Is it necessary to have an estate agent involved in selling your house?

iratira

How do people feel about selling a property just using online sales sites. Has anyone done it?
I'm not clear why people always use estate agents.

mathepac

iratira wrote: »

... I'm not clear why people always use estate agents.

I will never, ever use an estate agent to sell a property again.

As the executor of my father's estate I was persuaded by my siblings to use two EAs because they were "concentrating on different markets". In the end I sold the house through private connections with no input from either EA, but they were first in the queue with their greedy paws out at the solicitor's office once the sale closed. Useless, self-serving turds IME & IMHO.

Procrastastudy

iratira wrote: »

How do people feel about selling a property just using online sales sites. Has anyone done it?
I'm not clear why people always use estate agents.

While no need for esatate agent imo - don't go skimping on the legal advice. Yes you can do the conveyancing yourself but only, and only if, you know what you're getting yourself into.

I really dont see the point of EAs in this day and age. If anything they should be engaged by the seller - they're the one getting the suposed benefit.

CarMe

I bought my home just from an online sales site and it couldn't have worked out better!

iratira

Thanks for the help.
I have heard such negative feedback about dealings with EAs.
What sites do people know of?

Bigcheeze

There's a lot of EA hate on here but it's probably worth the 1 to 1.5% of the sale price in most cases. In sought after areas the EA will have people registered on their books who are interested in your property. Having one extra person bidding on your property can have a huge impact on sale price. Also most people are clueless about the value of their home and will over price it and get emotional about the value. Most people are also clueless about handling property negotiations with multiple parties. I've dealt with enough people on Adverts.ie to know that the majority of people struggle to handle a basic €50 transaction, never mind one for a few hundred thousand. If bidders feel they're involved in some Mickey Mouse process, a lot will drop out.

Idbatterim

I believe Lisney are offering 1% commissions at the moments. OP where and what type of property is it?

makeorbrake

Bigcheeze wrote: »

In sought after areas the EA will have people registered on their books who are interested in your property.

Don't myhome and daft take care of that? I've been looking at property myself over the past 2 years (still haven't found what i'm looking for) and checking out daft/myhome is a daily ritual that need not take any more than a few minutes.

Bigcheeze wrote: »

Also most people are clueless about the value of their home and will over price it and get emotional about the value.

I guess for this - and other reasons that you mentioned (eg. inability to handle a negotiation), it's not for everybody. However, there must be a sizeable proportion that would have the basic smarts to achieve this. For this reason, I'm amazed that the diy sales route has not taken off - at least with fairly straightforward housing stock.
As regards inability to establish what a property can achieve, the property price register should now assist in this case. Admittedly, allowances have to be made for variances - but nonetheless, it should guide sellers (and buyers) as to what is 'ballpark' in the first instance.

I recently made an offer on a property - and the estate agent never even got back to me! When I made contact myself to check on status they told me that my offer had been improved on and they "were going to get in contact with me". That's just symptomatic of the practices of a sizeable minority in that business - take them out of the loop and you have the confidence of knowing that there's nothing unethical at play...

Bigcheeze

makeorbrake wrote: »

Don't myhome and daft take care of that? I've been looking at property myself over the past 2 years (still haven't found what i'm looking for) and checking out daft/myhome is a daily ritual that need not take any more than a few minutes.

Mostly yes but I have viewed a number of properties in the area I was looking sold "off the market", where the property is placed with the EA for sale but not advertised and no "For sale" sign outside. I would get a call from the EA inviting me to view. Not sure why people choose this route but it happens. Possibly people wanting to test the water.

Also while you may check myhome regularly, a lot of potential buyers are more old school and will contact the EA's in area they want to buy.

makeorbrake

Bigcheeze wrote: »

Mostly yes but I have viewed a number of properties in the area I was looking sold "off the market", where the property is placed with the EA for sale but not advertised and no "For sale" sign outside. I would get a call from the EA inviting me to view. Not sure why people choose this route but it happens. Possibly people wanting to test the water.

Can't imagine why it would play out like that either, but if such scenarios exist, then I guess there's a case for EA involvement like you say..

Bigcheeze wrote: »

Also while you may check myhome regularly, a lot of potential buyers are more old school and will contact the EA's in area they want to buy.

Hmm...I guess if there is a segment that fits that category, then again - fair enough. However, they are taxing themselves for 'old school' ways. :-\

iratira

1 percent- that is a lot of money. No wonder EAs are so... in a particular way.
I personally dislike dealing with them i general. They can be very patronising.
I would prefer not to have them involved if that were possible.
Dont market forces prevail anyhow?

TheDriver

i sold mine myself, 197 on daft and 30 euro for a for sale sign outside. Viewings were by myself, viewers were thankful they could ask me all the questions direct.

makeorbrake

TheDriver wrote:

i sold mine myself, 197 on daft and 30 euro for a for sale sign outside. Viewings were by myself, viewers were thankful they could ask me all the questions direct.

With the benefit of hindsight, would you be happy to do it all again if you had to? Do you think an EA would have brought much more to the party?

I suspect (regrettably) the point that bigcheese made re. a lot of people being 'old school' has a lot to do with things not resulting in a major move away from EA's. It must be some 7-8 years ago I remember the first couple of websites popping up - totally geared around the concept of people selling themselves. I thought at that stage (at least for run of the mill properties) that would be the start of a total change in the game - with a move away from EA's - but for the most part, that doesn't seem to have materialised.


I wonder what the experience is in this respect with our neighbours across the water? Anyone any experience/knowledge of that? ie. are they using EA's less? While we're at it, anyone any idea what commission rates EA's charge in the UK?

iratira

TheDriver wrote: »

i sold mine myself, 197 on daft and 30 euro for a for sale sign outside. Viewings were by myself, viewers were thankful they could ask me all the questions direct.

Fair play- the way forward I would think

TheDriver

I would do it the same way again, anyone who wanted my house were looking at websites or saw sign outside the gate anyways, i showed them the house when it suited them (within reason) and i made sure all the plus points were shown.
I am currently looking at houses to buy and EAs are good and bad depending on the day you get them and lies spilling out from them, desperate.
In my town, there are no bargains with EAs so I think I saved about 3000 euro + VAT