How have Estate Agents misused their positions of trust?

chickmug

Mini_Bear wrote: »

AFriend is suspicious and thinks the EA is just trying to increase the sale price to increase their comm.

Absolute rubbish.

EA sells for £10,000 more at 1% comm so earns an extra £100 - no big deal

Mini_Bear

The area they would buy in is Stock in Essex. I think she said one house has sold in the last yr in the area, and 3 in last 3 yrs so its very difficult to price properties (as none have been sold post-boom).
Im not exactly thrilled at their "investment" as they plan to flip it (buy it, do up, sell it - beenie style). i told them there may be a reason no1 buys in the area (ie its location - its miles from anywhere!) I also advised that there simply cant be much profit in it anymore and its a huge risk (they already have a 100% mortgage on a house!)
Im hoping for their sakeone of these imaginary buyers pops up and offers more.

Robert_Sterling_3

Wickedkitten wrote: »

Position of trust?
Rule 1 is never trust an estate agent when you are buying, doubly so if he looks like a pop idol reject. They are working for the vendor, not you.

Rule 2 is never trust an agent when they are selling they are working for the Estate Agency not for you.

housesitter

I see EA's as the hard man you might take to a drug transaction.
The vendor is unable to do a deal on a property so employes a liar and a cheat to front for them.

I cannot think of a situation personally where I have bought or sold anything (and it's been a heck of a lot over the years) where a middleman has done anything but get in the sodding way and stop proper negotiation.

Unfortunately, becasue they act as this buffer, they are able to keep the two parties seperate and continue their own myth that they sell houses without either party reporting anywhere that they did nothing but hinder.

Give me an industry which just acts as an introduction service and backs off when numbers come into play. The lure of easy cash is too much however and their natural predetory greed takes over.

Recruitment agencies come a close second.

princessamy86

housesitter wrote: »

I see EA's as the hard man you might take to a drug transaction.
The vendor is unable to do a deal on a property so employes a liar and a cheat to front for them.

I cannot think of a situation personally where I have bought or sold anything (and it's been a heck of a lot over the years) where a middleman has done anything but get in the sodding way and stop proper negotiation.

Unfortunately, becasue they act as this buffer, they are able to keep the two parties seperate and continue their own myth that they sell houses without either party reporting anywhere that they did nothing but hinder.

Give me an industry which just acts as an introduction service and backs off when numbers come into play. The lure of easy cash is too much however and their natural predetory greed takes over.

Recruitment agencies come a close second.

Wow, liars and cheats? Nothing to do with the fact that most people just really don't want to deal with their own sale, and having to deal with all the flak of chasing solicitors, other parties and the rest that goes with it. Otherwise there wouldn't be any agents would there? Pretty harsh of you to say that every single agent out there is a liar and a cheat.

Thrugelmir

Mini_Bear wrote: »

A friend is currently trying to buy a repo and the EA marketing the property has told her that there are other offers being made on the property and that they should increase their initial offer.
Friend is suspicious and thinks the EA is just trying to increase the sale price to increase their comm.
They were told to increase the offer 20k (on a 100k house!!) I know the EA is supposed to get the very best offer on repos for the bank - but it seems a rather large jump!
Friend currently doesnt know what to do, as house is a repo she cant even speak to the vendors about whether they have had many viewings/interest.
This could be an EA con surely?!

The £100k figure could be the reserve guide price on the property. Many properties sell for well above reserve at auction. As even then they are still below market valuation.

Sounds like even if it sells at £120k there's still a margin to be made by improving the house. So not unsurprising there's lots of interest in it.

housesitter

princessamy86 wrote: »

Nothing to do with the fact that most people just really don't want to deal with their own sale, and having to deal with all the flak of chasing solicitors, other parties and the rest that goes with it.

From reading this board and talking to my peers the suggestion is that that is exactly what they end up doing becasue EA's simply do not do their job properly.

Pretty harsh of you to say that every single agent out there is a liar and a cheat.

If the shoe fits.
Sorry you don't like it, but from experience both myself and others, I have drawn this conclusion.


Do you really think that EA's don't lie? Ever read an advert for a house?

princessamy86

I am an EA, can safely say I don't lie, it's not worth it! Adverts for properties are governed by the Property Misdescriptions Act, if you think an advert is misleading then report it, all agents are bound by law to make them accurate. I appreciate this hasn't always been the case, but in recent years they are all checked for compliance with the Act. Just thought it was a bit harsh to imply that every single agent is a liar. We're really not, there's good and bad like there is in any profession. Don't even get bonuses anymore so greed is no longer a factor in my office! The fee we charge goes straight back into paying our wages, office costs etc. I'm on minimum wage!

Thrugelmir

princessamy86 wrote: »

I am an EA, can safely say I don't lie, it's not worth it! Adverts for properties are governed by the Property Misdescriptions Act, if you think an advert is misleading then report it, all agents are bound by law to make them accurate. I appreciate this hasn't always been the case, but in recent years they are all checked for compliance with the Act. Just thought it was a bit harsh to imply that every single agent is a liar. We're really not, there's good and bad like there is in any profession. Don't even get bonuses anymore so greed is no longer a factor in my office! The fee we charge goes straight back into paying our wages, office costs etc. I'm on minimum wage!

A good EA can make house purchase / sale so much easier. Like other professionals there are good and bad. Would never personally want to deal directly with a buyer for an entire house sale!

princessamy86

Thrugelmir wrote: »

A good EA can make house purchase / sale so much easier. Like other professionals there are good and bad. Would never personally want to deal directly with a buyer for an entire house sale!

Precisely my point