Melboy Posted March 26, 2011 Report Share Posted March 26, 2011 Which brings me onto another EA - LA related topic........... This business of online Estate Agents around my way........... I know a lot of EA's through my business dealings over the past 20 years or more with them. Why do people fall for the "We can sell your property for £400+" which means paying an upfront non-refundable fee. From what I am being told these "Upront Agents" overvalue the property to gain the business and of course to the Vendor they are being told what they want to hear but with a property price that is totally unrealistic in todays market. The weeks pass by and with no viewings the property owner is then informed they will have to lower the price to achieve a realistic chance of selling which is probably what it would have achieved in the first place. So is it "No Sale-No Fee" by the traditional EA for you or would you use an online EA with fees required up-front. Link to comment Share on other sites More sharing options...
Mortitia Posted March 26, 2011 Report Share Posted March 26, 2011 Which brings me onto another EA - LA related topic........... This business of online Estate Agents around my way........... I know a lot of EA's through my business dealings over the past 20 years or more with them. Why do people fall for the "We can sell your property for £400+" which means paying an upfront non-refundable fee. From what I am being told these "Upront Agents" overvalue the property to gain the business and of course to the Vendor they are being told what they want to hear but with a property price that is totally unrealistic in todays market. The weeks pass by and with no viewings the property owner is then informed they will have to lower the price to achieve a realistic chance of selling which is probably what it would have achieved in the first place. So is it "No Sale-No Fee" by the traditional EA for you or would you use an online EA with fees required up-front. Link to comment Share on other sites More sharing options...
Mortitia Posted March 26, 2011 Report Share Posted March 26, 2011 Why would anyone pay an agent up front? Advertise it yourself on Right Move if you just want to sell - it is the biggest property website. Mortitia Link to comment Share on other sites More sharing options...
Steve Kong Posted March 26, 2011 Report Share Posted March 26, 2011 Don't online estate agents offer charge on completion? Link to comment Share on other sites More sharing options...
Melboy Posted March 26, 2011 Author Report Share Posted March 26, 2011 Don't online estate agents offer charge on completion? Some may do Steve.......but the rise of the Upfront Fee EA is with us and people just can't see the pitfalls of going down this route. Mel. Link to comment Share on other sites More sharing options...
Trenners Posted March 26, 2011 Report Share Posted March 26, 2011 Why would anyone pay an agent up front? Advertise it yourself on Right Move if you just want to sell - it is the biggest property website. Mortitia Hi Mortitia, Rightmove is owned by Estate Agents. You cannot advertise a property on Rightmove unless you are an Estate or Letting Agent. It was a really smart move by them because, threatened by the power of the Internet, they needed to make sure that individuals could not easily promote their own properties without involving Estate Agents (otherwise EAs would go out of business). Also .... now that Rightmove is No.1 property portal .... they charge Estate Agents hundreds and hundreds of pounds each month to be members of Rightmove ...... and EAs have no option, other than pay their huge fees, as if their properties are not on Rightmove then vendors will not instruct them! Well done Rightmove .......... let's hope Google Maps or some other Internet company (like Tesco) have the courage to take Rightmove on in the future ..... Trenners Link to comment Share on other sites More sharing options...
Melboy Posted March 27, 2011 Author Report Share Posted March 27, 2011 A lot of independent EA's I know just cannot afford the £700 a month it costs to advertise on Rightmove so are forced to go to other property websites like Zoopla and Prime Location....all good property websites. I have also noticed that some EA's will charge an extra £50 to Seller's if they want their property advertised on Rightmove if they themselves do not advertise their EA on Rightmove. Mel. Link to comment Share on other sites More sharing options...
Melboy Posted March 27, 2011 Author Report Share Posted March 27, 2011 This online EA is reasonable and fair imo......and NO I have absolutely no connection with them! I was researching for online EA's to see what sort of deals they offer to Vendors. http://www.housesimple.co.uk/ Mark Trenners...... I do know that a couple of our local EA's are in a sinking boat at the moment and about to go under through lack of sales/take-ons etc. Mel. Link to comment Share on other sites More sharing options...
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