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I am in the process of putting a house on sale in London, and I thought I may have gone a bit OTT as I had invited 7 local estate agents round, but to be honest, I am glad I did as their opinions and …
mutley1 Avatar
6m, 1w agoPosted 6 months, 1 week ago
I am in the process of putting a house on sale in London, and I thought I may have gone a bit OTT as I had invited 7 local estate agents round, but to be honest, I am glad I did as their opinions and costs are so different, it was worthwhile looking around.

I was really shocked at the variation in valuation price and estate agents' fees. I was expecting valuation price variation, but not as much as 14% and I was very surprised at the huge difference in fees and tie in period.

Here are what I have so far, so I am really stumped. It just goes to show that you should shop around when you put a property on sale and it can be very difficult to derive the value of a property if estate agents' valuation vary so widely.

Agent 1 - £1,150,000 to £1,250,000 - advised to put the house on at £1.250m and see what happens as I can always reduce the price but I can't increase the price. 2% + VAT fee with 12 weeks tie in

Agent 2 - £1,150,000 to £1,250,000 so same as above but advised to put house on with this bracket as a guide price, expecting the eventual sale price to fall within the range. 2% + VAT fee, but negotiable with negotiable tie in period

Agent 3 - £1,100,000. 1.5% + VAT fee with 6 weeks tie in period

Agent 4 - £1,100,000. But happy to put it in at a higher price. 1.25% + VAT fee with 28 days tie in period

Agent 5 - £1,100,000. 2.5% + VAT fee with 12 weeks tie in period but willing to negotiate on tie in period
mutley1 Avatar
6m, 1w agoPosted 6 months, 1 week ago
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Top Comments

(3)
8 Likes
Lol any need for the house price in the opening post?
8 Likes
tdh31
why dont you try selling it yourself

https://cinemabythesea.files.wordpress.com/2013/07/laughing-hysterically_thumb.gif%3Fw%3D267%26h%3B%3D199

Mutters need help to decide what to put on his picnic sandwiches.

Hi mutters ;)
5 Likes
I'd like to have this problem! X)

All Comments

(122) Jump to unreadPost a comment
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#1
Either way looks like you'll be laughing! I don't think a valuation difference like that is too unusual to be honest. Especially with the market like it is today
1 Like #2
delusion
Either way looks like you'll be laughing! I don't think a valuation difference like that is too unusual to be honest. Especially with the market like it is today

£150,000 difference in valuation is quite a lot. I was expecting under £100,000 variation and I was definately expecting everyone's fees to be similar to one another to be competitive but they are all over the place as well as the tie in period.
#3
mutley1
delusion
Either way looks like you'll be laughing! I don't think a valuation difference like that is too unusual to be honest. Especially with the market like it is today
£150,000 difference in valuation is quite a lot. I was expecting under £100,000 variation and I was definately expecting everyone's fees to be similar to one another to be competitive but they are all over the place as well as the tie in period.

Well London market is changing more than the rest of the UK at the moment.

150k out of 1.1 million? If you were selling outside of London for 110k it's only a 15k variance.

If I were you I'd research the agents and find out which are better, obviously a sale percentage makes a massive difference too at the price you are selling. You could then explain to them first about the other valuations and see if they would be willing to either try at the higher starting price or lower their fee slightly to get your business

Edited By: delusion on Aug 14, 2016 13:30
1 Like #4
As you see generally ones with lower costs and tie in time give lower valuations as they want/need a quick turnaround.

The valuation based on the lower end (or acheavable) is only £50k.

So basically everybody expects it to hit £1.1m. So you can sell it quick with low fees at that or hold out for the 'right' buyer in a hope of achieving more at higher fees.
#5
delusion
mutley1
delusion
Either way looks like you'll be laughing! I don't think a valuation difference like that is too unusual to be honest. Especially with the market like it is today
£150,000 difference in valuation is quite a lot. I was expecting under £100,000 variation and I was definately expecting everyone's fees to be similar to one another to be competitive but they are all over the place as well as the tie in period.
Well London market is changing more than the rest of the UK at the moment.
150k out of 1.1 million? If you were selling outside of London for 110k it's only a 15k variance.
If I were you I'd research the agents and find out which are better, obviously a sale percentage makes a massive difference too at the price you are selling. You could then explain to them first about the other valuations and see if they would be willing to either try at the higher starting price or lower their fee slightly to get your business

what i find surprising about these cheeky **** are that at a potential £25,000 + VAT fee, I still have to pay for the EPC which also vary in costs from agent to agent from £55 to £120! You would have thought that if they are getting that much money in fees, they could at least fork out £55 for the EPC!

I have tried to find out as much as I can about the agents but reviews on agents are far and few between so it is not easy to assess who will be the best agent.
#6
why dont you try selling it yourself lots of research on internet to do it and if in good sellable area may sell easily
#7
mutley1
delusion
mutley1
delusion
Either way looks like you'll be laughing! I don't think a valuation difference like that is too unusual to be honest. Especially with the market like it is today
£150,000 difference in valuation is quite a lot. I was expecting under £100,000 variation and I was definately expecting everyone's fees to be similar to one another to be competitive but they are all over the place as well as the tie in period.
Well London market is changing more than the rest of the UK at the moment.
150k out of 1.1 million? If you were selling outside of London for 110k it's only a 15k variance.
If I were you I'd research the agents and find out which are better, obviously a sale percentage makes a massive difference too at the price you are selling. You could then explain to them first about the other valuations and see if they would be willing to either try at the higher starting price or lower their fee slightly to get your business
what i find surprising about these cheeky **** are that at a potential £25,000 + VAT fee, I still have to pay for the EPC which also vary in costs from agent to agent from £55 to £120! You would have thought that if they are getting that much money in fees, they could at least fork out £55 for the EPC!
I have tried to find out as much as I can about the agents but reviews on agents are far and few between so it is not easy to assess who will be the best agent.

Take a look at things like industry awards, if any, how long they have been around, number of high street locations etc.

I'm in the process of selling my house at the moment and made sure I sold at a fixed fee (equivalent to around 0.8 percent Inc vat), it wouldn't surprise me if London agents are more greedy and don't offer that but you could always ask.

Your other option could be online agents such as purple bricks? Some of those you do your own viewings but will save a small fortune (a friend spent 70% less on agents fees compared to myself selling in the same area).

Edited By: delusion on Aug 14, 2016 13:56
#8
GAVINLEWISHUKD
As you see generally ones with lower costs and tie in time give lower valuations as they want/need a quick turnaround.
The valuation based on the lower end (or acheavable) is only £50k.
So basically everybody expects it to hit £1.1m. So you can sell it quick with low fees at that or hold out for the 'right' buyer in a hope of achieving more at higher fees.

That is a great analysis. I believe you are right so I just have a to make a decision as to whether I want a quick sale or happy to hang on for the right buyer.
banned 1 Like #9
Agent 2. Work out a sliding scale arrangement. 2% if they achieve £1.25million down to 1.25% for £1.15m. Something along those lines.
5 Likes #10
I'd like to have this problem! X)
3 Likes #11
£20k for selling a house?!

I need to set up & estate agency...
#12
Shaydog
I'd like to have this problem! X)

Funny you say that. I thought I would be happy with anything over a million as I didn't have any idea how much the house is worth. But now I am not, as I am in a dilema with regard to what I should market the property at and which agent to go with. It's starting to freak me out :(

I am not great at making decisions and I didn't expect to have a choice. Choice can be a bad thing as you can make the wrong choice!
8 Likes #13
Lol any need for the house price in the opening post?
1 Like #14
dtovey89
Lol any need for the house price in the opening post?

Yes. Because it puts the figures into persepective.
1 Like #15
mutley1
Shaydog
I'd like to have this problem! X)
Funny you say that. I thought I would be happy with anything over a million as I didn't have any idea how much the house is worth. But now I am not, as I am in a dilema with regard to what I should market the property at and which agent to go with. It's starting to freak me out :(
I am not great at making decisions and I didn't expect to have a choice. Choice can be a bad thing as you can make the wrong choice!

I know exactly what you mean, and I think there is nothing unusual in terms of struggling with choices, almost everyone does to some degree. I have a similar dilemma facing me (choosing where to live) and it is proving to be a very difficult and complex choice.

When I said I'd like your problem I meant the money of course, I could buy a mansion where I live for a million, it is of course relative to where you live though and you're probably staying in London.

Anyway, good luck with it mate. X)
8 Likes #16
tdh31
why dont you try selling it yourself

https://cinemabythesea.files.wordpress.com/2013/07/laughing-hysterically_thumb.gif%3Fw%3D267%26h%3B%3D199

Mutters need help to decide what to put on his picnic sandwiches.

Hi mutters ;)
1 Like #17
deeky
tdh31
why dont you try selling it yourself
https://cinemabythesea.files.wordpress.com/2013/07/laughing-hysterically_thumb.gif%3Fw%3D267%26h%3B%3D199
Mutters need help to decide what to put on his picnic sandwiches.
Hi mutters ;)

You're not wrong there! I can't make decisions at all. I am the most indecisive person and always struggle to decide on anything, from the simple to complex situation, they are all the same to me. I just find it so hard to make up my mind when presented with choice as I tend to over analyse everything and stress myself out. :)
2 Likes #18
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.

Ok I'm sure it wasn't any sort of bragging oO
#19
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO

No. It is actually quite cheap for a house in London. So it is actually the opposite as there is nothing to brag about at these prices, which looks high, but not for central London.
#20
mutley1
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO
No. It is actually quite cheap for a house in London. So it is actually the opposite as there is nothing to brag about at these prices, which looks high, but not for central London.

**** London prices
#21
Its only worth what someones willing to pay for it anyway so just stick it on for 1.25 and see what offers you get.
You`ll be able to buy it back in a couple of years for half that when the next mega meltdown happens.
Thats as long as youve invested in silver because your paper money will be worthless and the banks will have failed ans as for the governments £75k saver protection well lets just say X)
#22
dtovey89
mutley1
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO
No. It is actually quite cheap for a house in London. So it is actually the opposite as there is nothing to brag about at these prices, which looks high, but not for central London.
**** London prices

Houses around the area are asking for 1.5m to 1.6m, which is reasonable for london. So my house is actually being sold at the lower end of the market as whoever buys it, will need to spend money doing it up since it is put up for sale not in top notch condition.
2 Likes #23
mutley1
GAVINLEWISHUKD
As you see generally ones with lower costs and tie in time give lower valuations as they want/need a quick turnaround.
The valuation based on the lower end (or acheavable) is only £50k.
So basically everybody expects it to hit £1.1m. So you can sell it quick with low fees at that or hold out for the 'right' buyer in a hope of achieving more at higher fees.
That is a great analysis. I believe you are right so I just have a to make a decision as to whether I want a quick sale or happy to hang on for the right buyer.

Oh I forgot to mention my fee. It's £100 which I think fantastic value for "great analysis". :)

Considering your paying £20k for somebody to host a few pictures and show a few people round many would say £100 is a steal! X)
2 Likes #24
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO

I thought OP was fishing for nudes X)
#25
moneysavingkitten
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO
I thought OP was fishing for nudes X)

Got loads already, don't need any more X)
1 Like #26
mutley1
moneysavingkitten
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO
I thought OP was fishing for nudes X)
Got loads already, don't need any more X)

I bet your inbox was full within 2 minutes of posting X) Don't worry, I wasn't offering. Your eyeballs are safe.
banned#27
mutley1
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO

No. It is actually quite cheap for a house in London. So it is actually the opposite as there is nothing to brag about at these prices, which looks high, but not for central London.


Are you buying more expensive in the same area? I do think the savvy thing to do is to rent for the next 12 months although I wouldn't be prepared to do that myself.
#28
Anyinfo
mutley1
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO
No. It is actually quite cheap for a house in London. So it is actually the opposite as there is nothing to brag about at these prices, which looks high, but not for central London.
Are you buying more expensive in the same area? I do think the savvy thing to do is to rent for the next 12 months although I wouldn't be prepared to do that myself.

I think he inherited it so its cash in the bank
4 Likes #29
ohh look a millionaire!
#30
Shouldn't this be in the fs/trade section? :p
1 Like #31
MrScotchBonnet
ohh look a millionaire!

Yep

BUT I wonder if the bath is sealed properly
#32
mutley1
dtovey89
mutley1
dtovey89
mutley1
dtovey89
Lol any need for the house price in the opening post?
Yes. Because it puts the figures into persepective.
Ok I'm sure it wasn't any sort of bragging oO
No. It is actually quite cheap for a house in London. So it is actually the opposite as there is nothing to brag about at these prices, which looks high, but not for central London.
**** London prices
Houses around the area are asking for 1.5m to 1.6m, which is reasonable for london. So my house is actually being sold at the lower end of the market as whoever buys it, will need to spend money doing it up since it is put up for sale not in top notch condition.

1.5m is not reasonable for the most populated area in the Country.

Edited By: dtovey89 on Aug 14, 2016 15:53
#33
I would like to know how op came to own this property. It's one thing bragging if you've earned it but if a windfall then..
#34
How much did you pay for it? Would be good to see the profit margin.
3 Likes #35
Lord Mutley?
3 Likes #36
I'll give you a grand. ;)
2 Likes #37
It would be worth more but I bet the dog ate most of the carpets and skirting.
3 Likes #38
airfix
I would like to know how op came to own this property. It's one thing bragging if you've earned it but if a windfall then..


​How is he bragging? He asked for advice. Jealous?
#39
YouDontWantToKnow
£20k for selling a house?!
I need to set up & estate agency...

...or rob one... no I didnt say that .. I was just joking ...oh crap ...I hear sirens...
1 Like #40
airfix
I would like to know how op came to own this property. It's one thing bragging if you've earned it but if a windfall then..

It's my second home. Is that bragging? ;)

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