I'm seeing an increasing number of properties locally which have been
for sale for some time and have now gone to multiple agency. What
benefits/disadvantages are involved (apart from the obvious one of
2.5% commission instead on 1 - 1.5%) of multiple agency?

I assume that the commission is only payable to the actually selling
agent?

Does having one or more additional agencies mean that one's initial
agency tries even harder?

Any other things to observe?

MM

On Mon, 09 Aug 2004 11:32:01 +0100, Mike Mitchell wrote:

I'm seeing an increasing number of properties locally which have been
for sale for some time and have now gone to multiple agency. What
benefits/disadvantages are involved (apart from the obvious one of
2.5% commission instead on 1 - 1.5%) of multiple agency?

I assume that the commission is only payable to the actually selling
agent?

Does having one or more additional agencies mean that one's initial
agency tries even harder?

Any other things to observe?

MM

If nothing else it means that each agent knows that there is competition, and so should try harder
to get the sale before the other. A friend of mind is selling at the moment, and has had a lot more
viewings since going dual-agent.

Mike Harrison wrote:
Mike Mitchell wrote:

I'm seeing an increasing number of properties locally which
have been for sale for some time and have now gone to multiple
agency. What benefits/disadvantages are involved (apart from
the obvious one of 2.5% commission instead on 1 - 1.5%) of
multiple agency?

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....

I assume that the commission is only payable to the actually
selling agent?

That is something you *need* to sort out. It is just possible
that both will try to claim. It may be that each will take
1/2, no matter who clinches the deal....

Does having one or more additional agencies mean that one's
initial agency tries even harder?

They're unlikely to sit on their bums & twiddle their thumbs when
they stand to make 1.5% of your selling price for perhaps not a
lot of effort...

Any other things to observe?

A multi-agency contract might be welcomed by the Agent. Imagine
what would happen if *all* contracts were multi-agent.....

The housing market is flat at the moment, due to the time of
year. I expect it will not pick up for some considerable time,
due to other considerations. It will, I expect, take a dive
re. prices.


J.B.

In article , Jerry Built
writes

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....

I'm paying 1% *including* VAT on mine. (North-west.)
That said, haven't sold the bloody house yet...

--
Rarely do people communicate; they just take turns talking.
(source unknown)

On 9 Aug 2004 12:38:40 -0000, Jerry Built
wrote:

Mike Harrison wrote:
Mike Mitchell wrote:

I'm seeing an increasing number of properties locally which
have been for sale for some time and have now gone to multiple
agency. What benefits/disadvantages are involved (apart from
the obvious one of 2.5% commission instead on 1 - 1.5%) of
multiple agency?

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....

I'm in Bucks. The sole agent's agreed fee is 1.25% + VAT. The previous
agent, which didn't produce many viewings, hence the change, was only
charging 1% + VAT. 1.25% is normal where I am, and 2.5% for multiple
agency.

I assume that the commission is only payable to the actually
selling agent?

That is something you *need* to sort out. It is just possible
that both will try to claim. It may be that each will take
1/2, no matter who clinches the deal....

Does having one or more additional agencies mean that one's
initial agency tries even harder?

They're unlikely to sit on their bums & twiddle their thumbs when
they stand to make 1.5% of your selling price for perhaps not a
lot of effort...

Any other things to observe?

A multi-agency contract might be welcomed by the Agent. Imagine
what would happen if *all* contracts were multi-agent.....

The housing market is flat at the moment, due to the time of
year. I expect it will not pick up for some considerable time,
due to other considerations. It will, I expect, take a dive
re. prices.

It certainly IS flat right now! I was getting two or three viewings a
week, sometimes more, up until the schools broke up. And now not a
single viewing for two weeks! I can only hope it will pick up again
once people start coming back ready for school.

MM

On Mon, 9 Aug 2004 13:57:33 +0100, Mike Tomlinson
wrote:

In article , Jerry Built
writes

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....

I'm paying 1% *including* VAT on mine. (North-west.)
That said, haven't sold the bloody house yet...

You and me both. And I am not the only one. In our village there are
several properties of different types and prices that have also hung
around - mine now for four months. And there I was thinking selling
the darned thing was going to be a formality.

Auction?

Multiple agency?

Dunno what else to try, except another price reduction. But it's
already the cheapest property in the village.

MM

On Mon, 09 Aug 2004 16:35:43 +0100, Mike Mitchell
wrote:

On Mon, 9 Aug 2004 13:57:33 +0100, Mike Tomlinson
wrote:

In article , Jerry Built
writes

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....

I'm paying 1% *including* VAT on mine. (North-west.)
That said, haven't sold the bloody house yet...

You and me both. And I am not the only one. In our village there are
several properties of different types and prices that have also hung
around - mine now for four months. And there I was thinking selling
the darned thing was going to be a formality.

Auction?

Multiple agency?

Dunno what else to try, except another price reduction. But it's
already the cheapest property in the village.


Are you desperate to move?

http://www.housepricecrash.co.uk/


--
Free stuff by post
http://www.freestuffbypost.co.uk

With a multiple agency sale there should also be less chance of the
agent trying to pull a fast one by buying it for himself or a client
at a lower price.

On Mon, 09 Aug 2004 11:32:01 +0100, Mike Mitchell
wrote:

I'm seeing an increasing number of properties locally which have been
for sale for some time and have now gone to multiple agency. What
benefits/disadvantages are involved (apart from the obvious one of
2.5% commission instead on 1 - 1.5%) of multiple agency?

I assume that the commission is only payable to the actually selling
agent?

Does having one or more additional agencies mean that one's initial
agency tries even harder?

Any other things to observe?

MM

If I saw this as a buyer I would think one of two things

1) desprate to sell, I can knock price down a bit
2) not selling as property overpriced, I can knock price down a bit

The agency is only as good as the guy running the place, some will be
brilliant, some will not earn their 1.5 %.

Rick

In message ,
Mike Tomlinson wrote:

In article , Jerry Built
writes

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....

I'm paying 1% *including* VAT on mine. (North-west.)
That said, haven't sold the bloody house yet...


In Worksop area 12 months ago we sold a house at 0.85% + VAT; i.e.
near-as-makes-no-difference 1%

We "auditioned" four different agents. Two of them wanted 1.5% IIRC, one
was a fixed price which worked out to about 1% (though they wanted to
put us up at a lower price so it would have been 1% of that price) and
the fourth started at 1.5% but came down to 0.85%+VAT when we looked a
bit doubtful :-)

Hwyl!

M.

--
Martin Angove: http://www.tridwr.demon.co.uk/
Two free issues: http://www.livtech.co.uk/ Living With Technology
.... My reality check just bounced.

"Jerry Built" wrote in message
...
Mike Harrison wrote:
Mike Mitchell wrote:

I'm seeing an increasing number of properties locally which
have been for sale for some time and have now gone to multiple
agency. What benefits/disadvantages are involved (apart from
the obvious one of 2.5% commission instead on 1 - 1.5%) of
multiple agency?

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....

Then you need a new estate agent. 1.25% tops. Anything above that is
robbery.

"mogga" wrote in message
...
Are you desperate to move?

http://www.housepricecrash.co.uk/

I assumed this was some place that buys properties quickly for cash but
can't find that on the site. Just out of interest does anybody know what
sort of percentage of valuation these sort of companies typically offer ?

In message , G&M
writes

"mogga" wrote in message
.. .
Are you desperate to move?

http://www.housepricecrash.co.uk/

I assumed this was some place that buys properties quickly for cash but
can't find that on the site. Just out of interest does anybody know what
sort of percentage of valuation these sort of companies typically offer ?



They will offer an amount where they are guaranteed to make money if
they remarket immediately. In order to do this, and to make it worth
tying up capital for a while, they probably need to buy at around 20%
less than value.

In fact, if you were to market your property at an asking price
equivalent to the amount one of these firms would offer, you should be
inundated with offers from ordinary buyers and, with a good estate
agent, the price would rise to its' market value.

The fact is that you are unlikely to be willing to sell at the price one
of these firms will buy at, unless you are in danger of serious loss if
you dont sell.

Given that you are asking the question, I would suggest dropping your
asking price to the lowest figure you would consider accepting, and let
the market do its stuff.
..
--
Richard Faulkner

Mike Mitchell wrote in message . ..
I'm seeing an increasing number of properties locally which have been
for sale for some time and have now gone to multiple agency. What
benefits/disadvantages are involved (apart from the obvious one of
2.5% commission instead on 1 - 1.5%) of multiple agency?



What I find amusing is, that around here most properties are
advertised by more than one agent, but when you go in and tell them
that another agent is marketing the same property they all say "no,
that can't be possible, we have a sole agent agreement."

On Mon, 9 Aug 2004 23:08:53 +0100, "G&M"
wrote:


"mogga" wrote in message
.. .
Are you desperate to move?

http://www.housepricecrash.co.uk/

I assumed this was some place that buys properties quickly for cash but
can't find that on the site. Just out of interest does anybody know what
sort of percentage of valuation these sort of companies typically offer ?

Between 10% and 15%, depending on the state of the market. I expect
their fee would be near the upper end right now. It seems that quite a
few people around here have utilised their services, though. I don't
think there's anything fishy. It's a straightforward business
transaction: You have seen a property you want to acquire. If you
don't sell your house, someone else will buy that propspective
property, you lose it, and your house stays on the market for another
month. So, at some point, you have to decide whether taking the hit is
making the best of the situation. What they have going for them is
that it's a guaranteed offer. So if they state, in writing, that they
will pay £x for your property, in as little as three days after you
sign, you get a cheque. However, you have only ONE bit of the cherry!
If you reject their one-time offer, they will not come back a second
time a few weeks later to repeat the process. I suppose this is just
to stop time wasters.

What I fail to understand is, why are we *still* reading day after day
about the housing market still on the boil when all the evidence is,
and hearsay evidence from agents much further afield backs it up, that
the market is extremely quiet right now, and not *only* because of the
fact that it's August.

MM

On Mon, 9 Aug 2004 23:29:34 +0100, Richard Faulkner
wrote:

In message , G&M
writes

"mogga" wrote in message
. ..
Are you desperate to move?

http://www.housepricecrash.co.uk/

I assumed this was some place that buys properties quickly for cash but
can't find that on the site. Just out of interest does anybody know what
sort of percentage of valuation these sort of companies typically offer ?



They will offer an amount where they are guaranteed to make money if
they remarket immediately. In order to do this, and to make it worth
tying up capital for a while, they probably need to buy at around 20%
less than value.

In fact, if you were to market your property at an asking price
equivalent to the amount one of these firms would offer, you should be
inundated with offers from ordinary buyers and, with a good estate
agent, the price would rise to its' market value.

How does that work, then?

The fact is that you are unlikely to be willing to sell at the price one
of these firms will buy at, unless you are in danger of serious loss if
you dont sell.

Given that you are asking the question, I would suggest dropping your
asking price to the lowest figure you would consider accepting, and let
the market do its stuff.

But even if I did do that, chances are I'd get a low offer, then the
person would pull out three weeks later anyway. It's fast becoming the
norm around here in Bucks. Whereas with the chain breaking companies,
you get a guaranteed offer, have no chain, and can at least start
afresh in your new property. I can do nothing. My hands are tied. I am
fed up. I have a shed full of tools and no house to wield them on!

MM

"Mike Mitchell" wrote in message
...

What I fail to understand is, why are we *still* reading day after day
about the housing market still on the boil when all the evidence is,
and hearsay evidence from agents much further afield backs it up, that
the market is extremely quiet right now, and not *only* because of the
fact that it's August.

Although I'm not selling at the moment, we do have two houses - one in
renovation - and so keep a careful eye on the market for when it is
habitable. I would agree that the market above say second time buyer level
is almost dead. This is witnessed by new properties as well - granny flats
and entry level houses sell off-plan, 'executive housing' is often finished
and standing idle months before a buyer is found.

On Tue, 10 Aug 2004 10:03:09 +0100, Mike Mitchell
wrote:

What I fail to understand is, why are we *still* reading day after day
about the housing market still on the boil when all the evidence is,
and hearsay evidence from agents much further afield backs it up, that
the market is extremely quiet right now, and not *only* because of the
fact that it's August.

Hi,

This article gives a good possible explanation:

http://news.independent.co.uk/busine...p?story=547755

cheers,
Pete.

Jerry Built wrote:

Mike Harrison wrote:
Mike Mitchell wrote:

I'm seeing an increasing number of properties locally which
have been for sale for some time and have now gone to multiple
agency. What benefits/disadvantages are involved (apart from
the obvious one of 2.5% commission instead on 1 - 1.5%) of
multiple agency?

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....


I sold a house in Peterborough 3 months ago and paid 1.8%+ vat. I got 4
quotes and chose the most expensive (other were down to 1.2%) Not really
sure why it just seemed they were the right agents.

House was sold in 3 days so IMHO the percentage I paid was fine given they
price was slightly above the going rate in that street and the house was a
dump.

On Tue, 10 Aug 2004 12:14:01 +0200, "
wrote:

Jerry Built wrote:

Mike Harrison wrote:
Mike Mitchell wrote:

I'm seeing an increasing number of properties locally which
have been for sale for some time and have now gone to multiple
agency. What benefits/disadvantages are involved (apart from
the obvious one of 2.5% commission instead on 1 - 1.5%) of
multiple agency?

1-1.5%?? Where! I'm paying 1.6% on a house I'm selling....


I sold a house in Peterborough 3 months ago and paid 1.8%+ vat. I got 4
quotes and chose the most expensive (other were down to 1.2%) Not really
sure why it just seemed they were the right agents.

House was sold in 3 days so IMHO the percentage I paid was fine given they
price was slightly above the going rate in that street and the house was a
dump.

So what was the magic touch? Please share it with us! I am always
hearing about properties that have "sold within days". In fact, my
first estate agent deluded me into accepting his higher valuation than
other agents' on the basis of a similar property to mine that had,
indeed, sold in a weekend only a couple of weeks earlier. However,
*that* instant sale fell through, and after I had placed my house on
the market with this high-valuing agent, that other property they'd
used as a yardstick was back on the market again. It subsequently sold
some weeks later for considerably less than the original asking price.

I suppose the only "magic wand" one can wave is the price tag. But I
have already reduced the price twice, the property is the cheapest (by
far) in the village (if you discount flats) and I'm going to wait
until September when the schools are back to see what happens.

But I do hope you really ARE a wizard and can wave some magic for me!


MM

"Mike Mitchell" wrote
| I suppose the only "magic wand" one can wave is the price tag.
| But I have already reduced the price twice, the property is
| the cheapest (by far) in the village (if you discount flats)
| and I'm going to wait until September when the schools are back
| to see what happens.

If the target market is families with children, they'll be unlikely to want
to move the children between schools during the school year. That means
you're pretty much restricted to local buyers.

(Sorry.)

Owain

In message , Mike Mitchell
writes
They will offer an amount where they are guaranteed to make money if
they remarket immediately. In order to do this, and to make it worth
tying up capital for a while, they probably need to buy at around 20%
less than value.

In fact, if you were to market your property at an asking price
equivalent to the amount one of these firms would offer, you should be
inundated with offers from ordinary buyers and, with a good estate
agent, the price would rise to its' market value.

How does that work, then?


If a house is "cheap" you will get several viewers and several offers of
the asking price. The agent then uses their skill to get interested
parties to bid up to their maximum, which should be close to market
value.

There are several ways of bidding the price up:

Inviting best bids in writing - sealed envelopes to be opened at a
particular time.

Phoning each with the latest highest bid, and either inviting higher
bids, or just letting them bid if they want to.

Advertise the bid and invite higher offers within 7 days.

The fact is that you are unlikely to be willing to sell at the price one
of these firms will buy at, unless you are in danger of serious loss if
you dont sell.

Given that you are asking the question, I would suggest dropping your
asking price to the lowest figure you would consider accepting, and let
the market do its stuff.

But even if I did do that, chances are I'd get a low offer, then the
person would pull out three weeks later anyway. It's fast becoming the
norm around here in Bucks.

Always a problem with the english system. I used a reservation scheme,
(a bit like the new builders), where a bidder placed a non-refundable
deposit of anything between £1,000 and £5,000.

Whereas with the chain breaking companies, you get a guaranteed offer,
have no chain, and can at least start afresh in your new property.

Chain breaking companies are equally free to walk away after 3 weeks if
they want to - In fact I knew of several who would not exchange
contracts until they were able to exchange contracts on a sale at a
higher price.

I can do nothing. My hands are tied. I am fed up. I have a shed full
of tools and no house to wield them on!



--
Richard Faulkner

In message , Mike Mitchell
writes
What I fail to understand is, why are we *still* reading day after day
about the housing market still on the boil when all the evidence is,
and hearsay evidence from agents much further afield backs it up, that
the market is extremely quiet right now, and not *only* because of the
fact that it's August.

How do they know that it is not "only" because it is August??

The evidence seems to be that rises have slowed - to 0% in Reading, and
25% in parts of the North.

During the last boom and bust, prices in Manchester started to rise
around 12-18 months after they did in the South, and started to fall
around 2 years after they did in the South.

--
Richard Faulkner

In message , Mike Mitchell
writes
I suppose the only "magic wand" one can wave is the price tag. But I
have already reduced the price twice, the property is the cheapest (by
far) in the village (if you discount flats) and I'm going to wait until
September when the schools are back to see what happens.

Good idea! Like I said after your 1st post:

It's July (or was it August? g).

Wait until September and possibly October to give it a chance.

--
Richard Faulkner

Mike Mitchell wrote:



I sold a house in Peterborough 3 months ago and paid 1.8%+ vat. I got 4
quotes and chose the most expensive (other were down to 1.2%) Not really
sure why it just seemed they were the right agents.

House was sold in 3 days so IMHO the percentage I paid was fine given they
price was slightly above the going rate in that street and the house was a
dump.

So what was the magic touch? Please share it with us! I am always
hearing about properties that have "sold within days". In fact, my
first estate agent deluded me into accepting his higher valuation than
other agents' on the basis of a similar property to mine that had,
indeed, sold in a weekend only a couple of weeks earlier. However,
*that* instant sale fell through, and after I had placed my house on
the market with this high-valuing agent, that other property they'd
used as a yardstick was back on the market again. It subsequently sold
some weeks later for considerably less than the original asking price.

I suppose the only "magic wand" one can wave is the price tag. But I
have already reduced the price twice, the property is the cheapest (by
far) in the village (if you discount flats) and I'm going to wait
until September when the schools are back to see what happens.


No Magic to it, Most friends thought I was mad as I chose the most
expensive agent and the lowest estimated price.

Simply down to the fact that of all the valuers I talked to this one seemed
to know his business. He was realistic and that meant the price was
realistic.

I was willing to pay top dollar to get a good service selling my house.

Everything I have seen, heard, and experienced makes me very prejudiced
against the agents that come up with the highest selling estimates. IMHO
the ones giving the lower estimates (not silly low) are the ones not
desperately punting for business but giving a professional opinion.

Bit like my accountant really, cynical, cold, pessimistic and saves me 9
times as much in tax each year as I pay him.

Andy

I'm seeing an increasing number of properties locally which have been
for sale for some time and have now gone to multiple agency.

One house near me is for sale with one company and to let with another.
At one point there were for sale signs from three different estate
agents on the property. Looking desperate to sell in a buyer's market is
not a good strategy. The market in Winchester seems to be stalled and
there are more properties to let than people to fill them.
Unfortunately, Winchester is a mainline station (circa 1 hour to London
on a fast train), so all these people from London have driven the prices
to ridiculous heights.
--
Andrea Fuller
Furry purries Grace, Poppy, Flo and Fliss
Folding for the future with the Arthritis Warriors team.

"Andrea Fuller" wrote in message
...
I'm seeing an increasing number of properties locally which have been
for sale for some time and have now gone to multiple agency.

One house near me is for sale with one company and to let with another.


At one point there were for sale signs from three different estate
agents on the property.

I thought that wasn't allowed anymore?



Unfortunately, Winchester is a mainline station (circa 1 hour to London
on a fast train), so all these people from London have driven the prices
to ridiculous heights.

Ah - so all it needs to solve house overpricing is to abolish the railways
:-) Must tell the Bank of England so that they can stop putting b****y
interest rates up and screwing British industry.