Selling - how to deal with EA's

blast05

I've deicded i'm going to sell an investment property i have - i want out and luckily can afford to take what i get.

Have never been in the position of being a seller before so am considering how to deal with the EA. There is a similar house to mine on the market in the estate for 410K so i am thinking of going to the EA saying advertise it for 395K ..... my line to EA will be "if you sell it at that i will give you 2% with a sliding scale down to 330K, i.e.: if you only get 330K or less then you get 0% plus any advertising costs." Decision on when to drop the price to come completely from me, i.e.: if after week 1 at 395K i decide i want to drop it to say 380K then the EA does it straight away.

Any one ever tried anything like this before. What you think the reaction would be ?

Ste.phen

There's no way in hell they'd agree to that. As far as I know they generally operate on a fixed percentage, possibly with certain costs being charged separately.

Basically there's no incentive for them to change their pricing in a way that won't necessarily benefit them

I'm wondering If you're absolutely stuck on a certain price may you even have trouble getting an EA to deal with it on a flat-percentage basis? Could they feel you're going to cause them headaches if nobody's willing to pay your price and they don't feel you're giving lower offers enough consideration?

blast05

No, i'm going to sell it and if the starting price is too high i won't be long in dropping it. The EA i was thinking of sold a similar house for 405 about 1 month ago so if he looks for say 1.5% i would be happy to pay even 2.5% if he got 405. Put a sliding scale in place to the extent that if i 'only' get say 325K then they get expenses only.
They know i want to sell quickly so guaranteed income for them. How much they get is partly up to them.

It sounds somewhat reasonable to me ???

Ste.phen

Well it's worth a shot, but 1.5% of 405K seems like it should be enough of an incentive, no?

TwoShedsJackson

blast05 wrote: »

No, i'm going to sell it and if the starting price is too high i won't be long in dropping it. The EA i was thinking of sold a similar house for 405 about 1 month ago so if he looks for say 1.5% i would be happy to pay even 2.5% if he got 405. Put a sliding scale in place to the extent that if i 'only' get say 325K then they get expenses only.
They know i want to sell quickly so guaranteed income for them. How much they get is partly up to them.

It sounds somewhat reasonable to me ???

It would sound reasonable to you, you think you'll save money. No estate agent will agree to this - why would they shift your house for you for 0% plus expenses?

Reminds me of a customer who came into our place years ago saying 'oh I want to buy X cases of product Y at whatever your cost price is, if you give me that price I'll place a huge order' - guess what, we're in business to make profit, and so are estate agents.

They'll do it on a flat percentage only, and if you don't like that you'll have to sell it yourself.

Also, knowing you want to sell quickly is not guaranteed income for them - that'll take a buyer who wants to buy quickly.

kmick

Sherry Fitz charge 1.75% + VAT
Lisney charge 1.25% + VAT

You could offer them a cash bonus if they get above a certain level but the market is so crap they would probably not go for it. No harm trying though.