 How much does a 3 bedroom house cost where you live? |
Please state the city, state and price of house. Thanks!
Here in El Sobrante, CA it ranges from $400,000 to $560,000 depending upon neighborhood and age of the house.
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Additional Details
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D | If your house was on the market and a rival agent visited you offering a better deal how would you react? |
UK answers would be prefered
Lets say you had agreed to pay 1.5% commission, and a rival agent visited your home unannounced trying to get you to move your business to him for say 0.7%. How would you react. Would you be offended that he should approach you in your own home, offended by the tactics of him trying to take the business of another agent so directly? or not be bothered and be happy to get a better deal? |
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dusty_roade
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I'd be put off by his audacity to approach me when he saw I had listed with someone else but on the other hand, I would be impressed that he was obviously willing to do what he had to do to get business. Meaning he would probably be just as tenacious in selling and marketing my home for me. Then I'd be upset because I signed a deal (probably 6 months) with the other agent that I couldnt get out of! :P |
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break
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It would bother me a little, I would certainly discuss it with my current agent, after all they may have already advertised the property and have undertaken some considerable expense and time on my behalf..... Not only that but you sign a contract with the agent and you could be held in breach of your contract, so you need to check that as well..... In the end if you act ethically and can save yourself some money and you feel this is right for you, then do so |
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Lou K
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Actually not only is it unethical what he's doing, it may very well in the long run cost YOU money.
Look over you listing contract with your current agent and read the fine print, I am sure that if you look carefully you will find a broker protection clause, it states that if you terminate the contract and then sell your house within a certain period of time you may still be required to pay the orignal brokers commission.
I would tell the second agent to take a hike, if he was any good he wouldn't have to be poaching other peoples clients in the first place. And the old addage springs to mind you get what you pay for. |
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Joe
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How else is the agent supposed to contact you? He can't ask for your phone number by the competing agency.
If you have no contract or other written agreement with the current agent, and if you are confident that the new agent can sell your home for a good price, why wouldn'y you move? Also look at it this way, you can accept a offer that is 0.8% lower and still walk away with the same amount of money in your pocket.
Again, are you confident that this new agent can get you a good price? If the agent gets a buyer and then low balls it then it isn't worth it.
Also, this new agent might have a buyer for your home already, and just dosen't want to share the commision with the other agency. |
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Daniel M
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The fact that he/she is that desperate to undercut the competition suggests that they are probably not as competent as the company you are currently with.
Don't do it.
Play it safe. It just isn't worth the headache and the risk to save a few potential bucks. |
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Frank M
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The agent that sells your house is worth his commission. BUT don't forget that it makes no odds to the agent how much your house sells for. The sooner he sells, the sooner he gets paid. So which agent will attract the greatest number of highest quality buyers? |
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akc1106
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I don't know about in the UK, but in USA it is an ethics violation to contact someone else's client to try to procure a listing. You could file a complaint against that agent, or tell your agent who could then file a complaint.
Stick with your current agent who is most likely a better agent and doesn't need to go around cheating other agents. |
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♥fluffykins_69♥
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save some money for yourself |
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Andy
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Your scenario can't happen in the USA or in many other countries. The seller would have to pay TWO commissions. In countries like the USA where commissions are often as high as 6%, there is a "multiple listing service" (MLS) and nearly all sales have two agents: the one hired by the seller and the one who found the buyer. They split the commission.
Foxtons moved into the New York (and other Eastern) markets offering 2% deals. But its reputation for sleeze is such that it is said not to be doing well. Also, people are used to the existing system.
On the other hand, online brokerage is coming of age. At much lower commissions. Craigslist and eBay have upset the market too.
Interestingly, in cities with high real estate prices -- Boston, Washington, New York there are twice as many agents as in cities with average real estate prices -- Milwaukee, say -- but there is no improvement in service. It's just that more agents spend more time sitting on their hands and waiting, and the fact that they earn twice as much on a sale keeps them in business.
In the UK multiple listing is nonexistent, although many, perhaps most, agents will split commissions at least after a property has been on their books for a while. But in the UK contracts for agent listings are not usually exclusive (they can be), and the seller can sell on his own or through another agent, or not at all. (In the USA, if the agent comes up with a "ready, willing and able" buyer, the commission must be paid; unless the sale falls through.)
In the UK -- England and Wales anyway -- there can be gazumping. That's not possible in the USA because the buyer signs a conditional contract on the spot and pays a small deposit. The contract is conditional on financing and on survey including termite inspection, as the case may be. In the UK it typically takes weeks for contracts to be "exchanged" -- binding. And they are unconditional. A buyer should -- must, or else he is taking a risk -- buy fire insurance the minute contracts are exchanged.
With that background: what you have said of agents in the UK is quite common. But watch out: Foxtons offers zero % commission when it opens a new office. But the contract requires sale within, say 60 days, and that often doesn't happen: Foxtons can easily delay the sale. Then they get their commission anyway.
Did you see the TV exposé on Foxtons? Years ago our sale through them fell through and we switched to another agent, so they started defaming our property, which we only found out after 7 sales through other agents fell through. I sent them a threatening letter, and the 9th sale went ahead through another agent.
Undercutting agents, or offering to do so, is very common in England. But many or most agents are incompetent. We have dealt with them all over the years. Furthermore, if you have a 1.5% deal with an agent it's probably an exclusive. You may have obligations. And the 1.5% won't apply if you have other agents; and a 0.7% agent may be incompetent.
It all depends. We've sold and let property by advertising ourselves, in the Sunday Times, in Loot, on Craigslist. We haven't sold online, but we have bought a property that we saw advertised by a sleepy agent online. And we've bought at auction and had bargains.
Good luck. |
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Price is what you pay for value.
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the rival agent may have less experience? |
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voodoobluesman
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Firstly, you need to read what you have signed in your agency agreement, as these will lock you in to a contract for about 12 weeks usually. That means that if another agent agrees to sell your house while you are under contract, then you will still need to pay the original agent.
Also you need to bear the ethics of this into mind, you obviously were happy enough with them initially to agree for them to do the job and now, because someone comes along and undercuts them, you don't want them to do it anymore. I'm sure that if the original agent calls you and says that your neighbour wants to sell their house and will pay them more, so they're dropping your house, you wouldn't be happy.
When I was an agent, I used to charge 2%, take it or leave it, but I was the best and everyone knew that. If anyone told me that they had a better quote, I always used to say that it is always possible to to get cheap service, and good service but never possible to get cheap, good service.
Good luck |
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Roxy
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I would say go for it. When it comes down to it, you're trying to sell your house. It's an expensive time and any money you can save is good. However, I would compare the services they both offer (some have more sophisticated marketing techniques than others) and the level of customer care the provide. If you're happy that the second one can do the same, or a better, job than the first one, then just say yes! Good luck! |
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stickyricky
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It only depends on if they can actually sell the property for you. |
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FreeMedicalcamps.com
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That is not nice of him.
Given that people do that it is bad practice.
. |
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Emily
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You need to be very careful that you stick the the terms and conditions of the contract that your current estate agent has.
You will have signed an agreement that ties you into the contract with that agent for 12/18 weeks, and in that time, if another agent sells your property for you, you will be liable to pay both fees. The only way out the contract that you currently have is to have the two weeks notice in writing ready for when the agreement is up.
To be honest though, the companies that charge less on their commission are desperate for business, which means that they will charge less to get more houses on the market. You will pay for a better service - you wouldn't expect to get a Porche for a Fiesta price, but you would expect a better car with better performance.
I would work with your current Estate Agent to get your house sold, they might be able to push your buyers up a little more on the price to cover the fee that you will have to pay. If ther service that you receive is poor, then complain once your house is sold and they may review the fee you have to pay.
Another thing to remember is that the Estate Agent's sole purpose is to introduce a sucessful buyer to your propery and guide you through the conveyancing process and act as a go-between for your purchasers and vendors. As an ex-Estate Agent, I used to get very annoyed when customers were asking me to push the purchase/sale through, and used to shout at me when things went wrong. If the Estate Agent had any influence over the transaction. they would be a solicitor and working 9 to 5, Mon to Fri!
Be nice to your Estate Agent, they're there to help you, not rip you off. |
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ReillyBird2
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If he has the audacity to do that, what other lows will he sink to ? |
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Searchlight Crusade
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In the US, most states have outlawed this means of soliciting business. Why?
The largest cost of business is getting business in the door. I have to spend quite a bit on advertising, as every other person in the business will tell you.
Suppose I can cut that cost to essentially zero by shaving off a small percentage of my commission, going around to people who have already listed. You have a 100% hit rate on people who want to sell their property. You're going to get a lot of them, because most people don't understand measures of competence, all they understand is cheap. It's an incredibly efficient use of your time, and because you can always be doing it. There's a new property listed every minute of every day. So you're going to have a very large number of clients, and with a very large number of clients, even if a much lower percentage sell (something borne out by research!) you're still going to have a lot of transactions and make a lot of money.
When you're talking about making a lot of money, a lot of agents get interested. So every time someone signed a listing agreement, there would be a subsequent parade of literally *THOUSANDS* of agents soliciting a move of that transaction, willing to take 90% of the current listing commission. How much peace do you think those homeowners would get between the door and the phone?
So I get real upset with agents who try tactics that verge on this. For instance, one client of mine that we decided to withdraw from MLS last Christmas so we could have a fresh start in the spring (assuming I didn't sell it before then). Still listed, still available, I was still advertising it, just not in MLS. He got 127 phone calls from various agents soliciting his business, most of them without even asking whether he was still listed with someone, and not a one of them checked to discover that he was on the do not call list. Four more of these clowns actually called me (the wrong number on the form!) soliciting the listing. Neither one of these is a small or minor mistake - both go right to the heart of due diligence (i.e. competence in your profession). I was able to turn three of my four in to the department of real estate, and he turned something like forty in to donotcall.gov. They got all upset with me, when the person at fault was the one that looks at them in the mirror. |
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ztt_66
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At the end of the day its all about business, just recently sold and bought a property in the midlands and my main list topper was to use an agent that was used to selling my sort of property, so i looked around the area to see who was marketing the most, this proved a good thing to do as i sold with 4 weeks and completed within 3 months, also when i was purchasing i looked at the agent that sold the sort of house i was looking for, this also proved fruitful as i exchanged and completed the same day.........maybe i was lucky? |
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