Why do people fall for EA flannel?

david29dpo

nelly wrote:

3 million people a day buy the sun that should answer the question - are people stupid?

i blame andre and jordan.

Jorgan_2

Who set the asking price, the neighbour or EA? As an EA I meet people every day who 'know the market' better than I do. It may not be flannel from the EA but an unrealisitic opinion on behalf of your neighbour.

Sadly the majority of people choose the EA they use based upon the asking price, either offered by the EA or the the EA who agrees to market the property at the vendors price.

Prime example, I valued a property in October, seller not happy with the figure of £210k that I quoted to them, even came into tell my boss that I didn't know what I didn't know my job or area very well. They put it on the market in October & this week accepted an offer of £208k from one of my vendors. Had they listened in the first place they would have achieved a sale earlier & avoided being on the market for 6 months. All the sellers in the area now think there houses are worth at least £230k, so we start the merry go round again.

It not always the EA who is at fault.

bylromarha

Good point Jorgan...I suppose cos my neighbour had always seemed sensible and clued up with money that I assumed the EA would be at fault...especially after the tripe the EA came out with when they valued our house. Now I think about it, pricewise, the EA was the same for our house as the other 2 valuations back in january give or take a grand or 2.

I just got the impression from the neighbour that the EA said it would be worth that much due to the "we have 30 people wanting to buy on this estate" comment, but I guess I'll never know who set the price on this one. Am twitching the curtains with interest at the viewings which may happen now!

Jorgan_2

It could well be your neighbour setting the price, so many people think their property is worth more than next door or down the road beacause they have done x or y to their property. Keep us posted on how many of the 30 that are looking to live on the estate look at the property.

Curious to see why you feel the EA you used came out with a load of tripe, if so why did you choose him to market your property? Or are you talking with hindsight?

moonrakerz

Unfortunately, Estate Agency appears to attract more than its fair share of sharks.

A reputable EA will give you an honest opinion on price, a less reputable one will deliberately over price it so that you will sign up with them.
An even less reputable one will call on you and say that he has someone willing to pay much more than your house is on the market for - but of course he can't do anything because your house isn't on his books.............. guess what his next line is.....................and guess what happens to the buyer with all that extra money ?

tomstickland

The neighbour has probably been told/believes that his house is worth £10K more because the bathroom colour is different or the drive is a different shape or something. Either that or he just hopes he can fetch £10K more than you. Leave to simmer - let's see what's happened in 6 months (cue buyer offering the asking price ready to move in next week).

Doozergirl

Wow. Do you have direct experience of that moonrakerz?

bylromarha

Jorgan wrote:

Curious to see why you feel the EA you used came out with a load of tripe, if so why did you choose him to market your property? Or are you talking with hindsight?

No, the EA next door has gone with were one of 3 who valued our house in Jan...they talked rubbish about selling and lied when comparing our house to next door (the other side), so unsurprisingly we didn't use them.

Went with a company who did their job, told us the truth and we've got a sale! All happy!

Incidentally. there is nothing different at all between the houses apart from the differences I listed on original post. In August last year the house the other side of us went for less cash than next door are marketing at, and August sale neighbours had added extras + have a far bigger drive. There is no logical reason I can see for the huge hike in price.

I am awaiting those desperate to move onto the estate too!

moonrakerz

Doozergirl wrote:

Wow. Do you have direct experience of that moonrakerz?

My wife worked in an (very reputable) EA, in a small country town, for a while during the boom times in the late 80's. Lots of people were setting up Estate Agencies and trying to cash in on the bonanza. A firm in our local big town started doing just that - the thing escalated when someone (from another EA) tried to remonstrate with them and got badly beaten up. If I remember correctly, a couple of people went to jail for it.
Giving a higher price to get it on your books is still common.

bylromarha

So far, no viewing on house next door (EA has put it down to being quiet over easter apparently...)

Plus another house has gone onto market on the estate with the same EA at the same price...no ensuite like me and neighbour, but has got a conservatory, unlike me and neighbours.

Am watching both with interest! How sad am I?!:o