Tricks and Tactics used by Estate Agents

Mr_Thrifty

Let's use this thread to expose the various tricks and tactics used by some estate agents when dealing with sellers as well as borrowers.

As a seller, I have noticed that agents will try and talk down your house hoping that you will agree to sell it cheaply. If you insist on a higher price, they will do virtually nothing to try and sell it if you're in a sole agency agreement with them, and will then tell you the reason you're not getting viewings is because the price is too high so you had better reduce the price (they just want an easy sell). When in fact the main reason is that they haven't been proactive in their marketing and they know that they have you as a sole agency client so can take their time and get you to feel anxious and start doubting yourself (going multi-agency however suddenly results in a huge number of viewings at exactly the same price!).

So, folks, please share details of any other tricks and tactics you know that some estate agents get up to!

PasturesNew

If they're trying to downtalk your house - and aren't marketing it if the price is high .... it's more an indication that you've an inflated idea of its worth and they're actually, probably, right this once.

googler

This is the polar opposite of the usual accusation, that agents will routinely 'talk up' the value of your house in order to secure the listing over rival agents who don't talk it up as highly.....

johnthebar

I'm a FTB and I had an interesting time dealing with an estate agent yesterday. I viewed a house twice this week which is very new on the market, it's not even on rightmove yet. We liked it, put in an offer and all of a sudden he's had 3 other offers in on it higher than ours, but also at around our maximum, which unfortunately the agent knows as we have put in unsuccessful offers on other places they've marketed.

These guys only got the keys to the house on wednesday, haven't advertised it at all yet, no details or photos have been produced and they have 4 offers in one day! Now I know that EA's making up fictitious offers is illegal, but I'm finding it very hard to believe this situation.

Apparently all the potential buyers also have to go in and have a meeting with the EA's mortgage broker next week to see who is most able to proceed. This is total BS as the agent already knows my situation and has seen my paperwork and just wants to get his firm to sell me a mortgage.

All this really !!!!ed me off, so I put in a full and final 'take it or leave it' offer at 5k less than the other 'offers'. I told them I'm not interested in bidding against other buyers or meeting thier mortgage broker. I sent them a note about my financial situation attached my mortgage AiP (again) and confirmed once again that I am in a very good position to proceed. There's also another property on with another EA that we like, so I've given them a deadline of Weds to get back to me before I offer on that

If there are all these potential buyers then well done to them, but nothing in this area at that price and needing work is selling that quickly at the moment. All this was smelling like dodgy tricks to me yesterday.

lightwarrior

if you sell the property , contact as much agencies as possible.

cabbage

we fell for "there are buyers ready to proceed who want to view your property. Place it on the market with us just so they can view" We only had them round for a valuation to find out what ours is worth and compare it to see if we wanted to move and what we could afford.

Been on 10 days and the couple wanting to view never materialised and the ones they sent round didn't know how much it was on the market for. Will give it four weeks and then withdraw. On a no sale no fee without a withdrawal fee.

I'm finding the whole "keeping the house in showroom condition" very stressful but have relaxed a bit lately, mainly because no one has viewed for a week.

The good news is that is spurred my husband on to decorate two bedrooms that needed doing for ages lol!

the OP with four offers in one day does sound fishy!

CloudCuckooLand

johnthebar wrote: »

These guys only got the keys to the house on wednesday, haven't advertised it at all yet...

You may be right about the iffyness of the scenario.

But, to be fair, without advertising etc, YOU got to see the place and put forward an offer...so why couldn't someone else?

johnthebar

I appreciate that, but three other offers? It just seems unlikely to me.

<sebb>

johnthebar wrote: »

I appreciate that, but three other offers? It just seems unlikely to me.

I had a very similar situation to you, 2 other offers on the first day it was on the market. I eventually stood my ground because I simply didn't believe it, and stuck with my original offer despite the agent telling me not to loose the flat of my dreams over a couple of grand. Of course my offer was accepted. I later had to pull out because the vendor had been less than truthful over a number of important issues. It's now about 7 months later and it still hasn't sold.

vikingaero

Rule No.1 - If an Estate Agent opens his/her mouth then they are lying.

Rule No.2 - If in doubt post on MSE.

caeler

I've met a number of estate agent recently whilst trying to buy.

My favourite one didn't pressure me, didn't ask my budget immediately, followed-up with a call after I viewed the property but wasn't rude when I said why it wasn't the place for me, didn't make me see their mortgage advisor and didn't insist I go on their mailing list.

My least favourite hasn't stopped hassling me! I called to view a specific property but he couldn't get hold of the vendor, whilst I was on the phone he said he had another few properties I could view, I declined explaning that I was on rightmove and could see what he had. Later that week I called again as there was something else, he then said I could view but there was something opposite across the road that I'd love so I reluctantly agreed to view. The one across the road was not in the least suitable, I should have refused to go inside and the one I wanted to view was a new build so I went to the sales office which I didn't need the agent for and the property they had listed (or the type) was not longer available and hadn't been for weeks!! Now every other day for the past 2 weeks I've had a call from the agency despite me explaining that I've had an offer accepted on something else.