What do estate agents do for their money?
Discussion
I've been quoted a fee of 1% plus VAT but the estate agent already had a buyer in mind and they set up a viewing and put in a offer in that was has been provisionally accepted ( no paper works has been signed )
The house didn't go on line so no photos, floor plan etc. were carried out. Im not trying to get out of paying the fee but is the 1% negotiable? What else do they do for the fee?
thanks
SG
The house didn't go on line so no photos, floor plan etc. were carried out. Im not trying to get out of paying the fee but is the 1% negotiable? What else do they do for the fee?
thanks
SG
Choppers said:
Getting an acceptable offer is the easy bit. Actually managing the sale through to a successful completion is the hard bit & to be fair that's where they earn their money.
I thought a solicitor did that. Every high street is littered with them and they never seem to go out of business until these £500 list online agents came along now people are questioning the value for money of the high street.
I've had 5 high street estate agents round to value my house & there was a 40% difference between the lowest & highest, which leads me to conclude that the majority of them are utter morons.
Decided in the end to go with Purplebricks as I was impressed with their local agent & plan to do the viewings myself anyway.
The Crack Fox said:
What do they do?
They send an ill-informed and overly-groomed chimp in cheap suit round your house who will ask what you think it's worth, who then looks at recent sold prices for similar properties, then adds a couple of % to flatter you into using their company. This takes all of 15 minutes. They then take some bad photographs, add cut n paste phrases to accompany them, then stick them on their website. This takes an hour, or maybe 30 minutes if they can type with two fingers. They'll then give your keys to any random nosey vagrant, ask them "whats the most you can afford", ask you "whats the lowest you'll take" and when you finally sell it to someone else, someone who had been keeping an eye open for houses for sale on your street anyway and just called the number on the board outside, they'll patronise the buyer by acting like they're lucky to be dealing with this agent, and the tell the seller they negotiated like Thatcher on their behalf but all they could get was the lowest price the seller previously indicated. Then they'll go back to their miserable one bed flat and have a w
k, before crying themselves to sleep, the parasites.
Am I right? This is my experience, anyway.
Never had any joy with EA's. Don't get me started on recruitment consultants
You copy and pasted that job description from the Connells website didn't you?They send an ill-informed and overly-groomed chimp in cheap suit round your house who will ask what you think it's worth, who then looks at recent sold prices for similar properties, then adds a couple of % to flatter you into using their company. This takes all of 15 minutes. They then take some bad photographs, add cut n paste phrases to accompany them, then stick them on their website. This takes an hour, or maybe 30 minutes if they can type with two fingers. They'll then give your keys to any random nosey vagrant, ask them "whats the most you can afford", ask you "whats the lowest you'll take" and when you finally sell it to someone else, someone who had been keeping an eye open for houses for sale on your street anyway and just called the number on the board outside, they'll patronise the buyer by acting like they're lucky to be dealing with this agent, and the tell the seller they negotiated like Thatcher on their behalf but all they could get was the lowest price the seller previously indicated. Then they'll go back to their miserable one bed flat and have a w
k, before crying themselves to sleep, the parasites.Am I right? This is my experience, anyway.
Never had any joy with EA's. Don't get me started on recruitment consultants
Having just had a sale fall through right at the end of the process after 4 months of d*cking about I would say in my XP the estate agent does nothing but ***k it up for everyone else.
The lies told were something else. We were not in a chain and it should have been a simple purchase but they managed to make a right pigs ear of it. Personally having gone through the last 4 months of stress and costs (£1800 ish) I think the industry should be much more regulated because they basically make it up as they go along and tell one party what they want to hear and the other the same when in fact the truth would be better for everyone.
On the other hand, as you are the seller it seems you have all the power so your XP may not be as bad.
As for what you get for your 1%... not a lot. We have viewed quite a few houses over the last 12-18 months and I would say the agent generally tries to palm off the viewing onto the vendor. After that they issue memo of sale and basically fire fight any issues. If you can find a pro active one great but in the end my e-mails to the agents were getting a copy and paste response of "this is now out of our hands and with your solicitor please contact him not us".
The lies told were something else. We were not in a chain and it should have been a simple purchase but they managed to make a right pigs ear of it. Personally having gone through the last 4 months of stress and costs (£1800 ish) I think the industry should be much more regulated because they basically make it up as they go along and tell one party what they want to hear and the other the same when in fact the truth would be better for everyone.
On the other hand, as you are the seller it seems you have all the power so your XP may not be as bad.
As for what you get for your 1%... not a lot. We have viewed quite a few houses over the last 12-18 months and I would say the agent generally tries to palm off the viewing onto the vendor. After that they issue memo of sale and basically fire fight any issues. If you can find a pro active one great but in the end my e-mails to the agents were getting a copy and paste response of "this is now out of our hands and with your solicitor please contact him not us".
The Crack Fox said:
Am I right?
All bar the last sentence. If they only earned a 'fair' (whatever that is) living from it I don't think so many people would have a problem. The main issue is that they seem to make over and above their actual effort / skill.Its a bit like undertakers. Most of those charge a fortune just because they can.
The Crack Fox said:
What do they do?
They send an ill-informed and overly-groomed chimp in cheap suit round your house who will ask what you think it's worth, who then looks at recent sold prices for similar properties, then adds a couple of % to flatter you into using their company. This takes all of 15 minutes. They then take some bad photographs, add cut n paste phrases to accompany them, then stick them on their website. This takes an hour, or maybe 30 minutes if they can type with two fingers. They'll then give your keys to any random nosey vagrant, ask them "whats the most you can afford", ask you "whats the lowest you'll take" and when you finally sell it to someone else, someone who had been keeping an eye open for houses for sale on your street anyway and just called the number on the board outside, they'll patronise the buyer by acting like they're lucky to be dealing with this agent, and the tell the seller they negotiated like Thatcher on their behalf but all they could get was the lowest price the seller previously indicated. Then they'll go back to their miserable one bed flat and count their fat commission, then have a wk before crying themselves to sleep, the parasites.
Am I right? This is my experience, anyway.
Never had any joy with EA's. Don't get me started on recruitment consultants
This is fantastic.They send an ill-informed and overly-groomed chimp in cheap suit round your house who will ask what you think it's worth, who then looks at recent sold prices for similar properties, then adds a couple of % to flatter you into using their company. This takes all of 15 minutes. They then take some bad photographs, add cut n paste phrases to accompany them, then stick them on their website. This takes an hour, or maybe 30 minutes if they can type with two fingers. They'll then give your keys to any random nosey vagrant, ask them "whats the most you can afford", ask you "whats the lowest you'll take" and when you finally sell it to someone else, someone who had been keeping an eye open for houses for sale on your street anyway and just called the number on the board outside, they'll patronise the buyer by acting like they're lucky to be dealing with this agent, and the tell the seller they negotiated like Thatcher on their behalf but all they could get was the lowest price the seller previously indicated. Then they'll go back to their miserable one bed flat and count their fat commission, then have a w
k before crying themselves to sleep, the parasites.Am I right? This is my experience, anyway.
Never had any joy with EA's. Don't get me started on recruitment consultants
Edited by The Crack Fox on Wednesday 4th November 09:24
I'm with crack fox on this.
All my dealings with EA's have involved me kicking the st out of them to get them to do what they are supposed to be doing they seem to have little to no interest in the process of client negotiation unless they're commission is at stake.
The answer to the OP's question is : as little as possible for as much as possible
cock sockets all of them.
All my dealings with EA's have involved me kicking the s
t out of them to get them to do what they are supposed to be doing they seem to have little to no interest in the process of client negotiation unless they're commission is at stake.The answer to the OP's question is : as little as possible for as much as possible
cock sockets all of them.
crashley said:
The Crack Fox said:
What do they do?
They send an ill-informed and overly-groomed chimp in cheap suit round your house who will ask what you think it's worth, who then looks at recent sold prices for similar properties, then adds a couple of % to flatter you into using their company. This takes all of 15 minutes. They then take some bad photographs, add cut n paste phrases to accompany them, then stick them on their website. This takes an hour, or maybe 30 minutes if they can type with two fingers. They'll then give your keys to any random nosey vagrant, ask them "whats the most you can afford", ask you "whats the lowest you'll take" and when you finally sell it to someone else, someone who had been keeping an eye open for houses for sale on your street anyway and just called the number on the board outside, they'll patronise the buyer by acting like they're lucky to be dealing with this agent, and the tell the seller they negotiated like Thatcher on their behalf but all they could get was the lowest price the seller previously indicated. Then they'll go back to their miserable one bed flat and count their fat commission, then have a wk before crying themselves to sleep, the parasites.
Am I right? This is my experience, anyway.
Never had any joy with EA's. Don't get me started on recruitment consultants
This is fantastic.They send an ill-informed and overly-groomed chimp in cheap suit round your house who will ask what you think it's worth, who then looks at recent sold prices for similar properties, then adds a couple of % to flatter you into using their company. This takes all of 15 minutes. They then take some bad photographs, add cut n paste phrases to accompany them, then stick them on their website. This takes an hour, or maybe 30 minutes if they can type with two fingers. They'll then give your keys to any random nosey vagrant, ask them "whats the most you can afford", ask you "whats the lowest you'll take" and when you finally sell it to someone else, someone who had been keeping an eye open for houses for sale on your street anyway and just called the number on the board outside, they'll patronise the buyer by acting like they're lucky to be dealing with this agent, and the tell the seller they negotiated like Thatcher on their behalf but all they could get was the lowest price the seller previously indicated. Then they'll go back to their miserable one bed flat and count their fat commission, then have a w
k before crying themselves to sleep, the parasites.Am I right? This is my experience, anyway.
Never had any joy with EA's. Don't get me started on recruitment consultants
Edited by The Crack Fox on Wednesday 4th November 09:24
sunnygym said:
I've been quoted a fee of 1% plus VAT but the estate agent already had a buyer in mind and they set up a viewing and put in a offer in that was has been provisionally accepted ( no paper works has been signed )
The house didn't go on line so no photos, floor plan etc. were carried out. Im not trying to get out of paying the fee but is the 1% negotiable? What else do they do for the fee?
thanks
SG
They got you an offer at an acceptable asking price. You only pay them if the sale goes through. What are you moaning about? Would you like them to take photos now? If so, why?The house didn't go on line so no photos, floor plan etc. were carried out. Im not trying to get out of paying the fee but is the 1% negotiable? What else do they do for the fee?
thanks
SG
glenrobbo said:
In the late 60s / early 70s there was an estate agency in the Kidderminster area that proudly displayed "House for Sale" boards outside clients properties with the legend:
"Doolittle and Dally, Estate Agents.
I swear I am not making this up. Sums up the lot of 'em really.
They're still going:"Doolittle and Dally, Estate Agents.
I swear I am not making this up. Sums up the lot of 'em really.
http://www.doolittle-dalley.co.uk/
I remember their boards from growing up round there too, and the name struck me as ironic even then.
Not enough to make it seem like a reasonable cost, and even less if you negotiate the fee down.
Despite being the bill payer, I distinctly felt like the agents were on the side of the buyer, not me, their customer. In the end, I told the agent to close the sale on my timescale, or I'd take the property to a rival agent who were "specialists in period property, and therefore going to attract buyers who understand the idiosyncrasies of Victorian houses" - translation - capable of explaining to a buyer what's normal and what's not, instead of letting them dive down rabbit-holes for months on end over the littlest issues.
Every person in my office who's bought and sold in the last couple of years has had a bad experience. We have collectively wondered, more than once, if we couldn't be the honest, personable estate agents. I have a suspicion there's an underground cult you have to join that brainwash you into being a massive though, so I'll stick to the day job. I can only hope that the rise of internet advertising, and efficient, predominantly online, package-estate agents force the useless ones to get better or quit.
My solicitor was wicked. My buyer's solicitor was a total shambles, so you're not immune to having two or more of the involved parties screwing your deal up either.
Despite being the bill payer, I distinctly felt like the agents were on the side of the buyer, not me, their customer. In the end, I told the agent to close the sale on my timescale, or I'd take the property to a rival agent who were "specialists in period property, and therefore going to attract buyers who understand the idiosyncrasies of Victorian houses" - translation - capable of explaining to a buyer what's normal and what's not, instead of letting them dive down rabbit-holes for months on end over the littlest issues.
Every person in my office who's bought and sold in the last couple of years has had a bad experience. We have collectively wondered, more than once, if we couldn't be the honest, personable estate agents. I have a suspicion there's an underground cult you have to join that brainwash you into being a massive
though, so I'll stick to the day job. I can only hope that the rise of internet advertising, and efficient, predominantly online, package-estate agents force the useless ones to get better or quit.My solicitor was wicked. My buyer's solicitor was a total shambles, so you're not immune to having two or more of the involved parties screwing your deal up either.
I can't imagine the horror of getting involved with Estate Agents. Letting Agents are bad enough. The lies I can handle, but to openly insult my intelligence is beyond.
"This (house that's been on the Rightmove for 6 months and had 3 price drops) is very sought after, would you like to be considered? (by paying me a non refundable fee of £400 to complete a 'background check')"
"Yes I'm absolutely sure the Landlord is going to repair that (major fault) before anyone moves in. I'm sorry you've seen it, I had in my diary that it was being fixed yesterday" to "You'd like it in writing that it will be repaired before you move in? I'm sure that'll be fine - don't worry about it" to "I'm afraid the Landlord doesn't consider this fault to be a issue with the house so doesn't intend to repair it, the property is only available as-is".
"You like it? Great, can you move in tomorrow? No? Why? Oh you have to give a months notice? I'm really sorry but I can't reserve it for you - do you know most people are happy to over lap homes for a month, it's so convenient being able to move at your own pace?" (and pay a four figure sum for all that convenience).
Or the worst, the most insulting, outrageous, unthinkable thing you can ask a Letting Agent - after you've finally found a place that's not falling down, doesn't want a £5k deposit, when the LL doesn't want to retain use of the Garage/Shed/Attic to store their stuff and have access to without notice. After they've dug elbow deep into your past, your employment, your rune stones and inside leg measurement. You ask to know a little about the owner - is your new temporary home owned by a professional firm who has a small team of people to maintain a portfolio of homes, a robust customer service policy, honest and transparent policy on deposits and the return of - or are they Mr. Billy Big bks who bought it in the BTL boom, 'did it up' on a shoestring and if you have to call in the middle of Feb to say the boilers died suddenly falls of the face of the earth because he can't afford to repair it, and hasn't taken adequate cover or worse starts pressuring you to leave just you've finally unpacked the boxes because, well it's not the licence to print money he was promised it was and someone's offered him £10k more than he paid for it.
No the idea of a two-way agreement is an alien concept to Letting Agents, you should be lucky to be considered and thank your Gods that they've given you a roof over your head for £1500 a month.
"This (house that's been on the Rightmove for 6 months and had 3 price drops) is very sought after, would you like to be considered? (by paying me a non refundable fee of £400 to complete a 'background check')"
"Yes I'm absolutely sure the Landlord is going to repair that (major fault) before anyone moves in. I'm sorry you've seen it, I had in my diary that it was being fixed yesterday" to "You'd like it in writing that it will be repaired before you move in? I'm sure that'll be fine - don't worry about it" to "I'm afraid the Landlord doesn't consider this fault to be a issue with the house so doesn't intend to repair it, the property is only available as-is".
"You like it? Great, can you move in tomorrow? No? Why? Oh you have to give a months notice? I'm really sorry but I can't reserve it for you - do you know most people are happy to over lap homes for a month, it's so convenient being able to move at your own pace?" (and pay a four figure sum for all that convenience).
Or the worst, the most insulting, outrageous, unthinkable thing you can ask a Letting Agent - after you've finally found a place that's not falling down, doesn't want a £5k deposit, when the LL doesn't want to retain use of the Garage/Shed/Attic to store their stuff and have access to without notice. After they've dug elbow deep into your past, your employment, your rune stones and inside leg measurement. You ask to know a little about the owner - is your new temporary home owned by a professional firm who has a small team of people to maintain a portfolio of homes, a robust customer service policy, honest and transparent policy on deposits and the return of - or are they Mr. Billy Big b
ks who bought it in the BTL boom, 'did it up' on a shoestring and if you have to call in the middle of Feb to say the boilers died suddenly falls of the face of the earth because he can't afford to repair it, and hasn't taken adequate cover or worse starts pressuring you to leave just you've finally unpacked the boxes because, well it's not the licence to print money he was promised it was and someone's offered him £10k more than he paid for it. No the idea of a two-way agreement is an alien concept to Letting Agents, you should be lucky to be considered and thank your Gods that they've given you a roof over your head for £1500 a month.
Edited by P-Jay on Wednesday 4th November 10:20
N Dentressangle said:
They're still going:
http://www.doolittle-dalley.co.uk/
I remember their boards from growing up round there too, and the name struck me as ironic even then.
Similarly: http://www.wildandlye.comhttp://www.doolittle-dalley.co.uk/
I remember their boards from growing up round there too, and the name struck me as ironic even then.
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