More Home-Made 'for Sale' Signs Appearing

[sparkle-space]

There are two houses now for sale privately on my route into work, plus one house privately listed on ebay, another I know of sold privately through a local email list and there are a couple of private 'to let' signs too. I live in a very rural area so this is a fairly significant number!

But the questions is, what is this a sign of? People deciding that they can't afford estate agents fees, or people wanting more for their house than the estate agents are willing to sell it for? I've enquired about two of the properties and both seemed very highly priced to me - especially bearing in mind that the owners wouldn't be paying any fees.

Anyone else noticed this and has any thoughts?

s-s

[Blue Peter]

There's a home-made "House to Let" (with little arrow) sign on my current route to work.

It would be for a house which would usually be for sale at £500,000+. So, who knows what it means,

Peter.

[MrFlibble]

It is a sign the sellers are greedy gits who do not want to shell out Estate Agency fees. It's false economy in such times, just like sole agency. Best to aggressively attack the market and get shot if you are serious about selling otherwise you just follow the market down and lose even more.

Edited August 3, 2010 by MrFlibble

[Mal Volio]

There's a few round here with homemade/non-agency signs

I think there are 3 categories:

• people who believe they can sell without an EA and don't see what value they add - usually no urgency or especial need to sell
  
• people who are desperate to save every penny they can (usually unrealistic asking price + NE)
  
• people who have had the house on with 2-3 EAs but been sacked by them because they've refused offers and/or wont drop asking price
  

I'd avoid all three.

[The Masked Tulip]

Could be that people believe there is still a boom, that houses sell within minutes of being advertised so why pay an EA to do nothing?

[Mal Volio]

Could be that people believe there is still a boom, that houses sell within minutes of being advertised so why pay an EA to do nothing?

Yes, I think so, or people who know that their house is different: anyone seeing it will fall in love with it and immediately offer full asking price. No need for an EA at all.

[RufflesTheGuineaPig]

If it's in the country, it could simply be that they are only interested in selling to someone local.

No EA mean no rightmove, means no nation-wide exposure/

[MrFlibble]

Yes, I think so, or people who know that their house is different: anyone seeing it will fall in love with it and immediately offer full asking price. No need for an EA at all.

All you need is some twigs in a vase and you can consider the place sold

[Godley]

It's because more and more people realise that estate agents add no value to the buying and selling process. We will see more and more of this over time particularly with the advent of web sites like Beenys.

This can only be good for potential buyers and sellers.

[juvenal]

Yes, I think so, or people who know that their house is different: anyone seeing it will fall in love with it and immediately offer full asking price. No need for an EA at all.

They believe the EA's description isn't fulsome enough.

They want the chance to describe to you personally just why the EastEnders-themed lounge and home-made sustainable extension made from pallets makes the place worth peak plus 20%...

[cartimandua51]

From Agents Diary blog:

‘I’ve got a valuation for you.’ Announces trainee F proudly. I should be happy. F certainly is. He has that excited, pleased with himself look, a dopey dog might wear having dug something recently buried from the garden. Sadly with F’s dubious track record I have a feeling the appointment will not turn out to be a motivated seller with realistic price and fee expectations. Chances are they’ll be a completely different kind of animal. The property equivalent of a canine exhumed pet rabbit.

‘They’ve been trying to sell privately?’ I quiz crabbily. ‘Great. Cheapskates with blinkers on value and a padlock on their purse.’ It’s not a gracious response and even as I utter it, I can recognise the poor managerial empathy I’m exhibiting. But knowing something is wrong and actually doing something about it are two different things entirely.

The trouble is I’ve been doing this job too long. I’ve come across just about every human trait that exists. And the less admirable ones only seem to be magnified by the fraught moving process. The couple I’m going to see with F later have already manifested in my brain. It’s another basic error to pre-judge before you meet a potential client and I’m fighting the desire to pigeonhole, but a vision of a pernickety public servant, with too many recycling bins, a frumpy humourless wife and a home made for sale board slumping drunkenly in the garden, are swimming before me.

‘You really hate people who sell privately.’ Says F as we turn into the street in question a few hours later. ‘More dislike.’ I correct pedantically, but in truth he’s not that wide of the mark. I would imagine if you were a train driver, or an airline pilot, you’d be pretty pissed too if some bumptious amateur who thought they understood signals and cross-winds, tried to petulantly snatch the controls away from you and threatened your livelihood.

Statistically those selling privately have a greater risk of their sales falling through. If I’m involved in a chain where someone is flogging their home themselves, straight away I’m wary. It’s a self-preservation thing for both my client and myself. All my efforts can evaporate thanks to some penny-pinching prat who doesn’t know how to solve a deed of variation, a damp proofing problem, or a mortgage down-valuation. Peanuts and monkeys – dead pets and garden graveyards.

‘There you go.’ I announce prissily to F as we park outside the target property and see a home made for sale flag in the front garden, fashioned from what looks suspiciously like one of our rivals’ stolen boards. ‘Five pound says he’s a teacher and she works for the local council.’

‘How did you know?’ Asks F incredulously, stopping short of taking my outstretched hand and paying for my next coffee. Preparation and information. Basic sales skills.

‘He has tried one of those cheap on-line websites.’ Reminds F vacantly, as we traipse towards the door. ‘But he feels he wasted his money.’

‘He would do.’ I confirm smugly. ‘You get what you pay for.’ And I ring the bell. It’s a sickly classical chime I vaguely recognise. ‘Caveat Emptor.’ I tell F with a hint of pomposity and he frowns before asking:

‘Like the suits?’

It’s only as the door opens and a weasel-faced man with a goatee beard appears, that I realise F meant, Emporio Armani. I don’t know whether to laugh or cry. Sobbing seems appropriate as the dowdy wife pokes her head round the kitchen door and reminds her husband loudly.

‘Tell them we won’t pay any more than 1.0%. I don’t know what they do for all that money.’

‘I can’t belief you told them you didn’t want to list it.’ Says F incredulously as I drive away with a hollow victory and pleasingly spy the teacher trying to right the lop-sided private board, in my rear view mirror.

‘Right price, right fee or we’re wasting our time.’ I tell F a little smugly, before adding. ‘Carpe Diem.’

I know it wasn’t ideal. But F thought it involved a dead fish, so nobody is any the wiser.

http://agentsdiary.blogspot.com/

Has flagged a bit recently but some of the earlier stuff is well worth a read.

[exiges]

It's because more and more people realise that estate agents add no value to the buying and selling process.

I disagree, I'm quite sure we wouldn't have sold our house without the EA we used. Professional, courteous and made the entire process go quickly and efficiently

Sure, I hated the fact I had to pay the fee, but I've also viewed lots of houses without buying and realise that not everything an EA does results in a sale.

[Mal Volio]

I disagree, I'm quite sure we wouldn't have sold our house without the EA we used.

I think they're a hugely mixed-bag

The one who sold our house for us listened, worked hard and performed very well indeed. More than earned the commission in my view.

OTOH my experience of the EAs here (as a potential buyer) is that they mostly range from adequate, through pointless and in a few cases into a situation where the seller would be better off without them.

[Snow Birds]

I am the sort of person who would do this and here are my reasons:

1: My one and only experience with real estate agents was so bad that in order to buy the house I currently live in I had to do an end run around the estate agent, cut him out of the deal and work with the previous owner directly. The real estate agent was actually hindering the deal. So if they are that bad why not do it yourself. Save yourself some money and grief?

2: If there are other signs around you then you are getting a steady flow of possible buyers driving past your gate. It is an odd buyer who wouldn't "check out the house up the road since we are here anyway." The house opposite me sold like this without even a sign! People were looking at houses nearby and liked the look of my neighbours house and just knocked the door and asked if he was considering selling. He had been thinking about it so they had a nice cup of tea together and did a deal right there and then. If you are on a well travelled road a simple sign will attract a lot of buyers and you will eliminate a lot of rubberneckers from out of town who have no real intentions of buying. Walking up a driveway all by your lonesome takes a little courage that will be with a real buyer. Rubberneckers use the real estate agent like a shield and they are just wasting time.

3: Meeting the buyer directly opens the door to all kinds of "deals" and arrangements that would be hard to discuss through an agent. It makes you very flexible.

4: It is just plain nice to work with potential buyers directly. Both buyer and seller feel they are in total control and they are. Person to person negotiations are just way more fun, tend to create life-long friendships too. Like some years after I bought my place I decided to do some work on the septic tank, nothing big, just some routine maintenance which I thought would be a good idea but I had no idea where it was. A simple phone call and a friendly chat and I dug a hole right on top of it. No problemo.

[Godley]

I disagree, I'm quite sure we wouldn't have sold our house without the EA we used. Professional, courteous and made the entire process go quickly and efficiently

Sure, I hated the fact I had to pay the fee, but I've also viewed lots of houses without buying and realise that not everything an EA does results in a sale.

What did your EA do?

[Godley]

I think they're a hugely mixed-bag

The one who sold our house for us listened, worked hard and performed very well indeed. More than earned the commission in my view.

OTOH my experience of the EAs here (as a potential buyer) is that they mostly range from adequate, through pointless and in a few cases into a situation where the seller would be better off without them.

What did the EA do when they sold your house?

[Mal Volio]

What did the EA do when they sold your house?

Actively contacted and chased anyone on their books of buyers who could have been interested, followed up and chivied possible people along, managed to get enough people interested that the offers came in and came in at a decent level and generally worked her **** off to close the deal. Some quite smart gamesmanship.

All the things that I've not seen from any EAs in this area

[corevalue]

I've sold a house without an EA. Realistic price (because no fees), one totally honest advert in the local paper, one viewing, house sold within the week. OK, it was a long time ago, but it wasn't a boom period. Really, , what do EA's offer, a room measurement service?

As a buyer, the only thing an EA adds is that you can find many houses in one place. The internet or the local rag do that just as well.

[Godley]

Actively contacted and chased anyone on their books of buyers who could have been interested, followed up and chivied possible people along, managed to get enough people interested that the offers came in and came in at a decent level and generally worked her **** off to close the deal. Some quite smart gamesmanship.

All the things that I've not seen from any EAs in this area

Are you saying that you couldn't do the things your EA did?

[Godley]

I've sold a house without an EA. Realistic price (because no fees), one totally honest advert in the local paper, one viewing, house sold within the week. OK, it was a long time ago, but it wasn't a boom period. Really, , what do EA's offer, a room measurement service?

As a buyer, the only thing an EA adds is that you can find many houses in one place. The internet or the local rag do that just as well.

aah yes but look at what Mal vio is saying?

his/her EA actively chased buyers and all for 1-2% of the house value...............come on that is money well spent, isn't it?

[Mal Volio]

Are you saying that you couldn't do the things your EA did?

Yes, bluntly. I'm quite good at what I do - but it's not marketing and selling and stuff.

I'm a sceptic but i was impressed. And I f'in hate EAs as a rule. This was very much the exception - last time we sold a house the EA was a total waste of space and time

[Yoss]

aah yes but look at what Mal vio is saying?

his/her EA actively chased buyers and all for 1-2% of the house value...............come on that is money well spent, isn't it?

Taking a few pictures, and knocking up a floor plan in Visio takes 30 minutes. If you think paying someone to sell your house takes 3K+ in todays internet age, then I will do it for you for 1/2 the price!

Savy buyers, Rightmove then just Google street view said house! Then check out local planning applications etc, it's all there in a search engine nowdays, why would anyone sell through an EA?

(in the old days the first 90 seconds counted, now however those first few minutes are now spent looking at street view and google earth/ checking out local school ratings etc.....all the fluff EA's used to blow peoples bottoms is dead wood)

EA's are a dead trade, much like IT people in the 90's, why pay someone £300 a week, when thanks to the WWW it costs a fraction of the price, to look it up yourself, hell a 75p iPhone app will tell you what most most people consider local value is ?

Edited August 3, 2010 by Yoss

[MongerOfDoom]

It is easy to see why people are weary of using EAs. There is an obvious conflict of interest in that an agent who gets £1000 less for your house than would be possible possible stands to lose £20, whereas you lose £980. Their fee structure makes it clear what you will pay, but there is a complete lack of transparency when it comes to what you get for your money.

The book Freakonomics has a chapter on all this. Apparently, in the US EA's own houses take longer to sell and fetch more. What a surprise.

[concerned_money]

There's a few round here with homemade/non-agency signs

I think there are 3 categories:

• people who believe they can sell without an EA and don't see what value they add - usually no urgency or especial need to sell

• people who are desperate to save every penny they can (usually unrealistic asking price + NE)

• people who have had the house on with 2-3 EAs but been sacked by them because they've refused offers and/or wont drop asking price

I'd avoid all three.

then there's folk like me !

* people who want to upgrade, get the EA's valuation, get on rightmove via a selfsell EA, handmade sign for the locals, got stiffed by the local EA, did the viewings whilst with the EA- in other words selling it myself anyway..........

logical next move, ditch the EA & stick a sign in the garden

[Godley]

Yes, bluntly. I'm quite good at what I do - but it's not marketing and selling and stuff.

I'm a sceptic but i was impressed. And I f'in hate EAs as a rule. This was very much the exception - last time we sold a house the EA was a total waste of space and time

So, going back to the orignal point.......................EA's offer little or no value, certainly not anywhere near 1-2% of the selling price. Thus sell the house yourself, basically its measuring rooms, putting a board up and negotiating. You would have to have the IQ of a slug not to be able to do it.