The Games Estate Agents Play

Mr_Thrifty

Hello. I'm looking to sell my house (in London) and have noticed that the Estate Agents play some rather dubious games around here.

For instance:

• The first question they ask is "how much do you think it's worth"? Well, I want to know what THEY think it's worth. Cowboys.
• The next questions is "How long have you been there"? They all seem to ask this, so it's not just smalltalk. How is this possibly relevant to what it's worth?
• Some of them tell you over the phone what they think your place is worth based on nothing more than how many bedrooms it has. And boy oh boy so they seem certain about it, without even viewing the place.
• They don't answer their phones, and if you can get through to them, they don't seem in the remotest part interested in coming to give you a valuation. You'd think they didn't want/need the business.
• When they do eventually visit (usually somebody who has been with the firm for less than 6 months), they walk around going "ooh, this is VERY spacious"... "ahhh, this place is VERY desirable".... etc. "Therefore I think you could get anywhere up to [Insert price that's about 66% of what you realistically think it's worth]".
• Then they talk about "the market" and why you should be lucky to get anything for your home.
• They then compare the property with other less desirable properties in totally different roads that aren't really comparable in any event, then use phoney logic to tell you why yours is worth less.

So, those are my experiences of this cowboy sector. As a seller, what other games do you know of that estate agents play? What other things do I need to watch out for?

googler

From the sound of it, you could be running the most successful Estate Agency in London.

You're obviously more of an expert than the EAs you've met already.

Mr_Thrifty

It's a shame there isn't a way to delete useless posts like the one above. He didn't even try and answer my questions.

Anyhow, let me put things into context in order to show the level of "expertise" of these Estate Agents that 'googler' regards so highly. One agent valued my home at £175K, another valued it at £220K, another valued it at £260K, another valued it at £315K, and another valued it at £375K. That is why I have lost all confidence in the ability of the Estate Agents around here. I was hoping to get some kind of semi-accurate valuation in exchange for the prospect of several thousand pounds worth of commission; instead, all I seem to be getting is a bunch of random numbers and all sorts of baloney stories to justify their warped reasoning.

jonewer

Mr_Thrifty wrote: »

• When they do eventually visit (usually somebody who has been with the firm for less than 6 months), they walk around going "ooh, this is VERY spacious"... "ahhh, this place is VERY desirable".... etc. "Therefore I think you could get anywhere up to B]Insert price that's about 66% of what you realistically think it's worth[/B".

Which is about 30% more that it actually is worth.

Sounds to me like you thought your house was worth a lot more than the EAs have valued it at.

My my. Arent those grapes sour.

Mr_Thrifty

Hey jonewer, can you justify your comment "Which is about 30% more that it actually is worth"? How do YOU know what it's worth in order to make such a comment? I, on the other hand, know that these Estate Agents are wrong, because I put a £38 advert in the Evening Standard and within 1 week had an offer of more than £50K above what four of the five estate agents I've now spoken to valued it at. So much for the "professional" opinion of these people. They can't even agree amongst themselves whether it's worth £175K or £375K!

I think what has me really narked is the way the EAs insult my intelligence with these silly opinions and random valuations.

I really am wondering if I should be doing business with these people.

Emmzi

Mr Thrifty,

why are you so very very angry??

No one KNOWS the value of your home until it ACTUALLY SELLS. everything up to that point is an educated guess.

If you want to market it yourself, get on with it and stop moaning.

If however you want someone available to take ohone callls and organise viewings while you are at work; who has a list of people in the area interested in moving; you'll have to pay for it.

Mr_Thrifty

I'm angry because these self-proclaimed "professionals" are giving me contradictory and bad advice. It's very annoying! Had I taken the advice of one of the agents, it would literally have cost me hundreds of thousands of pounds! Plus, the two previous posters in this thread have made unwarranted assumptions, which is irritating.

I guess I basically just have to come to terms with the fact that many Estate Agents in south east London are, in my opinion, unqualified cowboys who will try any sort of trick to get a fast commission.

JQ.

If it's so important to you, why don't you pay a Chartered Surveyor to value you it for you, Estate Agents are only providing you with marketing advice.

Mr_Thrifty

Thanks JQ, I hadn't considered this option. Will look into it. As they say, professional advice is worth what you pay for it!

googler

OK, I'm confused - first you say you're 'looking to sell', then a few posts later you say that you sold with an advert in the Evening Standard, then your last post seems to imply that you might consider getting a surveyor to give you a valuation....... Que?

Mr_Thrifty

I said I had an offer based on an advert I placed in the Evening Standard. The offer I received was significantly above the valuation given by most of the agents, confirming my belief that they were plucking figures out of thin air or looking for a fast sale/easy commission. I know an offer is not a done deal, but it has demonstrated to me that the Estate Agents around here are either unscrupulous or don't seem to have a clue (hardly a surprising conclusion really, given that the so-called "professionals" can't even agree between themselves and gave such an incredibly wide range of valuations).