Are Estate Agents Really Necessary?

[googler]

Oh, and how do I know they have 8000 or so available?

THEY'RE ON THEIR WEBSITES

[cadavari]

In terms of economics, Estate Agents are like a tax. They increase price and cause what is termed a "dead weight loss". This is a market inefficiency.

[googler]

Originally Posted by cadavari

In terms of economics, Estate Agents are like a tax. They increase price and cause what is termed a "dead weight loss". This is a market inefficiency.

Yeah, you said that already.

[braegheneffe]

Maybe there should be a better process in place, because when I have used them they do very little for a relatively high fee...

Also, I found solicitors to be slow and vague.

[EARocks]

at the end of the day we are rapidly moving into a world where jobs are now being done by computers. agency is unlike no other profession and is moving in the same direction.

stop there!! although as many of these internet based companies have found over the last few years the role of the estate agent although seems to be pointless by many people, ( until the vendor gets a stress free sale and 20k more than they thought they could get) is in fact vital to the sales process.

the role of the agent will always be needed as the knowledge they have and negotiation skills are vital.

I do agree that some agents are totally useless and I deal with these idiots on a daily basis, it is these young, fresh faced, loud, obnoxious agents that give the rest of us a bad name.

until the industry becomes regulated in the same way as the financial services market, where you need to have a qualification before advising Mr Smith which property he should spend his 500k on, ( didn't ask me how a kid with 3 days experience can do this) we will always be looked down on as professionals.

YOU DO NEED AN AGENT TO GET YOU THE BEST PRICE FOR YOUR HOUSE!!!! just make sure you use a large well known conpamy and the agent knows what he is doing

[fruitmortgages]

Originally Posted by TheSecret

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

[Danzo]

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

[drhouse]

Originally Posted by Danzo

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.

[Danzo]

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

[drhouse]

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.