Estate Agents Confidential/Commercial Information

UKSBD

Is any information an estate agent gives you classed as commercially sensitive or confidential information?

For example

I've had 3 agents round to do an appraisal, discus marketing, commission rates, etc.

All agents give me an estimated selling price, tells me what rate they charge, what upfront fees there are, what notice I have to give if I change my mind, etc.

Am I allowed to divulge this information to other agents and vice versa?

Ie.

Can I tell other 2 agents that agent 1 values property at £400k, is charging 1.25%, charge £200 upfront for photos, floorplans, EPC, etc. I have to give them 12 weeks before changing agents, etc. or can that be classed as commercially sensitive?

user1977

I'm not sure what significance you think "commercially sensitive" information would have? There's nothing stopping you from chatting about it to anybody you like unless you signed some sort of non-disclosure agreement (which would be weird). Though I expect the agents are already very familiar with each other's charging structures etc.

Plus of course it might not be to your advantage to disclose everything which has been quoted to you by the other agents, in case you get quoted 1.24% etc.

TroubledTarts

You have not signed something to say you cannot share information like an NDA so feel free to do with it as you please.

gwynlas

This type of information could be picked up by anyone on a telephone call ring around of local agents.

It is more than likely that they are all aware of each others business practices and possibly socialise with each other outside of work

GrubbyGirl_2

You don't need to share any information anyway. I've bought and sold 10 houses over the last 42 years and only once was I not able to negotiate the rate down and that once was simply because the market was very static and properties were simply not moving. When the market is good they have to do less work so are prepared to negotiate a lower rate because it's easier money. You can also usually negotiate the amount of time you are locked into them for (within reason) which gives them more incentive to sell quickly.

Having said that as the market is a bit static at the moment I wouldn't worry too much about their fee rates but more about how good they are at selling. My last house was the one I sold when the market was very static, I had it on the market for nearly a year, a brand new agent opened and was owned by 2 young men who had previously worked for the big agents. They charged 0.25% more than all the other agents and would not negotiate. I researched them and both guys had won awards so I decided to try them. They photos were loads better, the marketing narrative was very descriptive and they sold my house within 3 weeks at full asking price. It was worth the extra £1,375 in fees.

Sometimes you get what you pay for

Dustyevsky

GrubbyGirl2: I wouldn't worry too much about their fee rates but more about how good they are at selling.

This.^

I read 44% of houses marketed last year fail to sell. Right or wrong, it's a high percentage. In my town, a large proportion of sellers go with the local agent, who overvalues and has poor pics and descriptions. The better agents are 10–15 miles distant and may well be a little pricier, but they get property sold, quite often after the local bod has had a go.

grumpy_codger

Can I tell other 2 agents that agent 1 values property at £400k…

Why would you want to tell them this? Do you want other agents to give you higher inflated valuation to win your custom?

To make your mind, what you actually want is independent and ralistic valuations. Then you can tell agents what price you want and discuss this with them.

eddddy

Can I tell other 2 agents that agent 1 values property at £400k, is charging 1.25%, charge £200 upfront for photos, floorplans, EPC, etc. I have to give them 12 weeks before changing agents, etc. or can that be classed as commercially sensitive?

You can tell them that if you want.

What would be your reason for telling them?