Ask an estate agent anything

Ask an estate agent anything

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Discussion

brickwall

5,253 posts

211 months

Friday 2nd April 2021
quotequote all
Thanks for the responses. This is particularly of interest for me as a fellow SW-London dweller. I’m not looking to move right now, but expect I will be in the next c.18months. I’d likely be selling at the bottom end of your range and buying towards the upper end.

What in your eyes endears a seller to you (as a customer), vs what will really put you off?
Similarly buyers -what really pisses you off?

Terminator X

15,164 posts

205 months

Friday 2nd April 2021
quotequote all
Monkeylegend said:
You are a brave man or woman OP hehe
Very aggressive start!

TX.

Countdown

40,020 posts

197 months

Friday 2nd April 2021
quotequote all
Why, on god's green earth, do Estate Agents use those stupid fisheye cameras to try and make rooms look longer than they are?

It only works on the unsuspecting. After a few wasted visits buyers realise that it's just an annoying trick designed to try and con them. Why not show realistic pictures in the first place?

p4cks

6,931 posts

200 months

Friday 2nd April 2021
quotequote all
Radical thinking I know but please humour me. Do you think there'll ever be someone (just once) in your industry who isn't just a GCSE failing, chancing little weasel ?

Grandad Gaz

5,095 posts

247 months

Friday 2nd April 2021
quotequote all
p4cks said:
Radical thinking I know but please humour me. Do you think there'll ever be someone (just once) in your industry who isn't just a GCSE failing, chancing little weasel ?
That’s a little unfair!

A few more posts like that and he will probably bugger off.....and rightly so.

OP, some interesting points you have made regarding Rightmove and online agents like Purplebricks. Thankssmile

cayman-black

12,683 posts

217 months

Friday 2nd April 2021
quotequote all
Countdown said:
Why, on god's green earth, do Estate Agents use those stupid fisheye cameras to try and make rooms look longer than they are?

It only works on the unsuspecting. After a few wasted visits buyers realise that it's just an annoying trick designed to try and con them. Why not show realistic pictures in the first place?
lol, and make out the house stands on its own with no neighbours!

oblio

5,418 posts

228 months

Friday 2nd April 2021
quotequote all
OP - I have no questions (at the mo) but thanks for starting this thread, its very informative thumbup

bristoltype603

256 posts

48 months

Friday 2nd April 2021
quotequote all
A question about buying agents. I heard that in some parts of London estate agents wont take you seriously unless you're represented by a buying agent and that it one of the few ways to get on an agents 'hot buyer' list?

Also what's your view of buyers from out of London with houses to sell?

MitchT

15,925 posts

210 months

Friday 2nd April 2021
quotequote all
1.
Why don't estate agents have a questionnaire of commonly asked questions that they can ask the vendor to complete when they received a new instruction? Then use this build an information sheet for the property to take to viewings. I've lost count of the number of times I've asked an agent how old is the wiring? how old is the boiler? what is the council tax band? etc. and they didn't know. Surely this is basic stuff that they should have established when they were first approached by the vendor so the information is there when they're asked and, if a question that isn't in the questionnaire is asked it can be added so that this information is always collected in future.

2.
Why are estate agents so resolutely unwilling to do viewings on evenings and weekends, you know, when people with gainful employment and, therefore, the means to buy a property are actually in a position to attend a viewing? I usually get the "we can do between 9 and 5" response. No, you can do any time during the 24 hours of any day. The phrase you're looking for is that you won't do viewings except between 9 and 5 because you think the lives of people making the biggest purchase of their life and bagging you tons of commission in the process should revolve around you.

I've never met a bunch of people that are are more bone idle, self centered and deluded that money should force its way into their pockets without them having done much at all to justify it. Estate agents' attitude seems to be one of "people need a roof over their head whether they like it or not so we can treat them like crap as they're going to have to deal with us anyway". If ever an industry needed disrupting its this one!

Oh, and one other thing...

FOR CRYING OUT ****ING LOUD - IF THE PROPERTY COMES WITH A GARAGE, INCLUDE ITS DIMENSIONS ON THE LISTING !!!!!

anonymous-user

55 months

Friday 2nd April 2021
quotequote all
Already some great replies here but grateful for your input too:

https://www.pistonheads.com/gassing/topic.asp?h=0&...

Ascayman

12,765 posts

217 months

Friday 2nd April 2021
quotequote all
If you're a genuine cash (i.e money in the bank) buyer and looking at buying a property with no chain what sort of % discount should you be able to negotiate? Say on a London suburbs property up at £750k?

mike9009

7,041 posts

244 months

Friday 2nd April 2021
quotequote all
My question, but maybe not specifically aimed at estate agents.

Why does the industry seem unable to resolve stuff more quickly at the eleventh hour? It seems to be a frequent occurrence that a situation occurs that suddenly grinds everything to a halt. Only the buyers/ sellers constantly chasing seems to resolve the situation.

I am fairly certain the same issues arise again and again and no one in the industry seems to have a clue. My experience is chancel insurance and a suspected flying freehold leading to delays and stress in my last purchase. Puts me off moving as the industry doesn't seem populated with 'can do' or 'professionals'.

I might be unfair, but at the moment a friend's purchase has been delayed by three months so far because of a boundary issue which seems to have stumped the industry.....

zedstar

1,737 posts

177 months

Friday 2nd April 2021
quotequote all
Here's a question, round my way houses seem to sell without formal marketing or go on Rightmove as 'sold'.I've had the relevant estate agents round who've assured me they'll let me know along with everyone else when a quiet sale is going on, but they just don't. Ever. How do I peak their interest?

I asked a developer friend of mine and when the relevant agents were mentioned he blatantly told me to let him deal with it with a brown paper envelope. Goes against my grain to do stuff like that - so what's the other way?

Roaringopenfire

199 posts

102 months

Friday 2nd April 2021
quotequote all
Good thread. Given this is on Pistonheads why do agents almost never include photos of garages?

505diff

507 posts

244 months

Friday 2nd April 2021
quotequote all
Why is every house on the market either ‘stunning’, bespoke’ or contemporary’, or if a new build, ‘A stunning contemporary development of only 3196 bespoke homes, from 995k, show home (with micro furniture) open soon, 99% sold, (on the day they start clearing site ready to lay foundations)?

To your feet go all the way to the toes in those pointy shoes?

Do you realise telephones also make outgoing calls?

Why do people always put in an offer that the vendor is really interested in the 3 hours from when I inquire about a property and I arrive to view it?

Edited by 505diff on Friday 2nd April 18:27

Simbu

1,793 posts

175 months

Friday 2nd April 2021
quotequote all
22s said:
but when I'm working for a seller, if they're paying 1.5-2%, it is my responsibility to make them as much additional money over what they would pay to a PurpleBricks or a 1% agent.
I am surprised to hear you're able to command such high fees. We're in Bristol and the housing market in the more affluent areas is very competitive. "Best and final offer" situations are typical. Even the most highly rated agents here are charging <1% on sales, otherwise they are priced out of the game. We sold 2.5 years ago and achieved 8% over asking (after several similar valuations), and paid <1%.

What do you offer that sets you apart? I imagine London is
also a saturated agent market.

Akz

93 posts

100 months

Friday 2nd April 2021
quotequote all
Roaringopenfire said:
Good thread. Given this is on Pistonheads why do agents almost never include photos of garages?
This. There's a £32k/month rent house up in Virginia Water with apparently an underground garage. I want to see it!

https://www.knightfrank.co.uk/properties/residenti...

Hopefully undecorated. Rest of the house is... interesting.

Candellara

1,877 posts

183 months

Friday 2nd April 2021
quotequote all
How many Estate Agents are on back handers - handing the very best property deals / bargains / opportunities to builders / developers / friends / staff before they ever come to the open market?

Alot from my experience and i probably wrongly put Estate Agents in the same camp as anyone involved with pensions / finance / banks / insurance / motor industry etc

Don't trust any of them.

Edited by Candellara on Friday 2nd April 19:33


Edited by Candellara on Friday 2nd April 19:33


Edited by Candellara on Friday 2nd April 19:35

22s

Original Poster:

6,339 posts

217 months

Friday 2nd April 2021
quotequote all


s1962a said:
What are your thoughts on an official sellers information pack, similar to HIP reports from long ago? I know searches etc are pretty much out of date by the time the report is produced, but information like building control/planning approvals, basic home condition report, and information on the lease etc would be quite useful for prospective buyers. I know work might be duplicated (searches, surveys etc) but some basic information would save time in my opinion.

I saw an advert for an auction property, and they seem to to provide some basic information upfront in the ad, which I thought was good.
I think that the premise is a good idea and me and my team try to provide as much information upfront as possible to enable a buyer to make an informed decision. The HIP was before my time, but I understand the main reason it became a contentious issue was the upfront cost that sellers had to bear. If there's an affordable way to do it without information going out of date quickly, I'm generally for it. My main reluctance would be if it provided information upfront without context which would unnnecessarily encourage a buyer to not engage in a conversation - e.g. it may say the property has a short lease, but it may not say that my seller may be willing to pay for the lease extension.


brickwall said:
Thanks for the responses. This is particularly of interest for me as a fellow SW-London dweller. I’m not looking to move right now, but expect I will be in the next c.18months. I’d likely be selling at the bottom end of your range and buying towards the upper end.

What in your eyes endears a seller to you (as a customer), vs what will really put you off?
Similarly buyers -what really pisses you off?
Good customers are the ones who "get it". They understand that in order to sell their home for the best price, life is probably going to be a bit disrupted for a couple of months. That means keeping the house clean and tidy all the time (even if you have kids). It means leaving the house 15 mins before a viewing starts so we can arrive early and get set up. It means you might need to touch up some paint and make some changes. It means might need to do a deep clean before we start marketing. It's great working with customers who are open to all of the above, and also open to having a transparent and honest conversation. I am very much of the "tell you what you need to hear, not what you want to hear" school of advice.

If you don't want to, or can't, keep the house clean and tidy (for example), I really don't mind and I will work just as hard to get a great result. But then together we need to enter the process with the expectation we're unlikely to achieve the absolute best possible price. In spite of what many think, putting the house with a few pics on Rightmove is not a marketing strategy and won't get you the best result.

Offputting customers are the ones who are not engaged with the process - they don't care about their property, they don't care about the process, and they make no effort to present the property in its best light. I understand life happens, but filthy, untidy properties are naturally harder to sell. The customer is then frustrated because I am conducting viewings and unable to sell it, and I'm frustrated because they have employed me for my professional advice, which they then ignore. They're also usually the ones who are obsessed with the fee. I completely understand that people want the best deal (I do too), and if fee is the most important thing to them then there are plenty of agents who compete on that level, but inevitably whenever I have cut my fees they become the hardest to deal with - so I just don't cut my fee anymore.

It's also generally a very bad strategy to try for a higher price. Almost exclusively, if you ignore a good agent's advice and list at 10% above the realistic value, you are going to get fewer enquiries, fewer viewings, and a worse result. The way you can tell if a price an agent is giving you is realistic is to ask for evidence to support that valuation.


On the buyer side, there are four things which are quite offputting:

1) Being difficult during our initial conversation. I know that talking to endless estate agents is not the most fun task, but we ask you those questions for a reason - and it's not just to spam you with a load of irrelevant properties via email. Firstly, I want to understand what you're looking for to see if the property you have enquired about is really a good fit or not. Secondly, I'm trying to get a feel for you as a buyer - I have been employed by my client to sell their property, and if I'm presenting an offer to them it is my responsibility to advise them on your suitability. Thirdly, I may have something else available or coming up that, based on our conversation, could be a really good fit. Fourth, it's just nice to be nice and build a relationship so we can have productive and open interactions during the process.

2) Not providing financial information when asked for it. I also understand this is private information and some people do not want to share it. However, if I were selling your house, you would very likely want me to know that the financial status of the stranger I'm showing around your home would enable them to buy the property. If buyers feel really uncomfortable doing this, I advise that they ask their solicitor to contact me in writing to confirm their affordability.

3) Turning up late or not showing up at all. This is basic courtesy and is not only rude, but highly disruptive to schedules for not only ourselves, but our clients and other buyer. If I or my team are working Saturdays, evenings, asking our clients to vacate their properties at such times to accommodate a viewing, and have other buyers lined up for viewings at the same or another property, it is very unfair to not show up within a reasonable time (say, 5 mins) or at all. Delays happen and things come up - but PLEASE just let us know in advance so we can plan!

4) Not replying. If we have taken the time to provide you information on a property and show you round, even if you don't like the property please take 30 seconds on the phone or via email to provide some helpful feedback. I need to understand what buyers do and do not like so I can feed back to my client!

Any of the above, even if it's not intentional, will not endear you to an agent if you're looking to purchase. Remember: it's nice to be nice!


PS - Feel free PM me when you might consider selling - happy to help with general advice - even if I don't cover your exact area I'm sure I can give some pointers!

Countdown said:
Why, on god's green earth, do Estate Agents use those stupid fisheye cameras to try and make rooms look longer than they are?

It only works on the unsuspecting. After a few wasted visits buyers realise that it's just an annoying trick designed to try and con them. Why not show realistic pictures in the first place?
Agreed... It's a balance. Photos taken with a narrow lens make a room look smaller than it is. Photos taken with a fish eye make it look bigger and distorted. That's why we try to do 3D tours and videos to complement photos now!
p4cks said:
Radical thinking I know but please humour me. Do you think there'll ever be someone (just once) in your industry who isn't just a GCSE failing, chancing little weasel ?
That would be... me! 6 A*s and 6 As at GCSE, International Baccalaureate, first class honours degree from a top 10 uni, 4.0 GPA on my exchange to a top US university, distinction in my MSc at a top 5 uni where I won the only departmental scholarship which had 400 applicants... Since you asked. smile

Grandad Gaz said:
p4cks said:
Radical thinking I know but please humour me. Do you think there'll ever be someone (just once) in your industry who isn't just a GCSE failing, chancing little weasel ?
That’s a little unfair!

A few more posts like that and he will probably bugger off.....and rightly so.

OP, some interesting points you have made regarding Rightmove and online agents like Purplebricks. Thankssmile
Thank you. I have a thick skin, don't worry!
oblio said:
OP - I have no questions (at the mo) but thanks for starting this thread, its very informative thumbup
Thanks... Feel free to chip in if any come up!
bristoltype603 said:
A question about buying agents. I heard that in some parts of London estate agents wont take you seriously unless you're represented by a buying agent and that it one of the few ways to get on an agents 'hot buyer' list?

Also what's your view of buyers from out of London with houses to sell?
I've never heard that before re: buying agents. Where did you hear that? Buying agents are still rarity, especially in core/mid-market. They're also a headache to deal with and almost always want to be paid on both sides of the deal (i.e. they want a slice of the selling agents' fee) so it's often a disadvantage to have on in reality.

Re: out of London with house to sell, depends if under offer or not. If you come to offer on one of my properties, I will ask to speak with your agent first to get an understanding of the situation with your buyers and any downward chain, and then take it from there...

MitchT said:
1.
Why don't estate agents have a questionnaire of commonly asked questions that they can ask the vendor to complete when they received a new instruction? Then use this build an information sheet for the property to take to viewings. I've lost count of the number of times I've asked an agent how old is the wiring? how old is the boiler? what is the council tax band? etc. and they didn't know. Surely this is basic stuff that they should have established when they were first approached by the vendor so the information is there when they're asked and, if a question that isn't in the questionnaire is asked it can be added so that this information is always collected in future.

2.
Why are estate agents so resolutely unwilling to do viewings on evenings and weekends, you know, when people with gainful employment and, therefore, the means to buy a property are actually in a position to attend a viewing? I usually get the "we can do between 9 and 5" response. No, you can do any time during the 24 hours of any day. The phrase you're looking for is that you won't do viewings except between 9 and 5 because you think the lives of people making the biggest purchase of their life and bagging you tons of commission in the process should revolve around you.

I've never met a bunch of people that are are more bone idle, self centered and deluded that money should force its way into their pockets without them having done much at all to justify it. Estate agents' attitude seems to be one of "people need a roof over their head whether they like it or not so we can treat them like crap as they're going to have to deal with us anyway". If ever an industry needed disrupting its this one!

Oh, and one other thing...

FOR CRYING OUT ****ING LOUD - IF THE PROPERTY COMES WITH A GARAGE, INCLUDE ITS DIMENSIONS ON THE LISTING !!!!!
1) My team do. We call it out property information form, the answers of which we then put into our "Quick Facts" sheets. See excerpt here:



2) My team do. Evenings, weekends, bank holidays... However we will only do awkward times if you work with us. I'm not going to ask my clients to vacate the property at 6.30pm on a Wednesday when they usually serve up the kids' dinner if someone is unwilling to provide any information pertaining to their financial situation, proceedability, or anything that's relevant. I take your bone idle point and as I've said a lot of bad habits persist in this industry, so I do understand your frustration.
Super_G said:
Already some great replies here but grateful for your input too:

https://www.pistonheads.com/gassing/topic.asp?h=0&...
Thanks, will take a look.
Ascayman said:
If you're a genuine cash (i.e money in the bank) buyer and looking at buying a property with no chain what sort of % discount should you be able to negotiate? Say on a London suburbs property up at £750k?
Completely epends on seller situation and local market. Slow market with no competition on buyer side 5-10%. Competitive situation you're unlikely to get a discount, but will just get to buy it over someone else (sold one this AM over asking price to cash buyer). London burbs v competitive for good stock near decent schools right now, esp. at the price level you're talking about, so wouldn't except much off.
mike9009 said:
My question, but maybe not specifically aimed at estate agents.

Why does the industry seem unable to resolve stuff more quickly at the eleventh hour? It seems to be a frequent occurrence that a situation occurs that suddenly grinds everything to a halt. Only the buyers/ sellers constantly chasing seems to resolve the situation.

I am fairly certain the same issues arise again and again and no one in the industry seems to have a clue. My experience is chancel insurance and a suspected flying freehold leading to delays and stress in my last purchase. Puts me off moving as the industry doesn't seem populated with 'can do' or 'professionals'.

I might be unfair, but at the moment a friend's purchase has been delayed by three months so far because of a boundary issue which seems to have stumped the industry.....
Property is highly complex and there aren't many boilerplate transactions (bar high volume new builds). With every profession, you have good, you have average, and you have bad. Lots of delays are driven by bad and average solicitors who generally are reactive rather than proactive... Hence nothing gets done until it absolutely needs to be. There are also excellent solicitors - but they are more £ and most people don't want to pay as they don't see the value (until they've been through a headache situation like this...).
zedstar said:
Here's a question, round my way houses seem to sell without formal marketing or go on Rightmove as 'sold'.I've had the relevant estate agents round who've assured me they'll let me know along with everyone else when a quiet sale is going on, but they just don't. Ever. How do I peak their interest?

I asked a developer friend of mine and when the relevant agents were mentioned he blatantly told me to let him deal with it with a brown paper envelope. Goes against my grain to do stuff like that - so what's the other way?
Sorry to hear you're missing out. Answered a similar Q on the previous page - you need to be proactive and just keep bugging the agent so you're first to know when something comes on. Brown paper envelope really should be a thing in this day and age...
505diff said:
Why is every house on the market either ‘stunning’, bespoke’ or contemporary’, or if a new build, ‘A stunning contemporary development of only 3196 bespoke homes, from 995k, show home (with micro furniture) open soon, 99% sold, (on the day they start clearing site ready to lay foundations)?

To your feet go all the way to the toes in those pointy shoes?

Do you realise telephones also make outgoing calls?

Why do people always put in an offer that the vendor is really interested in the 3 hours from when I inquire about a property and I arrive to view it?

Edited by 505diff on Friday 2nd April 18:27
1. Lack of imagination I guess!
2. I wear trainers.
3. Yes, although I use VOIP not a "telephone".
4. Either you're enquiring too late, or the agent is making it up... But I'm assuming you were already suggesting the latter. wink

Simbu said:
22s said:
but when I'm working for a seller, if they're paying 1.5-2%, it is my responsibility to make them as much additional money over what they would pay to a PurpleBricks or a 1% agent.
I am surprised to hear you're able to command such high fees. We're in Bristol and the housing market in the more affluent areas is very competitive. "Best and final offer" situations are typical. Even the most highly rated agents here are charging <1% on sales, otherwise they are priced out of the game. We sold 2.5 years ago and achieved 8% over asking (after several similar valuations), and paid <1%.

What do you offer that sets you apart? I imagine London is
also a saturated agent market.
Wow. That's crazy. I would never do sub-1% - it would not be profitable.

I am very, very process driven and have a clear path to market for each property I take on. Whilst there are many agents in London, the market is also massively oversupplied in SW and therefore people see value in a high quality agent who is going to take a bespoke approach to their property and get it sold vs the other flats on the market. I could go into great detail on how I approach sales and marketing, but it's essentially the 4 stages I laid out on page 1 (presentation, exposure, emotional connection, competitive tension), customised for each property. Takes a lot more work than putting on Rightmove and waiting for phone to ring, but gets results.

I've heard Bristol has been hot and if you can just bang it on the portals and sell for 10% over at high volume then maybe 1% can work.

The even crazier thing is that I am mid-range... Some of the more established players charge 2% PLUS VAT and Foxtons are well known in most offices for charging 2.4% plus VAT.

22s

Original Poster:

6,339 posts

217 months

Friday 2nd April 2021
quotequote all
Roaringopenfire said:
Good thread. Given this is on Pistonheads why do agents almost never include photos of garages?
Sorry, missed this first time around. Not sure - in London there are very few garages it's not something I come up against often. I imagine most garages are full of rubbish and don't photograph well.
Candellara said:
How many Estate Agents are on back handers - handing the very best property deals / bargains / opportunities to builders / developers / friends / staff before they ever come to the open market?

Alot from my experience and i probably wrongly put Estate Agents in the same camp as anyone involved with pensions / finance / banks / insurance / motor industry etc

Don't trust any of them.
I really don't know. I've never done one. Have heard rumours, but no-one has ever admitted to me they've done one. I'm sure they do happen. Sharks in every industry, just more than average in property I think!
Akz said:
Roaringopenfire said:
Good thread. Given this is on Pistonheads why do agents almost never include photos of garages?
This. There's a £32k/month rent house up in Virginia Water with apparently an underground garage. I want to see it!

https://www.knightfrank.co.uk/properties/residenti...

Hopefully undecorated. Rest of the house is... interesting.
Hmm. The only thing I can think is maybe buyers just aren't that interested? Or owners of a plush place like that have something in the garage they don't want the public to see...