Estate agents (BBC 2 last night)

[Billy the Fish]

I know first-hand...

Two weeks ago a house appeared on my daily RightMove email one evening - it looked perfect for what we want, so I phoned at 8:30 the next morning to arrange a same day viewing. I had heard nothing by 11 so called back. It had sold to the first and only viewer the previous evening (the time I received the email).

I refreshed my RightMove search this Tuesday afternoon and the same house appeared as being newly listed. I called them up and the sale had fallen through so it was back on the market. They'd made no effort to call, and I'd made it very clear it was something we were interested in.

I won't name the agent in question as we're still looking, but my experience with this particular agent,from a buyer's perspective, is that I would never use them when I next come to sell.

Rightmove isn't updated in real time so you can't trust it. This is exactly why you need to get the agents working for you as a buyer, if you keep a good relationship with a decent agent eg - they know you're serious, have mortgage agreed etc, you'll be the one looking round houses before they go on the market.

 

[chimneys]

Once the buyer has shown commitment to the purchase, eg paid for a survey, then I would be happy for the house to not be removed but marked Sold Subject To Contract.

1 in 4 sales fall through so I would want my property marketed for as long as possible, even if the agent just notes interest in case of a fall through.

Good luck with that unless you have an underpriced property and/or a really hot market when you sell.

Do you honestly think buyers are going to pay several hundred pounds or more if a full structural survey, if the property is still being openly marketed by the vendor? And even after the survey you seem to be suggesting it stays on the market up to the day of exchange?!

Its one of the jobs of the estate agent to keep pushing the sale through by ensuring the purchaser is getting on with survey/mortgage offer/legals. If not done in a reasonable time, or excuses keep being made by purchaser, then of course property goes back on the market but highly unrealistic to expect purchasers to be happy to fork out without taking property off market.

 

[Bozza]

Rightmove isn't updated in real time so you can't trust it. This is exactly why you need to get the agents working for you as a buyer, if you keep a good relationship with a decent agent eg - they know you're serious, have mortgage agreed etc, you'll be the one looking round houses before they go on the market.

Because of missing out on the house first time round we did then register personally with all agents, stressing our good position - renting so no chain, big deposit etc.

Which is why, and where you seem to be missing my point, is how frustrating it was that when the very same house came back on the market the agent made no effort to contact us. It was me refreshing RightMove every hour (as I do as well) that I knew it was on the market again.

 

[The Wookiee]

Good luck with that unless you have an underpriced property and/or a really hot market when you sell.

Do you honestly think buyers are going to pay several hundred pounds or more if a full structural survey, if the property is still being openly marketed by the vendor? And even after the survey you seem to be suggesting it stays on the market up to the day of exchange?!

Its one of the jobs of the estate agent to keep pushing the sale through by ensuring the purchaser is getting on with survey/mortgage offer/legals. If not done in a reasonable time, or excuses keep being made by purchaser, then of course property goes back on the market but highly unrealistic to expect purchasers to be happy to fork out without taking property off market.

No, I said it is marketed sold STC up to exchange.
I believe this is common practice by all estate agents

 

[trueblue]

Letting agents are the scummiest of property agents. They provide very little value to the whole process. Marketing of a rental property can now by done - so that an ad is put on Rightmove - via a number of online agencies for a flat £40-50 fee. All of the other stuff, such as getting refs., drawing up an AST, and making an inventory etc. is fairly straightforward. However, an agent will have you believe that it's some sort of dark art and will charge a minimum of £500 (+VAT), and many will charge your tenants an 'admin' fee as well as up to £100 to do the reference checks, whereas these checks actually only cost £30. They will even try and charge the tenant an admin charge for an AST to roll over onto a periodic tenancy after the initial 6 month term, even though this is something that happens automatically by statutory law and requires zero admin from anybody.

Most of the info you need is out there on the net, including legal templates for AST agreements, but if anyone wants any advice on letting their property, please feel free to PM me; I'd be happy to help take away the business of your local agent.

I can just about make a case for estate agents having a useful role in house. Lettings agents, however, are a disgrace. No qualifications required and over-charging the people who, in many cases, can least afford it. Most of the charges are wholly unnecessary but the Government - surprise, surprise - does not give a toss, even though the way we're going with property prices, the majority of people will end up as tenants one day.

 

[chimneys]

No, I said it is marketed sold STC up to exchange.
I believe this is common practice by all estate agents

With the caveat that I'm taking what you mean as - whilst its marked SSTC you think it can still be marketed:

Absolutely not! SSTC means its off the market and mustn't be marketed to others. That would give EAs a bad name if they did that!

 

[The Wookiee]

With the caveat that I'm taking what you mean as - whilst its marked SSTC you think it can still be marketed:

Absolutely not! SSTC means its off the market and mustn't be marketed to others. That would give EAs a bad name if they did that!

Really ??

I must be seeing things in every estate agents window, their websites, rightmove, zoopla, prime location, local press and even boards outside the property itself, where the property is marked Sold STC

 

[Bozza]

Really ??

I must be seeing things in every estate agents window, their websites, rightmove, zoopla, prime location, local press and even boards outside the property itself, where the property is marked Sold STC

I believe when doing this they are more marketing their ability to sell (to potential sellers) than continuing to market to potential purchasers of those properties.

I certainly know from my experiences that I've not found an estate agent who would show me around a property that was SSTC and proceeding.

 

[chimneys]

I believe when doing this they are more marketing their ability to sell (to potential sellers) than continuing to market to potential purchasers of those properties.

I certainly know from my experiences that I've not found an estate agent who would show me around a property that was SSTC and proceeding.

Correct, that is exactly what they are (or at least should be!) doing!

That said, and being the paranoid chap I am, as purchaser I would also insist it were taken off their website completely, not put in press as SSTC and taken out of their window just in case the dream purchaser came up with another X thousand pounds more than the price we had agreed in good faith. The board I would be more relaxed about!

 

[Uncle Spielberg]

I can just about make a case for estate agents having a useful role in house. Lettings agents, however, are a disgrace. No qualifications required and over-charging the people who, in many cases, can least afford it. Most of the charges are wholly unnecessary but the Government - surprise, surprise - does not give a toss, even though the way we're going with property prices, the majority of people will end up as tenants one day.

You don't need any qualifications to be an estate agent. Kemy Agustien and Will Hoskins could set one up tomorrow, Agustien and Hoskins.

 

[The Wookiee]

I believe when doing this they are more marketing their ability to sell (to potential sellers) than continuing to market to potential purchasers of those properties.

I certainly know from my experiences that I've not found an estate agent who would show me around a property that was SSTC and proceeding.

My guess is that this is what happened in the programme last night, somebody saw the property advertised, albeit SSTC and the agent agreed to show them around as they were in a more proceed able position than the first buyer.

 

[The Large One]

I believe when doing this they are more marketing their ability to sell (to potential sellers) than continuing to market to potential purchasers of those properties.

Yup.

When I worked at the Arsegas, and had the tedious job of doing the estate agents' ads, some were supplied with every single property having the 'SOLD' flash across the corner.

That, or 'MORE PROPERTIES LIKE THIS' on a picture of a bungalow.

 

[chimneys]

My guess is that this is what happened in the programme last night, somebody saw the property advertised, albeit SSTC and the agent agreed to show them around as they were in a more proceed able position than the first buyer.

Then that is disgraceful and he should be reported to the Property Ombudsman (if like most EAs he is signed up to this)/NAEA (presuming a member-again most are) etc. That is assuming the purchaser had their end of the chain tied up. If not, then I think its reasonable to accept the offer but still market it until such time as the chain is tied up, or a purchaser who is ready to proceed is found. And as long as all that is clearly explained to the purchaser, so they proceed with surveys etc knowing the risk.

 

[The Wookiee]

Then that is disgraceful and he should be reported to the Property Ombudsman (if like most EAs he is signed up to this)/NAEA (presuming a member-again most are) etc. That is assuming the purchaser had their end of the chain tied up. If not, then I think its reasonable to accept the offer but still market it until such time as the chain is tied up, or a purchaser who is ready to proceed is found. And as long as all that is clearly explained to the purchaser, so they proceed with surveys etc knowing the risk.

This is the point, the buyer hadn't sold theirs !!

 

[chimneys]

This is the point, the buyer hadn't sold theirs !!

OK, that crucial information which I previously missed makes all the difference!

Its a must to keep property on market if buyer not in a position to proceed. If a decent price/slow market then not unheard of for purchaser to be given time to sell by vendor temporarily taking off market for agreed period, but not going to happen in this hot market we are now in.

The purchaser trick I've used in the past, though, is if in same region to put my property on market with vendor's agent. That way agent going to do damndest to get 2 commissions and will go easy on marketing of vendor's property whilst trying to sell purchaser's!

 

[surrey jim]

Last nights episode showed them in a better light IMO. The chap running the Dagenham office clearly knew his market, the area and was able to sell the house within a week. Also found the Irish lady from Chelsea office came accross well (and successful, she sold £150M of property in 6 months ) Still find the Mayfair estate agent a w***er. Made £200K on one sale alone, and its not as if you need much skill to sell the type of property he markets.

 

[Badger]

Last nights episode showed them in a better light IMO. The chap running the Dagenham office clearly knew his market, the area and was able to sell the house within a week. Also found the Irish lady from Chelsea office came accross well (and successful, she sold £150M of property in 6 months ) Still find the Mayfair estate agent a w***er. Made £200K on one sale alone, and its not as if you need much skill to sell the type of property he markets.

Also, more importantly, the lady in the Chelsea office and the one Aberdeen were both FIT.

 

[surrey jim]

Also, more importantly, the lady in the Chelsea office and the one Aberdeen were both FIT.

Yes!
http://www.bbc.co.uk/programmes/p01x3hpg

 

[Westdene Seagull]

Also, more importantly, the lady in the Chelsea office and the one Aberdeen were both FIT.

I'd happily move into the Scottish mansion for £1.4m with the lady from Aberdeen !

 

[sully]

This is the point, the buyer hadn't sold theirs !!

In which case the agent should have advised that the offer couldn't be accepted.