games estate agents play

jay-jay

Thought Id start a thread to see what sort of tricks estate Agents play to get more money. FOr FTB or those selling first house I think this sort of information would be invaluable.
jay-jay

wnb

There is a new state agent which has been in business for two years now who had all their customers contacted by the local big boys offerering them 500 off their fees if they switched to them.

Nasty trick that, in the end they lost none of the customers but could have potentially made the new EA bankrupt.

PJD

TBH, - after about eight months of dealing with about 5/6 different estate agencies, and countless estate agents, I will try my hardest never to use them again where possible.

Here's a little example

When they come to your house they'll MARVEL at your property & tell you how FANTASTIC it is and how they'd LOVE to sell it for you. They'll tell you that they'll be able to get <insert $$HIGH PRICE$$ here> for your property, - tell you they'll sell it EASILY (for near asking) as they've got LITERALLY HUNDREDS of people already on their books they can contact straight away!

Then, a few viewings later, someone will make you an INSULTING offer WAY below your asking price. Then, the same estate agency will tell you (very aggressively) that you "SHOULD ACCEPT THIS OFFER", - because, - "your place will be DIFFICULT TO SELL - because of location, lease, current market, blah blah <insert more bull*hit here>" - if you dont back down and accept this !!!!!! offer they'll go on pushing saying "YOU'RE GOING TO REGRET NOT TAKING THIS OFFER!! - these buyers have got other propertys to see similar to yours, - so lets get this deal done now!!" - they'll even say cringworthy things like "you've got to STRIKE!!! You've got STRIKE WHILE THE IRON'S HOT!"

Then, after realising that p*ssing you off hasn't swayed you to take said cr@ppy offer - they'll try the other way and tell things like "YOU'RE the client" & "I'm on YOUR side", - "we're only trying to do the best for you".

These people will sell their own Grandmothers for a bit of commission, IME.

lynzpower

One agent who worked in the local area I did - lied and said its properties in one area of london was really a nicer adjoiing area and put incorrect postcodes on particulars. my collegue reported them to NAEA & Trading standards.

RabbitMad

Obviously some agents might act as above, but others can be very good. Ask for recomendations from friends and relatives and neighbours.

Also look at what other houses the estate agent has sold in your area in the past year or so - did they go for a good price (not just what they were marketted at)

The agent I picked to sell my house, had a lower initial valuation than some of the others but suggested trying the property at a higher price. I chose them because they had sold 2 of my neighbours properties very quickly the previous year at a very good price.

What you have to remember is that for every extra £1,000 they get for your house, they only get £10 - £20 therefore the temptation for them will be to try to get you to accept a lower offer.

You need to be realistic as to what your property is worth, if an EA values very high ask yourself why (actually ask them why and to justify it).

Also never tell an agent what you think its worth or what other agents have valued it at, this will cloud their judgement and tell you something you want to hear rather than their true opinion.

Sorry if thats a bit of a ramble but hopefully there is some good info amongst it.

sortofok

It's important to remember that estate agents require no qualifications or any particular skills and their valuations are based on nothing more than what a similar house nearby sold for last month.

To cover up these inadequecies they lie, cheat and steal in order to ramp up the market and increase thier commision.

pulliptears

One nameless EA near me is known for lying to potential buyers about the availability on property. This company will consistantly tell potential customers that the house is "under offer" or "viewings are not currently available". After a while with seemingly no interest the seller starts getting worried, then along comes a friendly builder (who happens to be extra friendly with EA), makes a ridiculously low offer for the property and seller panics and sells.

Seen this done twice now. Cant prove a thing!

meanmachine_2

Oh Lordy, where to start...

Remember, this is from a potential buyer's perspective...

"Oooh, it's a seller's market. You've got to be quick.

Nah, you can't offer anything less than full asking price. You might even have to go over on that one.

OK, we can't be long I've got a load of other viewings lined up."

"What can I get for this amount of money"?
*Whole agency bursts into laughter* "Hahaa, you could try one of them, I guess" *points to council tower block in vicinity*.

Remember, they all use tricks. Some are slimey and aggressive, others try to be your best mate. Picking you up and driving you back to the station is a classic "Stockholm syndrome" technique.

AndrewSmith

sortofok wrote: »

It's important to remember that estate agents require no qualifications or any particular skills and their valuations are based on nothing more than what a similar house nearby sold for last month.

True but this is also how a Chartered Surveyor will value a property. All he will do is visit local estate agents to get 'sold' prices of comparable properties.

pulliptears

Oooh and I forgot the one who we dealt with when looking to buy 11 years ago. We found a house, had an offer accepted. They then took more people to view, told them how much we had offered and they offered more! EA then came back to us, told us how much the second couple had offered and asked if we wanted to "beat it".

We politely told them where to stick it...

Feanor

I had one a months or so ago..

A house was on market for £199, 950. Was in ok ish condition, quite grimy and needed a bit of work. Compared to very very similiar houses on the same estate that were on at £212,000 ish. We didn't like it, it was grotty basically.

The agent called us and asked what we though...i told him it was ok but not really us. He goes into this big spiel about there has been loads of offers OVER the asking price and how it will go for £10k OVER (he was emphasising this) the asking price, BUT the seller had said if she can find a FTB then she is willing to sell it for the asking price!!!

I just thought this was the most blatant game ever and thankfully im not that stupid!