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property not selling

Posted by APF-213550 - Created: 7 years ago
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10 replies (Showing replies: 1 to 10)

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Posted by Squeaky-882728 - 7 years ago

I'm sorry I've no idea because I've always worked in rural France so surveys verifying sq m weren't required.

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Posted by APF-213550 - 7 years ago

Again thank you. Looked out the contract and after the first three months it reverted to a further 12 months before the contract would be terminated. As has been said, either side can terminate before the time is up by sending a registered letter. On closeR inspection we would be liable for the survey verifying the square footage of the apartment and any lead surveys etc which were to have been done within two weeks of signing the contract. I don't know if this has been done yet considering that the termite on has to be done within a certain period before the sale and so might need to be done a second time if it is done and the property takes a while to sell. How much do these surveys usually cost for a one bed apartment?

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Posted by Squeaky-882728 - 7 years ago

Be a bit devious ...send an email or make a call enquiring about a property on their website and see how quickly they get back to you and what information and service they offer you as a 'potential buyer'. That's the best indication of how they operate you're going to get. Then, if you think they're proactive and super-fast at responding to your fictitious enquiry, call or email them explaining that you may like them to mandate your property but you want to know in detail what their marketing strategy is.

Regarding price, agents can only work on comparables and how long's a piece of string ... an experienced agent will know the local market well and possibly have a good portfolio of potential buyers in mind before they mandate your property and so will value accordingly. I just don't get any agents who inflate prices because this kills the initial impact of a new property on the market, as I posted earlier and is totally insane. If you can decide how much you want for your property, check out a few websites and see what comparables are marketing at and undercut them if you need a quick sale. Property valuations are, at the end of the day, an educated guess based on experience and previous success stories!

Good luck!

 

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Posted by APF-213550 - 7 years ago

Great feedback! The difficulty is knowing who to engage and being back in the UK and not on the spot.  Will have to check our contract. Agents seem unwilling to give a price they think is trealistic and at the same time no one wants to pitch too low either.

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Posted by Squeaky-882728 - 7 years ago

PS   "... but now realise her philosophy of "set it high because you will have to negotiate down anyway" has obviously not paid off."

That was seriously bad advice but unfortunately a lot of agents work by this philosophy. On many websites there's a search facility to view properties new onto the agent's books and this is your first chance to capture potential buyers and really entice them. Quality photos are of paramount importance (at least 10, internal and external), as is the description and more importantly the real sale price. I cringe when I look at some agency websites and how the vendors don't complain is beyond me!! Quality control of websites, excellent presentation of properties and a good marketing plan is required to sell properties today. Gone are the days when you can stick a photo and a description in the window and sit back and wait for the clients. Ask your new agent where they advertise (which other international websites, publications, etc).  They should have substantial marketing in place for your area to capture multi-national clients (Russian, Chinese, American, South African, etc).

Good luck!! 

 

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Posted by Squeaky-882728 - 7 years ago

If your exclusive mandate expired months again, what do you have in the way of a current mandate? If nothing else was signed and there's nothing in the exclusive mandate about it being automatically renewed unless you cancel it, you have no contract with the agency to cancel. If you do have a valid mandate, as previously mentioned you need to write a letter (or detach the part in the mandate if there is one) and send it LRAR to cancel.

There is no fixed penalty outside anything written in your contract. I've never worked for an agency who have charged a fee if the vendeur decides to take the property off their books.

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Posted by nissalabella - 7 years ago

Hi, we have been there too and we withdrawed the selling of our property sending a registered letter to the agency and giving them 2 weeks to hand the keys over to us, which they did.  I must say it was an exclusive contract for 3 months and it was mentioned in it that this contract could be terminated 2 weeks prior reaching the deadline provided duly documented by a registered letter with AR.

 

Hope this helps,

N.

 

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Posted by APF-213550 - 7 years ago

Thanks for that. Our exclusive contract finished months ago and I don't remember any penalty clauses but will look again. Just wondered if there was any traditional penalty desspite it not being written in the contract.

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Posted by laughingboy-409220 - 7 years ago

As Softail says. There is no universal rule. It depends entirely on what it says in the actual contract that you signed with this particular estate agent. 

Read the contract to find out any fixed periods of time, fees due, penalty clauses and any other conditions. If by some strange chance you never signed a contract, you cannot be compelled to pay anything - but it would be highly unusual for an estate agent to act without a contract.

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Posted by Softail - 7 years ago

Firstly did you sign an exclusive contract and if so for how long, you will probably have to wait for this to expire before changing agents, if you don't have an exclusive contract then you can use more than one agent to sell your property.That's my understanding of the issue.