I receive many calls from people who want to sell their properties. ‘I wondered if you had a client who might buy it, I don’t want to go to an Estate Agent’.
Well firstly, the chances of me having someone wanting specifically what they have is the square root of you know what. Buyers have very specific requirements and a 3 bed semi in Brixton won’t tickle their fancy if they want a glossy Duplex on the South Bank. No matter how special the newly appointed side return is.
Secondly, why don’t they want to go to an Estate Agent? (I always ask this). Two answers always.
One. I want to sell it discreetly.
Two, and the one I believe, why should I pay an Estate Agent a fee.
I am by no means in the thrall of Estate Agents but the fact is that buying and selling in the UK is like traversing a valley of dragons.
Truth is, that when I buy and when I sell I want to use a good traditional, knows his stuff Estate Agent. I and every buyer I know does not want to be escorted around a home by the Vendor extolling the virtues of his hot tub. And as a seller I don’t want to make small talk with people traipsing through my house with their noses turned up.
I certainly don’t want to have to negotiate with the Vendor on his main asset which he valued with a wet finger in the air and a large dose of trying it on, it gets emotional. And as a Vendor I know it’s a darn sight easier for the Estate Agent to say ‘I have loads of interest’ and get me the best price, than me with a sheepish expression.
But that’s the easy stuff.
The tricky stuff comes when the mortgage companies, surveyors and solicitors get involved. These days their role can most often be described as ‘problem finders’. Someone in this sticky mix has to be the ‘problem solver’ and that is very often the much maligned Estate Agent ( and buyers representatives like me when used).
What happens when the mortgage company insists on a piece of paper from 1977 which doesn’t exist and they won’t accept an indemnity policy?
When the survey says there is a 20k damp problem and buyer and seller are diametrically opposed.
When the chain starts to break at the bottom, who is trying to put it back together?
Vendors threatening to pull out if we don’t exchange tomorrow and mortgage funds aren’t ready.
Just some real examples of deals of mine in the past 12 months where without the Estate Agent sweating bricks, and managing the issues delicately, the deal would have died.
Of course there are exceptions, a bad Estate Agent is worse than dry rot. I also don’t think they have to be on the High Street but the key is that they need to be on the ground, know the property business, know their local area and manage the sale like a hawk. When they do, the process of buying and selling generally works.
So, I guess the trick is to get one as cheap as possible?
Well I wouldn’t.
It costs money to professionally manage a marketing campaign, weeks or months of accompanied viewings and a 3 months sales progression, all whilst deftly handling the emotionally charged people and egos involved. I don’t see how a fixed £1000 or £2000 fee can cover a professional business to do this properly.
Until we have a conveyancing process whereby all issues have been ironed out before the offer and it really is a simple transaction, it is a people and relationship driven process. And when you have people you also have the words emotional, irrational, selfish, greedy and worse ones I can’t admit to. These things have to be managed by people who know what they’re doing and quite simply, you get what you pay for.
The failure of more creative models, (some might say bucket shops), to break the mould seems to say that thankfully the majority of Vendors think the same way.
It is worth saying, a lot, that the process of whacking a few pictures on Rightmove is not selling. Sellers need to understand that there is a deep chasm between the online marketing of their home and the actual selling of it.
And there be dragons in that chasm!