Private sale or use Estate Agent services

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BillyO

Registered User
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Hi All

We are about to put our house up for sale. It is currently in Negative Equity.

I am trying to understand if it would be better to sell it privately so as to avoid the costs (1.75% + VAT) + Social Advertising Costs (approx.500 euros)

It's 300 euros to advertise privately on Daft.

I have read some pro/cons but wondering what others feelings are as most people still go with EA to sell their house.
 
a good estate agent does way more than advertise your property on the internet - they should have a network of buyers interested in similar properties who might have missed out on other purchases - don't under estimate what a good agent can achieve

the cost saving of not having one might be completely irrelevant if they can achieve a higher price than you would yourself - i.e. a good agent will add more value than the cost you could save
 
Lots of buyers do not want to meet the seller, as it may influence the subsequent negotiations . e.g. "I'm not paying that prat another cent for that house ! He is so tight he wouldnt even pay a proper estate agent ! "

Now, i hate Estate agents just as much as the next guy but they are a necessary evil i'm afraid.
 
Thanks Mackemdub.

My worry is the EA will advertise the house at a value lower than we believe based on 2 other similar properties that are currently for sale in the area. We are looking to sell our property for 50K more than the other 2 properties. Our house has an attic conversion, is located in a cul de sac, facing a green and is in better condition throughout. The other two properties were rental and on a main road facing other houses i.e no green. Does any of this matter I guess?

Would we be unrealistic to expect a price difference of 50k based on above and would EA share our thoughts. We would still be selling at a loss based on what remains on the mortgage. NE is currently about 90K-100K. Would be hoping to only take 50k NE with us.
 
50k might be too much, or it might well be spot on, a lot will depend on what buyers in that area are looking for.

Does the conversion comply with building regs for livable space? If not, it can only be classed as storage and that will impact value to some degree.
 
to some extent it doesn't matter what either you or the EA think about the €50k extra - that's up to a purchaser

the EA could guide too low - but also guiding too high will put people off - all have to be realistic
 
Leo said:
50k might be too much, or it might well be spot on, a lot will depend on what buyers in that area are looking for.

Does the conversion comply with building regs for livable space? If not, it can only be classed as storage and that will impact value to some degree.
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Conversion is currently classed as storage. Would need to put in larger velux windows to classify as living space which I am not willing to do.
 
Hey BillyO.

First of all, get an estate agent who (a) won't charge you upfront fees; and (b) won't charge you if you don't sell or get the price you want.
You'll find 1.5% is more of the standard out there but the upfront marketing cost is a rip off. An modern agent will advertise for you (signboard, daft, myhome, brochures, photos etc). I can recommend a local one to you if you like - where abouts are you?

50k sounds a lot but depends where you are (ie is your house work €150k or €750k?)
But at the end of the day your agent will only ADVISE, it's your choice what it goes on at.

That said, find a good agent you trust and you should take their advice. There is sometimes tactics to where you price things. Sometimes you should listen to the honest truth otherwise you are wasting everyones time (including you own most of all!)..

But as Mackemdub said - a good agent should be worth your while. His fee will be say €5,000, any agent worth his salt will get you 5-10k more for your property.
Bmm is also right. Many buyers won't walk into the house with the owner there. And you leave yourself in a weaker negotiating position without an in-between. It's a skill we agents hone over 100s of sales a year.
 
Ben Irish Home said:
I can recommend a local one to you if you like - where abouts are you?
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Not until you are a Frequent Poster you can't. We like the ensure posters have built up their credentials as being in no way connected to businesses they recommend. Note that trying to get around this by providing a recommendation via PM will result in a permanent ban.
 
BillyO said:
Would we be unrealistic to expect a price difference of 50k based on above
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Greatly depends on the base value of the house. I doubt a 'storage' attic conversion will add too much to the value of your house (certainly less than you paid for it) and it may even make your house harder to sell.
Leo said:
Note that trying to get around this by providing a recommendation via PM will result in a permanent ban.
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Would it be an idea to restrict (in software) PMs to Frequent Poster's?
 
Are you prepared for the actual work of selling the house. A lot of people use an estate agent just because they can't put the work in.
If you are working, how are you going to find the time to take phone calls from potential buyers and show them the house.

If you only return calls when you get home from work, and can't show the house during the day, and can't show the house in the early evening, because you have to have your dinner and clean up afterwards, or can only show the house on your day off, then you might not impress many potential buyers.
Also, are you thick skinned enough to hear potential buyers critizise your house every time they walk into it. " The curtains will have to go. What were they thinking when they put that kitchen in ? This house smells funny. "
 
huskerdu said:
Are you prepared for the actual work of selling the house. A lot of people use an estate agent just because they can't put the work in.
If you are working, how are you going to find the time to take phone calls from potential buyers and show them the house.

If you only return calls when you get home from work, and can't show the house during the day, and can't show the house in the early evening, because you have to have your dinner and clean up afterwards, or can only show the house on your day off, then you might not impress many potential buyers.
Also, are you thick skinned enough to hear potential buyers critizise your house every time they walk into it. " The curtains will have to go. What were they thinking when they put that kitchen in ? This house smells funny. "
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Lol fair points I suppose.

I work out of home so that helps I guess. Will need to work on the smell though.

But seriously yes I can see the benefits and will probably just opt for an EA. I have made some calls and it appears they all charge different commission rates. Have being quoted 1.3 up to 2% + VAT.
 
Leo said:
Not until you are a Frequent Poster you can't. We like the ensure posters have built up their credentials as being in no way connected to businesses they recommend. Note that trying to get around this by providing a recommendation via PM will result in a permanent ban.
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Sorry Leo, didn't mean to break any rules.

BillyO, you're on the right track. 1.3-1.5% a fair rate for any agent and it will be beneficial for you in the end. Good luck!
 
If you put up your own "For Sale" sign it will attract attention. The people viewing the other two houses will have a drive around your neighbourhood and will spot it. I sold my that way.
 
Grizzly said:
If you put up your own "For Sale" sign it will attract attention. The people viewing the other two houses will have a drive around your neighbourhood and will spot it. I sold my that way.
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Interesting. Would still place an ad in Daft. Costs 300 I think for a standard ad.
 
michaelm said:
Greatly depends on the base value of the house. I doubt a 'storage' attic conversion will add too much to the value of your house (certainly less than you paid for it) and it may even make your house harder to sell.Would it be an idea to restrict (in software) PMs to Frequent Poster's?
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There are restrictions in place for PMs for new users, the potential ban for recommendations via PM applies to all users.
 
So just a quick update and a request for information.

We approached an EA last month who agreed to advertise our house and handle the viewings and so on. We have since had 3 viewings but no offer. I am little disappointed with the process because we have had no feedback from the EA following any of the 3 viewings. I am now considering cancelling the contract and doing what I probably should have done at the beginning and advertise myself. I did sign a contract with the EA and from reading the T&C's it seems if we cancel the contract I would need to pay the outlays associated with advertising the house which were 150 euros.

My question is am I allowed to cancel the contract and later still be able to advertise the house myself. Does the EA have any hold on the sale. I would rather have control over the viewings tbh. I also think we are better placed to discuss the main highlights in the house.

I understand there are pros/cons to selling privately but we are under no pressure to sell at the moment and if the process takes 18 months then I am happy to wait.
 
You would be able to advertise your property for sale yourself or change agents. However price is probably the reason that you have received no offers. Did the other two in your estate sell? Did you price your property at €50k more then them in the end?
 
XMarks said:
You would be able to advertise your property for sale yourself or change agents. However price is probably the reason that you have received no offers. Did the other two in your estate sell? Did you price your property at €50k more then them in the end?
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Thanks...Price is 30k more than other 2 (one of which sold so just 1 left)

We heard through a friend who works in a different EA (I did not know they worked in a local EA when we first started this) that they have a client who also viewed our house. The person was interested in a different property but there was an issue. Anyway we heard that the person in question really like our house and was likely to bid on ours if the other house which was their first preference falls through.

Also we have very new neighbors who bought a house 6 doors down from us for 33k less than our asking price. I was talking to them recently and they said they would have bid on our house if it was for sale when they were bidding on their house. There house requires a lot of work which will cost around 25 k and it does not have an attic conversion. I think our asking price is reasonable and in fact I might increase it if I advertise it myself.
 
We recently sold our house. The items we thought would add a premium - nice view, end of terrace, brand new kitchen, new solid oak floors, larger South facing garden - only got us a small extra of €8k compared to similar properties within the estate. Attic conversions in our area usually got an extra €5 - €8k. This is with sale prices of around €450k. So it really depends what price bracket your home falls into. To be honest I would not like to view a property with the owner there but that may be just me. I know it is very disheartening when you don't get the interest you expect.
 
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