Tricks and Tactics used by Estate Agents

Mary27

When I was an EA (I left when the market fell flat) we weren't allowed to make up fictitious offers. It was more up to the seller to advise what they would take and from whom as they would most likely be happiest with a buyer who was ready to move i.e. had a mortgage/cash ready, was not in a chain/had someone lined up already etc.

A lot of sellers refused to lower the price they wanted for a property even though no-one would make an offer so the house would sit on the market for ages. I can understand why but a house is only worth what someone will pay for it.

Some agents offer a fixed fee to sell a house which means that they will get a certain percentage regardless of what the house sells for; others will want a percentage of the price it sells for so it is worht checking all these details as I think it would influence certain agents as to how much work they will do.

I am glad I left the industry when I did. I am not looking forward to dealing with an EA when I buy a house. I know they're not all bad (my company wasn't) but I resent the fact that they have so much control over a sale when I think that we could all do it ourselves better sometimes.

If you can organise viewings, marketing, solicitors, surveys etc it would cut out the middle man and make everyones' life easier (and cheaper)

muskoka

TimmyT- Your dead right. I've been reliably informed that corporate agents will show preference to buyers who use their sidekick services (i.e. mortgage, etc) as against showing preference to a cash buyer.

timmyt

<sebb> wrote: »

Timmyt - I often agree with your sentiments (eg - I would never choose a solicitor or conveyancer based on price alone; for a purchase worth thousands, it's not worth the risk of something going wrong for a few pounds) but I cannot agree with your constant sweeping generalisations. Even local independent agents can be poor and some chains can be very good. The best bet is to get recommendations from people who have actually been through the process.

by definition I am generalising. then again, i am a conveyancing solicitor and have only my clients' feedback, so it is all first hand.

don't be warned, and I will be reading your posts of what went wrong for you.

hshen

Viewed a property that was coming onto the market. i.e. not on RM yet.
The day after EA called to let me know someone already put in an asking price bid.

I politely told her I had no intention of getting into a bidding war in this climate.

To be fair the property was marked as under offer 2-3 weeks after it came on RM. So not saying she made that up, but whether it's for the asking price we will find out on Land Registry

beccad

Never, ever show an agent your agreement in principle!

doire_2

EA are slimey creatures who are out to take sellers or buyers for every penny

johnthebar

beccad wrote: »

Never, ever show an agent your agreement in principle!

We have, but our agreement in principle (Halifax mortgage promise) shows the maximum they'd lend us and is much more money than any of the houses we've been looking at. Our AiP doesn't indicate our maximum as we couldn't afford a mortgage of that magnitude, however it does show we are serious buyers.

I point blank refused to tell them (or their mortgage broker) my deposit or salary as they are better indicators of my maximum.

evoke

Here's one from Haart estate agents: 'accelerated marketing'. After the sales talk to convince me to market my property with Haart they then give you the "the market is dead" talk after you've signed. But wait, they've got a cunning plan: give them £99+VAT and they'll create a bigger advert of your property for you.

Hmm...sounds like a money-making scheme in my opinion. Surely if they should be marketing the property to attract buyers as they see fit without charging you additional fees that are non-refundable?

timmyt

evoke wrote: »

Here's one from Haart estate agents: 'accelerated marketing'. After the sales talk to convince me to market my property with Haart they then give you the "the market is dead" talk after you've signed. But wait, they've got a cunning plan: give them £99+VAT and they'll create a bigger advert of your property for you.

Hmm...sounds like a money-making scheme in my opinion. Surely if they should be marketing the property to attract buyers as they see fit without charging you additional fees that are non-refundable?

herm a national/corporate Agent....what did someone say in an earlier post about them!!!!!!!

womble12345

timmyt wrote: »

ALWAYS avoid national chains, 'the corporates' and use local independent estate agents who know the pulse of the Town and trade on their name.

You will not go wrong.

Use some corporates, and you get overvaluing (which means they won't get the price, your house looks stale on rightmove after all the weeks it doesn't sell, and you end up getting a lower price after all than even the other valuations) and tied in to nasty contracts and virtually forced to use their conveyancers (who are not 'solicitors') at a very high price because the Agent gets a hefty cashback that you end up paying for.

Use local indepdent agents every time...you have been warned.

I disagree, I went on the market in June with a local agent, 3 months and only 3 viewings. I switched to a 'corporate' and had 3 viewings in 3 weeks and now have had 10 viewings. I admit these are viewings but you need the footfall to get the offers.