Estate Agencies

[Tommok]

Why is it that when you contact an estate agent to arrange a viewing of a property to purchase they insist on having your current address before registering you for the viewing?

 

And what do they/are they allowed to do with this information. I don't remember being asked previously when I've been looking but they all insist on it now and are never very forthcoming in why they need this info, other than to say "all agents will ask for this info".

 

Cheers.

[RP]

If you were a vendor and placed your property on the market with an agent, would you be happy if they just showed complete strangers around your home without even making the most basic enquiries as to who they might be?

[Murphman]

It's not as if buyers try to do a deal which excludes the agent either? Your name and address and the appointment time in the diary is proof they made the appointment, plus you get onto their system and they can alert you early if something new is coming on to the market.

[RP]

Whilst we're on the subject of these bloodsuckers, what is approx market rate for employing an estate agent to sell your house these days?

 

Whatever it is, it's too much - money for old rope.

[Ibby]

Whilst we're on the subject of these bloodsuckers, what is approx market rate for employing an estate agent to sell your house these days?

 

Whatever it is, it's too much - money for old rope.

 

Totally agree with this. As someone who's purchasing a house at the moment the solicitor I am using is doing very important work (searches, the contract, paying stamp duty etc) and will be getting less for the work than the estate agent who just put a few nice pictures up on rightmove. The estate agent was not even around to show me the house the vendor was there to do that.

[Murphman]

Whilst we're on the subject of these bloodsuckers, what is approx market rate for employing an estate agent to sell your house these days?

 

Whatever it is, it's too much - money for old rope.

 

 

Competition is keen and there's a permanent price war going on, around 1.25% I'd guess, certainly in our area. People with big houses will pay more for the snob value of using Savils or Hamptons. It's a funny one, when the market is good (which it isn't) they can earn fortunes but running an agency is an expensive business with quite hefty overheads, Rentals are the key to having a successful business, not sales .Rentals are recession proof.

Edited October 4, 2014 by Murphman

[RP]

I'd always assumed that estate agencies would have relatively low overheads - rent and wages (which are largely commission-driven) .. what else contributes to such high overheads?

[Murphman]

I'd always assumed that estate agencies would have relatively low overheads - rent and wages (which are largely commission-driven) .. what else contributes to such high overheads?

 

 

Staff, cars and advertising budget, largely. A decent sized office in the high street would cost say £15000 in wages plus advertising, rent etc per month, I'm not sure how Rightmove compares with the old Property News for cost, but it does take a chunk of the budget. Most agents need to sell say 6 houses per month to break even, getting 6 properties on each month is the hard bit.

[Falconhoof]

I'm surprised it's a business model that's survived, or seems to have done, unchanged by technology and social media.

I know there's rightmove and it's a great resource if you are looking for a house, but I had expected by now that someone would take the whole lot online.

There's much less value in a high street office when everything is online, but there is key holding and managed viewings that you need staff for I suppose.

Do we just feel safer selling or buying through an agent as it's always been done that way. When we come to sell this house I will do that, but begrudge the 1.25% or whatever it is that the agent takes.

[Cobs]

Foxtons were 2.75% iirc

 

The mini-driving t***s

[Murphman]

I'm surprised it's a business model that's survived, or seems to have done, unchanged by technology and social media.

I know there's rightmove and it's a great resource if you are looking for a house, but I had expected by now that someone would take the whole lot online.

There's much less value in a high street office when everything is online, but there is key holding and managed viewings that you need staff for I suppose.

Do we just feel safer selling or buying through an agent as it's always been done that way. When we come to sell this house I will do that, but begrudge the 1.25% or whatever it is that the agent takes.

 

The value of a good agent is in making sure you get the right money and with the right buyer. I've seen them save deals a million times in various ways. If they sell in 5 minutes, it goes through smoothly and they get paid it's money for old rope. Nobody sees the deals that take up a fortune in time ad money then go t*ts up. The industry has a lot of good people in it, it is also infested with c*nts who should be in prison, it depends on who you deal with.

 

Foxtons were 2.75% iirc

 

The mini-driving t***s

 

 

To be fair Cobs, anybody who pays 2.75% to have a Foxtons sign outside their house deserves to get f*cked over. Their sell will be 'we'll get top dollar because we're so brilliant which will more than cover our higher fees, you get what you pay for, blablabla....'

[Falconhoof]

The value of a good agent is in making sure you get the right money and with the right buyer. I've seen them save deals a million times in various ways. If they sell in 5 minutes, it goes through smoothly and they get paid it's money for old rope. Nobody sees the deals that take up a fortune in time ad money then go t*ts up. The industry has a lot of good people in it, it is also infested with c*nts who should be in prison, it depends on who you deal with.

 

That's probably true. I've only moved house and bought 4 times and they have all gone without a fuss. That's probably what gives me the idea that it's easy and you can just have a website doing it. In fairness I haven't seen these cases where it gets caught up in legal issues and can fall apart.

I've just remembered you moved house recently and got that nice bungalow. You said you were doing a lot of work to it, is it all finished now ?

[Murphman]

That's probably true. I've only moved house and bought 4 times and they have all gone without a fuss. That's probably what gives me the idea that it's easy and you can just have a website doing it. In fairness I haven't seen these cases where it gets caught up in legal issues and can fall apart.

I've just remembered you moved house recently and got that nice bungalow. You said you were doing a lot of work to it, is it all finished now ?

 

 

It's fab mate, thanks. We moved in too early to get out of our rented property, our son was traumatised by the aggravated burglary so we just moved into the new one as soon as the carpets were down. The plaster hadn't dried out and we had horrendous damp issues for about a year, but that's settled down now, no more mould etc. and the place is just great.

[Falconhoof]

Glad it worked out and your sons are ok.

[Tommok]

A good indicator with estate agents is to cast an eye over related cases that go to court - "the mini driving t***s" seem to feature pretty heavily, allegedly.

Edited October 5, 2014 by TommoK

[RP]

Agents round here appear to be 1.25% - 1.5% plus VAT ... and willing to negotiate.

[Earl Hafler]

Whilst we're on the subject of these bloodsuckers, what is approx market rate for employing an estate agent to sell your house these days?

 

Whatever it is, it's too much - money for old rope.

 

It is.

 

And i've never figured out how we get away with charging commission from both vendor and buyer. The vendor will often be given a discount but earning £20,000 from a cabinet which goes under the hammer for £60,000 seems a tad excessive

However, i've never publicly complained about it...

[Murphman]

Agents round here appear to be 1.25% - 1.5% plus VAT ... and willing to negotiate.

 

 

You moving to Newcastle, Paul?

 

Nothing worse than clingy parents...

[RP]

You moving to Newcastle, Paul?

 

Nothing worse than clingy parents... :popcorn:/>

 

Not a chance.

 

Flogging the pace while he's away ... he might finish for a month at Christmas, but he'll never f***ing find me :cooler:

[Murphman]

Not a chance.

 

Flogging the pace while he's away ... he might finish for a month at Christmas, but he'll never f***ing find me :cooler:/> :cooler:/>

 

 

Good shout. My missus tried wrapping their sandwiches in a map, neither of them got the hint.

[sammy & a]

The value of a good agent is in making sure you get the right money and with the right buyer. I've seen them save deals a million times in various ways. If they sell in 5 minutes, it goes through smoothly and they get paid it's money for old rope. Nobody sees the deals that take up a fortune in time ad money then go t*ts up. The industry has a lot of good people in it, it is also infested with c*nts who should be in prison, it depends on who you deal with.

 

 

 

 

To be fair Cobs, anybody who pays 2.75% to have a Foxtons sign outside their house deserves to get f*cked over. Their sell will be 'we'll get top dollar because we're so brilliant which will more than cover our higher fees, you get what you pay for, blablabla....'

 

Yeah. Because they'd be paying more than the charge and they'd be paying before the ouse as actually sold.

[Kvarme Ate My Food]

Are you still at Foxtons then, sammyarrangeaviewing?

[Stevie H]

Are you still at Foxtons then, sammyarrangeaviewing?

 

he actually needs his forum name changing to sammyagent.

[sammy & a]

Are you still at Foxtons then, sammyarrangeaviewing?

Indeed.

 

You can commence the lynching now.

[Cobs]

So what is the % charged?