The games Estate Agents play...(32 Posts)
Recently put house on the market. Not too bad an experience so far, but Estate Agents:
- massively over-valued house so that we would go ahead with them instead of other agents who priced house more accurately. It worked to an extent. We did go ahead with them with our eyes wide open thinking, well, let's see what they can do if they're so confident... House hasn't sold, no offers have been put forward; we now want to change for agent who initially priced house more realistically as we do not want to drop price with agent who over-valued house.
- A day before contract was due with above agent and after 10 days with no viewings whatsoever, they miraculously bring in two viewings, both of which showed no interest in the house whatsoever and left after 5 minutes. I am thinking the people who came to view were misled by the agents just to get the viewings? I don't know, obviously just speculation.
- Agents have been assuring us that people who actually viewed house twice are 'this close' to making an offer. I think if they were they would have done it by now and that agents are just trying to get us to stay with them.
Or am I being paranoid?
By the way this is an old thread. But yes I wouldn't believe most of what EAs tell you.
There are a few houses that I have liked the look of, but never even bothered with a viewing because the price is so much more than my research suggested. One of these houses has now gone on the rental market. I did ask the ea to pass on that I was interested but didn't want to waste time/get the sellers hopes up. They live out of area and I very much doubt this info was passed on. I wonder how many potential sales these people have missed out on?
Except in Scotland though - just incase anyone is considering a sale and lives in Scotland. We don't behave (can't behave) like that. It is all very different.
This is the problem with a few local agents. We always keep an eye on the market. If a house doesn't sell straight away you assume there is a problem. Much better to start at a realistic price. This is mainly the fault of the estate agents in giving people un realistic advice.
When we sold our last place, one of the prospective EAs (savills) massively over valued it.
They wanted 2% commission. We said we would pay 2% if they achieved the price they were suggesting or v close, but only 1% if sale price turned out to be much less. We wanted to see how confident they were, would they put their own money where their mouth was.
Oddly enough they refused...
I only had the prospective of a buyer, but an estate agent sent us to view a 3 bedroom flat. It was a one bed, but if we put a sofa in the kitchen and a stud wall in the living room it would create 3 cupboard size bedrooms
the people who came round were the agent's mates, bunged a few quid to do so.
change agent, and price realistically. You are wasting your time.
OP when you do move EAs, just make sure you tell them why!
It's hardly greedy to get a quote from an EA and then market at that quote. It's very annoying that EAs deliberately over price stuff but that's hardly OPs fault. Personally I think it's a good plan to move EAs and market at a lower price. If more people thought like this EAs may be less inclined to give bullshit valuations in the first place! When I see houses marketed at one price and then reduce quickly down, I just think good, that house has realistic sellers.
I have said it once before and will say it again, I hate the way some English EA behave. They would never get away with behaving like that in Scotland. Such a better system that we have here. Long may it continue.
i have also decided that when we need to sell current home, i am just going to type up my own details and put them through the door of every 3 bed house with a for sale or sold sign on the estate we live on. there is always a queue of families in 3 bed houses who want to move into 4 bed houses in the same street. i mean what do agents add in these circumstances? they only find a buyer- i know how much the house will sell for.
we had one when we sold our house in the last recession. we had a mortgage of £63k. we could not sell for a penny below that, building soc would not let us rent out and we had to move.
we told them explicitly the above. the house was furnished but we no longer lived there. they were telling people we were desperate to sell and to try a low offer. they denied doing this. until we sent some mates to view it when they said exactly this to them. we had exclusive deal with them for 8 weeks. at 7 weeks and 4 days, they magically got an offer for £63k. funny that. i would add that the house was easily worth the £63k.
We had an estate agent massively overvalue our house, by about 15% more than the other agents. They were also the only agent whose commission was based on original asking price rather than selling.
I must say the agent we chose talked sense and sent people interested in buying. Got us feedback and kept us informed with weekly phone calls and we could track things on line too -see how many details sent out, views on the website, feedback from viewings.
May be there was lots of game playing we weren't aware of but overall it was a pleasant experience. Buying is being a bit more fun...
Unfortunately by going with the agent who overvalued your property "massively" you have now lost your new-to-the-market opportunity and anyone who is genuinely looking for a property in your area and following the property postings will recognise your house with a different agent at £XXk less. When I see that, my instinct is to think - hmm, greedy, now having a cold dose of reality, wonder if there's still room to squeeze a bit more out of them?
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bibbitybobbityhat Mon 21-Mar-11 11:15:54
"Why didn't you go with the company you valued it more realistically in the first place? You were being a leetel bit greedy, weren't you?"
Gosh Bibitty, glad I don't come to you for advice!!
FWIW we were in this situation once, we had valuations which differed by £100k - we went with the higher value, got an offer which we accepted of 5k less than asking, sadly buyers had to pull out as they were having issues with their sale. Following weekend after putting on at £5k more we got another offer of asking price - we accepted and sold to them kerching.
Sometimes it works and seeing as most people are trying to climb the property ladder every little helps
I am on the other side of this as a buyer. prices are incredibly high where i live compared to historic values (and i mean 2009 and 2010, not 1995!) but quite a few properties are not moving. i put in an offer through the agency you are using and now am sick with worry we massively overbid because we were worried about losing the house. original guide price was totally insane, it dropped to slightly less insane and we offered....
agents didn't often even ask me if i am thinking of offering, believe it or not. i have been to some bloody shocking places, the worst being a property on a stonking price (definitely not a fixer upper price) which was so damp it was just about one giant mushroom and the internal spec was just disgusting. when i asked the agent what the seller was thinking putting it on at that price, he told me i was the first to see it and he wanted to test the seller's resolve to sell so to put in whatever i thought it was worth. i would have offered 60 per cent of the list price.
Gawd I feel your pain, I am sure they send round people they know to act as potential buyers. This happened to us and despite admitting that they knew the people who had viewed they couldn't get hold of them for any feedback or whether or not they were going to offer, it was like they had simply vanished into thin air! Hope you get it sold soon.
So what other games do Estate Agents play? Just want to be warned...
You're right Goose, I'm too apologetic sometimes. The truth is we need as much as we can possibly get (who doesn't!!) as equivalent houses in area we have our eye on (good state secondary school) are horrendously overpriced because of said school. So yes, who can blame us for trying!? I'd just like more transparency and honesty from estate agents. They tend to assume people are far less intelligent than them and can't see through their crap.
I shouldn't worry about being criticised for "greed". Perhaps some people live in a sort of flower-strewn paradise where people don't want to sell their home for as much as possible honestly. If people go for a more reasonable quote, it's probably because they don't have the time to wait, and they want as much as they can get for it in x amount of time. Which is really, the same thing.
No, not Foxtons. Lauristons.
We went for high value out of... well yes, greed I guess. Just thinking, well, we're not in a huge rush so let's see if this estate agent can walk the walk. But he can't, so that's why I'm adamant not to continue with them once we drop the price.
Tis a cliche because it happens. Otherwise no one would ever have said it, never mind said it repeatedly.
Estate agents can be genuinely shitty.
God, why are people so passive about this sort of stuff?
If an EA wants to take you to a house that you know you aren't going to like just say "no thanks, I am not interested in wasting anyone's time". They won't take it personally.
It is so easy (and rather a cliche) to blame the EA for the genuinely shitty way both vendors and buyers sometimes behave in the house-buying process.
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