Esatate Agents Rip You Off!

pickle

I don't have a problem with the solicitors fees - most of them are for searches which they have to pay companies for and stamp duty, the actual fee they charge for their work is very little. Estate agents on the other hand don't do much and pocket a very large amount. The biggest rip-off is if you are renting. I was charged £250 "administration fee" just to rent the property and every time i sign a lease, its £60 per 6 months. There's not a lot i can do as most of the properties are not suitable for me. And to top it off it's up to the agents (and not an independent body) to decide whether I get my bond back. Luckily i video-taped the condition of the property when i moved in so i'm ready to take them to court if I don't get my full bond back. I

If selling, why not negotiate the fee that they get. Eg. if they sell the property within x months (signed, sealed and delivered) they get x-amount and thereafter only x £. If they're a good salesperson they should be able to achieve their fee within the optimum timeframe.

mandi

Hi Rex_Mundi,

Your story regarding the older guy and his land rover has made me laugh sooo .. much! Its a pity he had to go to such lengths to make his point though.. Im curious, did he get a refund or at least a reduction of his fee ? ?

[Deleted User]

One way for sellers to get value for money from an estate agent is to supply the agent with keys and INSIST on accompanied viewings only, by appointment - then GO OUT during the viewing. You can get all those other chores done in the meantime - like the grocery shopping for example.

No more rogue viewings or time wasted waiting in for people who don't turn up or even time wasted talking to people who do turn up.

Potential buyers also get the chance to speak freely without you being there and the opportunity to poke about. (Essential if you are the buyer and want to lift the edge of a carpet to look for damp - or flush the loo,check for cracked shower trays etc...)

Insist on feedback following each viewing and keep in touch with the agent regularly. You don't need to work them like a demon - but you need something in return for their fee.

mandi

Its a great idea to have the agents do accompanied viewings by appointment... theres only one small problem... some of them restrict the viewings to office hours.. so Mr & Mrs J Bloggs who work full time , cant view evenings or weekends, when they have the time to do it!
If you must use an agent ask them if they do a "24 hour call back" this means they contatct the viewer record their comments , and call you with the feedback the following day...

Rex_Mundi

Your story regarding the older guy and his land rover has made me laugh sooo .. much! Its a pity he had to go to such lengths to make his point though.. Im curious, did he get a refund or at least a reduction of his fee ? ?

Mandi, I would love to give you the end of this one. Unfortunately, the guy just stopped appearing in the village high street. I am curious myself. If I see him round again (I'll recognise the land rover even without the billboards) I will certainly ask him.

mandi

Thanks Rex

Just wish more people had the guts to stand up to these people! Why does the expression " Money for old rope " spring to mind!

Would love to know how many more people out there have been "Ripped Off"

mandi

Pickle,

You have picked up on another valid point "HIDDEN FEES" AS IN WITHDRAWAL FEES OR ADMINISTRATION FEES ,at the end of the day they are all hidden costs and YOUR the one who pays them!!!!!

If your going to use an agent please check the following BEFORE you sign any agreement

1. Check there are no hidden withdrawal fees, say for example you decide to change agents or sell privately

2.Check the agreement does not give the agent SOLE SELLING rights if it does and you sell to a friend or a work collegue for example, the agent will still charge you the full fee! can you imagine paying all that money to an agent who,s done NOTHING!
(NB this is common practice!)

3.Use an agent who is a member of NAEA thats the National Association of Estate Agents.. please note that membership of this is not compulsary, so not all agents are members.. If they are, and you do experience problems that cannot be resolved at branch level, these would be the people to help.

4. Watch for "Tie in " periods of notice...many agents will ask you for up to 16 weeks notice if you want to withdraw your property a good agent shouldnt tie anyone in for that long... Imagine , your tied in for 4 months with an agent you dont like or who isnt doing the job your paying them to do... Very frustrating to say the least!!

jezza1O1

NEWS JUST IN: Water is Wet!

mandi

thanks Jezza.
so glad this thread helped..
Mandi