Anyone experienced this - with property snake?

whirlwind

Or rather with EA behaviour and not with property snake itself....

Word out on the street is (in London) that EA are trying to avoiding properties ending up on property snake.

EA are not advertising price reductions online because if they do, the property will appear on property snake and vendors will know the seller is desperate, and try to get an even lower price.

Instead they ring up all their EA mates and tell them, and ring all people previously viewed the property/expressed an interest and tell them.

Has anyone experienced this? I haven't (yet).

Doozergirl

What would be the point of that?

Don't tell anyone you've dropped the price in case someone finds out?!

Who cares? Vendors will accept the price they want and estate agents just want a sale - they don't really mind if it goes for a bit less. Why would they phone up their EA mates? "Here, I don't want anyone to know that 1 Acacia Drive has dropped the price, would you mind taking the commission instead of me; I don't fancy eating this week"

I doubt they pay that much attention. How could anyone guage desperation from a price drop and why would an agent care if they found a buyer at a price a vendor was happy with? Just another property portal, but this one's free, IMO.

jaype

Round here they disappear from Rightmove then rock up again a day later as a 'new' property when all that is new is the lower price. But you're right - I don't see much in the way of the R-word yet (reduced)...

PasturesNew

I use the property bee and run through about 10 areas every day just looking at all the new reductions.

I am seeing them. A lot of them.

And I am not even looking to buy for 3-4 years.

You will only see how prices have dropped after time, say in 6 months' time you will be able to see what happened... it's like paint drying. You would have to be actually watching properties that were actually falling. And the fact is most people are just skimming through and not actually looking properly.

Price falls exist. Yes, there are also people who have put the price up (about 1 up for every 100 down). Yes, some houses are going on the market and selling straight away because there will always be people buying - and those houses might be EXACTLY what that buyer was looking for. But there are a LOT less buyers.

You only have to look through the prices sold on the Land Registry and could quickly find properties that sold in 2007 for less than they were bought for in 2005-2006.

Whatever are you expecting when prices fall? A sudden over night drop of all prices well publicised and evident? It doesn't happen like that.

Get property bee, look through a set of 500 houses once a week for 4-5 weeks, then come back,

Jonbvn

I have seen several properties on RM listed as POA (they are not mansions). However, it is clear that they have a guide price, since they are placed between other properties, which do have listed prices.

Avoiding being listed on propertysnake is laughable. EA's are closing their eyes and hoping the monster will go away.

Running_Horse

whirlwind wrote: »

Word out on the street is (in London) that EA are trying to avoiding properties ending up on property snake.

Do you have any evidence of this? Link to a newspaper article?

whirlwind wrote: »

Has anyone experienced this? I haven't (yet).

Apparently not.

EA adverts in my local paper have adverts where they boast about price reductions. Even if it were true, why shouldn't an EA protect the financial interests of the client who is paying them?

whirlwind

I am trying to remember where I heard about it. It was what estate agents were doing in West London.

They were saying that the price had fallen but not changing the online price IIRC.

)

m00m00

I've heard this same story too a couple of weeks ago

can't remember where though

property snake was very good

property bee is the future

whirlwind

not just me then!

Kez100

EAs trying to be clever. That's a disaster waiting to happen

Gorgeous_George

The way Property Snake works is by comparing the house price data based on the position in the database. A property is identified by the position in the database. By re-listing a price-reduced property with a new position in the database, all previous history is lost.

For example, my house could be advertised at the 1,000th record in a database. You don't know its address, just its position in teh database (i.e., 1,000th).

Next week the house at 1,000 position is reduced and this is flagged on Property Snake. However, delete the 1,000 house and replace it at the 1,100 position and Property Snake cannot determine that a price has been reduced.

If you have built databases, you will know what I mean.

GG