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jmzr

The "rise" Of Foxtons

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i'm fascinated by the psychology of this price crash

i live in kingston/surbiton area

two years ago, foxtons have little presence.....one office in kingston, and that was it

now they have 3 locally, two opened up just as the crash started

even a year ago, their presence on rightmove was limited

contrast that to now.........

i reckon at least 1/3 of properties on rightmove are with them..........and why......because they clearly give the highest valuations....by some margin.....and hence are getting the business

however, virtually nothing on theit books is selling....some houses have been on for months, as the buyers continue to be deluded by their promises

but.....things are starting to change........i've been tracking loads of their over-priced shi7 on propertybee, and there are some massive price drops occuring

bring it on.........

i wonder how long it will be until people round here wise up.....

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Oldest trick in the EAs books...price it high to get the business and then get the seller to drop the price... :rolleyes:

A bit of a flawed strategy really. In my limited experience, Foxtons lists it at well above fair market value and then a local EA gets the listing at fair market value a year later and sells it within 8 weeks and gets all of the commission.

Foxstons are dead in the water and everyone who has dealt with them is left with such a foul taste in their mouth that they will never talk with them again.

A specific example is a house that sold in an OK part of West London in 2000 for 125. Foxstons listed it for 230 in March 2008. They lost the instruction after a year with few viewings and no offers. The instruction then went to a local agent who helped the vendors understand that the fair market value was about 180 and sold it within 2 months at 175.

Job done and no commission money for Foxstons despite all of their overheads. A result as far as I can see.

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The title should rather be

The "rise and fall " Of Foxtons

I don't think they will survive at the end ;)

Edited by Monopoly

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