Estate agent etiquette

lookstraightahead

Thrugelmir said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

What has happened to the art of negotiation of an estate agent knows exactly what you can afford before you even see a property? 

EA doesn't care as long as you've the funds to meet your actual offer.  EA wants a sale. Not an extra £20 of commission. Vendor is the one you need to come to an agreement with. The agent is the one with the skills to bring both parties together to arrive at a compromise. 

Yep but don't you think the EA having that extra bit of knowledge might slightly change the way the EA advises the vendor to approach negotiations? 

Sounds as if you are over thinking everything if you believe that this "extra knowledge" gives any negotiation advantage or benefit to the vendor. 

I believe the overthinking is by the vendor in the first place. 

Seems as if you have only perspective, your own.  

Quite the opposite. It doesn't help anyone, vendor or buyer. Just narrows the potential for a sale/purchase. 

Thrugelmir

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

What has happened to the art of negotiation of an estate agent knows exactly what you can afford before you even see a property? 

EA doesn't care as long as you've the funds to meet your actual offer.  EA wants a sale. Not an extra £20 of commission. Vendor is the one you need to come to an agreement with. The agent is the one with the skills to bring both parties together to arrive at a compromise. 

Yep but don't you think the EA having that extra bit of knowledge might slightly change the way the EA advises the vendor to approach negotiations? 

Sounds as if you are over thinking everything if you believe that this "extra knowledge" gives any negotiation advantage or benefit to the vendor. 

I believe the overthinking is by the vendor in the first place. 

Seems as if you have only perspective, your own.  

Quite the opposite. It doesn't help anyone, vendor or buyer. Just narrows the potential for a sale/purchase. 

An interested buyer. Is going to need to provide evidence to get an offer accepted.  Buyers may likewise wish to view multiple properties through the same EA. 

lookstraightahead

Mickey666 said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

What has happened to the art of negotiation of an estate agent knows exactly what you can afford before you even see a property? 

EA doesn't care as long as you've the funds to meet your actual offer.  EA wants a sale. Not an extra £20 of commission. Vendor is the one you need to come to an agreement with. The agent is the one with the skills to bring both parties together to arrive at a compromise. 

Yep but don't you think the EA having that extra bit of knowledge might slightly change the way the EA advises the vendor to approach negotiations? 

Sounds as if you are over thinking everything if you believe that this "extra knowledge" gives any negotiation advantage or benefit to the vendor. 

I believe the overthinking is by the vendor in the first place. How many people go round other people's houses with absolutely no intention of buying somewhere? Possibly a tiny few, although no more than vendors with unrealistic expectations of how exciting and entertaining their front room is.
i can't think of a single time as a vendor when I thought viewers were just on a day out or having a nose. And I'd quite happily entertain that fact if it meant having more prospective offers.

Depends on the house.  When you're knocking on the door of 7-figures you might be surprised at the sort of people who want to have a nosey around.  As far as I'm concerned the EA is the first line of defence against time-wasters.

Well judging by the variation in types of AIP the estate agent and vendor aren't going to know the difference. I get a 5-min AIP off the internet and I get a viewing. I spend years making sure I have everything in place and im waiting for an AIP through my broker, and I don't get a viewing.  Absolutely ridiculous criteria. I'm so glad my vendor was a savvy one.
what is it with people thinking their houses are so special? 

Tippytoes

youth_leader said:

I definitely had people viewing just for curiosity, I was selling my listed railway station.  First offer the viewer had blatantly lied to the EA, said he was in rented and a cash buyer, turned out he had a £750K house to sell and wasn't even on the market.  Second offer said he was a cash buyer, but his ex-wife in Sweden had the cash and he wasn't getting any of it.  I'm all for checking that viewers are proceedable.  I sold at auction in the end, which is supposed to be 10% deposit on the day of sale - viewing agent told me one of the viewers said she liked it so much she was going straight home to put her house on the market.  I'd assumed auction houses also checked their viewers, I had 33 people muddying my carpets and looks like some of them were there for the view.   I trust no-one now. 

I could write a book based on bad experiences with viewers and estate agents.
I was selling a property (doing my own viewings) that I didn't live in, so told the agents that any day would be OK for viewings as long as they gave me a minimum of 24 hours notice.  Agents thought nothing of "saving up" viewers, then ringing me at 6pm on a Friday for several viewings the next day, starting at 9am.  I was often at the other end of the country.

As for viewers, some of the worst were:
the guy who spent the entire viewing time on his phone
the couple who said they hated the area
and several who lied that they were SSTC when they hadn't even decided if they wanted to move

I think you're right.  Trust no-one.  Believe half of what you see and none of what you hear.
 

lookstraightahead

Mickey666 said:

lookstraightahead said:

Mickey666 said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

Thrugelmir said:

lookstraightahead said:

What has happened to the art of negotiation of an estate agent knows exactly what you can afford before you even see a property? 

EA doesn't care as long as you've the funds to meet your actual offer.  EA wants a sale. Not an extra £20 of commission. Vendor is the one you need to come to an agreement with. The agent is the one with the skills to bring both parties together to arrive at a compromise. 

Yep but don't you think the EA having that extra bit of knowledge might slightly change the way the EA advises the vendor to approach negotiations? 

Sounds as if you are over thinking everything if you believe that this "extra knowledge" gives any negotiation advantage or benefit to the vendor. 

I believe the overthinking is by the vendor in the first place. How many people go round other people's houses with absolutely no intention of buying somewhere? Possibly a tiny few, although no more than vendors with unrealistic expectations of how exciting and entertaining their front room is.
i can't think of a single time as a vendor when I thought viewers were just on a day out or having a nose. And I'd quite happily entertain that fact if it meant having more prospective offers.

Depends on the house.  When you're knocking on the door of 7-figures you might be surprised at the sort of people who want to have a nosey around.  As far as I'm concerned the EA is the first line of defence against time-wasters.

Well judging by the variation in types of AIP the estate agent and vendor aren't going to know the difference. I get a 5-min AIP off the internet and I get a viewing. I spend years making sure I have everything in place and im waiting for an AIP through my broker, and I don't get a viewing.  Absolutely ridiculous criteria. I'm so glad my vendor was a savvy one.
what is it with people thinking their houses are so special? 

Well, I can't speak for other people, but in my case it's not about my house being so special and more a case of weeding out the time-wasters.  Of course you can lie and forge an AIP off the web but it's a percentage game and no doubt there will always be a few time-wasters who get through.

You don't have to forge an AIP - anyone can get one. I'm wondering how they weed out timewasters?

lookstraightahead

Tippytoes said:

youth_leader said:

I definitely had people viewing just for curiosity, I was selling my listed railway station.  First offer the viewer had blatantly lied to the EA, said he was in rented and a cash buyer, turned out he had a £750K house to sell and wasn't even on the market.  Second offer said he was a cash buyer, but his ex-wife in Sweden had the cash and he wasn't getting any of it.  I'm all for checking that viewers are proceedable.  I sold at auction in the end, which is supposed to be 10% deposit on the day of sale - viewing agent told me one of the viewers said she liked it so much she was going straight home to put her house on the market.  I'd assumed auction houses also checked their viewers, I had 33 people muddying my carpets and looks like some of them were there for the view.   I trust no-one now. 

I could write a book based on bad experiences with viewers and estate agents.
I was selling a property (doing my own viewings) that I didn't live in, so told the agents that any day would be OK for viewings as long as they gave me a minimum of 24 hours notice.  Agents thought nothing of "saving up" viewers, then ringing me at 6pm on a Friday for several viewings the next day, starting at 9am.  I was often at the other end of the country.

As for viewers, some of the worst were:
the guy who spent the entire viewing time on his phone
the couple who said they hated the area
and several who lied that they were SSTC when they hadn't even decided if they wanted to move

I think you're right.  Trust no-one.  Believe half of what you see and none of what you hear.
 

This is part of selling you house. Timewasters, people who think they will love your property but walk in and realise they hate it (been to a few of those), those who genuinely think it's overpriced, and those who are interested. At what point does an AIP help? 

Tippytoes

If I wanted some new shoes, it would be pointless looking unless I had the money to buy them - unless, of course, I was merely window shopping.  I think it's wrong to window shop in someone's home, if you don't have funds at the ready.  It may be part and parcel of selling a home but that doesn't make it right or acceptable in my opinion.

AnnieGunn

I was asked for an AIP before I was allowed to view by 2 out of 6estate agents while I was buying, however I just explained I'd be paying with proceeds from sale + cash so I couldn't produce an AIP and they let me view numerous properties.  They said it was due to Covid to minimise time wasters. 

They also said I'd be surprised about the amount of people who do literally spend their weekends (especially bank holidays) block booking a large number of properties to view and then looking at peoples house for sale just for fun.

Nebulous2

We spent yesterday with people viewing  our house. Ventilating it, disinfecting door handles and other high-touch areas, making sure everyone wore a mask and sanitised their hands. 

We are arranging the viewings ourselves. People phone, we tell them there is a closing date, check if they are ready to move very quickly and they confirm that they are. 

I'd say of 7 recent viewings, 3 were really interested, 1 wasn't and I'm not sure why she was there, 3 others were interested, but might not have the resources, including not having sold themselves. 

I thought that was a very high strike rate, and we are fortunate to have so much interest. Our neighbour has a friend in another part of town who hasn't had a viewing in 10 months. 

AnotherJoe

The_Man_In_The_Pub said:

Mickey666 said:

 Anyone truly serious about buying would not be concerned about providing proof of funds and if they can;t be bothered to provide such info then I can't be bothered to let them wander around my home.

Looks like you just lost a sale mate :-)  Nobody with two brain cells to rub together is going to reveal their hand before putting in an offer.

I said it before ..... Estate agents must see some of you lot coming!

That makes no sense unless you think it's compulsory to pay full AP or even over merely because you can afford to. I was looking at houses up to £850k. When I found the one I wanted at £625 I wasnt obligated to pay full AP on the grounds I could have afforded it since the EA knew full well I could have paid  up to £200k more for a house!  Nor was there any pressure or comments on those lines at all. I offered, sellers countered, we agreed. I paid what I thought it was worth or indeed a bit less since this was the one I wanted, didn't stop me getting it under AP. 

If the only reason you can give to offer lower is that you claim that's the highest amount you can afford , in my book that is a weak negotiating tactic because as a seller it makes me think you will always be trying to look at any excuse to undercut me and I'd rather deal with someone more straightforward, and you might drop out further down the process if money is so tight. if i believed you. Which I likely wouldn't.