Want to be different - Advice needed !

ajm1966 · 24 October 2004 at 11:41PM

Ok guys it's time to get a few things off your chest !

I currently work as a mortgage advisor and will very shortly be starting life as an estate agent as well. No I know that in general both of these roles have quite a negative public image and I want to do my best to change it.

So if you can spare the time I would like to know what you think mortgae people and estate agents do wrong at the moment and what the need to do better. I do mean this as a serious post because I really do want to do things a bit differently.

OK, time to let rip !

JOJOPEA · 25 October 2004 at 4:55PM

Can I suggest you listen? I have no real axe to grind as a salesperson myself but find they do not listen - they just tick boxes - I keep saying I need four double beds and lots of room downstairs and they keep sending me small houses with box bedrooms and one reception. I have lots of children so that no good!!! When I remind them they say "but you could extend". And I remind them that I could do that in the house I am in!!!!!!!

I think you should ask different questions..........and listen to the answers.... Good Luck I am sure you will be great.

Han_naH · 25 October 2004 at 6:38PM

Being an estate agent, or mortgage adviser requires no qualifications.
Many of the "girls" in the estate agents are - frankly - not the cleverest people you every met.

These are attributes that estate agents will never shake off.

If I may say, meeting the more mature variety of estate agents is always a breath of fresh air.

Talking to Debbie Silly is sometimes quite an experience...

You said be honest!

Reaper · 26 October 2004 at 2:54AM

Well you asked...

Mortgage advisers I don't have a particularly negative view of. Probably because I don't use them. However I have occasionally heard the advice given to friends which was plain wrong and I had to correct. So I guess knowledge is the key.

As for estate agents - I do have a very low opinion. I think they like to see themselves as deal makers. To that end they will do whatever it takes to get the sale through, including downright lies.

I take anything they say during price negotiations with a pinch of salt. I am never foolish enough to give away my real negotiating stance to an estate agent although they always pretend to be on my side.

After the offer has been accepted they insisit on being the go-between. This means chinese whispers and lost messages. Lost messages nearly cost my friend a sale and she had to do some quick talking to save it. I prefer to deal direct, which I did last time I bought. We negotiated face to face on the price and problems were advised by telephone without involving the estate agent. As a result it went through smoothly.

Pal · 26 October 2004 at 1:07PM

The most important thing is to keep in regular contact and keep your customers informed of what you are doing.

Most people hate estate agents because they appear to be unqualified salesmen who do very little to earn their money (stick a photo in a window, make a couple of phone calls). As the fees look quite large to most people, this is highly irritating, so you have to make sure that everyone always knows the current position and you are seen to be chasing up regularly to get everything to go through as smoothly and quickly as possible.

divadee · 26 October 2004 at 1:35PM

dont lie when valueing property just to get the deal. And know your houses.

When i sold my last flat an agent came round said 'oh have no problems with selling this get full asking price as well'. After 2 weeks of not 1 phonecall and no viewings called and pretended to be a buyer asked for my spec flat and was told no dont have anything like that ??? Sacked them later that day for breech of contract (not marketing properly etc...)

Went with a new agent and had viewings even before it was officially on the market, sold within 2 weeks for full asking price as well.

divadee · 26 October 2004 at 1:37PM

Also always give the seller feedback after every viewing, so they know why someone isnt interested, it may mean that they have to do some work on the property first before they will get a sale

savvysaver_3 · 26 October 2004 at 5:09PM

I'd say charge a flat fee on the estate-agent side of things.
We, the consumer, have no reason the believe that you did loads more work selling that 300k house than you did for that 120k house. We can see no added value in these extortionate charges.

I'd like to see an explanation, or better still, I'd like to see it priced more fairly!

Any comments?

ajm1966 · 27 October 2004 at 9:58PM

I will try and reply/comment on your kind replies in go.

To JOJOPEA:
I totally agree with the comments that listening in key. I have worked in sales on various roles over the last 15 years or so and I do realise that it is a key requirement.

To LEEJP:
Although your comments are true today, after November 1 2004 Mortgage Advisors do need to be qualified as the industry will then come under the umbrella of the FSA. And if Which magazine have there way, all estate agents will soon have to be as well! Which I think is a great idea. One of the main reasons that I have chosen to get into it is because they have such a negative public image and I know I am above average (not meaning to be big headed). I believe in honesty and keeping a client informed with both good and bad news should there be any.

To REAPER:
I agree that estate agents are deal makers but disagree that this is a bad thing. I believe that most people wouldn't actually want to do the negotiation on a sale which is why we are needed. As far as the lying goes that is probably a comment based on the general perception of the industry. I think that an experienced agent could add value to the process, give the buyer the property they require at a good price will maximising the profit for the seller while not jeopardising the sale in the process.

To PAL:
I couldn't agree more. At times in my role as a mortgage advisor I sometimes get the feeling that I am in contact to often, but I do like to keep people informed.

To divadee:
I can't see the point in over valuing a property to get it listed with me. My aim is to be upfront with people and explain how things are in plain English. My aims are long term; I'm just not after a quick one off sale.

to savvysaver:
This is a hard one, on one hand I do disagree because I think the way you market a £100K property is different to how you market a £500K property because different people are after that type of house.

Think about this though, if one agent is going to get a flat fee no matter how much he sells a house for all he/she is interest in is selling it; the price is secondary because they will still get the same commission. However an agent whose fee is based on a percentage is more focussed on getting a higher price.

I really appreciate this feedback - please keep it up!

dougk_2 · 28 October 2004 at 1:23PM

ajm1966,

My advice as someone who has been dealing with estate agents to try and sell a house is as follows:

Be 100% honest - don't say you have a list of clients waiting to buy the house when you havent for instance!

Value the house at what you think it will sell at - don't raise everyones hopes by adding 10k to its value.

Provide feedback after viewings to your client

Get acurate feedback from viewers , just don't make it up and try to sell the house - i.e. if the viewer says - don't like the colour of the bathroom say you can buy a new suite for under £200 from say B&Q!

If the price is reduced contact all the previous viewers personally as they may change their mind if its cheaper!

Negotiate with local tradespeople to get "special" rates so that your clients can get improvements done at a cheaper price.

Work on a fixed fee basis + a small % commission (say .05%) so it seems fairer to all.

Advertise in the local press, but also in the surrounding newspapers as well as many people live on borders!

Above all listen and commmunicate and do what you say and don't Bull**** your clients, we are not stupid!

If you are confident about your abilities there is no need to lock people into long term contracts. Offer 2 weeks notice only. This is something I refuse to do - lock myself into something for a long term.

Doug

Bamf100 · 28 October 2004 at 8:27PM

Well you asked...

I prefer to deal direct, which I did last time I bought. We negotiated face to face on the price and problems were advised by telephone without involving the estate agent. As a result it went through smoothly.

I agree with the Reaper here, especially with the advances of the internet.

PLEASE READ BEFORE POSTING

Want to be different - Advice needed !

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