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Original poster

How do estate agents keep chains together

42 replies

Hungry675tf · 23/08/2021 10:52

Think our chain is about to collapse due to gazundering FTBs at the bottom of the chain at the point of exchange. Our chain was really short (3 properties) and up until now everyone has progressed swiftly and in good faith.

It is so exceptionally stressful. How on earth do estate agents cope with it and keep all the chains ticking along? What is the longest chain anyone has managed to get over the line?

I need some light distraction whilst I look at all my packed boxes of sorrow.

OP posts:
Wombat64 · 23/08/2021 11:01

I've got a fab estate agent. She's basically contacting the solicitors on a regular basis & updating both me & the buyer.

I'm so chuffed with the service that I'll insist on paying the agent, even if the sale falls through.

It becomes problematic if you have a chain & there is no communication up & down the chain.

ComtesseDeSpair · 23/08/2021 11:05

Good estate agents are worth their weight in gold - and there are a few out there. Generally the older ones who’ve been in the business a couple of decades or more and have seen the peaks and troughs of the market and dealt with all kinds of situations. Certainly until very recently in London at least, property more or less sold itself, many younger less experienced agents got accustomed to sitting in their laurels and doing little more than unlocking front doors for their commission - they tend to be absolutely terrible when it comes to managing a chain and diffusing difficult situations.

FreeBritnee · 23/08/2021 11:08

Its such a seller's market at the moment im amazed the FTBs are taking the chance. Im sure if theyr put the house back on the market they could sell again in days!

ginghamstarfish · 23/08/2021 11:09

I have never given it any thought, other than it is surely justified by the enormous fees they charge.

thisplaceisapigsty · 23/08/2021 11:20

Estate agents vary enormously in how well they do this and even how much they see it as their responsibility. Our last EA had been doing the 'chasing' job for years and knew most of the local solicitors and other EAs and knew how to get them to talk to her. But we also did quite a bit of the work by keeping on top of things ourselves as much as possible and making sure everyone was informed at all times. Some people seem to see it as a time to play your cards close to your chest and it really doesn't help. Our chain was Our chain was thankfully fairly short - ftb, our buyers, us, our sellers (going into rented) - but it still took a lot of work to all get to the same point at the same time.

Original poster
Hungry675tf · 23/08/2021 11:42

There are two estate agents in the chain, both very experienced and have seen it all before so I am hopeful they can pull it over the line!

OP posts:
WombatChocolate · 23/08/2021 12:27

EAs are the intermediaries that connect all parties and if they can communicate clearly and efficiently and help suggest solutions to sticking points, they can keep chains together which might collapse.

Only they talk direct to both buyer and seller and to both solicitors.

Good ones keep up with what’s going on and speak to buyers and sellers regularly at the right point of process. They chase up unresolved issues and keep things moving. The longer a sale takes, the more scope to break down, so they keep it shifting and follow up with solicitors but also buyers and sellers who are slow to complete paperwork/respond to queries.

They also deal with renegotiations on price. The tone and way they represent what buyer/seller wants to the other party can foster positive or negative feelings about the transaction and help tricky situations be resolved or turn into conflict. They need to gauge people accurately and be both efficient but also human and empathetic.

Some EAs become very rich. It can be a very skilled people job that also requires monetary nouce.

chocolateorangeinhaler · 23/08/2021 12:29

Badly quite often.

ballsdeep · 23/08/2021 12:30

Ours was by the skin of our teeth. At the point of exchange we found out that two above us in the chain (the "end') who said they had a vacant property to move into, actually didn't and they were trying to run a simultaneous and separate chain without telling our chain . Absolute nightmare. I feel for you op. I've never been so stressed. My estate agents were phenomenonal and were worth every single penny we paid them.

BadgertheBodger · 23/08/2021 12:36

I’ve had a chain of 12 spread all up and down the country, I had a VERY large wine when that completed as we had 2 absolutely useless online agents lower down who did nothing at all to help anyone and wouldn’t answer the phone. Sales progression is such an important job in estate agency, and so many agents get it so wrong.

TreeSmuggler · 23/08/2021 12:37

I don't live in the UK and I've wondered this every since I read about your chain system. Where I am you have 5 days to exchange and pay deposit, and even in that 5 days sales often fall through. Most people go for an auction now so exchange is instant. I'm not sure how anyone could ever successfully buy in England, although they obviously do!

Original poster
Hungry675tf · 23/08/2021 12:58

@WombatChocolate completely agree that it is highly skilled. I have previously asked our agent to tell our buyers to "go f themselves" and presume they only stuck around because she tempered my outburst (for which I later apologised) into something more palatable.

@ballsdeep a simultaneous chain sounds like a nightmare!

@BadgertheBodger a chain of 12!!! 😱 you've highlighted exactly why we refused to sell, or knowingly enter any chain where an online agent was involved!!

OP posts:
BadgertheBodger · 23/08/2021 13:24

I’m an EA…you’d be surprised how many people tell buyers/sellers to go fuck themselves Grin my general approach is to give it a couple of hours before making any calls and see if emotions come down to a more manageable level. I’m also a big fan of “yes I’m not sure that’s going to quite work, have you thought about x instead?” Most things can be resolved if people want them to be. Even inflexible cantankerous cross people still want to move as general rule. The nightmare is when people feel like they’ve been backed into a corner and are making all the compromises. That tends to be when the heels get dug in

seasidehouse · 23/08/2021 13:45

I really hope your estate agent gets to grips with the weak link in your chain pulls it together for you all , FTB can be a nightmare hopefully they are only trying it on and will get back on board ,
I think a decent estate agent is well worth his fees , so many cheeky buyers/ sellers ( or not buyers/sellers ) that try it on
It's saddening that estate agents are so poorly labeled and considered greedy by the general public as they generally do a great job and help pull things together and get you moved on into a new property with as much help and advice as they can give

Chicchicchicchiclana · 23/08/2021 14:47

Some agencies employ a dedicated "sales chaser" who looks after everything after a sale is agreed, leaving the viewings/photographs/marketing to the usually younger less experienced staff. It's a good sign that the agency is a professional one and not just hoping to cobble lots of flimsy sales together.

What has happened in your chain OP? I hope it works out for you! Are the FTBs trying to lower the price? If so that's a bit silly just now.

wombatspoopcubes · 23/08/2021 14:56

Slightly off topic but it sounds like the chain thing in the UK should just go. It clearly doesn't work. In my country once you decided to buy the house, you sign the first lot of papers and have 3 days to pull out. A lot of people do put a clause in that they can pull out if they can't get a mortgage within 4-6 weeks but after that, that's it. You're either buying the house at the signed for date for the agreed price OR you're paying 10% of the house price as a penalty for dicking around. Not a lot of houses fall through here....

BikeRunSki · 23/08/2021 15:01

IME it’s the solicitors that keep the chains together.

Thurlow · 23/08/2021 15:09

@wombatspoopcubes

Slightly off topic but it sounds like the chain thing in the UK should just go. It clearly doesn't work. In my country once you decided to buy the house, you sign the first lot of papers and have 3 days to pull out. A lot of people do put a clause in that they can pull out if they can't get a mortgage within 4-6 weeks but after that, that's it. You're either buying the house at the signed for date for the agreed price OR you're paying 10% of the house price as a penalty for dicking around. Not a lot of houses fall through here....
God I’d sell a limb for this. We’ve just lost our second property, both weeks and money down the line and there’s absolutely nothing we can do about it. I was talking to some friends from the States about it and they were so shocked this can and does happen regularly!
Original poster
Hungry675tf · 23/08/2021 15:13

@BikeRunSki how so? Our solicitor has been great, but the EA and their sales progression team seem to be doing most of the running around.

Not sure what is happening with ours right now. We were about to set a date for exchange then suddenly the bottom of the chain wanted a second price reduction that can't be accommodated. Think I will get some wine.

OP posts:
Original poster
Hungry675tf · 23/08/2021 15:15

@Thurlow agree. Its awful. Are you saying it is your second chain collapse? What happened? I feel constantly sick at the moment.

OP posts:
Iamanangel · 23/08/2021 15:16

@BikeRunSki

IME it’s the solicitors that keep the chains together.
Buying and selling would be straight forward if estate agents are removed from the equation. The solicitors play a far more important role.
readytosell · 23/08/2021 15:56

@BikeRunSki

IME it’s the solicitors that keep the chains together.
The problem is mostly the solicitor will email the other solicitor who will take any number of days to respond, they don't get involved other than asking factual questions.

Whereas if there's a sticking issue a good agent will ring up buyer, seller, seller's agent, solicitor or whoever they need there and then to find out what's going on.

WombatChocolate · 23/08/2021 16:03

EAs are vital intermediaries between buyers and sellers. Solicitors do not put the buying and selling party in touch with each other. Nor do solicitors deal directly with both the buyer and seller. Both EAs and solicitors are needed here.

It’s often solicitors that people complain about…
For slowness.
But they get paid even if the sale falls through. The EA gets their commission on completion.

But I agree there are lots of crap or dodgy EAs. There are also really good ones who do save many sales….but it’s in their interest to do so, so they get paid.

KleineDracheKokosnuss · 23/08/2021 16:07

I’ve got a short chain but my buyers are using a cheap as chips conveyancing call centre who are awful. Beyond awful.

I’ve just sent a message to the estate agent to tell the buyers that their conveyancer needs to stop asking idiotic questions that they’ve already had the answers to, and exchange already. The whole chain is ready, but their conveyancers are incapable of anything other than ‘computer says no’.

thisplaceisapigsty · 23/08/2021 16:08

Just came back to say you totally have my sympathy, OP - it's horribly stressful. The stress is the lack of control I think and the circle of excitement, then worry and doubt, build up of tension about the next stage, excitement when it goes right, followed by the whole thing all over again. It's a perfect recipe for totally messing with your head.