London Estate Agent staff ordered to overvalue by 30%

brit1234

London Estate Agent Ordered to Overvalue houses 30%

Henry Pryor ‏@HenryPryor Rumor that big London agent gave staff instructions "I don't want to see property coming on 20% over priced, I want to see them 30%!"

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12:45 PM - 16 May 12 via TweetDeck · Details

https://twitter.com/#!/henrypryor

Read this and was a little shocked so I looked into it a bit more. WE all know one famous estate agent known for really overvaluing properties and driving minis but could this be another?

Tracy Kellett ‏@buyingagent MT @HenryPryor: Rumour big London agent told staff "I don't want to see property 20% over priced, I want to see them 30%!" < heard same
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20h samantha rosie ‏@samantharosie
@buyingagent @henrypryor experts is this an ethical issue?
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19h Tracy Kellett ‏@buyingagent
@samantharosie @HenryPryor Estate Agents can choose any Foxy business strategy they wish, ethics not a prerequisite.

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9:14 PM - 19 May 12 via Tweetbot for iOS · Details

19h samantha rosie ‏@samantharosie
@buyingagent @henrypryor but I suppose in a market that we are in ppl Judge price, look online what it went for before then make an offer?
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19h Tracy Kellett ‏@buyingagent
@samantharosie yes, although at that level of over-pricing offers will be few. It's Vendors who lose out with this strategy

https://twitter.com/#!/buyingagent

All rumors but it may come out out shortly who it is. Any guesses, I think their is a slight hint in the Tracey Kellet tweet. By the way I love having a nice cold drink from the glass fridges in my local glass fronted estate agent and watching the big plasma screens.



Any ideas guys which estate agent it is? :think:

vivatifosi

Whoever it is they are stupid. As if the public isn't capable of working out what is 30% over-priced using UpMyStreet, Zoopla and a whole host of others.

If it is the one alluded to they've already been hauled up by the OFT before now, so they are doubly stupid.

brit1234

Tracy Kellett ‏@buyingagent MT @HenryPryor: Rumour big London agent told staff "I don't want to see property 20% over priced, I want to see them 30%!" < heard same
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20h thePropertyBid.com ‏@thepropertybid
@buyingagent @henrypryor wow, seriously?
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20h Tracy Kellett ‏@buyingagent
@thepropertybid @HenryPryor yes.. I'm not outing which London Agent, yet :-)

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9:42 PM - 19 May 12 via Tweetbot for iOS · Details


19h thePropertyBid.com ‏@thepropertybid
@buyingagent lol, ok!
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https://twitter.com/#!/buyingagent

I have the feeling they will be outed shortly on twitter but I don't think it will be as big as Ryan Giggs outing.

Loopgames

If this 'rumour' gets out then everyone in the know will automatically reduce offers by at least 30%. Hence damaging the property stagnation further.

Graham_Devon

Well, would back up the asking price figures on rightmove!

chucky

According to Brit's insinuations the Rightmove index will now drop 30% when this company is outed - as the company he is implying has a large part of the London and home counties market. Let's see if it does...

brit1234

chucky wrote: »

According to Brit's insinuations the Rightmove index will now drop 30% when this company is outed - as the company he is implying has a large part of the London and home counties market. Let's see if it does...

Thank you chucky but I can speak for myself.

If it is the company I think it is then most people know they have a `history of ramping asking prices higher than anyone else. It just shows you have to do your research when buying and not believe a word anyone says.

I think the london market is going to end in tears. With this 30% thing and Chinese investrs being ripped off buying UK builders these greedy companies deserve what is coming to them. I reckon the London property market will start going down the toilet Oct/Nov 2012.

HAMISH_MCTAVISH

brit1234 wrote: »

I reckon the London property market will start going down the toilet Oct/Nov 2012.

You reckoned the same thing back in 2009 as well.

And in 2010....

And in 2011....

And now in 2012.

You'll be right one day I suppose, although it's more likely to be 2032 than 2012.

thelawnet

I don't see the point?

If a certain agent overprices by 30%, you just buy it from a different agent.

Nobody's going to offer £650k for a house you could get somewhere else for £500k.

It's not like any agent has a monopoly - there are hundreds of the damn things.

vivatifosi

thelawnet wrote: »

I don't see the point?

If a certain agent overprices by 30%, you just buy it from a different agent.

Nobody's going to offer £650k for a house you could get somewhere else for £500k.

It's not like any agent has a monopoly - there are hundreds of the damn things.

It's to get people to sign to them, not to get people to buy from them. My guess is that they will have quite high fees, but will say "we can get x for your house" and homeowners will say "oh that sounds better" only to be tied into a contract and have to dump the price when the house sells.

If true, this should be investigated by the OfT every bit as much as their earlier shenanigans.

VfM4meplse

brit1234 wrote: »

Any ideas guys which estate agent it is? :think:

Foxtons? (You did spell it out ).

Everyone knows they are overpriced anyway. And as slippery as hell.

The day I line their pockets will be the day hell freezes over.

PS: I note that Megan looks a bit droopy there, things must be going downhill....