Auctioneers fees, is this true

keyser2012

My house is with 2 auctioneers and has been for 4 years now:mad: and ive had at least 15 viewings in that time and ive been told by a friend that when it does sell, i will have to pay up to the auctioneers for all the call outs plus the 2% i agreed with all them years ago. Would this be the case.

I always thought that all i was to pay was the 2% agreed when they first came out to view it and thats it. Ive also been told that i will prob be charged 250euro for each year they advertised it and now im starting to worry that ill get a nice big bill when it eventully does sell.

Can anyone confirm is this the case with auctioneers because i always thought it was a no sell - no fee.

Im the one who is creating business for them at the end of the day and they should be greatfull for me letting them sell it. Theres not a chance they will be getting all that extra money out of me if they do sell and where do i stand legally if they do sell it.

Doop

You should probably check with the agents!

Never in my life heard of an auctioneer charging for a 'call out' I would feel pretty safe in saying thats not going to be the case.

Normally the agreed fee, 2% in your case + advertising. Advertising would normally be at least round the 250e mark.
Again it all depends what you agreed with them. Its not a given 'no sale, no fee' even if you withdrew it from the market you would normally be charged the advertising cost. As they have already spent that money on your behalf.

Cathmandooo

You need to check your terms of agency with them. No one here can tell you as there's no standard to it. If you can't find the original letters then ask them for a copy of the terms. It's whatever you agreed with them so no charge should be a surprise to you

ABajaninCork

Yes, I would agree with the above. There's usually a higher % to pay if you have the property on with multiple agencies. Normally you'll have to pay each auctioneer for the same job, regardless of who got the sale.

Did neither of them point this out to you?

weddingcar.ie

As above you could have to pay both agents 2% each regardless who sells it or some agents will split it but that would need to be agreed before hand or now as you still don't have a buyer. As for the call out charge never heard of that from any agent iv had dealings with. Your first fee for Daft My Home etc should still be ok. You need to go and meet with your agents to sort all this out before you get a sale.

keyser2012

weddingcar.ie wrote: »

As above you could have to pay both agents 2% each regardless who sells it or some agents will split it but that would need to be agreed before hand or now as you still don't have a buyer. As for the call out charge never heard of that from any agent iv had dealings with. Your first fee for Daft My Home etc should still be ok. You need to go and meet with your agents to sort all this out before you get a sale.

TBH, i dont mind paying the extra 250euro but theres no chance both them are getting 2% because one auctioneer has had more viewing than the other, infact that auctioneer has had 80% of the viewings so far. The other hasnt even updated my pictures ive sent to him on two occasions so he'll have some job trying to get 2% of me.

As for checking the letter of agreements, i have never gotten one of either yet and havent signed a thing. where do i stand there

astrofool

Legally he's entitled to 2% if the other guys sell it, it may be worth de-listing with that EA and paying up the advertising fees associated.

L1011

Why has the property not shifted for 4 years? Either you're asking too much money or both agents are useless.

keyser2012

MYOB wrote: »

Why has the property not shifted for 4 years? Either you're asking too much money or both agents are useless.

Where have you been last 4 years, dont you know there a recession on:p

Victor

keyser2012 wrote: »

As for checking the letter of agreements, i have never gotten one of either yet and havent signed a thing. where do i stand there

They would be entitled to reasonable fee of, oh, 2% each.

You need to sort this sooner rather than later.

keyser2012 wrote: »

Where have you been last 4 years, dont you know there a recession on:p

Then you are charging too much.

L1011

keyser2012 wrote: »

Where have you been last 4 years, dont you know there a recession on:p

Correctly priced for the market at the time properties are still selling, and always have been.

Catweasel

If would seem wrong to reward them for the length of time they have not sold the house.

However, as other have pointed out, your main issue is that it has not sold for 4 years. A house should sell within about 3 months. If it doesn't, it's almost always because it's overpriced for the market.

You have either been ignoring good advice from an EA or you have been listening to bad advice from an EA and the real price you are paying is in the fall in sales price, not the EA fees. EA fees are normally about 2% but over the last 4 years that represents about 2 months price falls.

If you want to sell, reduce the price. That's the uncomfortable truth.

belcampprisoner

Drop them as they have not sold it,

keyser2012

My house has been the cheapest house around my area and you get more sq ft for the money. a few people have said that im crazy for droping it to low but it just aint shifting for some reason. The house is a new build, is in a good location but its just breaking my balls because it wont shift.

Catweasel

keyser2012 wrote: »

My house has been the cheapest house around my area and you get more sq ft for the money. a few people have said that im crazy for droping it to low but it just aint shifting for some reason. The house is a new build, is in a good location but its just breaking my balls because it wont shift.

I'm sorry to hear that. Selling a house can be a very stressful business. My advice (and I'm sure you have tried some of these aleady) is:

1. A house will always sell at the right price. ALWAYS. The new register of house prices due out this week should help to establish expectations both for sellers and buyers.
2. Do a house doctor on the house - i.e. de-clutter, bright neutral colours, de-personalised (no pictures etc), tidy up, fix the small defects, kerb appeal etc etc - plenty of books and websites on this subject . Amazing the no of buyers who take a very superficial look at houses
3. Take excellent pictures - incredible the no of pics where beds are not made, washing up not done in the sink, messy rooms, bad lighting etc etc. Pictures on daft are probably the main factor in deciding whether to view or not
4. Consider taking it off the market and re-launching after a while with a new agent (the one who is selling most in the area) AND a lower price. If I see a house on the market for 4 years it makes me suspicious there is something wrong with it.
5. Identify the likely buyer segment and set the house up to meet their likely requirements. e.g. First time buyers, trading up with young kids etc

EA are generally clueless so you need to do the work on this stuff yourself.

In the end, it's always down to price, but there are things you can do to maximise price.

Best of luck

Senna

keyser2012 wrote: »

My house has been the cheapest house around my area and you get more sq ft for the money. a few people have said that im crazy for droping it to low but it just aint shifting for some reason. The house is a new build, is in a good location but its just breaking my balls because it wont shift.

Very few friends would ever say "your house is stupidly priced, no one is going pay that". If its not selling, its too expensive, don't listen to good meaning, but ultimately unhelpful "people".

You're looking at your house with rose tinted glasses, obviously buyers are not impressed and aren't willing to pay what you want. There is something seriously wrong when a house is sitting on the market for 4 years and the owners haven't realised why it isn't selling, take the previous posters advice and find out what is wrong.
Also, if you are serious about buying, don't chase the market. How much would you have accepted for the house 4 years ago? What was a realistic offer 4 years ago (which you would have refused)? Would you take that offer today? I bet you would. Dont wait another 4 years and have to accept less again.

keyser2012

Senna wrote: »

Very few friends would ever say "your house is stupidly priced, no one is going pay that". If its not selling, its too expensive, don't listen to good meaning, but ultimately unhelpful "people".

You're looking at your house with rose tinted glasses, obviously buyers are not impressed and aren't willing to pay what you want. There is something seriously wrong when a house is sitting on the market for 4 years and the owners haven't realised why it isn't selling, take the previous posters advice and find out what is wrong.
Also, if you are serious about buying, don't chase the market. How much would you have accepted for the house 4 years ago? What was a realistic offer 4 years ago (which you would have refused)? Would you take that offer today? I bet you would. Dont wait another 4 years and have to accept less again.

House price 4 years ago 340k, now 150k. Ive been droping it more than anyone around my area. I do understand where your coming from but i know what im talking about. I havent been sitting dropping it 5k here and there. Ive been slashing 50s(or more) of it every year and have been keeping up with all the house price drops all around me and theres no house that will match it or even come close my house. Theres cottages with 1 acre around my area that are selling for more than mine. Mines is a new build, 6bed 4 bthrm and it just wont shift thou none around me are shifting and it isnt as if its in teh arse hole of nowhere. its just off the main national road and is only 8mins away from the main town in the county and just 4 mins away from another wee town. Its also in a fishermans hotspot. It will eventuly shift but i wish it would hurry up because im going insane.

Icepick

keyser2012 wrote: »

House price 4 years ago 340k, now 150k. Ive been droping it more than anyone around my area. I do understand where your coming from but i know what im talking about. I havent been sitting dropping it 5k here and there. Ive been slashing 50s(or more) of it every year and have been keeping up with all the house price drops all around me and theres no house that will match it or even come close my house. Theres cottages with 1 acre around my area that are selling for more than mine. Mines is a new build, 6bed 4 bthrm and it just wont shift thou none around me are shifting and it isnt as if its in teh arse hole of nowhere. its just off the main national road and is only 8mins away from the main town in the county and just 4 mins away from another wee town. Its also in a fishermans hotspot. It will eventuly shift but i wish it would hurry up because im going insane.

:pac:

Victor

keyser2012 wrote: »

6bed 4 bthrm

House is too big.

Start a B&B.

Catweasel

If the house is only done to builders finish or less, you should include an outline plan of the house with full measurements for each room. Also consider doing a bit more of the finish - people need imagination to complete a house and most people see it as too much work. In cases where it is unfinished you may get your money back on doing jobs that make it seem less work for the buyer.

keyser2012

Catweasel wrote: »

If the house is only done to builders finish or less, you should include an outline plan of the house with full measurements for each room. Also consider doing a bit more of the finish - people need imagination to complete a house and most people see it as too much work. In cases where it is unfinished you may get your money back on doing jobs that make it seem less work for the buyer.

House is ready to move into, has all rooms finished , site all finished. :mad:

keyser2012

Icepick wrote: »

:pac:

Ok, 5bed 1 study 2 ensuite and 2 bathrooms

weddingcar.ie

The house sounds great but the problem i see is the banks are not lending money. Its hard to say a house is worth what someone will pay as most people can't get their hands on money anymore. Cash buyers are out there and buying but only if its give away silly prices.Unless the house is really in the back of nowhere why not rent it out I'm sure it cost more than you will sell for to build.

Senna

Stick up a link to the advert if you want more advice.

Icepick

keyser2012 wrote: »

Ok, 5bed 1 study 2 ensuite and 2 bathrooms

it's too big

split it into 2

flintash

Somebody had said : location location location.
Maybe its just not right location for these times (being optimistic) :P

keyser2012

flintash wrote: »

Somebody had said : location location location.
Maybe its just not right location for these times (being optimistic) :P

All maybes and buts. I sent a link to someone from this thread and he agreed that its fantastic for money and in a good location. There just aint the buyers there used to be, well, there is but the banks wont give them the money they want.

flintash

Maybe the hard truth is there too many houses in the country and they all wont sell? IMO There are not enough people to fill these houses.

keyser2012

flintash wrote: »

Maybe the hard truth is there too many houses in the country and they all wont sell? IMO There are not enough people to fill these houses.

Theres a huge demand for houses out there, its just the country is f*cked and no one can get mortgages.

L1011

keyser2012 wrote: »

Theres a huge demand for houses out there, its just the country is f*cked and no one can get mortgages.

Take a look at the Buying 2012 thread - plenty of people are getting mortgages. Just need to be absolutely able to afford it, which a lot of people were not for many mortgages given pre-07.

Catweasel

keyser2012 wrote: »

All maybes and buts. I sent a link to someone from this thread and he agreed that its fantastic for money and in a good location. There just aint the buyers there used to be, well, there is but the banks wont give them the money they want.

I can confirm this. My expectations were totally confounded. The house is very nice and, although I don't know the location well, it seems like an ok location. I think it's value for money.

In fairness, Keyser seems to have it well priced and presented. Based on the pictures and info, I am surprised it hasn't sold.