are on a fixed fee and not % fee appears to have made them interested in only the sale and not what they achieve for us. We have until September 30th for our sole agency agreement to run, and will obviously make no progress towards a sale (and getting the house we have seen) if we just sit it out. However, having paid them £200 already for 'special marketing' (a premium listing on Rightmove) which others do not charge up front, I am loathe to pay them a further £470 to have effectively achieved nothing (other than ill feeling).

Does anybody know where we stand? Surely they cannot enforce payment (contract or not) for something which has not been done?

Many thanks.

Sorry to hear about your situation. It does however appear that the EA is correct regarding the price. You have a couple of options, hold out for an offer close to your current asking price or chase the market down over the next few years and risk accepting an even lower offer in the future. The good news is that if the house you want to buy falls at the same % rate as yours you are no worse off overall.

Regarding EA fees NEVER pay upfront for marketing or difficult to define services.

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Welcome to hpc, ryanh!

They've gone about it completely the wrong way.

What they should have done is to save you the trouble by telling you that you've waaay overpriced your house and that they refuse to take on the sale unless you drop it to something realistic. If they had forced you to do that and you had done it, the HIPS would be moot by now.

Unfortunately because they failed to do their job of setting your expectations more realistically, they end u getting you to pay for their mistake.

Next time

a) Be more realistic with your asking price and

B) Select your estate agent much much more carefully

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Welcome to hpc, ryanh!

They've gone about it completely the wrong way.

What they should have done is to save you the trouble by telling you that you've waaay overpriced your house and that they refuse to take on the sale unless you drop it to something realistic. If they had forced you to do that and you had done it, the HIPS would be moot by now.

Unfortunately because they failed to do their job of setting your expectations more realistically, they end u getting you to pay for their mistake.

Next time

a) Be more realistic with your asking price and

B) Select your estate agent much much more carefully

But he has spoken to several other EA's who think the price is fine.

I think he has chosen the right agent but failed to listen to them.

(and now finds himself in an "officially" falling market which he will now need to chase if he wants to sell)

Edited by Anne_Uumellmahaye

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Welcome to hpc, ryanh!

They've gone about it completely the wrong way.

What they should have done is to save you the trouble by telling you that you've waaay overpriced your house and that they refuse to take on the sale unless you drop it to something realistic. If they had forced you to do that and you had done it, the HIPS would be moot by now.

Unfortunately because they failed to do their job of setting your expectations more realistically, they end u getting you to pay for their mistake.

Next time

a) Be more realistic with your asking price and

B)Select your estate agent much much more carefully

Signing up with an agent who is:

  • Arrogant and rude

    Wants part payment up front

    Is on a fixed fee

    Asks for a 19 week sole agency contract.

Doesn't sound like the best choice of EA to me. :blink:

I would write to them explaining that you feel they have not performed the task that you employed them for and that you will be approaching another agent immediately. Tell them they can forget about their HIP money (if they have genuinely not produced one).

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But he has spoken to several other EA's who think the price is fine.

I think he has chosen the right agent but failed to listen to them.

(and now finds himself in an "officially" falling market which he will now need to chase if he wants to sell)

Whilst you may be correct, it is impossible for you to be certain without knowing the location of the property in question.

A detail I didn't see mentioned in the OP. ;)

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Interesting stuff.

FWIW, my view of the agent seller relationship recently has been as follows :

Phase 1 : (pre credit crunch) Prices going up. Market up, plenty of properties to sell. Agents have no issue getting properties on books, sellers happy.

Phase 2 : Credit crunch. Supply of new properties heavily restricted. Agents do anything to get new instructions, including overpricing and letting the customer nominate riduculous prices.

Phase 3 : Agents realise properties on books will not sell due to overpricing. Supply of properties increases, so agents can be more aggressive with sellers. Overpriced properties on books are now ignored. Agents are aggressive with sellers and try to get them to reduce prices.

Phase 4 ; Sellers get angry with agents and change to new agents/list properties as "premium" to try to get sales rather than reducing prices (happening a lot in my area at the moment). Agents don't really give a damn, as an unrealistically priced property is not going to sell anyway.

Phase 5 (to come) : Sellers finally realise that the only way to sell is to reduce price.

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I would just hang on in there and ride out the sole agency contract. Then you owe them nothing for the hips?( i shouldn't think ?) I can't see how they can charge you for work not done especially as the hips is no more?? you could try checking this with trading standards.

Then when that is up,call in as many agents as you can find and play the multi agent game.(minus them)

Look at sold prices in your area and you decide the price.

Good luck with what ever you decide, but don't let these agents push you around, after all you 're employ them not the other way around.

B)

Edited by audi tt

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I would just hang on in there and ride out the sole agency contract. Then you owe them nothing for the hips?( i shouldn't think ?) I can't see how they can charge you for work not done especially as the hips is no more?? you could try checking this with trading standards.

Then when that is up,call in as many agents as you can find and play the multi agent game.(minus them)

Look at sold prices in your area and you decide the price.

Good luck with what ever you decide, but don't let these agents push you around, after all you 're employ them not the other way around.

B)

Not a good idea. Looks too desperate. Even if you are, it's best not to appear so ;)

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The main problem is that we are on sole agency. Actually, the main problem is that the manager is one of the rudest most arrogant people I have ever met.

Actually, the main problem is that you can't accept that your house is worth £155k. In fact, depending on which part of the country you are in, it was worth £155k ten weeks ago and so may now be worth £150k. I doubt that changing agent will make much difference.

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Actually, the main problem is that you can't accept that your house is worth £155k. In fact, depending on which part of the country you are in, it was worth £155k ten weeks ago and so may now be worth £150k. I doubt that changing agent will make much difference.

Christ. No prisoners taken on here!!!!

A Rightmove search of similar properties in my area shows many examples of similar properties at similar prices. Ok, I know the next response - 'but they are still on Rightmove for a reason'. Sure, but we have to start somewhere as we expect to have to still negotiate. We are well aware we won't achieve the asking price, but don't want to throw in the towel at the first sign of it getting a little bit difficult.

Anyway, to update, I took the matter to the regional manager today. After much debate, when he started by saying that we would have to pay for the HIP regardless of a change in legislation, a small victory was achieved. First of all he backed down on the HIP, admitting that it had been suspended and therefore no real costs involved. He then reduced the cost of the EPC to £79 + VAT. Finally, he offered to take on the sale himself, asking me to give him four weeks to sell our property. He advised that he will go all out to prove the company to me, that I won't have to deal with the guy who has annoyed me so much and, importantly, he is happy to do this reducing the cost to 'Offers in excess of £160,000'. As far as I'm concerned, that's a result!

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Sounds like your agent is being realistic.

The other agents are happy to humour you 'cos it sets you against your agent (their bitter rival) and might just get them your business. Once you sign up with another agent, they'll be the ones advising you to be realistic.

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In the past I haven't found multi agent a problem.

It keeps a good stream of viewers through your door. The agents work hard because they want that larger commission.

I personally don't think it looks desperate, just looks like someone who wants to sell. B)

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  • 153 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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