If you are really desperate to sell these people are the ones to go to. If not, avoid them. We were with a local agent getting interest at about 10% below valuation. EEA wrote several times with stats about their sales record. A valuer came along with the 'spiel' about OIEO being a strategy to get buyers interested and then they would assist in getting the price bid up.
In reality the only attempts at negotiation have been attempting to get us to accept offers 'below' their initial OIEO price.
Desperation in this housing market is clearly with the agents but remember that when they encourage you to accept tens of thousands of pounds less that their 'loss' is only 2% of that. your loss is 98%.
A number of potential viewers knocked at the door unable to get their calls to EEA returned.
The bottom line is that their advertising is aimed only at those who want a quick sale. A 'strap line' on our property on the internet announced a £40,000 reduction in price. This was not agreed with us and was a direct contradiction of what was agreed with them. They reluctanly took this off but then reduced the OIEO figure by £5000.
Of about 15 viewings only 2 were in a position to bid at something like the figure we agreed with EEA we may accept. the rest all had budgets including the OIEO price but were not in a position to get involved in any sort of bidding.
A very unsavoury aspect was when they attempted to push an offer at the (reduced) OIEO price telling me one down the road, had gone for £10,000 more but was better then ours. As this had been bought by one of our first viewings (not an EEA sale) who were budget constrained at that price, and as the property in question had not the kitchen extension we had, nor the conservatory - and the kitchen units in that house had just appeared in a skip outside - I asked just what sort of comparison this was! No answer came but it was clearly one which might earn them a commission, they hoped.
A few days later they said they were giving us notice that they were removing our property from their books in 14 days (saved us doing it) but wanted us to agree to them dropping the OIEO figure by a further £10,000 for the last two weeks.
WHEN THEIR OIEO SYSTEM CAN ONLY PRODUCE VIEWERS BUDGETARY CONSTRAINED AT THAT PRICE (HOW EASY IS IT TO GET THE LENDERS TO BREAK THEIR POLICY RULES IN THIS CLIMATE) HOW WOULD A REDUCTION DO ANYTHING OTHER THAN ATTRACT YET MORE PEOPLE WHO COULD AFFORD IT EVEN LESS?
EEA route may be ok for some. Their method however depresses the market and each time they browbeat a seller into reducing the price further their's becomes a self fulfilling mantra.
What agent could do to change your mind?
Return all calls from interested parties and recognise the OIEO model is not a panacea for a slow market. Don't seize on any local sale without first making a fair comparison.