As an ex agent of 20+ years, any agent can sell a property in a strong rising market where new stock is in high demand, this experiment should be conducted in the current downturn as it will be the true reflection of good agency, as having worked in the 2008 housing crash, It was tough just to try and survive without having to shut up shop unlike quite a few agencies did at that time, mostly the larger corporates who only win biz on over valuing, then bombard the vendor for price reductions. The most interesting point of the video was not one mention of any of the agents fees, which often is at the forefront of most sellers decision making process, after all we’ve all been there and had the call of I really like your valuation, but not your fee!!!
I'd love to do another documentary like this in the falling market - but I need someone in my close circle of friends who's selling now who's happy to have it filmed! It took 6 months to make this video.
Even in a strong market, a good agent will get a better price but its not just about price. Its also about closing the deal. Thats a combination of matching the vendors needs with the right buyer. Im not an agent but am experienced. 100% agree with the OP. Like any payment for service, cheapest isnt always best.
I cant see this industry surviving for much longer. Id love to see the breakdown involved in what the agent is actually doing (without any BS) vs the commission they are making.
See the diagram of what they do here. Remember, they do all of it unpaid until the last step, and if it falls through, they've done all the work for zero.
They get paid when it sells. Its easier to sell it at a lower price. On a 1% commission every 10k theybsell ur house less for (easier to sell) They lose 100. Try 300k and get 3k commission or easily sell at 280k at 2.8k commission. Its easier to sell 8 houses out of 10 at 10 or 20k less, than to try to sell for 10 to 20k more but only sell 4. They don't work for ur best interests. They work for their best interests.
Their motivation (money) is to get the seller to sell, get the house off their books and get their commission. As you say every £10k is c£100 to them but is £10,000 to the seller. “Just focus on the first two numbers” is their stock line. Estate Agents have no scruples.
@paulspittel1924 Refering to specific statements as sweeping statements, shows u have an emotional response that is not based on reality. Emotion is important, but facts don't care about your emotions.
I’ve bought 2 properties in the last 15 years and on both occasions as soon as I made an offer the estate agent said…you won’t believe this but someone else has just offered us exactly the same amount so could you up your offer. Thing is they knew that I knew they were lying.
@@jackkruese4258 Estate agents work for the seller not for the buyer. It’s their job to get as much as they can for the buyer. So what if they lie to you it’s part of there job.
@@jackkruese4258 This happened to me so I backed out of my offer even though I loved the home. Once I found another home, I checked on how much the home sold for and it was $10,000 less than my offer. It was very disappointing for me to lose my first preference and end up in something I didn’t like as well.
Oh of course you bought 2 properties when hundreds of thousands transact each year but you just made the huge leap that ALL agents are making up false offers all the time!
Hope, she sold before Charlie's predicted 30% to 40% property crash in 2022/23/24 maybe this expert will get his massive yearly predicted property crash in 2025
Not true. A house will be sold for what someone is talked into believing it should be necessary to pay for it and what another person is prepared to squeeze out someone just for their own benefit (and understandably because he/she is equally talked into a similar inflated view). The market value of my house is well over twice the price it would cost me to build the place. Just because real estate agents consistently pump up transaction prices. For a big part because their fee depends on the transaction price. It is not in their interest to keep prices at a normal level.
Having bought, sold and renovated in the UK and here in Australia, this was all very predictable. Always remember they are working for themselves, not you!
They are working for the seller and their goal is to get the best deal for their client . No matter what the agent values the the property at the buyer ultimately sets the price .
Estate agents are corrupt . My daughter and my wife and i have sold several homes over the last 40 years . Every time we got a valuation they said the last home that sold in your road sold for x amount . So we will put 5000 on that price . So over the last 30 years house prices have gone astronomical . My first home was £10500 in 1985 . Now worth about £160000 . Earnings haven't gone up 15 times . my endowment mortgage then was £75 per month and £15 endowment . With earning of £400 per month . Which equated to about 24% of my earnings . A damn site higher percentage today . The kids today are screwed .
@@alexbolt3688 Because they are manipulating the market by doing it . If you have an area that sells a lot of homes in a 12 month period , then the prices will rocket . That is controlling the market . The seller makes more money , but the buyer is getting screwed . But then the buyer has to buy another property . Estate agent is win win win .
@@Finderskeepers. In principle you are right . But they have a responsibility to the buyer also . The building society is representing both . they are getting the fees off both the buyer and seller . The seller isn't going to argue , but the buyer is getting screwed . The French have the best system , you buy a home to live in , not as a massive investment .
@priestland1 Depends on your interpretation of the term "features". 1930s London suburban streets comprised houses built with external woodwork imitating Tudor (Elizabethan) timber-framed houses. This might reasonably be described as Elizabethan features. Georgean-style lattice windows were popular in the 1980s. In other words, it's a description of an architectural style, not a statement of its age. Properly, a genuine description of a Georgian property would say, "With original Georgian details" and the 1900 property, "Features in the Georgian style". The inability to communicate directly and accurately is not a modern problem, but stems from a lack of exact knowledge and verbal skills, assuming there is not a real intent to deceive. The ability to distinguish the latter depends on the individual to inform themselves by a process of continuous learning.
Absolutely. And surprisingly the commission is negotiable. Don't have a For Sale sign, that makes the serious buyers arrange a viewing. I have had a buyer engage in the longest conveyance ever, and then pull out on the last day, and lost the dream house I was lined up to buy.
@@VisorView most decent agents have ‘sales progressors’ whose job is to keep things on as short a time scale as possible once an offer has been accepted. Specifically, their job is to spot foot dragging as a sign of problems with a buyer. My job as a seller is to check out the buyer before accepting their offer via due diligence by the estate agent AND engaging a solicitor with a good rep for conveyancing- you’ll be amazed what they can find out from the buyer’s solicitor. The clincher is the buyer arranging THEIR OWN survey ( as opposed to a Lenders’ survey), because this is the point they have to commit to putting their own money into the deal.
@@VisorView There are lots of perspectives in you comment. Yes, commission is negotiable. But the 'For Sale' sign as an issue? It helps viewers to locate the property easily; and don't forget they _should_ be excited to go and look over your beautiful property which is 'For Sale' from the hard work you've put in prior to the photographer arriving and then the pictures going live on Rightmove. You are (or should be) inviting them in with a welcome mat. 'For Sale' shouts 'I'm HERE.'
Why does everybody involved in property come across as so smug? One buyer got over-excited and massively overpaid and suddenly everybody involved is a genius and celebrating while knowing the unfortunate person buying the house will almost certainly be in negative equity day one after exchanging.
If they go into negative equity immediately there is a problem with the Banks Valuers or if they are cash buyers then they haven't done their own due diligence. Several times I have been a "Cash buyer" but I have always made the contract subject to both a building inspection and a licensed valuation to ensure I am not paying more than it is worth..
This is simple to overcome. Get three agents to value your property and tell them all firmly you will choose the agent whose value is in the middle. They’ll all be within 5-10k.
If there is one thing I've learned since being a property developer, it's that 1/10 agents actually know what they are doing when valuing property and land.
This is the perfect video of what a 'BIG F*ing JOKE' UK housing market is. She bought it for 198k inJul 2018 and sold it for 300k in Feb 2022. +51% in 4 years. I think its time to short the UK housing market.
Fair assessment, but it’s worth noting that she got £25k more than asking price due to the agent she chose, otherwise it would have been only (!) 39% in 4 years, which is less than 10% a year. The point I’m trying to illustrate with this documentary is it doesn’t matter what you think a property is worth, it only matters what an agent can get for it, and the best ones will find you a lot more money, if it’s worth it.
That's how the market was moving at that time. Property prices were rising and doubling your investment in a few years was seen as normal. Yes estate agents are only interested in getting their percentage of the sales figure but Property prices are ridiculously high now
@MovingHomewithCharlie 10% per year on ANY investment is absolutely insane. No one expects an investment to gain 10% per year and houses are not investments they are a finite necessity which should hold its value steadily not gain monumental increases in value in extremely short spaces of time. If the cost of anything else in your life doubled in the space of 4 years you would be crying out for blood ut because its a house its suddenly good???? Crazy thinking.
@@MovingHomewithCharlie These days though where you can see all available potential properties in whichever area via National websites, it's the buyer who contacts whichever agent has signed up the seller. That BUYER would have found that agent and still made their offer of +25k. Other than the 'selling' function, which the previous sentence negates, everything an agent does could be done within a solicitors office. High End, Unusual or One Off properties, sure an agent has a place as a BUYING agent but your average dwelling gets sold when seller $'s and buyer $'s agree. Estate agencies as we've known them should be worried, most are superfluous to requirements or current function. IMHO.
Awesome video! Thanks for sharing your experience Sam; it’s amazing to see such a fantastic result and some of the comments from the “beauty parade” are utterly cringeworthy! 🤦♂️
@@hearmenow909 It really depends how much you value the work of an Estate Agent. The Internet and the market does most of the work. Its "nice" to have someone help you but most people are perfectly capable of advertising agreeing a sales by themselves. The problem is that they are prevented from advertising in the main channels due to some sort of industry protection.
I've always felt that the commission structure is wrong. For example 1% (just to make the maths easy) on this property. If it sold at £250k then the commission would have been £2.5k, £275k...£2.75k and £300k... £3k commission. The problem is that a donkey could sell the property at £250k, but selling at £300k requires a lot more work yet only gets an extra £500 commission. If the commission was 10% of the sale price in excess of £250k, then if the agent sells for £300k they get £5k commission (instead of £3k),they will much more motivated to strive for the best possible price, maybe even £305k. Twice now I have managed to convince the selling agent that I was poor and they hinted that my offer was too high (pretty blatant hint at that) . Both times I purchased at a reduced offer. They don't care about the sale price, they just want to shift the home. The 1. 5% + vat does little to incentivise them to push for the best price.
What you’re describing is how many mediocre agents operate. The best ones, who know how to get the maximum value, usually charge higher fees because it is much more work.
@@MovingHomewithCharlie it seems to me that I did not do a good job of explaining my point because you did not address it at all. I believe that a flat percentage of the sale price does not incentivise the agent to get the best price.
Always thought the same, if the house is high value, in the 500k plus then yes, but the fees earnt on lower priced homes wouldn't warrant pushing that bit extra.
A property will sell for what someone is prepared to pay. Location is key in terms of time line, and a premium if its a desirable location. Agents will over value to get your business but they are not fighting your corner, its a 1% fee, any variation in price hardly affects what the agent gets.
Don't I know it, my husband was going to sell our flat for £50,000. based on the agents suggestion. I said no way, said a prayer and made a brochure and sold for over £70,000. this was quite a number of years ago, but the agent was so discouraging.
We've been conned with the agent saying there is a lower offer but it's cash. We took it. They changed their minds near exchange and decided they wanted a mortgage so we had the pain of this delay. If we dropped out we would have had to market it again. If you accept a stupidly high offer, you can come a cropper with the surveyor who may value it down.
there are no rules in this game I have 3 times sold properties well above valuation ,if it is in good location they will pay through the nose ,any valuation is just an opinion
Hi Charlie, overall getting more money for your house when the market was crazy wasn't that hard lets face it as money was cheaper than water to borrow. An experiment in 2024 like this one will be more interesting too see and more relevant IMO. This will really show who really are the better agents out there...
Sam sold during a fast moving market. I’d be willing to bet that in the current slower market, the outcome would be somewhat different. I’d also point out that it would be ill advised to underestimate how important the sales progression is. From personal experience a good solicitor can also make a huge difference.
Totally agree on both points. Sam used a conveyancer I recommended. And in a tougher market it’s even more important to choose the agent with exceedingly great care
Thank you 😊 The winning agent had That something you cannot bottle plus it's her business, other larger agents have individuals as good but depends on their career trajectory within the firm at that time and the quality of the team supporting them.
It's really made me think twice about going for the agents with a shop on the high street. I think since Right Move has been around it doesn't matter if the agent has a shop or not. Who doesn't look at Right Move these days!!
The paradox of choice raised doubt when she chose Amy. I've subbed; thank you for the informative video. It took time, was personable and ended with a result that benefitted everyone.
This video is a success story for the seller but a failure for the buyer: in the zero-sum game of pricing, what is a life-changing positive for one party is often a life-changing negative for the other.
It's not a zero sum game. The buyer got what they wanted, and was prepared to pay a premium - an emotional value - the same as a premium for a particular view to cost to get that. Not all properties are equal in facility or emotional vale.
@@martinhow121 if the price of something no one needs, like modern art, went up by 20% overnight, you could say it is not zero sum and everyone who is still transacting is better off by transacting. If the price of water in the desert went up by 20% overnight, maybe you could make the same argument. Or maybe you would conclude this is price-gouging of a necessity. I think raising the price of food and housing is basically a bad thing, lowers quality of life for most people. Maybe not for all people. But as a society it tends to be zero sum: higher house prices transfer wealth from the young and homeless and into the hands of the old and the property-owning.
@@PozitiveVibezzz that is certainly true. But if I meet you in the Sahara Desert, and I see you are dying of thirst, I might get you to sell your house in exchange for a bottle of water. You might later accuse me of many things. But being ethical is probably not one of them. Essentially the same problem is playing out in America: wealth is being stolen from the working class and given to non-workers. Sometimes via unfair divorce laws, sometimes through the welfare state, sometimes through money-printing, sometimes via taxation. Food, rent and land price rises now reflect deliberate government policies rather than just population increase or economic productivity. [Actually, productivity should be lowering the price of food and construction material.] Even without understanding economics, people know they are being scammed. They can feel it.
@@MovingHomewithCharlie but more relevant in this current market where houses are not selling due to poor agents. Any man and his dog sold houses back in 2021 for higher than asking lets face it. 😅
When selling my home, Elliots had a house we wanted, they said sign up with us and it becomes an easier transaction and incentives us to sell yours.... Complete garbage soon as we signed up a couple of weeks later the house we wanted was sold and they never even came informed us.
Did you expect the sellers of the house you wanted to not sell theirs until you were ready to put in an offer ? Why didn't you do a deal contingent on selling yours ?
@@sarahann530 Sorry didn't make myself clear, we put in an offer on the house we liked, Agents said OK we will put that forward, why not also advertise your place with us, they said that would incentivise them, and make for an easier process,about 10 days went by and when we checked Eliots website the house was sold. So did they even put forward our offer, or was the sale to far down the road when we expressed an interest for them to go back to the sellers, maybe they already had a good offer were not turning over many, so required a quick sale...who knows.
Remember folks this is only prevalent to England and wales , in Scotland, the system is different as its actually conveyancing solicitors attached to estate agents (so under one roof) also in England its an Energy Performance Certificate (EPC) us required. In Scotland, however, the seller must provide a Home Report before they can put their property on the market - unless the property is a new-build home
Lot of sense in that. Black Rock and similar crooks control the market (most of their money is actually OUR money). Wages and prosperity certainly ARE NOT rising. Yet property prices are eg with v weak Sterling. A VERY bad outlook for most Brits.
Yeah its all nice and lovely until they can't sell the property at their inflated valuation and they move to stage 2 which is to bombard you with negative supposed "feedback" to browbeat you into lowering the price. Not all agents are so annoying but I have dealt with ones who literally don't care about insulting you or your property to get the price down.
I have recently sold my current house. After getting 3 valuations, all the same value. I went with a local agent that I had a tenuous connection with, possibly a mistake? Things I noticed about agents, they are lousy sales people, they would not survive if they were selling cars! their patter is awful, such as this is the kitchen, of course it is, the cooker and fridge are a clue. After a small number of viewings, they start, you need to reduce the price and one the same as yours close by sold for less (that was true) The good news is it sold, albeit for a bit less than I wanted, which was not too bad, as over the 28 years I have lived in the property, its value has increased by £250k and I am mortgage free. Buying and selling homes is so archaic in the UK, its time it was overhauled.
Why didn't you sell it yourself ? Why didn't you hold out for the price you wanted ? Why did you choose the agent that was a lousy sales person ? What less archaic system would you prefer ?
@@Itsafunnyoldworld1904 Its not that simple. You don't know how good a house salesman performs until they bring people to look at the house and you see how he or she operates. estate agents often have multiple sales agents. I got mine changed and the house sold.
Putting a property on the market this week had four local agents round all wanted a 3 month lock-in if sole agent, biggest difference was their commission ranging from 1.25% to 2.5%
Best of luck with it. Id be very nervous of the 1.25%. Like any service, pay peanuts get monkeys. Now the market has softened, marketing is key. Who ever can get the most people through the door will get the best price. This is why the pictures of the property are critical.
@@Finderskeepers. must have had 20 people viewing it in the first week of going on the market plus people coming back for second viewings with their partners
The thing about house valuations is that they don’t matter as much as you think. A lot of sellers will go with the agent that values their house the highest but most buyers are pretty savvy about what they are prepared to pay. So, if your house is under-valued by the agent, you’ll probably get more offers which turns into a bidding war. An over-valued house will get fewer offers, including some cheeky lower offers which will disappoint. Also, if your house is over-valued, you get a bite but while the house sale is going trough, you get a call from the estate agent to say the buyer’s mortgage provider has valued the house at 10k less so you haven’t benefitted at all. It’s a minefield.
You knew Sam so perhaps hard to repeat but the experiment now would probably show even more estate agent disparity. Integrity or otherwise would really shine through!
Given the underlying parlous state of the UK economy, and the fact that successive politicians have done everything they can to stop the housing bubble from collapsing, I do not think that anyone is able to say definitely what a British house is worth. It is both subjective and dependent on artificial props.
Being delighted with an offer of £300k simply because you had - over a few days - convinced yourself the “value” was £260-£275k is exactly the problem…and the ‘guru’ in this video perpetuates it ! The REAL lesson should be that an offer of that amount indicates how - shockingly - low the valuations were. The Seller in such circumstances should shift their baseline accordingly and remarket the property….not treat it as a wild stroke of good fortune to be snapped up. As a secondary point, choosing an Agent because you get on with them is as hit and miss as anything, and not ideal when talking about hundreds of thousands of pounds.
No, just my opinions 👍. Although I did regulate them for many years as a Trading Standards Officer, which perhaps exposed me to the best and the worst ! A good Agent is worth their weight in gold, but as implied in the video they are not easy to find. I liked the idea of assessing multiple Agents….it’s absolutely what folk should, and never, do.
As an experienced property guy and not an agent, I would put that down to how strong the market is and how well the property presents. Its reflect the local supply and demand. The fact so many agents came in at £275 supports this, undervaluing is not in any of their interests to secure an instruction. Reality is it can be a stroke of good luck by having 2 or more buyers competing that also have the means. Neither does it help to close the sale as the mortgage valuation may become an issue for this deal. Regarding any professional advice be it medical, legal or property, having confidence in the advisor is paramount otherwise you will always be questioning the advise. The sale of ones home is known to be one of the most stressful events in life and that effects decision making. Good communication and a good relationship does help to foster confidence but not critical if there is already confidence.
At the end of the day the price is the price they will all put it on right move , what you want is an agent that will stringently have a decent sales progression to ensure the sale moves forward to completion .
This is a great experiment and very instructional. Houses around us have agreements in 24 hours currently, so unless it's a multi-million pound home, there aren't many available and it's impossible for a first time buyer in terms of cost and availability... the London effect.
You can advertise your house with any estate agent for whatever value you wish however if you have overcooked it expect little to no interest. I have no affiliation to any estate agents but I think the ball parks are to tempt and bait interest to a quick sale but if interest is peaked (like an auction) you can sell above list price if the buyers really want it. It is like most things only worth what someone is a)willing to pay or b) can afford
Exactly. It’s an individual human being you have to choose and not the brand. I have dealt with the biggest brand and a couple estate agents 4-5and they all been terrible. Absolutely terrible. Another brand estate agent told me not to buy that particular house I love, just because I wanted to extend the living room/kitchen area. Crazy.
Intriguing video and very brave of Sam. But I am surprised that no-one - neither Sam nor Amy mentioned Amy's amazing Google reviews. The comments - by 51 of her clients over the last six months - are all 5* and glowing. Right at the end Charlie says 'the problem is it is very difficult to find out which is the best.' Looking at Google reviews of Taunton agents there are only three other agents that score a 'perfect 5' and none with the volume that Amy has achieved in the short timescale that she has been in business. She stands head and shoulders above her competitors. It's just a pity that Ewemove hasn't adopted a Google-focussed strategy on their/her website (the three Trustpilot reviews currently showing on her site relate to London, Southampton and Trowbridge, none of which are remotely relevant for Sam).
And yet she’s number 18 in the list of agents with Google reviews, and isn’t named. If you are looking for her (and know she works under the ewemove brand) then you’d find her. Otherwise there’s a very low chance. I actually feel (and I said this to her) that she’d be more successful working under her own brand.
@@MovingHomewithCharlie Yes, you're quite right. The issue is complex (SEO) but she'd do far better in search if Google could find reviews on her site (Google will never disclose the actual numbers but wiser people than me reckon that's worth about 15% of a business's SEO score). What is certain is that hosting Trustpilot reviews - that don't relate to her business - on her site is not helping (and may even count against her - Google hates irrelevant or misleading information on websites). She should - assuming she stays with Ewemove - lobby Ewemove management to refocus their review strategy to Google - hosting her own, not Trustpilo's, reviews on her website. Then get as many of them as possible on to Google.
Same here estate agents pitched 425 to 440. We. Said 475. It went first day. 10 viewers , and 1 wanted it. Had that person not turned up that day. Then the estate agent could say told you so. But u just need that 1
Would it be in a buyers interest to work in the opposite way, i.e shadow the weaker agents? If so, I think you're on to a winning concept, as (I hope) eventually this should make the agents themselves more competitive when rankings become the norm
In theory, perhaps yes. In reality it’s hard to find the home you really want that’s within budget, meaning you often have no choice in the agent you’re dealing with.
@@MovingHomewithCharlie I can only hope multi agent marketing becomes the norm then. It could be in the sellers interest to get extra marketing / hands on deck, though in the past I've judged sellers as struggling / open to lower offers if they are listed with more than one agent
@@IjtabaHussain multi agent marketing doesn't achieve any extra marketing (if your one agent is listing on the major property sites) and in fact it only serves to de-motivate the agents themselves. It's always best to put in the time and effort to identify the agent who demonstrates a clear strategy for getting the best price. Great agents get great prices, and turn down the opportunity to be one of several agents. Why work for a reduced chance of a fee? It's a very common misconception.
US model is typically 1 seller's agent + 1 buyer's agent, is that what you're calling multi agent? In California 5% is the norm combined commission split between the 2 agents.
When selling (and I have sold many Houses) I always!! tell them what I want, not them telling me. It's the commission you have to take into account as to whether they are worth that commission or not! As my property is a one off, it is up to me to value it myself, which I have done. I do not want such a headache dealing with Agents!!
Far too many valuations 😮. Too confusion. 3 or 4 only needed in the area . 😊would have liked to know what percentage she charged to sell it, but well done female agent 🎉
3 never enough. You need to talk to as many as possible. Why do you think moving house is so hard when everyone always does 3 or 4? Because it’s not enough
I sold my flat and got my local estate agent as he lived down my road..he was very nice but...i showed the people round..he was a sole agent like most of them near me..all he did was put my flat in his window and find the buyers..well he didnt...they found me..took a few pictures..thats it. He got the solicitor they use all the time so no doubt got a commission for that. My solicitor cost around £2,000 and they did all the work. The estate agent charged me..£6,000 on £285,000..how is that right when the solicitor did all the work?
Also, I think agents will slightly undervalue a house to move it quickly. If there is a lot of homes, they are doing more showing and less selling. Which is less money for them.
@@MovingHomewithCharlie Well it loses business if they are caught redhanded. But often they aren't caught. You haven't addressed the issue I mentioned. Also this woman was undervaluing in a type of way. Fortunately for the owner, the closing price was above that. Plenty of people won't bid above the "in excess of" price.
The problem is that you "have" to use an agent, this leads to weakness in the industry, because its guaranteed money. I am a seasoned negotiator and quite capable of selling my own house, however I am prevented from doing this because the main advertising routes are not open to me privately. Allowing this would up the requirements for agents adding value. There is also the question of whether Amy did add any value atall. Certainly she smoothed out the process and provided sensible support to the seller, however it cannot be proven that she added any value to the sale price.
Of course she did. She spoke to buyers off market first, had pre market viewings timed with a public launch created the (accurate) impression that there was a lot of competition for the home. Ordinary agents just list and wait. You don’t need rightmove to sell a home.
@@MovingHomewithCharlie there is no "of course" she might have added value to the client by reassuring her and helping her know when to wait and how long to wait, but many people are perfectly capable of doing it themselves. In a rising market, the longer you wait the more money you make, you just have to decide how long you want to wait. Sales agents are not needed other than to write adverts and take photos, show people around, supply and demand works by itself which is precisely why so many do it. Its money for nothing with the Internet. Personally I find zero value in sales agents, they mostly only exit because its a closed shop and you don't have a choice. They are certainly not worth a percentage of the sale. Its good to have an incentive, but the market does most of the work. Agents might be more useful in a declining market but many of them then have their heads in the sand and think they can talk the market up, and watch while their clients chase the market down. The biggest problem people who work in closed shops like this (includes banks) and earn good money for doing very little is that they think they are adding value because they are good at their job. This is why people like Amy are rare. It should be a requirement to be good at your job to make good money, the big problem I see in the world is that many are not, yet get well rewarded anyway.
@@MovingHomewithCharlie sitting and waiting would have worked to, were is the evidence that being a good sales person helps increase the value in this situation? Houses sell themselves when supply is tight.
@@tonystanley5337 I agree. You don’t need an agent in a rising market, property sells itself. If prices are threatened then a good agent can make the difference between a reasonable sale and no offers.
@@MovingHomewithCharlie you're more likely to get the price you want by having it advertised on one of the larger portals. more prospective buyers means more offers if the agent is any good.
Where does the gaming come in? Buyers were asked to name their price, and after a while the person who most wanted it bought it. Its not as if there was any dropping accepted buyers foe a higher offer or going back for a second bite to screw the price up.
The buyer might be in trouble in a few years time, looks like they have paid way over the asking price at a time when Prices may be about to fall dramatically (late 2022 recession, inflation and rising interest rates)... Hope they got a long term fixed rate. Winners and Losers in the Housing Market, the bigger the winner, the bigger the loser.
They did buy at the top but they had a healthy deposit, not overextended. Long term they’ll be fine but short term maybe they might find it hard to sell if they need to
Nobody can predict the peak of a market but people want to own a home and have to make a gamble to achieve that. Over the long run it typically appreciates.
In Costa Rica, there are no legal real estate agents. A person goes to the homeowner and says I will give you this much money. If they agree, they go together to the lawyer, and pay the lawyer for the land transfer. Done. Why increase costs with payments to a third party?
@auroradelaguacate4153 Ditto in my country. You don't have to use an agent. I have sold 2 homes by agreement then used our lawyers to arrange. Easy and cheaper.
Just one thing, it is all, exploiting the buyer, and ramping prices upwards, the main problem in life. Perhaps it all needs reversing. Estate agents working for the buyers. The good ones get you the house for the lowest price.
18:34 buyers out there, why you should never tell the Agent your maximum budget. The agent works for the seller, not the buyer, they're your opponent. The buyer overpaid here by about 20K, or nearly 7%, that's such a massive mistake it makes the Cash offer (which is low risk) worth ignoring.
Not fake ones, but they will take “no hopers” around, as in buyers who they know won’t like it, and won’t offer, so they can give the seller feedback to make them drop the price.
Beware. I had an experience with an local estate agent, who failed to find a buyer, listed inaccurate details of the property, did minimal marketing and in the end, we withdrew from the market, but, they billed us for all sorts of things and even took us to court to get that money, despite the vague small print in their so called contract. I remain totally disgusted with that 'outfit' who listed properties just to get fees imo.
That agent who rang to say they had someone interested (a big no-no for me) . . . And it's not even on the market yet ! I always say to agents "don't tell anyone about this property until I sign a contract" My reason is that I may just change my mind anyway and stay put. 😮
The agent who tries their luck at a viewing before the property is on the market is proactive. Take the viewing; sign a one-day agreement for that viewing only to find out if it's genuine.
Fascinating, but important to point out this was filmed during an extraordinary boom period in the housing market, during the post-Covid period when demand for property (especially in a nice part of Somerset) was going through the roof. Would be interesting to repeat this experiment in more normal market times, when overvaluations by agents often lead to properties failing to sell for months before having to be sharply reduced.
Top tip... stop thinking your house is worth more than what you bought it for. You wouldnt buy a kettle then try to sell it 10 years later for more money.... unless you have made significant improvements to the home the driving up of prices is wrong and the current economic situation and interest rates are trying to force the house values back down .... every selling agent needs to stop being greedy and giving thier clients unrealistic expectations. Selling higher and higher and higher is only going to make your future clients have to take losses when things come back down. Try working towards keeping the market steady instead of pushing all the time. Its unsustainable
Icl that’s not a top tip imo, that’s reasonable good and wishful thinking if you’re a buyer and terrible for the seller. Properties do go up in value and rarely do they decrease or stay the same. The thing is it’s not a second hand object, anyone can by a new kettle, why pay for a second hand one when it only costs a bit more for one new, especially with the huge variety available with all different price ranges and it’s guaranteed to last x amount of time, but if it was a limited edition and a unique/antique or a collectible kettle, then chances are there may well be people who want to buy it… and of corse you sell it to the person who’s willing to pay the most for it. No one says look I paid x amount so I’ll sell it to you a lot cheaper than what you expect to pay / what other people sell it for. You try and make the most amount of money possible and don’t feel bad because your not forcing the person to buy it, they can look else where if your asking for to much money, just pretty ridiculous you wish it worked the way you described.. I’m just gonna make some figures up, might be realistic or way off but doesn’t matter tbh) If you buy a house for 200k and 10 years later it’s valued at 280k, the valuation is based on the current supply of properties on the market as well as the demand - how many people are looking to buy a property.. plus what it has to offer people, it’s size, location, near by amenities etc, (the pros vs cons) and the more appealing it is, the more people it attracts who are willing to spend more for something they want (or try offering an amount that’s within their budget and what they can afford ). But If no one is willing to pay that amount because it’s unrealistically high especially when compared to similar homes, then that’s not an accurate evaluation! Question for ya. You have 2 people who both really want to buy your home because it’s basically their dream home and would be perfect for them, wouldn’t you sell to the person who has the highest offer? Assuming they both made an offer at the same time (Fyi I don’t agree on accepting an offer to then say no later on because your accepting a higher offer from someone else) would you accept the 290k offer even though it’s more than it’s estimated evaluation and they know this but they offered 10k more to increase the odds of them being successful. (because they really want to buy it) or do you turn that higher offer down to accept the lower offer of 240k? Maybe because you don’t wanna see your self as being greedy or something Or do you put it up for 200k and accept that amount when offered because that’s what you paid, or maybe you accept a slightly lower offer because it’s used and second hand 😂 But at least you shouldn’t have any problems selling it 80k under its valuation It’s just not how the world works, people like and want to make money whenever possible and no one turns down a profit especially when it’s in the thousands let alone tens of thousands! Lastly because I get what you’re saying, especially since young people don’t stand a chance at getting on the property ladder.. but imo the biggest problem in the uk is the shortage of affordable homes.. We don’t need luxury and expensive properties for the rich to buy and rent at unaffordable prices but rather lots of affordable properties that are plentiful and affordable to every day people/working class people with the owners being said people, basically increase supply and reduce demand, when your budget will allow you to choose from lots of possibly homes and no one is buying a particularly over priced property, the only way sellers will sell it is for them to reduce the asking price according to its true evaluation. (Sorry I know I’ve wrote a lot and it might be difficult to understand, and I may have repeated my self, I can’t help it sorry, I have a brain tumour and cognitive impairments, and I really struggle saying my thoughts in a way that’s easily understandable and which is straight to the point, i waffle to much when trying to explain my thoughts/opinions. And sentences are over complicated I know, but I just can’t find the right words to optimise the sentences any better So apologies but if you do read it all then I hope that it makes sense and explains why I disagree and think the above)
It's called the free market. That's how prices are set, you put it up for sale and people will pay for it what they think it's worth, There are plenty of examples of "10 year old kettles" on eBay that are worth 10x what they cost at retail. Again, free market + scarcity == higher prices. For housing, the solution is to deal with the scarcity side of the equation.
Such an interesting video! Well done Amy!! I would be interested to know if you would have called Amy out in the beginning if you hadn’t planned to ask all 11 agents out? Or would you have discounted Ewe move from the initial valuation appointments because the branding is not great?
If you’re moving home and want to make sure you avoid wasting months on an agent who fails to sell your home, or sells it too cheap, then the time is a good investment.
Totally agree, most sellers price the home. Everyone is greedy that is human nature. The market has noticeably changed in last few months, this feels VERY 2006/7.
I've been to a few open days. Each time an agent contacted us to say, of couse, what "they were not to say" that the full asking price had already been offered. You know, they liked us enough and didn't want us to miss out on having the chance to get the properties... Great for the seller but crazy push for all viewers to go into a ridiculous binding war. Never do open days.
I worked for a small estate in South London (Cray and Norton) many eons ago now and I was absolutely shocked at just how corrupt and slimey they were in every aspect of business, needless to say, it totally ruined any notions I had of working in the property business.
oh boy. buying property without fair valuation. looks like the correct value was 285000. as a buyer i wouldn't go with this agent, as a seller i would choose her. happy for seller, buyer will recover in 6 months. your house was well presented so made the difference
We were conned with the one off viewing - the people came round. Of course they didn't want it. We found out after they were family of the estate agent and were doing this con for people to sign up with the agents.
@@safarigirl40 Thanks for the explanation. But it seems strange lengths to go to for an agent. If they had hoped they (relatives or not) had put an offer in _before_ you signed a contract with the agent, there was nothing to stop you negotiating your own deal. As it turned out, they didn't put in an offer so I don't see what the agent had to gain with the tactic? Bizarre, I agree. I hope it turned out for you in the end.
This is fascinating. I was an Independent Financial Adviser (John Charcol) many moons ago. I worked with local solicitors, accountants and Estate Agents and made/saved my clients a lot of money in both investments and mortgages advice. In fact, I often wonder if they appreciate my efforts. PIus, I met some amazing people in the process. I reluctantly left the business, understanding it's a younger mans game, moving sideways into financial research, publishing and technology which was an adventure in itself. I now live in Thailand. Great video, subscribed.
I actually caught out our estate agent offering our house to a developer advising us to sell to him gazumping a better offer, after a phone conversation with the senior partner he was taken off the sale they took over and we wasn't charged anything for their services along with a grovelling apology.
Thing is, any agent you would have instructed would have had the same buyers and the same offers. It comes down to fee, experience or just downright preference. To sum up the video You picked Amy because you felt like you had a better connection with her. Anyone would have got you the same money.
Absolutely not true. Every agent has different buyers registered. One of the agents recommended listing it at a much higher price, which would have meant 3 of the offering buyers would not have enquired, which means the actual buyer would not have had to offer so high to secure it. Not all agents respond to enquiries with the same speed, especially busy agents with too many listings (that they aren't selling). Your view seems to be "all agents are the same" which is the mistake so many home sellers make, leading them to undersell their homes. Agents manage their buyers differently (some don't even answer the phone!) and that's just the first step. Also, agents all have different approaches to managing an agreed sale through to completion, which also affects the end result. Some deals fall through, some don't. Do you think that's the same regardless of agent?
@@MovingHomewithCharlie to say every agent has different buyers registered is somewhat true however I’m more talking about buyers looking on portals. Hot buyers sit on Rightmove and Zoopla and if the house they want comes up in the area they are looking then they will enquire about it. I think you can make a judgement on whether an agent is proactive or not by meeting them and again it’s about rapport and connection so my opinion is not all agents are the same but more you can’t win them all, some people prefer other people 🤷🏻♂️
@@R33DCT In my - long (I'm ancient) experience it's far from 'somewhat true'. I have both bought and sold off-market all my life - no portals (and no advertising before they existed). Many - most? - of the very best properties never see a portal. I have always paid full whack to the agent who could demonstrate the biggest 'little black book' in whatever market I was selling to.
In a strong sellers market I'd pretty much agree. Some agents are better than others at monitoring and progressing the chain. Secret of selling is good presentation, effective advertising (much easier now with Zoopla, Rightmove etc,) making the property accessible for viewings and getting an agent who is accessible and responsive to potential buyers. Its difficult to undersell a property when the market is strong unless you're plain wreckless. Generally money finds its way to houses, you just have to make sure you're not putting barriers in the way. Never agree to take it off the market at offer stage, don't refuse viewings from potential buyers just because they haven't yet sold, make sure you fully investigate the chain before accepting an offer and appoint a solicitor to prep the contract before going to market.
Really great video. When we sell I will definately follow this approach, interview a load of agents and ask that killer question "how will you maximise the amount we will get". I'd like to know how you found the agent that won. Was it just a Google search?
If you’re in the market to buy something, and the seller (or their agent) asks what your budget is, please don’t tell them. As soon as you tell them your budget, the chances are that you will be paying at least that amount, and probably more, because the vast majority of people state a figure lower than their true budget. When I’m asked, I just give a wry chuckle and say, “As little as possible”. For example, if you’re in the market for a house, ask the agent for details of properties ranging from the most and least expensive properties that meet your criteria (i.e. number of rooms, etc), otherwise you’re only going to be shown properties starting at your budget price and higher.
The fact is the market dictates the price. You need an estate agent to advertise your property properly and as many perspective serious buyers to be exposed to your property via their network etc. There need to be sufficient interest in the property to get the best possible price. Best scenario when selling is your property enters a bidding war
Estate agents that lie, who would have thought it. I actually do think all agents are the same, all conmen. Do you need to pick an agent? Cant you just ask them all to take it on and first past the post wins.
That would put buyers off; they don't want to pay surveyors fees and mortgage fees if they think it might get a higher offer through another agent. Agents will put forward bogus offers just to put a competitor's buyer off.
SELLERS! Please watch this 2024 follow up to this video: th-cam.com/users/liveW-KyDxorAL8
BUYERS! Watch this and make sure you learn from the sucker who overpaid.
As an ex agent of 20+ years, any agent can sell a property in a strong rising market where new stock is in high demand, this experiment should be conducted in the current downturn as it will be the true reflection of good agency, as having worked in the 2008 housing crash, It was tough just to try and survive without having to shut up shop unlike quite a few agencies did at that time, mostly the larger corporates who only win biz on over valuing, then bombard the vendor for price reductions.
The most interesting point of the video was not one mention of any of the agents fees, which often is at the forefront of most sellers decision making process, after all we’ve all been there and had the call of I really like your valuation, but not your fee!!!
I'd love to do another documentary like this in the falling market - but I need someone in my close circle of friends who's selling now who's happy to have it filmed! It took 6 months to make this video.
@@MovingHomewithCharlie I can imagine it was a difficult job indeed.
Even in a strong market, a good agent will get a better price but its not just about price. Its also about closing the deal. Thats a combination of matching the vendors needs with the right buyer. Im not an agent but am experienced. 100% agree with the OP. Like any payment for service, cheapest isnt always best.
Agents are liars same as hungry dogs....
I cant see this industry surviving for much longer. Id love to see the breakdown involved in what the agent is actually doing (without any BS) vs the commission they are making.
See the diagram of what they do here. Remember, they do all of it unpaid until the last step, and if it falls through, they've done all the work for zero.
Hello Charlie, there is no link in your text, can you share that, please?
Couldn’t disagree more, how many start ups have failed trying to replace estate agencies?
It won't stop - why would it - everyone is making money - pure greed and capitalism
They get paid when it sells. Its easier to sell it at a lower price. On a 1% commission every 10k theybsell ur house less for (easier to sell) They lose 100. Try 300k and get 3k commission or easily sell at 280k at 2.8k commission. Its easier to sell 8 houses out of 10 at 10 or 20k less, than to try to sell for 10 to 20k more but only sell 4.
They don't work for ur best interests.
They work for their best interests.
@@kevinleesmith bingo!
Their motivation (money) is to get the seller to sell, get the house off their books and get their commission. As you say every £10k is c£100 to them but is £10,000 to the seller. “Just focus on the first two numbers” is their stock line. Estate Agents have no scruples.
That's a very sweeping statement
@@Itsafunnyoldworld1904 which of the correct statements are you referring to?
@paulspittel1924 Refering to specific statements as sweeping statements, shows u have an emotional response that is not based on reality. Emotion is important, but facts don't care about your emotions.
I’ve bought 2 properties in the last 15 years and on both occasions as soon as I made an offer the estate agent said…you won’t believe this but someone else has just offered us exactly the same amount so could you up your offer. Thing is they knew that I knew they were lying.
@@jackkruese4258 Estate agents work for the seller not for the buyer. It’s their job to get as much as they can for the buyer. So what if they lie to you it’s part of there job.
@@jackkruese4258 they are scumbags
They don't all do this, but unfortunately most do
@@jackkruese4258 This happened to me so I backed out of my offer even though I loved the home. Once I found another home, I checked on how much the home sold for and it was $10,000 less than my offer. It was very disappointing for me to lose my first preference and end up in something I didn’t like as well.
Oh of course you bought 2 properties when hundreds of thousands transact each year but you just made the huge leap that ALL agents are making up false offers all the time!
A house is worth what someone person is emotionally prepared to pay, and what another is prepared to hold out for.
Hope, she sold before Charlie's predicted 30% to 40% property crash in 2022/23/24 maybe this expert will get his massive yearly predicted property crash in 2025
@@alangaughran That's deep ,did it take you long to think that one up .
Not true. A house will be sold for what someone is talked into believing it should be necessary to pay for it and what another person is prepared to squeeze out someone just for their own benefit (and understandably because he/she is equally talked into a similar inflated view). The market value of my house is well over twice the price it would cost me to build the place. Just because real estate agents consistently pump up transaction prices. For a big part because their fee depends on the transaction price. It is not in their interest to keep prices at a normal level.
@DiederikAms Why don't people just build their own houses them if they are half the price
@@sarahann530 Because the con men called real estate agents occupy all the good spots to build on.
Having bought, sold and renovated in the UK and here in Australia, this was all very predictable. Always remember they are working for themselves, not you!
They are working for the seller and their goal is to get the best deal for their client . No matter what the agent values the the property at the buyer ultimately sets the price .
100percent
and who do you work for?
@@sarahann530 they are working for the buyer. The buyer generates the money for the agency fees paid by the seller.
Estate agents are corrupt . My daughter and my wife and i have sold several homes over the last 40 years . Every time we got a valuation they said the last home that sold in your road sold for x amount . So we will put 5000 on that price . So over the last 30 years house prices have gone astronomical . My first home was £10500 in 1985 . Now worth about £160000 . Earnings haven't gone up 15 times . my endowment mortgage then was £75 per month and £15 endowment . With earning of £400 per month . Which equated to about 24% of my earnings . A damn site higher percentage today . The kids today are screwed .
how does that make estate agents corrupt?
@@alexbolt3688 Because they are manipulating the market by doing it . If you have an area that sells a lot of homes in a 12 month period , then the prices will rocket . That is controlling the market . The seller makes more money , but the buyer is getting screwed . But then the buyer has to buy another property . Estate agent is win win win .
I heartily agree. Im looking at getting a caravan!!! With five cats a dog, chooks and a kid....
The estate agents job is to get the best price and that seems to be what you are objecting to, they dont buy the property.
@@Finderskeepers. In principle you are right . But they have a responsibility to the buyer also . The building society is representing both . they are getting the fees off both the buyer and seller . The seller isn't going to argue , but the buyer is getting screwed . The French have the best system , you buy a home to live in , not as a massive investment .
Estate agent describing 1900s house as having Georgian features, in their defence they could have been referring to George our local friendly builder.
@priestland1 Depends on your interpretation of the term "features".
1930s London suburban streets comprised houses built with external woodwork imitating Tudor (Elizabethan) timber-framed houses. This might reasonably be described as Elizabethan features. Georgean-style lattice windows were popular in the 1980s. In other words, it's a description of an architectural style, not a statement of its age.
Properly, a genuine description of a Georgian property would say, "With original Georgian details" and the 1900 property, "Features in the Georgian style".
The inability to communicate directly and accurately is not a modern problem, but stems from a lack of exact knowledge and verbal skills, assuming there is not a real intent to deceive. The ability to distinguish the latter depends on the individual to inform themselves by a process of continuous learning.
@@judewarner1536 No. It should read, Elizabethan 'style' features. Otherwise it's misleading.
Watching this after the recent interview and I'm so glad the algorithm pointed me this way!
Every agent sticks the property on right move. And that’s where buyers go to search.
Lula: or REALTOR if in America.
Absolutely. And surprisingly the commission is negotiable. Don't have a For Sale sign, that makes the serious buyers arrange a viewing. I have had a buyer engage in the longest conveyance ever, and then pull out on the last day, and lost the dream house I was lined up to buy.
@@VisorView most decent agents have ‘sales progressors’ whose job is to keep things on as short a time scale as possible once an offer has been accepted. Specifically, their job is to spot foot dragging as a sign of problems with a buyer. My job as a seller is to check out the buyer before accepting their offer via due diligence by the estate agent AND engaging a solicitor with a good rep for conveyancing- you’ll be amazed what they can find out from the buyer’s solicitor. The clincher is the buyer arranging THEIR OWN survey ( as opposed to a Lenders’ survey), because this is the point they have to commit to putting their own money into the deal.
We need to go back to the sensible days when lenders were only allowed to lend 3.5 times one wage.
@@VisorView There are lots of perspectives in you comment. Yes, commission is negotiable. But the 'For Sale' sign as an issue? It helps viewers to locate the property easily; and don't forget they _should_ be excited to go and look over your beautiful property which is 'For Sale' from the hard work you've put in prior to the photographer arriving and then the pictures going live on Rightmove. You are (or should be) inviting them in with a welcome mat. 'For Sale' shouts 'I'm HERE.'
Why does everybody involved in property come across as so smug? One buyer got over-excited and massively overpaid and suddenly everybody involved is a genius and celebrating while knowing the unfortunate person buying the house will almost certainly be in negative equity day one after exchanging.
In this business everyone wins except the buyer. It’s a sad game.
Estate agents are of my least favourite people to deal with.
If they go into negative equity immediately there is a problem with the Banks Valuers or if they are cash buyers then they haven't done their own due diligence. Several times I have been a "Cash buyer" but I have always made the contract subject to both a building inspection and a licensed valuation to ensure I am not paying more than it is worth..
That’s not correct though is it ? Those buying the home now have a home , that’s what they needed and that’s what they have got .
@@pmbpmb5416 I agree, you pay what you can for the home you want, and that's what the buyer did. XXX
This is simple to overcome. Get three agents to value your property and tell them all firmly you will choose the agent whose value is in the middle. They’ll all be within 5-10k.
If there is one thing I've learned since being a property developer, it's that 1/10 agents actually know what they are doing when valuing property and land.
Hope this was not scripted because it was absolutely brilliant to watch ❤
This is the perfect video of what a 'BIG F*ing JOKE' UK housing market is.
She bought it for 198k inJul 2018 and sold it for 300k in Feb 2022. +51% in 4 years.
I think its time to short the UK housing market.
Fair assessment, but it’s worth noting that she got £25k more than asking price due to the agent she chose, otherwise it would have been only (!) 39% in 4 years, which is less than 10% a year.
The point I’m trying to illustrate with this documentary is it doesn’t matter what you think a property is worth, it only matters what an agent can get for it, and the best ones will find you a lot more money, if it’s worth it.
That's how the market was moving at that time. Property prices were rising and doubling your investment in a few years was seen as normal. Yes estate agents are only interested in getting their percentage of the sales figure but Property prices are ridiculously high now
@MovingHomewithCharlie 10% per year on ANY investment is absolutely insane. No one expects an investment to gain 10% per year and houses are not investments they are a finite necessity which should hold its value steadily not gain monumental increases in value in extremely short spaces of time. If the cost of anything else in your life doubled in the space of 4 years you would be crying out for blood ut because its a house its suddenly good???? Crazy thinking.
@@MovingHomewithCharlie These days though where you can see all available potential properties in whichever area via National websites, it's the buyer who contacts whichever agent has signed up the seller. That BUYER would have found that agent and still made their offer of +25k. Other than the 'selling' function, which the previous sentence negates, everything an agent does could be done within a solicitors office. High End, Unusual or One Off properties, sure an agent has a place as a BUYING agent but your average dwelling gets sold when seller $'s and buyer $'s agree. Estate agencies as we've known them should be worried, most are superfluous to requirements or current function. IMHO.
It is the same here in Aus.
Awesome video! Thanks for sharing your experience Sam; it’s amazing to see such a fantastic result and some of the comments from the “beauty parade” are utterly cringeworthy! 🤦♂️
Why no mention of fees in a 30 minute video??
Probably around 1.5%, I'm sure if they were over the market average they wouldn't have picked her.
Precisely.
@@hearmenow909 It really depends how much you value the work of an Estate Agent. The Internet and the market does most of the work. Its "nice" to have someone help you but most people are perfectly capable of advertising agreeing a sales by themselves. The problem is that they are prevented from advertising in the main channels due to some sort of industry protection.
Taken for granted as the percentage is set and it’s for the buyer to determine if it’s fair
@@cg9616 Set by whom?
I've always felt that the commission structure is wrong. For example 1% (just to make the maths easy) on this property. If it sold at £250k then the commission would have been £2.5k, £275k...£2.75k and £300k... £3k commission. The problem is that a donkey could sell the property at £250k, but selling at £300k requires a lot more work yet only gets an extra £500 commission. If the commission was 10% of the sale price in excess of £250k, then if the agent sells for £300k they get £5k commission (instead of £3k),they will much more motivated to strive for the best possible price, maybe even £305k. Twice now I have managed to convince the selling agent that I was poor and they hinted that my offer was too high (pretty blatant hint at that) . Both times I purchased at a reduced offer. They don't care about the sale price, they just want to shift the home. The 1. 5% + vat does little to incentivise them to push for the best price.
What you’re describing is how many mediocre agents operate. The best ones, who know how to get the maximum value, usually charge higher fees because it is much more work.
@@MovingHomewithCharlie How much do they charge typically?
@@MovingHomewithCharlie it seems to me that I did not do a good job of explaining my point because you did not address it at all. I believe that a flat percentage of the sale price does not incentivise the agent to get the best price.
@@d716agqHe didn't get it.
Always thought the same, if the house is high value, in the 500k plus then yes, but the fees earnt on lower priced homes wouldn't warrant pushing that bit extra.
A property will sell for what someone is prepared to pay. Location is key in terms of time line, and a premium if its a desirable location. Agents will over value to get your business but they are not fighting your corner, its a 1% fee, any variation in price hardly affects what the agent gets.
Don't I know it, my husband was going to sell our flat for £50,000. based on the agents suggestion. I said no way, said a prayer and made a brochure and sold for over £70,000. this was quite a number of years ago, but the agent was so discouraging.
So god got you 20 thousand more for your flat . How much did he charge in commission?
@@sergeisergei4700 how did you make a brochure please?
We've been conned with the agent saying there is a lower offer but it's cash. We took it. They changed their minds near exchange and decided they wanted a mortgage so we had the pain of this delay. If we dropped out we would have had to market it again.
If you accept a stupidly high offer, you can come a cropper with the surveyor who may value it down.
there are no rules in this game I have 3 times sold properties well above valuation ,if it is in good location they will pay through the nose ,any valuation is just an opinion
Lots of buyers lie saying they are cash buyers
Hi Charlie, overall getting more money for your house when the market was crazy wasn't that hard lets face it as money was cheaper than water to borrow. An experiment in 2024 like this one will be more interesting too see and more relevant IMO. This will really show who really are the better agents out there...
Sam sold during a fast moving market. I’d be willing to bet that in the current slower market, the outcome would be somewhat different.
I’d also point out that it would be ill advised to underestimate how important the sales progression is. From personal experience a good solicitor can also make a huge difference.
Totally agree on both points. Sam used a conveyancer I recommended. And in a tougher market it’s even more important to choose the agent with exceedingly great care
Thank you 😊 The winning agent had That something you cannot bottle plus it's her business, other larger agents have individuals as good but depends on their career trajectory within the firm at that time and the quality of the team supporting them.
It's really made me think twice about going for the agents with a shop on the high street. I think since Right Move has been around it doesn't matter if the agent has a shop or not. Who doesn't look at Right Move these days!!
What was the commissions? What was the ‘in the pocket’ post advertising costs etc!
The paradox of choice raised doubt when she chose Amy.
I've subbed; thank you for the informative video. It took time, was personable and ended with a result that benefitted everyone.
Welcome!
This video is a success story for the seller but a failure for the buyer: in the zero-sum game of pricing, what is a life-changing positive for one party is often a life-changing negative for the other.
It's not a zero sum game. The buyer got what they wanted, and was prepared to pay a premium - an emotional value - the same as a premium for a particular view to cost to get that. Not all properties are equal in facility or emotional vale.
@@martinhow121 if the price of something no one needs, like modern art, went up by 20% overnight, you could say it is not zero sum and everyone who is still transacting is better off by transacting.
If the price of water in the desert went up by 20% overnight, maybe you could make the same argument. Or maybe you would conclude this is price-gouging of a necessity.
I think raising the price of food and housing is basically a bad thing, lowers quality of life for most people. Maybe not for all people. But as a society it tends to be zero sum: higher house prices transfer wealth from the young and homeless and into the hands of the old and the property-owning.
Something is worth what someone is willing to pay for it.
@@PozitiveVibezzz that is certainly true. But if I meet you in the Sahara Desert, and I see you are dying of thirst, I might get you to sell your house in exchange for a bottle of water.
You might later accuse me of many things. But being ethical is probably not one of them.
Essentially the same problem is playing out in America: wealth is being stolen from the working class and given to non-workers. Sometimes via unfair divorce laws, sometimes through the welfare state, sometimes through money-printing, sometimes via taxation.
Food, rent and land price rises now reflect deliberate government policies rather than just population increase or economic productivity. [Actually, productivity should be lowering the price of food and construction material.]
Even without understanding economics, people know they are being scammed. They can feel it.
Would be very interested to see an updated one of these.
That was 6 months work!
@@MovingHomewithCharlie but more relevant in this current market where houses are not selling due to poor agents. Any man and his dog sold houses back in 2021 for higher than asking lets face it. 😅
When selling my home, Elliots had a house we wanted, they said sign up with us and it becomes an easier transaction and incentives us to sell yours....
Complete garbage soon as we signed up a couple of weeks later the house we wanted was sold and they never even came informed us.
Did you expect the sellers of the house you wanted to not sell theirs until you were ready to put in an offer ? Why didn't you do a deal contingent on selling yours ?
@@sarahann530 Sorry didn't make myself clear, we put in an offer on the house we liked, Agents said OK we will put that forward, why not also advertise your place with us, they said that would incentivise them, and make for an easier process,about 10 days went by and when we checked Eliots website the house was sold.
So did they even put forward our offer, or was the sale to far down the road when we expressed an interest for them to go back to the sellers, maybe they already had a good offer were not turning over many, so required a quick sale...who knows.
incentivizes
@@sarahann530 No I would have expected the estate agents to put forward our interest to the seller.
Amy is a legend and a professional like that deserves and should if not already, have their own estate agent,
Remember folks this is only prevalent to England and wales , in Scotland, the system is different as its actually conveyancing solicitors attached to estate agents (so under one roof) also
in England its an Energy Performance Certificate (EPC) us required. In Scotland, however, the seller must provide a Home Report before they can put their property on the market - unless the property is a new-build home
Correct
Which totally slows the market down
This was just before the mortgage interest rates soaring... she got a great deal (very lucky timing)
People dont realise it's the currency that is breaking...
Lot of sense in that. Black Rock and similar crooks control the market (most of their money is actually OUR money). Wages and prosperity certainly ARE NOT rising. Yet property prices are eg with v weak Sterling. A VERY bad outlook for most Brits.
you are correct stated in 1964 when Harold Wilson said we are devaluing the currency but of course this does not devalue the money in your pocket lol
Yeah its all nice and lovely until they can't sell the property at their inflated valuation and they move to stage 2 which is to bombard you with negative supposed "feedback" to browbeat you into lowering the price. Not all agents are so annoying but I have dealt with ones who literally don't care about insulting you or your property to get the price down.
This happens a lot, which is why it’s so important to find the good ones.
I have recently sold my current house. After getting 3 valuations, all the same value. I went with a local agent that I had a tenuous connection with, possibly a mistake? Things I noticed about agents, they are lousy sales people, they would not survive if they were selling cars! their patter is awful, such as this is the kitchen, of course it is, the cooker and fridge are a clue. After a small number of viewings, they start, you need to reduce the price and one the same as yours close by sold for less (that was true) The good news is it sold, albeit for a bit less than I wanted, which was not too bad, as over the 28 years I have lived in the property, its value has increased by £250k and I am mortgage free. Buying and selling homes is so archaic in the UK, its time it was overhauled.
Why didn't you sell it yourself ? Why didn't you hold out for the price you wanted ? Why did you choose the agent that was a lousy sales person ?
What less archaic system would you prefer ?
So you had three valuations and decided to go with the worst salesman; that was your decision.
@@Itsafunnyoldworld1904 Its not that simple. You don't know how good a house salesman performs until they bring people to look at the house and you see how he or she operates. estate agents often have multiple sales agents. I got mine changed and the house sold.
Putting a property on the market this week had four local agents round all wanted a 3 month lock-in if sole agent, biggest difference was their commission ranging from 1.25% to 2.5%
Don’t do a 3 month lock in!
Best of luck with it. Id be very nervous of the 1.25%. Like any service, pay peanuts get monkeys. Now the market has softened, marketing is key. Who ever can get the most people through the door will get the best price. This is why the pictures of the property are critical.
@@Finderskeepers. must have had 20 people viewing it in the first week of going on the market plus people coming back for second viewings with their partners
The thing about house valuations is that they don’t matter as much as you think. A lot of sellers will go with the agent that values their house the highest but most buyers are pretty savvy about what they are prepared to pay. So, if your house is under-valued by the agent, you’ll probably get more offers which turns into a bidding war. An over-valued house will get fewer offers, including some cheeky lower offers which will disappoint. Also, if your house is over-valued, you get a bite but while the house sale is going trough, you get a call from the estate agent to say the buyer’s mortgage provider has valued the house at 10k less so you haven’t benefitted at all. It’s a minefield.
One of the most sensible comments so far!
Amy we don’t know you but you are amazing. You should get your name out there more and hopefully bring so much joy to others. Look at Sam’s face
I wouldn’t have any of them selling my house I would self sell. And then pass that along to the solicitors to deal with the legalities
They need get law out estate agents. Once agreed with price will seller don't sell to others..
Can you try that again in English?
There needs to be a law against posting under the influence
😂😂
@@sarahann530 You mean like a breathalyser attached to the computer, before gaining internet access ? 🤣Amazon and Ebay would have gone broke.
You knew Sam so perhaps hard to repeat but the experiment now would probably show even more estate agent disparity. Integrity or otherwise would really shine through!
Excellent video ✅ even tho anyone could sell a house in a bull market but this really demonstrates that having a good agent can go far
Given the underlying parlous state of the UK economy, and the fact that successive politicians have done everything they can to stop the housing bubble from collapsing, I do not think that anyone is able to say definitely what a British house is worth. It is both subjective and dependent on artificial props.
Thats a great vlog. Well done. Honest and extremely helpful.
Excellent video, such useful viewing for sellers. I've already sent the link to one of my out of area sellers.
Glad it was helpful!
Being delighted with an offer of £300k simply because you had - over a few days - convinced yourself the “value” was £260-£275k is exactly the problem…and the ‘guru’ in this video perpetuates it ! The REAL lesson should be that an offer of that amount indicates how - shockingly - low the valuations were. The Seller in such circumstances should shift their baseline accordingly and remarket the property….not treat it as a wild stroke of good fortune to be snapped up. As a secondary point, choosing an Agent because you get on with them is as hit and miss as anything, and not ideal when talking about hundreds of thousands of pounds.
I assume you're an agent?!
No, just my opinions 👍. Although I did regulate them for many years as a Trading Standards Officer, which perhaps exposed me to the best and the worst ! A good Agent is worth their weight in gold, but as implied in the video they are not easy to find. I liked the idea of assessing multiple Agents….it’s absolutely what folk should, and never, do.
As an experienced property guy and not an agent, I would put that down to how strong the market is and how well the property presents. Its reflect the local supply and demand. The fact so many agents came in at £275 supports this, undervaluing is not in any of their interests to secure an instruction. Reality is it can be a stroke of good luck by having 2 or more buyers competing that also have the means. Neither does it help to close the sale as the mortgage valuation may become an issue for this deal.
Regarding any professional advice be it medical, legal or property, having confidence in the advisor is paramount otherwise you will always be questioning the advise. The sale of ones home is known to be one of the most stressful events in life and that effects decision making. Good communication and a good relationship does help to foster confidence but not critical if there is already confidence.
@@terencebunn8318 I didn't realize Trading Standards Officers regulated house prices .
This was fascinating. Thank you!
Glad you enjoyed it!
At the end of the day the price is the price they will all put it on right move , what you want is an agent that will stringently have a decent sales progression to ensure the sale moves forward to completion .
The most interesting thing I've watched for quite a while! Thank you.
Glad you enjoyed it!
This is a great experiment and very instructional. Houses around us have agreements in 24 hours currently, so unless it's a multi-million pound home, there aren't many available and it's impossible for a first time buyer in terms of cost and availability... the London effect.
Lucky you for finding her ! We had a heartbreaking experience with a Taunton estate agent . Liars , con artists and deceivers
I have seen many agents as such from very known big names agencies.
You can advertise your house with any estate agent for whatever value you wish however if you have overcooked it expect little to no interest. I have no affiliation to any estate agents but I think the ball parks are to tempt and bait interest to a quick sale but if interest is peaked (like an auction) you can sell above list price if the buyers really want it. It is like most things only worth what someone is a)willing to pay or b) can afford
Exactly. It’s an individual human being you have to choose and not the brand.
I have dealt with the biggest brand and a couple estate agents 4-5and they all been terrible. Absolutely terrible.
Another brand estate agent told me not to buy that particular house I love, just because I wanted to extend the living room/kitchen area. Crazy.
Intriguing video and very brave of Sam. But I am surprised that no-one - neither Sam nor Amy mentioned Amy's amazing Google reviews. The comments - by 51 of her clients over the last six months - are all 5* and glowing. Right at the end Charlie says 'the problem is it is very difficult to find out which is the best.'
Looking at Google reviews of Taunton agents there are only three other agents that score a 'perfect 5' and none with the volume that Amy has achieved in the short timescale that she has been in business. She stands head and shoulders above her competitors. It's just a pity that Ewemove hasn't adopted a Google-focussed strategy on their/her website (the three Trustpilot reviews currently showing on her site relate to London, Southampton and Trowbridge, none of which are remotely relevant for Sam).
And yet she’s number 18 in the list of agents with Google reviews, and isn’t named. If you are looking for her (and know she works under the ewemove brand) then you’d find her. Otherwise there’s a very low chance. I actually feel (and I said this to her) that she’d be more successful working under her own brand.
@@MovingHomewithCharlie Yes, you're quite right. The issue is complex (SEO) but she'd do far better in search if Google could find reviews on her site (Google will never disclose the actual numbers but wiser people than me reckon that's worth about 15% of a business's SEO score). What is certain is that hosting Trustpilot reviews - that don't relate to her business - on her site is not helping (and may even count against her - Google hates irrelevant or misleading information on websites).
She should - assuming she stays with Ewemove - lobby Ewemove management to refocus their review strategy to Google - hosting her own, not Trustpilo's, reviews on her website. Then get as many of them as possible on to Google.
Had a 4 bed detached to sell.
Agents £210k - £225.
We said £245.
Sold in 2hrs after going live with agent.
Selling price £245.
When and where was that?
@@MovingHomewithCharlie County Durham February 2022.
Same here estate agents pitched 425 to 440. We. Said 475. It went first day. 10 viewers , and 1 wanted it. Had that person not turned up that day. Then the estate agent could say told you so. But u just need that 1
@@anthonypatchett974 Clearly the agents didn't have a clue
Branding is more than a logo. You definitely chose based on brand values. Open honest communication being the key one.
Would it be in a buyers interest to work in the opposite way, i.e shadow the weaker agents? If so, I think you're on to a winning concept, as (I hope) eventually this should make the agents themselves more competitive when rankings become the norm
In theory, perhaps yes. In reality it’s hard to find the home you really want that’s within budget, meaning you often have no choice in the agent you’re dealing with.
@@MovingHomewithCharlie I can only hope multi agent marketing becomes the norm then. It could be in the sellers interest to get extra marketing / hands on deck, though in the past I've judged sellers as struggling / open to lower offers if they are listed with more than one agent
@@IjtabaHussain multi agent marketing doesn't achieve any extra marketing (if your one agent is listing on the major property sites) and in fact it only serves to de-motivate the agents themselves. It's always best to put in the time and effort to identify the agent who demonstrates a clear strategy for getting the best price. Great agents get great prices, and turn down the opportunity to be one of several agents. Why work for a reduced chance of a fee? It's a very common misconception.
@@IjtabaHussain Look at the american model which is multi agent, agency fees of 8% are common.
US model is typically 1 seller's agent + 1 buyer's agent, is that what you're calling multi agent? In California 5% is the norm combined commission split between the 2 agents.
When selling (and I have sold many Houses) I always!! tell them what I want, not them telling me. It's the commission you have to take into account as to whether they are worth that commission or not! As my property is a one off, it is up to me to value it myself, which I have done. I do not want such a headache dealing with Agents!!
Far too many valuations 😮. Too confusion. 3 or 4 only needed in the area . 😊would have liked to know what percentage she charged to sell it, but well done female agent 🎉
3 never enough. You need to talk to as many as possible. Why do you think moving house is so hard when everyone always does 3 or 4? Because it’s not enough
I sold my flat and got my local estate agent as he lived down my road..he was very nice but...i showed the people round..he was a sole agent like most of them near me..all he did was put my flat in his window and find the buyers..well he didnt...they found me..took a few pictures..thats it.
He got the solicitor they use all the time so no doubt got a commission for that.
My solicitor cost around £2,000 and they did all the work.
The estate agent charged me..£6,000 on £285,000..how is that right when the solicitor did all the work?
Also, I think agents will slightly undervalue a house to move it quickly. If there is a lot of homes, they are doing more showing and less selling. Which is less money for them.
Undervaluing loses business. It doesn’t work.
@@MovingHomewithCharlie Well it loses business if they are caught redhanded. But often they aren't caught. You haven't addressed the issue I mentioned.
Also this woman was undervaluing in a type of way. Fortunately for the owner, the closing price was above that.
Plenty of people won't bid above the "in excess of" price.
How long do you think they would last with that reputation?
@@RS-xx9ve So her agent had it wrong!
The problem is that you "have" to use an agent, this leads to weakness in the industry, because its guaranteed money. I am a seasoned negotiator and quite capable of selling my own house, however I am prevented from doing this because the main advertising routes are not open to me privately. Allowing this would up the requirements for agents adding value.
There is also the question of whether Amy did add any value atall. Certainly she smoothed out the process and provided sensible support to the seller, however it cannot be proven that she added any value to the sale price.
Of course she did. She spoke to buyers off market first, had pre market viewings timed with a public launch created the (accurate) impression that there was a lot of competition for the home. Ordinary agents just list and wait.
You don’t need rightmove to sell a home.
@@MovingHomewithCharlie there is no "of course" she might have added value to the client by reassuring her and helping her know when to wait and how long to wait, but many people are perfectly capable of doing it themselves. In a rising market, the longer you wait the more money you make, you just have to decide how long you want to wait. Sales agents are not needed other than to write adverts and take photos, show people around, supply and demand works by itself which is precisely why so many do it. Its money for nothing with the Internet. Personally I find zero value in sales agents, they mostly only exit because its a closed shop and you don't have a choice. They are certainly not worth a percentage of the sale. Its good to have an incentive, but the market does most of the work. Agents might be more useful in a declining market but many of them then have their heads in the sand and think they can talk the market up, and watch while their clients chase the market down.
The biggest problem people who work in closed shops like this (includes banks) and earn good money for doing very little is that they think they are adding value because they are good at their job. This is why people like Amy are rare. It should be a requirement to be good at your job to make good money, the big problem I see in the world is that many are not, yet get well rewarded anyway.
@@MovingHomewithCharlie sitting and waiting would have worked to, were is the evidence that being a good sales person helps increase the value in this situation? Houses sell themselves when supply is tight.
@@tonystanley5337
I agree. You don’t need an agent in a rising market, property sells itself. If prices are threatened then a good agent can make the difference between a reasonable sale and no offers.
@@MovingHomewithCharlie you're more likely to get the price you want by having it advertised on one of the larger portals. more prospective buyers means more offers if the agent is any good.
Gaming buyers like this is a massive contributor to soaring prices.
Where does the gaming come in? Buyers were asked to name their price, and after a while the person who most wanted it bought it. Its not as if there was any dropping accepted buyers foe a higher offer or going back for a second bite to screw the price up.
The buyer might be in trouble in a few years time, looks like they have paid way over the asking price at a time when Prices may be about to fall dramatically (late 2022 recession, inflation and rising interest rates)... Hope they got a long term fixed rate.
Winners and Losers in the Housing Market, the bigger the winner, the bigger the loser.
They did buy at the top but they had a healthy deposit, not overextended. Long term they’ll be fine but short term maybe they might find it hard to sell if they need to
Nobody can predict the peak of a market but people want to own a home and have to make a gamble to achieve that. Over the long run it typically appreciates.
That shitbox cardboard box selling for 300k shows what is wrong in our society!
lol get on a plane and come to Sydney.
I wonder which area this is the market is so heated up? A dozen viewings and numerous offers over the asking price?
It was Taunton in Somerset.
The agents sign is awesome. Very clever
@@MrMRW14 a ‘ewephamism’
In Costa Rica, there are no legal real estate agents.
A person goes to the homeowner and says I will give you this much money. If they agree, they go together to the lawyer, and pay the lawyer for the land transfer.
Done.
Why increase costs with payments to a third party?
@auroradelaguacate4153 Ditto in my country. You don't have to use an agent. I have sold 2 homes by agreement then used our lawyers to arrange. Easy and cheaper.
You’ve inspired me! Thanks! Some agents are terrible!
There wasn't much discussion in the end about strategy, just advertised amount. Surely a strategy involves much more than that?
Just one thing, it is all, exploiting the buyer, and ramping prices upwards, the main problem in life. Perhaps it all needs reversing. Estate agents working for the buyers. The good ones get you the house for the lowest price.
Exactly. It should be the norm.
Don’t you have buyers agents in the UK?
@@krugmeup2162 Not really or usually. Perhaps a few super rich do.
18:34 buyers out there, why you should never tell the Agent your maximum budget. The agent works for the seller, not the buyer, they're your opponent. The buyer overpaid here by about 20K, or nearly 7%, that's such a massive mistake it makes the Cash offer (which is low risk) worth ignoring.
Do agents bring "fake" buyers just to give the seller the impression they are working?
Not fake ones, but they will take “no hopers” around, as in buyers who they know won’t like it, and won’t offer, so they can give the seller feedback to make them drop the price.
Absolutely
What was the best agent methodology?
Beware. I had an experience with an local estate agent, who failed to find a buyer, listed inaccurate details of the property, did minimal marketing and in the end, we withdrew from the market, but, they billed us for all sorts of things and even took us to court to get that money, despite the vague small print in their so called contract. I remain totally disgusted with that 'outfit' who listed properties just to get fees imo.
That agent who rang to say they had someone interested (a big no-no for me) . . . And it's not even on the market yet ! I always say to agents "don't tell anyone about this property until I sign a contract" My reason is that I may just change my mind anyway and stay put. 😮
Didn't give them the address & was a load of bs anyway.
The agent who tries their luck at a viewing before the property is on the market is proactive. Take the viewing; sign a one-day agreement for that viewing only to find out if it's genuine.
Fascinating, but important to point out this was filmed during an extraordinary boom period in the housing market, during the post-Covid period when demand for property (especially in a nice part of Somerset) was going through the roof. Would be interesting to repeat this experiment in more normal market times, when overvaluations by agents often lead to properties failing to sell for months before having to be sharply reduced.
All this shows, is women trust women in business rather than men. One day women will wake up, hopefully.
Fascinating. I learned so much. Thank you.
Top tip... stop thinking your house is worth more than what you bought it for. You wouldnt buy a kettle then try to sell it 10 years later for more money.... unless you have made significant improvements to the home the driving up of prices is wrong and the current economic situation and interest rates are trying to force the house values back down .... every selling agent needs to stop being greedy and giving thier clients unrealistic expectations. Selling higher and higher and higher is only going to make your future clients have to take losses when things come back down.
Try working towards keeping the market steady instead of pushing all the time. Its unsustainable
Icl that’s not a top tip imo, that’s reasonable good and wishful thinking if you’re a buyer and terrible for the seller.
Properties do go up in value and rarely do they decrease or stay the same. The thing is it’s not a second hand object, anyone can by a new kettle, why pay for a second hand one when it only costs a bit more for one new, especially with the huge variety available with all different price ranges and it’s guaranteed to last x amount of time, but if it was a limited edition and a unique/antique or a collectible kettle, then chances are there may well be people who want to buy it… and of corse you sell it to the person who’s willing to pay the most for it. No one says look I paid x amount so I’ll sell it to you a lot cheaper than what you expect to pay / what other people sell it for.
You try and make the most amount of money possible and don’t feel bad because your not forcing the person to buy it, they can look else where if your asking for to much money, just pretty ridiculous you wish it worked the way you described..
I’m just gonna make some figures up, might be realistic or way off but doesn’t matter tbh) If you buy a house for 200k and 10 years later it’s valued at 280k, the valuation is based on the current supply of properties on the market as well as the demand - how many people are looking to buy a property.. plus what it has to offer people, it’s size, location, near by amenities etc, (the pros vs cons) and the more appealing it is, the more people it attracts who are willing to spend more for something they want (or try offering an amount that’s within their budget and what they can afford ).
But If no one is willing to pay that amount because it’s unrealistically high especially when compared to similar homes, then that’s not an accurate evaluation!
Question for ya. You have 2 people who both really want to buy your home because it’s basically their dream home and would be perfect for them, wouldn’t you sell to the person who has the highest offer? Assuming they both made an offer at the same time
(Fyi I don’t agree on accepting an offer to then say no later on because your accepting a higher offer from someone else) would you accept the 290k offer even though it’s more than it’s estimated evaluation and they know this but they offered 10k more to increase the odds of them being successful. (because they really want to buy it) or do you turn that higher offer down to accept the lower offer of 240k? Maybe because you don’t wanna see your self as being greedy or something
Or do you put it up for 200k and accept that amount when offered because that’s what you paid, or maybe you accept a slightly lower offer because it’s used and second hand 😂
But at least you shouldn’t have any problems selling it 80k under its valuation
It’s just not how the world works, people like and want to make money whenever possible and no one turns down a profit especially when it’s in the thousands let alone tens of thousands!
Lastly because I get what you’re saying, especially since young people don’t stand a chance at getting on the property ladder.. but imo the biggest problem in the uk is the shortage of affordable homes..
We don’t need luxury and expensive properties for the rich to buy and rent at unaffordable prices but rather lots of affordable properties that are plentiful and affordable to every day people/working class people with the owners being said people, basically increase supply and reduce demand, when your budget will allow you to choose from lots of possibly homes and no one is buying a particularly over priced property, the only way sellers will sell it is for them to reduce the asking price according to its true evaluation.
(Sorry I know I’ve wrote a lot and it might be difficult to understand, and I may have repeated my self, I can’t help it sorry, I have a brain tumour and cognitive impairments, and I really struggle saying my thoughts in a way that’s easily understandable and which is straight to the point, i waffle to much when trying to explain my thoughts/opinions. And sentences are over complicated I know, but I just can’t find the right words to optimise the sentences any better
So apologies but if you do read it all then I hope that it makes sense and explains why I disagree and think the above)
It's called the free market. That's how prices are set, you put it up for sale and people will pay for it what they think it's worth, There are plenty of examples of "10 year old kettles" on eBay that are worth 10x what they cost at retail. Again, free market + scarcity == higher prices. For housing, the solution is to deal with the scarcity side of the equation.
Wow... Kettles and homes...
The capital growth on a kettle won't pay for my retirement.
it would have been even more interesting to have included the fees structure not just max price
Such an interesting video! Well done Amy!! I would be interested to know if you would have called Amy out in the beginning if you hadn’t planned to ask all 11 agents out? Or would you have discounted Ewe move from the initial valuation appointments because the branding is not great?
At the end of the video, just after the completion Sam answers that question! She’d never have called that brand. And she’d have missed Amy.
Who has the time to interview 11 agents. I think this was overkill and if you know what price you want just stick to that and dont compromise.
If you’re moving home and want to make sure you avoid wasting months on an agent who fails to sell your home, or sells it too cheap, then the time is a good investment.
Totally agree, most sellers price the home. Everyone is greedy that is human nature. The market has noticeably changed in last few months, this feels VERY 2006/7.
I've been to a few open days. Each time an agent contacted us to say, of couse, what "they were not to say" that the full asking price had already been offered. You know, they liked us enough and didn't want us to miss out on having the chance to get the properties... Great for the seller but crazy push for all viewers to go into a ridiculous binding war. Never do open days.
I worked for a small estate in South London (Cray and Norton) many eons ago now and I was absolutely shocked at just how corrupt and slimey they were in every aspect of business, needless to say, it totally ruined any notions I had of working in the property business.
there are plenty of shady practitioners in estate agency
oh boy. buying property without fair valuation. looks like the correct value was 285000. as a buyer i wouldn't go with this agent, as a seller i would choose her. happy for seller, buyer will recover in 6 months. your house was well presented so made the difference
Buyers don't get to choose the agent here.
Darn …. Had to switch off as the doorbell going off all the time kept setting my dogs off barking and barking 😮
😂 🐶
🤣
Indeed, very annoying, this when will creators learn that repetitive noises will just end up with a skip
@@MinkieWinkle must be why it's my most viewed video of all time! ;-)
@@juneduffy4502 lol
We were conned with the one off viewing - the people came round. Of course they didn't want it. We found out after they were family of the estate agent and were doing this con for people to sign up with the agents.
This doesn't make sense! What is a 'one off' viewing?
The one off viewer that definitely wants a property like yours. (And will buy it)
@@safarigirl40 Thanks for the explanation. But it seems strange lengths to go to for an agent. If they had hoped they (relatives or not) had put an offer in _before_ you signed a contract with the agent, there was nothing to stop you negotiating your own deal. As it turned out, they didn't put in an offer so I don't see what the agent had to gain with the tactic? Bizarre, I agree.
I hope it turned out for you in the end.
Why didn't you just sign for the one viewing; you would have soon found out if they were genuine or not.
@@ac1646 The agent talks the vendor into signing a sole agreement for several weeks, or they won't get the viewing. it's a common con.
Love this video! I'll deffo be soing this technique when we sell one day!
This is fascinating. I was an Independent Financial Adviser (John Charcol) many moons ago. I worked with local solicitors, accountants and Estate Agents and made/saved my clients a lot of money in both investments and mortgages advice. In fact, I often wonder if they appreciate my efforts. PIus, I met some amazing people in the process. I reluctantly left the business, understanding it's a younger mans game, moving sideways into financial research, publishing and technology which was an adventure in itself. I now live in Thailand. Great video, subscribed.
I actually caught out our estate agent offering our house to a developer advising us to sell to him gazumping a better offer, after a phone conversation with the senior partner he was taken off the sale they took over and we wasn't charged anything for their services along with a grovelling apology.
That's gazundering! and the agent was probably offered a backhander by the developer
Thing is, any agent you would have instructed would have had the same buyers and the same offers. It comes down to fee, experience or just downright preference. To sum up the video You picked Amy because you felt like you had a better connection with her. Anyone would have got you the same money.
Absolutely not true. Every agent has different buyers registered. One of the agents recommended listing it at a much higher price, which would have meant 3 of the offering buyers would not have enquired, which means the actual buyer would not have had to offer so high to secure it. Not all agents respond to enquiries with the same speed, especially busy agents with too many listings (that they aren't selling). Your view seems to be "all agents are the same" which is the mistake so many home sellers make, leading them to undersell their homes. Agents manage their buyers differently (some don't even answer the phone!) and that's just the first step. Also, agents all have different approaches to managing an agreed sale through to completion, which also affects the end result. Some deals fall through, some don't. Do you think that's the same regardless of agent?
@@MovingHomewithCharlie to say every agent has different buyers registered is somewhat true however I’m more talking about buyers looking on portals. Hot buyers sit on Rightmove and Zoopla and if the house they want comes up in the area they are looking then they will enquire about it. I think you can make a judgement on whether an agent is proactive or not by meeting them and again it’s about rapport and connection so my opinion is not all agents are the same but more you can’t win them all, some people prefer other people 🤷🏻♂️
@@R33DCT In my - long (I'm ancient) experience it's far from 'somewhat true'. I have both bought and sold off-market all my life - no portals (and no advertising before they existed). Many - most? - of the very best properties never see a portal. I have always paid full whack to the agent who could demonstrate the biggest 'little black book' in whatever market I was selling to.
Agent of ten years here .....these pair haven’t got a clue it’s comical
In a strong sellers market I'd pretty much agree. Some agents are better than others at monitoring and progressing the chain. Secret of selling is good presentation, effective advertising (much easier now with Zoopla, Rightmove etc,) making the property accessible for viewings and getting an agent who is accessible and responsive to potential buyers. Its difficult to undersell a property when the market is strong unless you're plain wreckless. Generally money finds its way to houses, you just have to make sure you're not putting barriers in the way. Never agree to take it off the market at offer stage, don't refuse viewings from potential buyers just because they haven't yet sold, make sure you fully investigate the chain before accepting an offer and appoint a solicitor to prep the contract before going to market.
Really great video. When we sell I will definately follow this approach, interview a load of agents and ask that killer question "how will you maximise the amount we will get". I'd like to know how you found the agent that won. Was it just a Google search?
We contacted ALL local agents. 18 of them. 11 accepted the invitation to meet.
If you’re in the market to buy something, and the seller (or their agent) asks what your budget is, please don’t tell them. As soon as you tell them your budget, the chances are that you will be paying at least that amount, and probably more, because the vast majority of people state a figure lower than their true budget.
When I’m asked, I just give a wry chuckle and say, “As little as possible”.
For example, if you’re in the market for a house, ask the agent for details of properties ranging from the most and least expensive properties that meet your criteria (i.e. number of rooms, etc), otherwise you’re only going to be shown properties starting at your budget price and higher.
Shaw we never met the father but a good advert hope everything went well for you 👍🏿👍🏿👍🏿
The fact is the market dictates the price. You need an estate agent to advertise your property properly and as many perspective serious buyers to be exposed to your property via their network etc. There need to be sufficient interest in the property to get the best possible price. Best scenario when selling is your property enters a bidding war
Great advertising. Well done all.
I enjoyed watching this video it was fantastic thank-you
Glad you enjoyed it
Its okay in principle "overpaying" but if the mortgage company downvalues it then its a waste of time
Estate agents that lie, who would have thought it. I actually do think all agents are the same, all conmen. Do you need to pick an agent? Cant you just ask them all to take it on and first past the post wins.
That would put buyers off; they don't want to pay surveyors fees and mortgage fees if they think it might get a higher offer through another agent. Agents will put forward bogus offers just to put a competitor's buyer off.