Observations On Agencies, Online And Home Reports

[moob]

Hi all, new here - and apologies in advance for a long-winded first post.

I'm about to put my house on the market, and have been studying at length the methods I can employ to reduce the costs of selling.

I'm lucky enough in that I have a 'mate's rates' deal for my conveyancing - so that's taken care of.

What I'm currently debating are the options for marketing my property. From what I've seen in recent years online advertising seems to be the primary method of attracting interest in your sale.

To that end, I've almost decided to market my property via an online agent. I've looked at many and reviewed their statistics etc and cross reference them to traditional estate agents. There seems to be little difference in terms of sale rates.

One of the online EA are doing a price inclusive of Home Report of £470 all in. My main area of concern is that the HR's validity would perhaps fall at the sale hurdle, as I'm more than confident their mortgage valuation will be rejected due to them not being in with the big boys, in terms of lender's approval.

Whilst I find this situation annoying, it is unfortunately a fact and I was looking at ways to deal with the situation.

I called round the big boys (Shepherd, DM Hall Allied) to find out what they'd do a valuation report should I require it - around £150 + VAT.

So basically, my modus operandi would be to take the plunge with the cheap online agent, therefore I'd have a valid HR as required by Law and pay for a valuation when/if the potential buyer requires it.

I did get a couple of estate agents round today for baseline valuations, so I'm aware of what the house is worth on the market at the moment - kinda. What perhaps made my mind up was their prices -

Your Move 1% + £299 + VAT + £500 for Home Report.

The Mortgage Shop (local to my area) 0.75% + £199 + £500 for Home Report (no VAT on final sale figure)

My method £470 + £150 (+VAT) for valuation

I was wondering if anyone had any thoughts/criticisms/questions on my 'plan'.

[moob]

Wow, tough crowd - 112 views, 0 comments.

[the-wife's-knickers]

Wow, tough crowd - 112 views, 0 comments.

Parents were told by the local Remax that they did not negotiate their rates. my father thanked them for their time and ended the discussion. They were on the phone within 24hours with a Special Offer.

Also are you comfortable and flexible regarding viewings. You will probably end up doing the viewings and I would find this tricky with my hours of work.

[moob]

Parents were told by the local Remax that they did not negotiate their rates. my father thanked them for their time and ended the discussion. They were on the phone within 24hours with a Special Offer.

Also are you comfortable and flexible regarding viewings. You will probably end up doing the viewings and I would find this tricky with my hours of work.

The last time we sold we used Countrywide and we did all the viewings - for which they took £1400 for the sale of an £83k flat.

Yeah, I have no issues doing the viewing, the wife is at home with the new baby at the moment, so it won't be an issue.

[The Fish]

Wow, tough crowd - 112 views, 0 comments.

No offence, but the readership probably isn't particularly fired with enthusasiam to help you maximise the return from your house sale

[moob]

No offence, but the readership probably isn't particularly fired with enthusasiam to help you maximise the return from your house sale

That wasn't my intention.

I was merely putting my thoughts down for others to comment on - hence my last remark in my OP.

I thought that was the purpose of discussion boards?

[24gray24]

That wasn't my intention.

I was merely putting my thoughts down for others to comment on - hence my last remark in my OP.

I thought that was the purpose of discussion boards?

You'll feel a bit stupid if your house falls 10k in value because it takes time for you to find a buyer. Think you'll sell it in October? November? February? How much will it have dropped by next April...10k? 20k? 50k?

And all because you wanted to save £200?

[moob]

You'll feel a bit stupid if your house falls 10k in value because it takes time for you to find a buyer. Think you'll sell it in October? November? February? How much will it have dropped by next April...10k? 20k? 50k?

And all because you wanted to save £200?

I don't think I'm stupid - I'm looking at the way the market plays, and the fact most home sales are driven via the internet.

If mine is marketed over the internet, like others paying for an EA - I'm struggling to see their advantage.

I'm also struggling to understand your arithmetic, where you got the £200 saving for instance.

[abroad]

First question is there a reasonable turnover in your area, be truthful on this as its important. If its a popular street then stick a sign in the garden. I sold my house myself two houses ago after having it on with GS for a year then taking it off the market for a year but I lived on a main road in a village so anyone going through would see it. If there is high turnover then there will be people looking in that area, if there is not then you need to look to maximise exposure using various methods as its more important to sell than it is to save....If you go with your plan set a date for moving to plan B, whatever you decide that to be.

Best of Luck

[moob]

First question is there a reasonable turnover in your area, be truthful on this as its important. If its a popular street then stick a sign in the garden. I sold my house myself two houses ago after having it on with GS for a year then taking it off the market for a year but I lived on a main road in a village so anyone going through would see it. If there is high turnover then there will be people looking in that area, if there is not then you need to look to maximise exposure using various methods as its more important to sell than it is to save....If you go with your plan set a date for moving to plan B, whatever you decide that to be.

Best of Luck

Things are pretty slow - like most areas - with some exceptions - some have sold in days etc.

I don't think our street is busy enough to merit trying the self-marketing route unfortunately - so I will need assistance.

I feel it's probably worth a punt with the online agent, they're essentially doing the same job as one of the EAs that came to value - who stated he only uses the web to advertise.

Cheers for the input.

[InlikeFlynn]

Things are pretty slow - like most areas - with some exceptions - some have sold in days etc.

I don't think our street is busy enough to merit trying the self-marketing route unfortunately - so I will need assistance.

I feel it's probably worth a punt with the online agent, they're essentially doing the same job as one of the EAs that came to value - who stated he only uses the web to advertise.

Cheers for the input.

I have just sold my house in Berwickshire in less than 3 months without using a conventional agent. Nothing but nothing is selling in the county yet we managed it by taking care with the pictures and pricing sensibly. I used one of the agencies that just lists you on Rightmove and passes on calls. I was able to take my own photos, make my own particulars etc. which were then checked for accuracy by the agent. The agent cost about £400 quid all in, the home report was extra. I paid a few hundred quid for advertising in the press, but the eventual buyer came through Rightmove.

You don't need to pay a conventional agent but you really need to be seen by all potential buyers. Outside the traditional ESPC/GSPC areas in Scotland these means being on Rightmove/Zoopla/prime location etc. In ESPC/GSPC areas I would use a standard solicitor and pay the commission.

Good luck, if you want more specific info please ask.

[moob]

I have just sold my house in Berwickshire in less than 3 months without using a conventional agent. Nothing but nothing is selling in the county yet we managed it by taking care with the pictures and pricing sensibly. I used one of the agencies that just lists you on Rightmove and passes on calls. I was able to take my own photos, make my own particulars etc. which were then checked for accuracy by the agent. The agent cost about £400 quid all in, the home report was extra. I paid a few hundred quid for advertising in the press, but the eventual buyer came through Rightmove.

You don't need to pay a conventional agent but you really need to be seen by all potential buyers. Outside the traditional ESPC/GSPC areas in Scotland these means being on Rightmove/Zoopla/prime location etc. In ESPC/GSPC areas I would use a standard solicitor and pay the commission.

Good luck, if you want more specific info please ask.

Hi there - thanks for your views on this, we certainly share an ethos.

I 'used' the EAs to gauge valuation etc - and will certainly take their views on when pricing my house for sale.

The Agent I'm going for will come and take photos, measurements - make the schedule, provide the for sale board, field all calls and negotiations. They have an 0800 number which is useful as well.

They advertise on Rightmove, Globtrix and about 10 others, and will be going with S1homes and Zoopla from the start of next month - they certainly seem to cover the online advertising comprehensively.

Cheers.

[ccc]

Hi there - thanks for your views on this, we certainly share an ethos.

I 'used' the EAs to gauge valuation etc - and will certainly take their views on when pricing my house for sale.

The Agent I'm going for will come and take photos, measurements - make the schedule, provide the for sale board, field all calls and negotiations. They have an 0800 number which is useful as well.

They advertise on Rightmove, Globtrix and about 10 others, and will be going with S1homes and Zoopla from the start of next month - they certainly seem to cover the online advertising comprehensively.

Cheers.

I have no idea why anybody would do this ? All the info you need is easily available for a little bit of effort.

I assume you have kept a track on wanted prices and actual sale prices for similar places in the area ? If you want to sell just take the 'average' of this based on your place's size/decor etc.. compared to others. Then take some money off to make your house the 'cheap' looking one in the area.

I know it is easier to say this when talking about someone else's place - however it is the truth and very simple. Simple ideas are always the best IMO. Good luck.

[moob]

I have no idea why anybody would do this ? All the info you need is easily available for a little bit of effort.

I assume you have kept a track on wanted prices and actual sale prices for similar places in the area ? If you want to sell just take the 'average' of this based on your place's size/decor etc.. compared to others. Then take some money off to make your house the 'cheap' looking one in the area.

I know it is easier to say this when talking about someone else's place - however it is the truth and very simple. Simple ideas are always the best IMO. Good luck.

I had an idea of the value through checking out the stats - issue is there's not been a house on sale in my area - of which there are 2 streets with the same build of house.

I also wanted an idea on what method/terminology they were using in the area for sales - as I'd seen quite a few on at 'offers in the region of'; however, it transpired the agents recommended going in at an offers over with a relatively low-ball to get interest.

[moob]

Should also say I was considering using their services if they were willing to come down in price, but there wasn't enough movement from them.

[InlikeFlynn]

Hi there - thanks for your views on this, we certainly share an ethos.

I 'used' the EAs to gauge valuation etc - and will certainly take their views on when pricing my house for sale.

The Agent I'm going for will come and take photos, measurements - make the schedule, provide the for sale board, field all calls and negotiations. They have an 0800 number which is useful as well.

They advertise on Rightmove, Globtrix and about 10 others, and will be going with S1homes and Zoopla from the start of next month - they certainly seem to cover the online advertising comprehensively.

Cheers.

I too had the agents round. They were so unimpressive that like you I did things myself.

In amongst the puff and bluster they did offer some useful advice, but they suggested wildy varying asking prices. Some were clearly aiming too high in order to attract business, one seemed too low and I thought he was just looking for a fast sale. The only part of the process that I felt they could have contributed to was the negotiation. An experienced third party would have been good here.

I used www.mypropertyforsale.co.uk, and would use them again, however in order to get the best out of them you may need to take your own photos. I bought a smart Nikon SLR to do this but any decent compact with a very wideangle lens and a tripod should fit the bill. I also rewrote the particulars: after all you should know the benefits of your house and area better than any estate agent!

Good luck - if you prepare good photos and text and price realistically you will sell.

[ccc]

I had an idea of the value through checking out the stats - issue is there's not been a house on sale in my area - of which there are 2 streets with the same build of house.

I also wanted an idea on what method/terminology they were using in the area for sales - as I'd seen quite a few on at 'offers in the region of'; however, it transpired the agents recommended going in at an offers over with a relatively low-ball to get interest.

Take it this is a recently new build area if there have been no sales ?

Not sure about the offers over IMO. Lots of people will see that as you taking he pish when the general consensus is the 'offers over market is dead'.

Up to you though.

[moob]

Take it this is a recently new build area if there have been no sales ?

Not sure about the offers over IMO. Lots of people will see that as you taking he pish when the general consensus is the 'offers over market is dead'.

Up to you though.

No, they're 1950s houses - just that it's a stabilised area with not many moving.

I did wonder about the O/O - but they both suggested it and did not that the majority of their properties in the area are marketed as such - doesn't mean they're right as you point out.

Will dig a bit more before deciding on my pricing strategy.

Thanks.

[JuneDiamond]

Yeah on same lines I think all estate agents rip you off now. I had a few around including SHiogg & C/Wide and I asked them why i should use them rather than an online estate agent, in fact what they did for their £2500 fee. No one out of the 4 agents could actually give me an answer, essentially they told me stick it on RightMove and see what happens.

So i called two online companies in Glasgow HomesaleOnline and ScottishHouseMove, one charge £400 the other £300. Both have pro's and conns so dont know who to use but certainly wont be paying £2500 just to advertise on rightmove as these guys do the same!!

Thoughts??

[moob]

Yeah on same lines I think all estate agents rip you off now. I had a few around including SHiogg & C/Wide and I asked them why i should use them rather than an online estate agent, in fact what they did for their £2500 fee. No one out of the 4 agents could actually give me an answer, essentially they told me stick it on RightMove and see what happens.

So i called two online companies in Glasgow HomesaleOnline and ScottishHouseMove, one charge £400 the other £300. Both have pro's and conns so dont know who to use but certainly wont be paying £2500 just to advertise on rightmove as these guys do the same!!

Thoughts??

It's Homesaleonline that I will be going with - for my house it is £470 inc Home Report - check their prices as it's based on the value of your property and states the price is from £400. Still, they represent better value than the latter.

One issue I've noticed with them is that their schedules leave a bit to be desired - rather amateurish in appearance. However, I intend to do my own schedule and insist they use it - probably my own photos too.

I don't buy into the ideology that estate agents have a list of buyers on their books awaiting your property.

[ccc]

No, they're 1950s houses - just that it's a stabilised area with not many moving.

I did wonder about the O/O - but they both suggested it and did not that the majority of their properties in the area are marketed as such - doesn't mean they're right as you point out.

Will dig a bit more before deciding on my pricing strategy.

Thanks.

Well good luck. I am not an estate agent and have zero experience of this sort of thing other than pure theory !! So you should perhaps just ignore my online advice.

However the two things in bold above would make me think twice. If nothing much is moving and most properties in the area are marketed in the same way ? Perhaps you need yours to stand out and to do such make it different from the rest ?

All fairly academic anyway - the most important thing is price. You could go through the shittest EA, producing the shittest Schedule, with the shittest pictures. However if yours is prices 10k under other comparable places nearby ? Your one will sell before theirs. Pretty much 100% guaranteed.

[moob]

Well good luck. I am not an estate agent and have zero experience of this sort of thing other than pure theory !! So you should perhaps just ignore my online advice.

However the two things in bold above would make me think twice. If nothing much is moving and most properties in the area are marketed in the same way ? Perhaps you need yours to stand out and to do such make it different from the rest ?

All fairly academic anyway - the most important thing is price. You could go through the shittest EA, producing the shittest Schedule, with the shittest pictures. However if yours is prices 10k under other comparable places nearby ? Your one will sell before theirs. Pretty much 100% guaranteed.

Therein lies the problem. The other houses in the street that are for sale are poorer in terms of quality. One of them is seriously needing attention - i.e new windows/wiring/heating/kitchen etc etc - so there's no way I'm going to attempt to price under that - as my house is done to a high standard throughout.

It's left me with a bit of a quandary.

[ccc]

Therein lies the problem. The other houses in the street that are for sale are poorer in terms of quality. One of them is seriously needing attention - i.e new windows/wiring/heating/kitchen etc etc - so there's no way I'm going to attempt to price under that - as my house is done to a high standard throughout.

It's left me with a bit of a quandary.

I would say there clearly is no quandary. The other houses are poorer quality and are not selling. Your house is better quality. Price it at the same level as those at a lower quality. This is the only way to make it stand out.

RESULT - You will have a good chance of selling

(depending on other details which we of course do not know)

I know this is easy for me to say as it is not my money. However it is the common sense truth IMO.

[abroad]

To get a sale you need a viewing, can you find out if there has been any interest at all in the other houses ? I once went 18 months with only 2 people coming to see my place in the 80's.....Pricing the same as the others will only get you a sale if there are interested buyers. if the other places are stagnant with no viewings then clearly sticking it in at the same price is unlikely to help. Think about your strategy on pricing if you don't get a quick sale, its not just about what you do at the start. Know what your next step will be, e.g start at O/O 10K, wait 3 months, go OA. 10K, then fixed price then drop price...set deadlines and remember loads of people have propertybee and things like that so they will be watching the price if they are interested and so you need to take that into consideration as price changes etc affect buyers mentality..

[moob]

Just had a bit of a snag.

Contrary to what I believed, it appears that a lender can actually dispute the entire Home Report rendering it invalid - thereafter meaning I'd have to retain the services of a surveyor on the lender's panel and pay the fee £480. The Nationwide explains that

"From 1 February 2010 the only transcriptions accepted are those arranged under the Scottish Home Report (single survey) process for purchase mortgages, introduced in December 2008, and those relating to new build properties in Scotland. Transcriptions are not accepted for remortgage applications.

For acceptance of these transcriptions the following points apply:

• The valuer providing the transcription must be the individual who prepared the original Home Report or inspected the new property.
  
• The firm employing the valuer must be on the Nationwide panel.
  
• The valuation figure must be no more than 90 days old.
  
• Where the valuation figure is a result of a 'refresh' of the original Home Report, it must be based on an internal/external inspection that has taken place within the last 90 days.
  
• The Valuation figure in any Scottish new build transcription must be a resale valuation and the report must contain the key statement confirming this.
  

The transcript will only contain the same information and valuation figure as the Single Survey. A valuer may however, at the request of the seller, update (‘refresh’) the report which could result in changes, including the valuation figure. To refresh a report the valuer must re-inspect the property.

Nationwide will instruct valuers to forward transcripts only if they have inspected (or re-inspected) the property within 3 months from receipt of our instructions."

It does seem as though this closed shop mentality is still well in existence, and the ideology of one Home Report fits all proscribed by the Scottish Government is a fallacy. Typical, and not unexpected.