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American style realtor
Tyler119
Posts: 341 Forumite
Bit of random thought here which I just wanted to see what other peoples thought on it are.
Having a small experience with property in Florida, anyone know why the realtor system has never made its way across the pond so to speak?
I was thinking from a purchasers point of view that the seller has a professional working to get them the best price possible, but you have to rely on whatever experience you have?
A few years ago my sister in law purchased (first time buyer) the first house she looked at and over paid by around 40k. The estate agent and the sellers pretty much laid out a fairytale of what living in the house and the street was like. She was told things like an old lady across the street comes in randomly with champagne and we are going to leave such and such furniture (that they just did not want to get rid of) for you.
To be upfront she never spoke to us about what she was doing and the first we knew about it was when it was all done and dusted. I understand perhaps a realtor system would not work for everybody, but in her sort of circumstances it would have been far cheaper than 40k.
Anyway just interested in folks thoughts, and no this is not something that I'm considering doing as a business
Having a small experience with property in Florida, anyone know why the realtor system has never made its way across the pond so to speak?
I was thinking from a purchasers point of view that the seller has a professional working to get them the best price possible, but you have to rely on whatever experience you have?
A few years ago my sister in law purchased (first time buyer) the first house she looked at and over paid by around 40k. The estate agent and the sellers pretty much laid out a fairytale of what living in the house and the street was like. She was told things like an old lady across the street comes in randomly with champagne and we are going to leave such and such furniture (that they just did not want to get rid of) for you.
To be upfront she never spoke to us about what she was doing and the first we knew about it was when it was all done and dusted. I understand perhaps a realtor system would not work for everybody, but in her sort of circumstances it would have been far cheaper than 40k.
Anyway just interested in folks thoughts, and no this is not something that I'm considering doing as a business
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Comments
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A fool and their money are easily parted, regardless of any " professional " services.
At £40K that's an expensive old lady brandishing the odd bottle of champagne...0 -
You can already hire property negotiators in the UK like http://www.stacks.co.uk/
Given how much the UK is in love with middle men is odd that this service isn't more popular, especially with the circus-like purchasing process in England at least!
Though, mostly for high end purchases.EU expat working in London0 -
Lots of people get someone more experienced to go with them when spending big money on .... a car.
Why on earth would you go it alone for a property if you get taken in by a load of bull****. Presumably intelligent enough to make enough money to buy a property.
Nothing to stop anyone paying someone to help them find and negotiate a property, just that most make their own choices and get friends or family to have a look before going ahead. The internet gives a great opportunity to get a very realistic view on sale prices.
I don't think the UK market would support Realtor's except for high end properties.Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.0 -
cost typical
US 6%+-
UK 1.5%+-0 -
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It's just cost. Buyers in the UK are used to not having to pay anything, so a US-style "buyer's agent" would be a tough sell here, I would think, whatever the advantages.0
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A couple of the larger American-style realtor organisations have tried to make inroads into the UK, especially in Scotland, but the trouble is that with the Scottish system, buyers already have a professional working for them in the form of their buying solicitor, who is involved on the buyer's behalf right from the start, so that negates one of the prime selling points of the buying having a 'realtor' on their side of the transaction.0
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It's just cost. Buyers in the UK are used to not having to pay anything, so a US-style "buyer's agent" would be a tough sell here, I would think, whatever the advantages.
I totally agree with you, it would be quite a hard sell. Our family inherited a property in Florida (now sold) and I was gobsmacked at the amount the realtor was going to take. I negotiated her down on the percentage as this particular area of Florida was quite short on properties. She did a fantastic job and her percentage included an attorney doing all the legal work. There was a house full of goods to ship back to the UK and she took care of most of that for us at no additional expense.0 -
A couple of the larger American-style realtor organisations have tried to make inroads into the UK, especially in Scotland, but the trouble is that with the Scottish system, buyers already have a professional working for them in the form of their buying solicitor, who is involved on the buyer's behalf right from the start, so that negates one of the prime selling points of the buying having a 'realtor' on their side of the transaction.
Seems silly for them to try a country were the seller has a professional working for them right from the point of offering. Very tough to offer a service that has not been part of the buying culture.0 -
I totally agree with you, it would be quite a hard sell. Our family inherited a property in Florida (now sold) and I was gobsmacked at the amount the realtor was going to take. I negotiated her down on the percentage as this particular area of Florida was quite short on properties. She did a fantastic job and her percentage included an attorney doing all the legal work. There was a house full of goods to ship back to the UK and she took care of most of that for us at no additional expense.
Do you not think this was built into their costs?
They're not a charity and unlikely to be doing a Brit abroad a favour.0
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