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Are Estate Agents Really Necessary?

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  • #16
    I think they are

    Originally posted by TheSecret View Post
    Hey,

    I've been exploring a number of subjects within property and writing some articles about the subjects, to share and help people with what i hope you believe is usefull guidance and content.This is my latest installment!

    Are Estate Agents Really Necessary?


    Estate agents have always been an integral part of the property selling process. But that’s all changing thanks to the Internet. More people than ever before are turning to the Internet to search for and offer up property for sale. And that trend is causing many to question the need to use estate agents.

    Perhaps you’re wondering that too!

    To help answer this question, let’s take a closer look at the services estate agents offer. First and foremost, the really good ones are “experts” in the property market. They know every property in the area that has recently sold and each property’s respective selling price. They also know how long the process has taken as well as the current inventory of unsold properties.

    Estate agents typically handle all marketing including accurate posting of property details (size, floor plan, location, price, etc.). They place ads in newspapers and magazines, install “for sale” boards, advertise via the post, and ring every buyer they’ve ever encountered. They’re terrific matchmakers with a knack for bringing together motivated buyers and sellers.

    From there estate agents handle all viewings, “selling” buyers on the property’s finest features. Many also handle the negotiations so sellers get the best price possible. Once an agreement is signed, they help coordinate the people and the documents needed to complete the property transaction.

    In return for that effort the property seller hands over a sizeable chunk of the property sale proceeds – in many cases it amounts to thousands of pounds!

    Having someone else handle the details certainly saves time and a lot of headaches. But watching money that’s rightfully yours end up in some stranger’s bank account is downright painful!

    Can you really do it yourself?

    That’s why many savvy Internet users are ditching estate agents and deciding instead to handle these transactions on their own. Nowadays, with just a few clicks of the mouse, anyone can act as an estate agent – for a fraction of the cost. After all, who knows the property better than the person currently residing there?

    When you use the Internet to sell your property you can still employ the services of estate agents if you desire. Rather than fighting the trend in Internet sales, smart estate agents are offering their clients an Internet presence in addition to the services they’ve traditionally provided. But if you choose this option, you’ll still pay that hefty commission.

    With approximately 70% of today’s buyers using the Internet to search for and learn more about available properties you no longer have to rely on estate agents to bring prospects to you. All you really need is knowledge of your market and a reliable “sell it yourself” type of web site.

    Such sites allow you to post your own property details, set your own selling price and communicate in real time with every buyer who shows interest in your property. It doesn’t get any easier – or cheaper – than that!

    If you’ve got property to sell, sell it fast and sell it yourself at


    Yer i think they are (my partner is a estate agent) so im not biest

    but i think you need a middle party to move the process onwards i know some estate agents who are proper bad at they job.

    as long as you find a good one your ok

    Comment


    • #17
      Re: Are Estate Agents Really Necessary?

      TheSecret posted some amazing observations at the begining of this thread. He showed us the obserdity of Homeowners paying many thousands of pounds to an Estate Agent to sell their property. I agree with TheSecret when he/she says that Homeowners and Property Sellers are just as able to do what Estate Agents do, many Homeowners indeed are highly computer literate and would have no problem sumitting their property to dozens of Property Websites Simultaneously and making up a For-Sale Board. I looked at this FSBO (For Sale by Owner) website and think they will really do well, just click the underlined link here to visit the site and see for yourself: http://www.diyproperty4sale.co.uk Let me know what you think?
      Danzo

      Comment


      • #18
        Re: Are Estate Agents Really Necessary?

        Originally posted by Danzo View Post
        TheSecret posted some amazing observations at the begining of this thread. He showed us the obserdity of Homeowners paying many thousands of pounds to an Estate Agent to sell their property. I agree with TheSecret when he/she says that Homeowners and Property Sellers are just as able to do what Estate Agents do, many Homeowners indeed are highly computer literate and would have no problem sumitting their property to dozens of Property Websites Simultaneously and making up a For-Sale Board. I looked at this FSBO (For Sale by Owner) website and think they will really do well, just click the underlined link here to visit the site and see for yourself: Sell your Home Privately - Why not book a Builder's un-biased Independent Pre-Sale Home Condition Inspection first? Let me know what you think?
        Danzo
        This site is not really any different to most of the other FSBOs out there. It suggests 2 valuations, who does these - the estate agents that aren't needed I presume. If you used a surveyor then why bother with the builder report as they can tell you what is needed. The site states the properties are linked to 'Your property is then professionally displayed on DIYproperty4sale.co.uk and linked to hundreds of UK property websites' Hundreds ? I would like to see proof of that.

        Comment


        • #19
          Re: Are Estate Agents Really Necessary?

          Thanks for your comments. I am constantly seeking opportunities to submit to literally hundreds of directories across the UK and into Europe, as well as associated property networks, that generally allow free cross platform submission, so long as one has a relevant content-presence online i.e. a Property related website.
          I am not saying I am literally putting Homeowner's properties on hundreds of property websites but that my website is linked through to hundreds of property related websites, where folk can access the information and therein able to view my Client’s property information. I will address that statement to mean exactly that.

          My guess is that there are thousands of internet sites out there, including many hundreds of Christian networks that I am aware of across the UK, where I am able to link off and get public exposure to help Homeowners find a potential Buyer.
          Remembering that the property portals that do allow FSBO property submissions have themselves often many many links out to other property portals and on and on it goes.
          Homeowners could actually do this themselves if they wanted to. It is quite normal for Homeowners to submit their property submission for free and to call an Estate Agent to get a valuation and never sign up to sell their property with them, why re-invent the wheel! Many Estate Agents make a killing every time they sell a Punter’s property…..what up to 2%......that’s truly scandalous!!!
          Anyway the idea that Estate Agents are the only professional body capable of offering accurate valuations has long gone out of date with free access to Companies like www.houseprices.co.uk So Property Sellers hardly need to leave the comfort of their own homes to find a pretty accurate valuation of their property. As for why Homeowners should use Builders to undertake Pre Sale Inspections, when Suveyors are doing the job anyway. I'm afraid it comes down to old fashioned TRUST. Who can trust an Estate Agent these days, after what the BBC Whistle Blower programme came up with, let alone a Surveyor, whose just been paid by the Buyer…. Who do you think the Surveyor is going to be loyal to? Certainly not the Property Seller!

          My business is embryonic I confess and much has to be done to properly manage the programme of helping Homeowners who come to DIYproperty4sale.co.uk for help to sell their property and I am not opposed to farming out the work until I am able to fully manage the traffic moving through my site. That includes passing properties onto reputable low commission Estate Agents, who I can stake my reputation on, and we both know there are many of them but we both know also, there are many that act inappropriately on occasions, whose corrupt behaviour has begun to make Homeowners take another look at FSBO websites like mine. I would have no problem requesting help from those wise professionals that access this Property Forum either.
          My guess is, we (FSBO Property websites) will never be as popular as Estate Agents but we have a place to serve whosoever requires our service, don’t you think?
          Kind regards
          Danzo

          Comment


          • #20
            Re: Are Estate Agents Really Necessary?

            Thanks for the reply. You misunderstood a bit about the surveyor. I was suggesting the seller get a survey report before marketing. Things are different where I am as we have to get Home Reports which include a full survey and valuation. There is nothing to stop a seller getting one of these and then selling themselves, selling privately has always had a place in the Scottish system. I am sure that there is room for many different types of marketing avenues and wish you luck with your site.

            Comment


            • #21
              Re: Are Estate Agents Really Necessary?

              Bless you DRHouse. I think that there is enough work for all of us out there and despite the fact that our business is essentially "For Sale by Owner" I am constantly referring Property Sellers to good local reputable Estate Agents, especially where their professional expertise is required but there is a certain joy when we see a Homeowner actually sell their property themselves and for that reason we press on.
              God bless
              Danzo

              Comment


              • #22
                Re: Are Estate Agents Really Necessary?

                I couldnt agree with you more GRC, private house sales are not for everyone. When the market is tough, like now, they really earn their bread. I think that the scale of their commissions in the boom times are extreme though - 2% of a £500,000 is a lot of money when everyone's buying. 2% of nothing is not a lot when its quiet though.

                Comment


                • #23
                  Re: Are Estate Agents Really Necessary?

                  Having somebody else deal with the details definitely saves time and avoid a lot of headaches. But watching cash that’s rightfully yours end up in some stranger’s bank account is really a pain!

                  Comment


                  • #24
                    Re: Are Estate Agents Really Necessary?

                    Hey Donna,

                    Thanks for almost speaking out in support of estate agents there, but I have issue with your second sentence in which you state ".....cash that's rightfully yours...".

                    So the professional services of a good estate agent are worthless then? How about the professional services of the conveyancers that you are promoting on the weblink in your post's signature, are they worth paying for or is that cash also "rightfully" the property vendor's too? Where's the difference?

                    Take a look at the weblink for the "for sale by owner" website that the original poster of this thread is promoting at the bottom of their post.

                    What do you mean it doesn't work? Really?

                    So presumably the business has failed then, yet traditional estate agents continue to dominate the market even though they seemingly don't deserve to be paid for the services that they provide?

                    Doesn't seem to be quite right to me, perhaps they have more worth than you give credit for.

                    You also complain that the money will ".....end up in some stranger's bank account....", if you have a good estate agent that takes the time to get to know you, to empathise and relate to your circumstances and then genuinely cares about achieving a sale for you then they shouldn't be considered merely "some stranger", they should instead be thought of as a central figure in the process of enabling you to move house as quickly and smoothly as possible.

                    Is the conveyacer that works on your behalf to ensure that the legal aspects of buying and selling property is fully investigated also merely "some stranger", or are they more important than that?

                    I agree that there are some estate agents around that do not act professionally, but not all are the same, and most do deserve to be paid for their services.
                    ____________________________________________
                    Property for sale in Torquay

                    www.thomasdobner.co.uk

                    Comment


                    • #25
                      Re: Are Estate Agents Really Necessary?

                      It really depends on your experience and knowledge of buying and selling property. For most people agents can provide support and are a good source of information.
                      Looking for a large mortgage?

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