TheCountOfNowhere

Estate Agent Selling Scenarios

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Does it matter if they believe that they can manipulate you? If it gives them a little frisson, then that's kind of nice! Let them think you are as gullible and malleable as they want. Just don't offer any more money than it worth to you! The battle of egos doesn't matter, all that matters is the price.

I've just joined HPC... Yes, I'm an estate agent and its a bit quiet as the summer period tends to be.

I've read a few of the threads on the site and decided that this is perhaps the one where my views might be most interesting.

In basic terms our role is simple. We are paid to sell or rent property and in order to be relatively successful we have to approach the whole process with a significant amount of enthusiasm. I appreciate that many of the members here obviously like to presume that all properties are overpriced and it is only idiots that buy any of them.

The facts are that a significant number of properties change hands each year and that in most cases an estate agent is the party that markets the property and negotiates the sale.

I accept that the public perceive estate agency as a bit of a 'dark art' and presume that agents themselves are all 'at it' but in my experience the vast majority of us are actually pretty decent, do understand the market place pretty well and do try our best on behalf of our clients whilst providing a free service to potential buyers. Ultimately it pays to look after each and every buyer because one day they may be seller.

Obviously, as in every sales orientated profession, there are a number of tactics that we can use in an attempt to create a sense of urgency among buyers but in my opinion selling isn't about lying but more about telling the truth well.

Equally, there will always be examples of bad practice and some agents are at best hopeless but for every bad agent out there I'll wager there are at least as many buyers who lie about their ability to proceed.

I would be delighted to answer any questions that you may have regarding the current market and about the process of buying and selling. In addition I would be happy to provide any advice to anybody considering buying during this uncertain economic period.

The Friendly EA

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I've just joined HPC... Yes, I'm an estate agent and its a bit quiet as the summer period tends to be.

I've read a few of the threads on the site and decided that this is perhaps the one where my views might be most interesting.

In basic terms our role is simple. We are paid to sell or rent property and in order to be relatively successful we have to approach the whole process with a significant amount of enthusiasm. I appreciate that many of the members here obviously like to presume that all properties are overpriced and it is only idiots that buy any of them.

The facts are that a significant number of properties change hands each year and that in most cases an estate agent is the party that markets the property and negotiates the sale.

I accept that the public perceive estate agency as a bit of a 'dark art' and presume that agents themselves are all 'at it' but in my experience the vast majority of us are actually pretty decent, do understand the market place pretty well and do try our best on behalf of our clients whilst providing a free service to potential buyers. Ultimately it pays to look after each and every buyer because one day they may be seller.

Obviously, as in every sales orientated profession, there are a number of tactics that we can use in an attempt to create a sense of urgency among buyers but in my opinion selling isn't about lying but more about telling the truth well.

Equally, there will always be examples of bad practice and some agents are at best hopeless but for every bad agent out there I'll wager there are at least as many buyers who lie about their ability to proceed.

I would be delighted to answer any questions that you may have regarding the current market and about the process of buying and selling. In addition I would be happy to provide any advice to anybody considering buying during this uncertain economic period.

The Friendly EA

could you all have a look at this scenario and tell me what you think.

we are ftb, mortgage AIP, deposit in place.

viewed a property on at offers over £46500. similar stuff in same locality on for between £50-£55k. it only caught my eye because it seemed good value. 7year mortgage and i will be living rent free so if the place tanks to be worth £30k i wouldnt be bothered as at the end of a 5year fix my LTV will be good for a remortgage or just go to SVR for 2 years to avoid fees. but it is not SSTC or has had an offer accepted.

wants new boiler, bathroom, tiling, and bits of cosmetic stuff.

put in an offer of £43000.

EA rings me this morning saying that it was offers over £46500 because they have investors/BTL on their books who bid on properties as soon as they come to market with the understanding that these are backup bids. this is the case with this property and they have an offer of £46500 which has been declined by the vendor. i am suspicious.

i check out their website and sure enough alot of their properties that fall into BTL category(mainly terraces under £65000 are advertised in this way.

am i being took for a chimp or could their be some truth? what would you do?

thanks

Edited by houses-do-my-head-in

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Applying my logic from above, I don't think your valuation reasoning should be affected by whether there has been an offer of £46,500, or whether the agent thinks you are a baboon, or whether you think the agent is some form of lesser primate. What do you think the place is worth? If you think it is only worth £43,000 then leave the offer on the table and move on.

If I'd made an initial offer of £43,000 it would be because I thought it was worth around about £45,000. I would therefore increase my offer to £45,000 and leave it there. I don't see much advantage in getting into psychological games and emotional manipulation.

Edited by 65243

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