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MSE News: Guest comment: Buyers and sellers are being ripped off by agents
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Former_MSE_Helen
Posts: 2,382 Forumite
Stella Creasy MP explains why she's calling for estate agents to be banned from charging fees to both buyers and sellers...
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Guest comment: Buyers and sellers are being ripped off by agents
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Guest comment: Buyers and sellers are being ripped off by agents
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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I'm sure this idea will be subjected to the 'Yah! Boo! Shucks!' treatment that passes for much political debate these days.
As a buyer and a seller, I've come across some half-decent EAs - but the reality is that (certainly as a buyer) I've found that I invariably just don't get the info I want, from agents, to decide whether or not to make an offer in the first place.
I suppose that with competition for relatively few properties, theres not much to stop EAs from being as bullish as they like0 -
This is ridiculous.
All that's needed is clear transparent pricing. For example, Agents' contracts should just say:
Estate Agent 1
We charge sellers 1.5% and we charge buyers 0%
Estate Agent 2
We charge sellers £200 and we charge buyers 2%
Estate agent 3
We charge sellers 0.5% and we charge buyers 0.5%
The government shouldn't be 'micro-managing' / 'micro-legislating' like this - they should be addressing this type of consumer issue at a much higher level.
They should be legislating to make sure that all businesses (including Estate Agents) display prices clearly and fairly, and much more importantly, helping to educate people to be 'savvy consumers' who can make their own optimal decisions.0 -
I think it should also be investigated about credit an reference checking , as most don't even do and the credit search is only a public data search which costs max £20 where some charge £100's each.
Also tenancy renewals, all they do is change the date no different and both get chargedDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0 -
There are also time wasters who put the property on the market just to test the water, and people who are just killing time by going for viewings.
A half way house would be a fixed charge for listing/marketing expenses, non-refundable, plus the selling commission as an incentive to sell. If you were selling a car, you wouldn't quibble about paying for an advert.
It would be interesting if buyers have to pay a deposit for viewings. I saw this letting agent standing outside a house, for over half an hour, and it was a no show. But of course, the crooks are already doing it, so it needs to be a regulated scheme. Let us assume the agent will never get the money, so a third party website would take the deposit, and sends a text/e-mail to the agent. At the end of the viewing, the agent whips out his phone and releases the lock, so the money is refunded.0 -
Something certainly needs to be done to kerb estate agents behaviour and practices. It is they who have done the most to 'talk up' the property market, convincing sellers to put their property on at an exaggerated figure and then convincing potential buyers that it's a bargain. The result around here has been panic buying at ludicrous valuations.... DaveHappily retired and enjoying my 14th year of leisureI am cleverly disguised as a responsible adult.Bring me sunshine in your smile0
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I have never heard of a buyer being charged by an EA.
Why should they when the EA is collecting the fee from the seller anyway.
No shows, time wasters, etc are just part of the territory for any sales based business really.0 -
i for one feel disappointed that MSE is becoming a political advertising platform for the labour party!
i thought it was neutral but this is the second so called "guest comment" in weeks from them that's been angled at them lobbying to appear as if they're here to help!
utter nonsense!
when things like this where happening in their time in the previous government!
they didn't do anything to help back then!
and they especially didn't do anything to help the "lack of supply"
please can MSE stop being used in this way!0 -
No shows, time wasters, etc are just part of the territory for any sales based business really.
I just don't like to pay for time wasted on other people's sales.
If I was a Ford franchisee, I would be very happy to pay for brochures and show stands in shopping centres. I would be happy to pay for the sales men talking for days to customers selling MY cars. The estate agency business model is to say the time they wasted on other people's sales should be covered by MY commission.0 -
i for one feel disappointed that MSE is becoming a political advertising platform for the labour party!
i thought it was neutral but this is the second so called "guest comment" in weeks from them that's been angled at them lobbying to appear as if they're here to help!
utter nonsense!
when things like this where happening in their time in the previous government!
they didn't do anything to help back then!
and they especially didn't do anything to help the "lack of supply"
please can MSE stop being used in this way!
Agreed. Asking for someone from labour to comment on something financial is like asking a BNP spokesman for ideas on equal opportunities.0 -
Have I missed Miss Creasy's declaration that she will turn down her 10% MP salary increase? Sheer hypocracy, happily bagging 10 times more salary increase than the average person whilst lecturing how bad estate agents and lettings agencies are.
It's just electioneering, she doesn't really care.0
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