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Estate Agent tactics

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  • chickmug
    chickmug Posts: 3,279 Forumite
    I know EA's are meant to verify buyers details, but this needs to an easy process, without putting off genuine buyers.

    It saddens me that many EAs act like this and get the good ones a bad name. I have usually found these approachs to be carried out by the National chains and not the independents but............ NOT GOOD?

    Don't these agents realise that today's buyer is, potentially, tomorrows seller or are they that thick and short sighted they don't want the business when they come to sell in the future.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • david29dpo
    david29dpo Posts: 3,915 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Jewel wrote: »
    I would tell them to get lost. Is your daughter quite young and trusting, and a nice person who gives people the benefit of the doubt? Apparently that disappears by the time you are 40 (ie, my age), where you can be cynical about everyone until proven otherwise.

    What a wonderful and true answer. couldn't agree more.
  • tek-monkey
    tek-monkey Posts: 1,434 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I'm only 33 but cynical as **** already!
  • MoneyMoose
    MoneyMoose Posts: 18 Forumite
    edited 16 September 2009 at 6:41PM
    That's very interesting. We had an estate agent come round last weekend (1.5 hours late, I might add) to value our house, and we were surprised how much he laboured about their financial services side (apparently if they can take control of the buyers' mortgages, it makes the sale faster and smoother??!!) - he even said someone would phone us later in the week to discuss our mortgage and see if they could do anything for us (We have all this in place. Please, no calls!)

    I have a bad feeling that getting the best price for our house would be secondary to finding a buyer who arranges their finances through them (with fixed fees, I see no incentive - they get the same fee whether we sell at <£200k as they do if we get >£210k)

    Your post has just confirmed my fears (I wonder if it's the same EA chain??) and helped me make a decision about who to go with - thank you!
  • MoneyMoose wrote: »
    That's very interesting. We had an estate agent come round last weekend (1.5 hours late, I might add) to value our house, and we were surprised how much he laboured about their financial services side (apparently if they can take control of the buyers' mortgages, it makes the sale faster and smoother??!!) - he even said someone would phone us later in the week to discuss our mortgage and see if they could do anything for us (We have all this in place. Please, no calls!)

    I have a bad feeling that getting the best price for our house would be secondary to finding a buyer who arranges their finances through them (with fixed fees, I see no incentive - they get the same fee whether we sell at <£200k as they do if we get >£210k)

    Your post has just confirmed my fears (I wonder if it's the same EA chain??) and helped me make a decision about who to go with - thank you!
    The problem is that many many people are not as deep thinking as you on this. On the face of it, it is an advantage to have financial services available from the agent - but the factors you raise mean that the Agent has interests which he may put above yours. In times with a more normal market and percentage fees, remember that the mortgage fee take may completely wipe out the agency fee difference between a fair offer from a customer taking the Agent's mortgage and a good offer from someone who sources his own mortgage.

    I hope you have the tenacity of purpose to tell the agent why you are not going with them. They need to know that not everyone thinks it is a good idea.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Thank you all very much for taking the time to read and reply to this thread and for the detail and information you enclose. :D

    Hopefully, as mentioned previously the survey on the first property will not find too many problems, so they won`t need to view the second property.

    Steve
  • chickmug
    chickmug Posts: 3,279 Forumite
    I am out of touch with the commission being paid to agents these days but it can make the commission for selling the house look paltry. Then add on the other commissions like insurance then, as someone has said, trying to get in on the act for the seller clients.

    A lucrative amount of ££££'s but leaves all parties, touched by their greed, with a very bad taste.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • fisrtimebuyer
    fisrtimebuyer Posts: 20 Forumite
    edited 27 January 2010 at 11:50PM
    Starting to lose faith in EA ...
  • might be stupid question but what is the EA motivation for trying to force people to see their Financial advisors?

    i've put an offer in on a house and they insisted that i come into see thier FA on Friday afternoon, i was rail roaded into it and i'm going to cancel the appointment, as i have an AIP already.................i just don't understand what their motivation is!

    do they get paid by the banks or do i have to pay them something?
    2010 challenges
    Saving £8k to add to house deposit - done:D
    8000/10,200 done 28 April (started jan 1 2010)
    Lose 2 stone/ -5/23 to go
    Sell our house and buy another one
  • I see this is an old thread that has been resurrected, but I missed this at the time and may as well reply now:
    Quote:
    Originally Posted by princeofpounds viewpost.gif
    but there is no regulation of the EA industry.

    Chickmug: Yes there is see my next post.

    Just so anyone wonders why there is a difference of opinion here, it depends on what you mean by regulation. It is possible for an estate agent to voluntarily sign up to a trade association like the NAEA, which can impose their own self-regulatory regime. Their rules are pretty decent though they might be accused of being toothless at times as participation is totally voluntary.

    But be clear - they have no official status. I could start up an estate agent trade body in my shed if I wanted to.

    I'm not trying to do them down too much, it's better they exist than not, and self-regulation is regulation of a sort, I would admit. But it's a long way from real legislative regulation.
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