So does that mean I've managed to change your mind about ALL estate agents?!
Don't get me wrong, the majority are absolute t*#ts which is basically why I started the business 4 years ago. It's a simple business that's littered with people trying to make it look difficult.
I've never been comfortable with the process where you pay them to sell the house, and you end up showing people round your gaff trying to convince them to buy it.
I've never been comfortable with the process where you pay them to sell the house, and you end up showing people round your gaff trying to convince them to buy it.
I think the agent's main value is in market coverage, not their sales ability
- don't feel pressurised into offering 'over the odds' for your dream home - there will be another dream home around the corner
True...but not always for the same price. Properties in my road have risen between 8-13% since February.
I take it the prices went up when you moved out! ;-)
ha! A continual central London overspill is pushing up everywhere. If we hadn't found our house when we did, we'd now be priced out of the one we got. It's worrying stuff. So many areas are ripe for more houses to be built on them, but there is no increase to the surrounding infrastructure to support it. Roads, shops, schools, trains, GP surgeries etc are all continually being stretched.
Be aware when they talk about "Borders"....ie Blackheath borders (Kidbrooke) or Chiselhurst borders (Mottingham).
Add to that any use of the word "village". They love a village. If you have a small parade of shops near your house that includes a reasonably upmarket coffee shop and/or a delicatessen and/or a gastropub and/or some form of arts and crafts shop, then the chances are that you live in a village, even if you didn't know it.
I've never been comfortable with the process where you pay them to sell the house, and you end up showing people round your gaff trying to convince them to buy it.
I think the agent's main value is in market coverage, not their sales ability
Be aware when they talk about "Borders"....ie Blackheath borders (Kidbrooke) or Chiselhurst borders (Mottingham).
Add to that any use of the word "village". They love a village. If you have a small parade of shops near your house that includes a reasonably upmarket coffee shop and/or a delicatessen and/or a gastropub and/or some form of arts and crafts shop, then the chances are that you live in a village, even if you didn't know it.
Another annoying term being used recently is Quarter.
This, a thousand times over. We moved 3 years ago and I literally made myself ill with the stress of it. The house buying system in this country is a fucking joke. Any political party that vowed to reform the system would get my vote.
How about this as an idea.
All properties on the market must be given one of two categories: At the point where they are put up for sale they are "open to offers". As soon as the vendor accepts someones' offer, the category changes to "sale progressing". The category remains at "sale progressing" until it is sold; at which point it is taken off the market, or the sale collapses; at which point it reverts to "open for offers".
There is a central database showing the status of every property for sale within the country. Everyone would be able to see at any point in time: the address of the property; the name of the estate agent(s); the status of the sale; when the status last changed. The database is not a selling tool, it is purely for everyone to be able to see the same status information. It would be centrally administered, but the estate agent would be responsible for the upkeep of their records.
It would be illegal for an estate agent to send someone for a viewing or for the vendor to accept another offer once the sale is progressing.
When the sale is agreed, both the vendor and the buyer pay a deposit into a central fund (perhaps 1% of the saleable value), should either party pull out of the sale without good reason the whole deposit, plus any interest, will be paid to the other party.
A new govt department to be set up to scrutinise the records of properties and to castrate any estate agents who'se properties flip-flop the categories too much.
I have owned my own Estate Agency for 20 years and believe me it is most certainly not money for old rope. I work long hours and have to deal with untold stress on a daily basis. 99% of all problems are caused by poor buyer or sellers, i.e. people changing their mind, can't raise the finance, decide not to move etc. etc. We pay all costs of marketing, advertising, conduct all viewings personally and often after many months earn not a penny because a client has a change of heart or circumstances. We work on a No Sale No Fee basis, unlike the surveyor, solicitor. Not expecting any sympathy but just explaining it from the other side of the tracks. That's not to say there probably are not any poor and unscrupulous agents out there, as there is in most trades.
Be aware when they talk about "Borders"....ie Blackheath borders (Kidbrooke) or Chiselhurst borders (Mottingham).
Add to that any use of the word "village". They love a village. If you have a small parade of shops near your house that includes a reasonably upmarket coffee shop and/or a delicatessen and/or a gastropub and/or some form of arts and crafts shop, then the chances are that you live in a village, even if you didn't know it.
Another annoying term being used recently is Quarter.
You're telling me! I live just round the corner from the newly developed "Cinnamon Quarter". It used to be a Drain Centre. I've never seen any cinnamon there at all. Maybe it's in one of the other three quarters that I've not found yet.
I have owned my own Estate Agency for 20 years and believe me it is most certainly not money for old rope. I work long hours and have to deal with untold stress on a daily basis. 99% of all problems are caused by poor buyer or sellers, i.e. people changing their mind, can't raise the finance, decide not to move etc. etc. We pay all costs of marketing, advertising, conduct all viewings personally and often after many months earn not a penny because a client has a change of heart or circumstances. We work on a No Sale No Fee basis, unlike the surveyor, solicitor. Not expecting any sympathy but just explaining it from the other side of the tracks. That's not to say there probably are not any poor and unscrupulous agents out there, as there is in most trades.
That may well be the case. But why, as a trade, does it attract such an inordinately high percentage of absolute fucking arseholes?
Be aware when they talk about "Borders"....ie Blackheath borders (Kidbrooke) or Chiselhurst borders (Mottingham).
Add to that any use of the word "village". They love a village. If you have a small parade of shops near your house that includes a reasonably upmarket coffee shop and/or a delicatessen and/or a gastropub and/or some form of arts and crafts shop, then the chances are that you live in a village, even if you didn't know it.
I have owned my own Estate Agency for 20 years and believe me it is most certainly not money for old rope. I work long hours and have to deal with untold stress on a daily basis. 99% of all problems are caused by poor buyer or sellers, i.e. people changing their mind, can't raise the finance, decide not to move etc. etc. We pay all costs of marketing, advertising, conduct all viewings personally and often after many months earn not a penny because a client has a change of heart or circumstances. We work on a No Sale No Fee basis, unlike the surveyor, solicitor. Not expecting any sympathy but just explaining it from the other side of the tracks. That's not to say there probably are not any poor and unscrupulous agents out there, as there is in most trades.
What skills/qualifications/desires took you into this dark world?
What transferable skills do you need to become one?
Why do you all lie so much?
Honestly not trying to get a bite, I don't know you and are firmly planted in the 'despise' camp for opinions of members of this cartel.
my only gripe at estate agents is that generally they charge the same flat fee (usually 1%-1.5%) for the same service, no matter if they are selling a £100k flat or a £1m mansion - and for that they just photocopy a dozen copies of your property particulars and hand them to all & sundry that come in to their office. They don't actually "sell" your property, by that I mean that when someone comes in asking for details of properties on your price range they don't go through each property, pointing out the most salient points of each one ( ie, this one is near the station, this one has a double garage, this one has just been re-decorated etc etc), but just had you a bunch of leaflets.
Love reading the Standards " diary of an estate agent", in their property section. Always so optimistic about their week.
Thing is, they've got every right to be optimistic about it if you read the property pages in the Standard. I think I once leafed through it and found the cheapest 3 bed house in there was going for about 2 million quid.
We had one where we put our house up for sale and the Agent called the next day and brought people round and they made an offer $75,000 under the asking price.
She then advised us to "Take this offer, your first offer is usually the best you get."
I then said, "Fair enough, if I accept this, bearing in mind you've done less than 24 hours work, how much will you take off your commission ($45,000)?"
"Why should I take money off my commission?" she asked.
"Why should I take $75,000 off the asking price?" I replied.
F---ing unbelievable!
The next house we sold the agent got us the full asking price within 24 hours and we had no problems at all, he was a great bloke, totally honest and we're still friendly now.
Makes you think, would some of them have a mates list where they persuade a naive/innocent seller to accept £75,000 under, and flip it soon after and pocketing the difference? Is there a law against this?
Makes you think, would some of them have a mates list where they persuade a naive/innocent seller to accept £75,000 under, and flip it soon after and pocketing the difference? Is there a law against this?
This is Oz and one agent did get rumbled doing this in our area, she did it to a 90 year-old woman and the house was sold to the Agents partner. Nice.
My agent was just a lazy cow who wanted to make a quick sale, I made her work for six weeks and then forced her to cut her commission anyway because she tried to turn us over.
Ended up getting about $25,000 below asking price and even then the buyer was brought in by another agent rather than her.
Makes you think, would some of them have a mates list where they persuade a naive/innocent seller to accept £75,000 under, and flip it soon after and pocketing the difference? Is there a law against this?
Thats it, whenever I've been had an estate agent in attendance when viewing a house and ask them something they either come out with a lie or mutter and stutter and don't know.
If a second hand car salesperson did that you would do well to think 'this joker does not have a clue here' and stroll on. Houses are a bit different to cars but I would still make it my business to know everything I could about the product.
Fingers crossed the nation will wise up to the ease of selling and buying homes online and these vampires will become extinct
I have owned my own Estate Agency for 20 years and believe me it is most certainly not money for old rope. I work long hours and have to deal with untold stress on a daily basis. 99% of all problems are caused by poor buyer or sellers, i.e. people changing their mind, can't raise the finance, decide not to move etc. etc. We pay all costs of marketing, advertising, conduct all viewings personally and often after many months earn not a penny because a client has a change of heart or circumstances. We work on a No Sale No Fee basis, unlike the surveyor, solicitor. Not expecting any sympathy but just explaining it from the other side of the tracks. That's not to say there probably are not any poor and unscrupulous agents out there, as there is in most trades.
What skills/qualifications/desires took you into this dark world?
What transferable skills do you need to become one?
Why do you all lie so much?
Honestly not trying to get a bite, I don't know you and are firmly planted in the 'despise' camp for opinions of members of this cartel.
And who regulates you?
All serious questions
Well to be honest you do not need qualifications to introduce buyers and sellers, advertise on specialist sites and publications etc. Many years ago I took a huge pay cut to train in an estate agents as did not like my mundane office job. I do have ample qualifications but are certainly not essential, its life skills that are most important, honesty, trust, compassion, empathy and patience etc. Same as any other sales job I suppose in that qualifications are not required but a good grounding and knowledge of the industry will help you go further.
I suspect your experience has been with the large corporate agents. They are just a production line of young people with no life experience and go by the typical stereo types that you mention. They tend to take them in with high rewards for quick results and this encourages poor practice. Independents like myself rely heavily on repeat business and local reputation and I must be doing something right as I have been trading nearly 20 years and play an active part in the local community. These poor agents may be able to get away with it in busy towns and cities as they can disappear in to the crowd but here on the Isle of Wight there is no hiding place and you would very soon get found out. My clients are mostly friends, family, local people I know of, people I meet at the school drop offs etc and would consider myself highly respected, as are many other the other local estate agents.
A lot of these problems you mention are brought about by greed of sellers. Typically the client wants the best and highest price quoted and the lowest fee's. Unfortunately after you sign up to these agreements its too late. To run a good office with experienced and honest staff that do not rely heavily on commission is expensive and like I said if we sell nothing, these fees come out of my pocket at the end of each month. So I would suggest that people research the agents first and look for recommendations rather than just going for the highest valuation.
People expect an awful lot from their agent considering they are only paying for the introduction of a buyer and we often act as the middle man in the legal process because a lot of solicitors are very poor at progressing sales and keeping their clients up to speed. So any frustrations are taken up with us because we are the ones in the goldfish bowl that they can just walk in to see at any time. Long hours, 7 day opening and a lunch break is unheard of.
We are regulated by the Property Ombudsman and it is a legal requirement to be a member. But my reputation is the only regulation that I need as well as my own high morals and standards.
I am sure this wont change many opinions and can only speak for myself so will be buying my own beers next time I am up at the Liberal Club pre match :-)
I have owned my own Estate Agency for 20 years and believe me it is most certainly not money for old rope. I work long hours and have to deal with untold stress on a daily basis. 99% of all problems are caused by poor buyer or sellers, i.e. people changing their mind, can't raise the finance, decide not to move etc. etc. We pay all costs of marketing, advertising, conduct all viewings personally and often after many months earn not a penny because a client has a change of heart or circumstances. We work on a No Sale No Fee basis, unlike the surveyor, solicitor. Not expecting any sympathy but just explaining it from the other side of the tracks. That's not to say there probably are not any poor and unscrupulous agents out there, as there is in most trades.
That may well be the case. But why, as a trade, does it attract such an inordinately high percentage of absolute fucking arseholes?
An opportunity to earn quick and high income without any qualifications Leroy. But if clients selling arguably the biggest asset they will ever own, spent half hour researching the agent, its staff and reputation then it would soon get rid of those tossers out of the industry. Greed I am afraid because people believe all the fancy talk and over valuations because its what they want to hear. The majority of business that I do not win is because another agent over values, then eventually sells for the realistic figure that I gave in the first place .... But of course the bad agent receives the fee and so it goes on.
We were encouraged to accept a lower offer and then forced to sell within 28 days, I did the majority of the show arounds and the ones I didn't do, I did the 2nd viewings and they hadn't been shown things even though the estate agents had keys for everything including the garden.
I was accused of being a liar by our estate agent, when doing a show around they asked about subsidence, and I said that there had previously been a problem, but it was resolved on insurance before we'd moved in and we had certificates for it and the estate agent went mental at me for mentioning it. I said that I wasn't going to lie as there wasn't a problem, and also if I wasn't doing the show arounds myself then it would never have been raised. We then had an argument with them as they said they had to tell every single person that was going to see our flat that there was a subsidence issue, which was ridiculous. I had to contact people that had lived in the flats way before we moved in to get certificates to prove that it was fixed and only then they agreed they wouldn't mentioned it unless asked by potential buyers. They said I had jeopardised all future sales.
They were rude to me on the phone, never returned calls or emails, passed my details on to our buyer without my permission so she emailed us daily requesting information from us directly even though we'd provided it to our estate agents directly. Once we completed the sale, I wrote a letter of complaint, that was forwarded to their 'complaint's department' (if a company has one, then they usually have to deal with loads of complaints!!) but i got a crap reply back denying all of my claims putting the onus on me for everything and how they wouldn't reduce their rate.
my only regret ever choosing that estate agent. Cost me a lot of money and stress that shouldn't have. The one we bought through was great though and did everything when asked, proactive, contacted us to give us updates, sent everything through when asked, our solicitor had no problem with them which was brill considering we weren't paying them a bean.
once when showing some people a property they complained, quite rightly IMHO, that the property was 1.5 miles up a farm track. I suggested to the agency that they should tell people this before booking the appointment to which I was informed that the agent isn't allowed to say anything detrimental about a property, unless the customer asks the specific question. so my advice is always ask agents the questions and note their replies.
"its life skills that are most important, honesty, trust, compassion, empathy and patience"
You couldnt have picked a set of words that I would less associate with Estate agents.
They all blag, they all lie, they all want your money for doing as little as possible. I've dealt with 6 different estate agents in buying/selling/renting/property valuations. Big agents (ward and partners) to small agents (O Sullivans). All the same. All Liars.
Comments
Don't get me wrong, the majority are absolute t*#ts which is basically why I started the business 4 years ago. It's a simple business that's littered with people trying to make it look difficult.
I love you Leroy.
I take it the prices went up when you moved out! ;-)
I couldn't disagree with that.
All properties on the market must be given one of two categories: At the point where they are put up for sale they are "open to offers". As soon as the vendor accepts someones' offer, the category changes to "sale progressing". The category remains at "sale progressing" until it is sold; at which point it is taken off the market, or the sale collapses; at which point it reverts to "open for offers".
There is a central database showing the status of every property for sale within the country. Everyone would be able to see at any point in time: the address of the property; the name of the estate agent(s); the status of the sale; when the status last changed. The database is not a selling tool, it is purely for everyone to be able to see the same status information. It would be centrally administered, but the estate agent would be responsible for the upkeep of their records.
It would be illegal for an estate agent to send someone for a viewing or for the vendor to accept another offer once the sale is progressing.
When the sale is agreed, both the vendor and the buyer pay a deposit into a central fund (perhaps 1% of the saleable value), should either party pull out of the sale without good reason the whole deposit, plus any interest, will be paid to the other party.
A new govt department to be set up to scrutinise the records of properties and to castrate any estate agents who'se properties flip-flop the categories too much.
What skills/qualifications/desires took you into this dark world?
What transferable skills do you need to become one?
Why do you all lie so much?
Honestly not trying to get a bite, I don't know you and are firmly planted in the 'despise' camp for opinions of members of this cartel.
And who regulates you?
All serious questions
Always so optimistic about their week.
http://www.moveme.com/
and this lot were brilliant for reminders of who to inform about your move.
http://www.iammoving.com/
found the whole process quite liberating, actually. Enjoy!
We had one where we put our house up for sale and the Agent called the next day and brought people round and they made an offer $75,000 under the asking price.
She then advised us to "Take this offer, your first offer is usually the best you get."
I then said, "Fair enough, if I accept this, bearing in mind you've done less than 24 hours work, how much will you take off your commission ($45,000)?"
"Why should I take money off my commission?" she asked.
"Why should I take $75,000 off the asking price?" I replied.
F---ing unbelievable!
The next house we sold the agent got us the full asking price within 24 hours and we had no problems at all, he was a great bloke, totally honest and we're still friendly now.
My agent was just a lazy cow who wanted to make a quick sale, I made her work for six weeks and then forced her to cut her commission anyway because she tried to turn us over.
Ended up getting about $25,000 below asking price and even then the buyer was brought in by another agent rather than her.
If a second hand car salesperson did that you would do well to think 'this joker does not have a clue here' and stroll on. Houses are a bit different to cars but I would still make it my business to know everything I could about the product.
Fingers crossed the nation will wise up to the ease of selling and buying homes online and these vampires will become extinct
I was accused of being a liar by our estate agent, when doing a show around they asked about subsidence, and I said that there had previously been a problem, but it was resolved on insurance before we'd moved in and we had certificates for it and the estate agent went mental at me for mentioning it. I said that I wasn't going to lie as there wasn't a problem, and also if I wasn't doing the show arounds myself then it would never have been raised. We then had an argument with them as they said they had to tell every single person that was going to see our flat that there was a subsidence issue, which was ridiculous. I had to contact people that had lived in the flats way before we moved in to get certificates to prove that it was fixed and only then they agreed they wouldn't mentioned it unless asked by potential buyers. They said I had jeopardised all future sales.
They were rude to me on the phone, never returned calls or emails, passed my details on to our buyer without my permission so she emailed us daily requesting information from us directly even though we'd provided it to our estate agents directly. Once we completed the sale, I wrote a letter of complaint, that was forwarded to their 'complaint's department' (if a company has one, then they usually have to deal with loads of complaints!!) but i got a crap reply back denying all of my claims putting the onus on me for everything and how they wouldn't reduce their rate.
my only regret ever choosing that estate agent. Cost me a lot of money and stress that shouldn't have. The one we bought through was great though and did everything when asked, proactive, contacted us to give us updates, sent everything through when asked, our solicitor had no problem with them which was brill considering we weren't paying them a bean.
so my advice is always ask agents the questions and note their replies.
You couldnt have picked a set of words that I would less associate with Estate agents.
They all blag, they all lie, they all want your money for doing as little as possible. I've dealt with 6 different estate agents in buying/selling/renting/property valuations. Big agents (ward and partners) to small agents (O Sullivans). All the same. All Liars.