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Estate Agent: extremely high valuation + low fee, what's in it for them?

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NameUnavailable Posts: 3,030 Forumite

24 November 2021 at 10:38PM

I was searching for property and a 'new' agent popped up in the area. They were instructed on a property that I would have been interested in if it wasn't for their silly asking price - they had it up for about 15% higher that others in the same close had previously (recently) sold for.

I called and asked was it the vendors price or their valuation and they said it was their suggested price. I pointed out other recent sales and they just said they had demand at that price. It sat there for a while and then was taken off the market.

They had similarly higher prices for all of their properties - the problem is that other vendors see what their prices are and assume they are undervalued and it creates a false market. The result is that there are a number of properties in that area now which have been on the market for some time.......

As mentioned above, the agent gives a high valuation to 'flatter' the vendor, convinces them that they have buyers for them and win the instruction, with the inevitable pressure to subsequently drop the price when it fails to attract attention, and there's always reasons for that (aspect, parking, decor etc. etc.).

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Estate Agent: extremely high valuation + low fee, what's in it for them?

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