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Realistic NI EA

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Everything posted by Realistic NI EA

  1. Thought I would add to this thread with an update of how life as an EA is treating me these days. Unfortunately I have nothing very interesting to announce as sales transactions are still very low and at least 75% are repo sales. Thankfully there is less fighting with vendors to put their house on at a realistic price which gives us a fair chance of selling their property. I guess that 5 years of hardship have left even the most optimistic house owner with a sense of bleak realism that their house is only worth what someone is willing to pay right now. Buyers have the power but there is still
  2. I'll come out and say it - I'm not overly fussed on the appearance of the new propertypal website. The homepage is far too spread out and you have to scroll down for ages to see all of it. I like to click on the tabs on the bottom and go to homes for sale, then click on my area but this takes a while when you have to scroll down each time you go to the homepage. I also think the site has far too many banner adverts on it especially on the property results page as they are at the top, side and bottom of the page. I know they are a source of income but I feel they cheapen the site and distract t
  3. Totally correct as we tried to recruit a new staff member last month offering above minimum wage in an area where there is high unemployment and we received the grand total of 3 applications! I was totally gobsmacked but one recruitment agent told me that he had been told by countless people it wasnt worth working 40 hours per week when you could sit at home and have the rent paid, free dental and benefits for you and the kids.
  4. So they went from closing to wanting locals to take on individual branches under the Reeds Rains name. I know nothing about their business model but the couple of times I ever dealt with one of their branches I received a very sub standard service. I really can't see too many business people or former estate agents wanting to buy into their name when they had openly said they were pulling out of NI, admitting that it wasn't a viable business. On the subject of EAs closing, I have not yet seen one close in our area which is strange as there are at least three too many to handle the amount of
  5. I don't know about the legalities of it but it doesn't make much sense if they did. Why would they spend money running a public notice in the paper when they had no offers on the property? I don't think it's going to make the general public rush into making offers on the property if it has been on the market for a while with no previous offers on it. To answer your question on another thread, each new buyer has 28 days to exchange contracts so if someone outbids you, they become the new buyer and the clock is reset so to speak.
  6. Offering full asking price will get the sale agreed if there are no other offers but why pay full asking price when you may get it cheaper. It seems this EA is playing you so that he gets over asking price which may earn him a higher commission if the fee is on a performance basis that some repo companies work on. I wouldn't let that stop you offering 10% under asking price to start with. A repo company won't hold it against you or get offended like a private vendor so go in low to start with.
  7. I don't know where to start with this as there are so many obvious inconsistencies from the EA. Firstly, you need to find out how many previous offers have been placed on the house because if the current offer is the only one and is actually above the asking price then it's a sign the agent is talking rubbish. Why? because a repossession company always ALWAYS accepts the full asking price if the buyer is in a proceedable position, ie cash buyer or mortgage in place. I've never seen anyone come in with an offer over asking price if no one is bidding against them. A repo company doesnt give spe
  8. I've experienced this first hand, just once thankfully in the past year; Usual story, large country dwelling, very grand to be fair but the type of house that has a very very limited number of potential buyers. Vendors don't have to sell but would like to as they were relocating for work, obviously could afford to keep the house and rent elsewhere. Gave a very realistic valuation, backed up by my usual 3 or 4 comparables and a good dose of realism about the market. Got the expected response, 'We couldn't possibly sell it for that price, we won't be giving it away'. I left on good terms but saw
  9. Geez mate, if you go through life worrying that every woman is going get intentionally pregnant, fleece you and run off, taking your house in the process you will die a lonely and sad man. I agree with your reservations about owning a house that is too big for you as a single guy as you will have to heat it and maintain it which will cost more than say a small terrace house. The problem is that you want the grandeur of a house that befits your top budget but admit that these houses are too big for you, basically you are getting too much for your money now Who would have thought that this wo
  10. Good on you for buying a house that you will be happy in for many years at a price that lets you sleep easy at night. The old phantom bidder is a common occurence whether buying repos or by private treaty. I am not trying to make myself out as a saint but I've never made up a phantom offer to trick the other party into raising their offer. My feeling is that it could just as easily go the other way where they pull out so you are left with no buyers after trying to trick your only buyer into paying more. We deal in a load of repos so I know what you've been through but spare a thought for the g
  11. Kids are brought up in a society where it's not just ok to keep up with the Jones', instead you have to go to extremes to make kids happy with trips to Disneyland Florida etc as little Jimmy's parents took him to the one in Paris. Kids are brought up in a materialistic world so we have to accept that they will feel embarrassed among their peers if they don't have the latest clothing or go on a foreign holiday. That's not to say they should be entitled to it as I totally agree with Doccyboy that the best holidays I had as a kid were camping trips or days out to forest parks. My old man got a Na
  12. Hi and thanks for remembering about us poor old EAs in this woeful market. I would like to say that I have been ordering a new Jag XF and travelling to the Seychelles for my annual holiday but that couldn't be further from the truth. I probably shouldn't be posting this during the 2 quiestest weeks of the year due to July holidays as my post is going to be overly pessimistic. Ask me in September and I'll probably be feeling a bit more cheery but right now it's absolutely miserable. We have sold ALL of our fairly priced properties (mostly repos) and are faced with the fact that nothing is co
  13. That made me really LOL I see so many of them still trying to talk up the market that I have to wonder about their business acumen. Our firm has proven that if you make vendors realise the full extent of the housing market crash then they will price their properties realistically or simply won't bother trying to sell, therefore not wasting anyone's time. It would be better for all EAs to openly accept where we are right now and make an effort to convince their vendors to reduce their asking prices or take their properties off the market, ending the deluge of overpriced houses on the market.
  14. It will be an interesting morning at someone's workplace today. I caught this topic last night and am still laughing about it now. If it's genuine, which I think it is (in my opinion only), it's a brilliant job by the student to expose a dodgy letting agent or their employee.
  15. Judging by their last auction I think they are probably happy with the results. Depending on the source of the property, either asset manager, trustee or private owner, the fee is likely to be around 2% + entry fee. Their business model is quite effective in my opinion - do a limited number of open viewings, so no need to go back and forth across the country at all hours of the night to please people, and take most if not all the details including photos from the agent who previously tried to sell the property. They simply have to copy and paste the details into their own listing without doing
  16. Trevor isn't talking complete balls as I'm sure activity is increasing for viewings and offers as has been experienced by my firm but that wont matter a jot unless the deals are being done. The last part of his statement isn't as believable as sales could not be agreed around asking price since many of their asking prices are in cloud cuckoo land. I think he got a bit carried away with a couple of repos that were agreed at close to asking price and based his findings on those sales. But at least he's in a positive mood, not like the rest of my competitors who always seem to be down in the dump
  17. The Halifax or any lender can offer you any figure in principle following a quick chat with one of their advisors but that's not the same thing as having a 'Mortgage Offer' following an official mortgage application. There is also the small matter of the property valuation carried out by one of the surveyors on their panel which is carried out to protect the lender from giving you more than the house is worth. If they get it slightly wrong and prices drop a bit more they will still be ok as it will be your deposit which is eaten up first when you sell to move on. This may help this guy who wan
  18. This is extremely important for anyone involved in the property industry and those buying or selling in RoI. I really wish we had it here as it would largely do away with EAs who can't provide any facts to back up their valuations, as they are hell bent on winning the instruction at any cost, giving pie in the sky valuations in order to convince a vendor to use them. This bit below is how we have always valued properties but other EAs have been able to come in with made up sales figures to manipulate a vendor into using their services. I think it would also do alot for the image of EAs if
  19. I'll go 375 as reductions seem to be slowing down in our area, maybe because we have had so many until recently.
  20. Lol, I really can't work out his logic either and I have a very big brain full of pig crap! We have had viewers for all types of properties, at various degrees of being overpriced. We still get the odd viewing of one of our most overpriced houses (I have tried everything to get it reduced) so by Mr O'Brien's logic, this overpriced sh*thole is actually fairly priced. Some people will go out and view houses for various reasons, maybe they have no hobbies and like seeing inside other people's homes or they have plans to buy in the future and are getting a feel for what is on the market. As we a
  21. Ulster Bank are so shockingly bad at processing individual mortgage applications that only half of the applications we have seen in the past year have led to a mortgage offer or the house purchase going ahead. You might think that is the norm with tighter lending criteria but in Ulster Bank's case it is purely down to their inability to do their job properly, taking in one case 7 months to offer a mortgage after they lost important documents, changed case handlers a dozen times and basically ignored everyone. Most of the applicants simply lose patience after being asked to jump through dozens
  22. You have to understand the mindset of EAs who are clawing onto the last remains of their dying businesses to realise why they overvalue. Basically, the useless EAs who have little sales and a load of overpriced stock have no other way of making an income (bar reducing prices of their unsold stock) other than living off the upfront fees that vendors pay to market their property. it varies by agency but some can charge close to £400 as a marketing fee, then they put up a board and list it on PPal etc and sit back and do diddly squat to sell the property as its overpriced. The sensible EAs like m
  23. I had to log in and comment on this because your experience is one that I've been on the receiving end of many times too. Over the past couple of years I've been asked by close family and friends to come along to properties they were viewing to give them some useful advice and to offer a 2nd opinion. I've viewed everything from small investment properties to large homes in the suburbs yet have never had what I'd call a professionally carried out viewing. When it comes to viewings that I carry out for my own business, I pride myself in knowing every conceivable piece of info that a viewer may a
  24. Belfast VI, firstly very good post and informative to boot but am I the only one who sees the irony that you have constructed such a long and informative post that must have taken you ages in the 'Developers in Trouble' thread. A few years ago you couldn't get a 2 minute chat with developers as they were too busy flying from pillar to post on important business trips, lunching with clients and colleagues, wizzing round the city in their Range Rovers while never getting off the phone etc. Now it's clear that the typical developer has so much time on his hands that he can take up huge chunks of
  25. Glad to see you finally got there in the end. I'll send you a bill for my consultancy fees in the near future
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