The Games Begin

[gus]

Things really are getting interesting.

4 (identical) properties in a very pretty estate- gateway to Gowerish. One has been "Under Offer" for some time at 540K and is very slow to complete.

A second (and they really are the same: style , size, views)was originally on for 530k and dropped to 499K where it stayed for yonks. I see this place has now dropped further to 455K!!

Now..... is the "under offer" guy really going to press ahead with a house that costs 85K more than the "same" place across the road? I don't think so, no-one could be that dumb. This is sort of stuff that warms the cockles of me .....

For Nice: the Penclawdd place that was on for 650K and went to 525K in one fell swoop. Clearly no serious interest and very recently further reduced to 499K.

Who exactly is it talking about price rises? Which country are they referring to ?

[Lazybones]

I am seeing very similar things in Southport

Two very similar houses next door to each other, one at at £530k http://www.rightmove.co.uk/property-for-sale/property-22252621.html & one at £815k http://www.rightmove.co.uk/property-for-sale/property-23881456.html , I accept that one is slightly bigger but the plot sizes are very similar. I can't accept that an outdoor pool adds £300k to a place.

These two are next door to each other and virtually the same house built in the same year http://www.rightmove.co.uk/property-for-sale/property-17581942.html & http://www.rightmove.co.uk/property-for-sale/property-12829539.html same size plots and both very similar inside £205k between the two agents valuations.

Also houses that went SSTC and under offer between Sept and Nov 09 now becoming available again http://www.rightmove.co.uk/property-for-sale/property-13543182.html

[gus]

I am seeing very similar things in Southport

Two very similar houses next door to each other, one at at £530k http://www.rightmove.co.uk/property-for-sale/property-22252621.html & one at £815k http://www.rightmove.co.uk/property-for-sale/property-23881456.html , I accept that one is slightly bigger but the plot sizes are very similar. I can't accept that an outdoor pool adds £300k to a place.

These two are next door to each other and virtually the same house built in the same year http://www.rightmove.co.uk/property-for-sale/property-17581942.html & http://www.rightmove.co.uk/property-for-sale/property-12829539.html same size plots and both very similar inside £205k between the two agents valuations.

Also houses that went SSTC and under offer between Sept and Nov 09 now becoming available again http://www.rightmove.co.uk/property-for-sale/property-13543182.html

I phoned the agents of the 540k place and queried whether the purchase was going ahead and she confirmed it was.

Then in an utterly confused tone I asked if she could tell me why it was 85K more than the identical property across the road , but on with a different agent.

Talk about going on the defensive; immediately asserting they were very different plot sizes, different quality interiors (how would she know?) etc . The aerial shots clearly show the 4 plots are very similar in size and the photos of the interiors show that they are much of a muchness. Indeed the views from the cheaper place look significantly better than the vistas from the 540 house.

As additional supply comes on in this deteriorating climate, price dislocation will become more and more pronounced helping to fuel the competition we need to bring this baby to it's knees.

[Lock and load]

I phoned the agents of the 540k place and queried whether the purchase was going ahead and she confirmed it was.

Then in an utterly confused tone I asked if she could tell me why it was 85K more than the identical property across the road , but on with a different agent.

Talk about going on the defensive; immediately asserting they were very different plot sizes, different quality interiors (how would she know?) etc . The aerial shots clearly show the 4 plots are very similar in size and the photos of the interiors show that they are much of a muchness. Indeed the views from the cheaper place look significantly better than the vistas from the 540 house.

As additional supply comes on in this deteriorating climate, price dislocation will become more and more pronounced helping to fuel the competition we need to bring this baby to it's knees.

people like you will screw the smallest of green shoots in the housing market,and spread fear to the rest.....KEEP UP THE GOOD WORK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[The Masked Tulip]

I keep saying it - Gower is lovely to visit but there is little to do down there, many of the places are isolated and, frankly, many of the locals are your nice but dim countryfolk.

Where are the quaint villages, where are the nice pubs that sell good food and not the mass produced stuff, where are the pubs that sell good beer, where are the good cafes, etc, etc.

I know quite a few who live down there who run businesses and they are, IMPO, very focussed on money, money, money and see any visitors to the Gower as an opportunity to over-charge.

No, I have lost count of the people I know who have moved to the Gower to live the country lifestyle and within 18 months have been glad to be back in Swansea - it is only a few miles away but it might as well be several decades.

[juvenal]

I keep saying it - Gower is lovely to visit but there is little to do down there, many of the places are isolated and, frankly, many of the locals are your nice but dim countryfolk.

Where are the quaint villages, where are the nice pubs that sell good food and not the mass produced stuff, where are the pubs that sell good beer, where are the good cafes, etc, etc.

I know quite a few who live down there who run businesses and they are, IMPO, very focussed on money, money, money and see any visitors to the Gower as an opportunity to over-charge.

No, I have lost count of the people I know who have moved to the Gower to live the country lifestyle and within 18 months have been glad to be back in Swansea - it is only a few miles away but it might as well be several decades.

Gower - cockles and grockles

[The Masked Tulip]

Gower - cockles and grockles

And you have to worry about the cockles!

[gus]

people like you will screw the smallest of green shoots in the housing market,and spread fear to the rest.....KEEP UP THE GOOD WORK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

These estate agents operate in a moral vacuum. They have happily and very closely colluded in the creation of a mega financial scam that is causing, and will continue to cause, untold misery and hardship for many.

In my book,burning is too good for mosts of the shites and anything done to undermine their influence and demonstrate their shoddy ineptitude, even just a little bit on a localised level, is something worth doing.This is a "profession" we can well do without.

[The Masked Tulip]

These estate agents operate in a moral vacuum. They have happily and very closely colluded in the creation of a mega financial scam that is causing, and will continue to cause, untold misery and hardship for many.

In my book,burning is too good for mosts of the shites and anything done to undermine their influence and demonstrate their shoddy ineptitude, even just a little bit on a localised level, is something worth doing.This is a "profession" we can well do without.

Tesco will kill them off. Give it a year and the likes of Asda, Morrisons and Co will be launching their own flat fee agencies.

[Swansea Estate Agent]

Not all EA's are the same, but I do understand some people's opinions and it is a profession that you can't do with out.

Yes some people can sell their own properties etc, but not everybody and not every sale goes to plan. The thing is many people bad mouth EA's and say they can't be trusted, but the vast majority go to an EA to buy or sell a property.

If selling/letting a property was so easy, then there simply would not be EA's. They would have gone long ago and I'm not saying this just because I am an EA.

With regards to Tesco etc. Are Tesco not going to take over the world and every industry?

Years ago Tesco moved in to insurance and lending, but banks and insurance companies are still around. That can be said for all the other toes that Tesco are stepping on.

I saw the property portal from Tesco in 2007 and knew that they would not do well. That did not last long though and I suspect their new idea will not either. The idea of the flat fee is due to the fact that regular local EA's do not offer competitive sales fees yet I offer 1% and usually agree a set fee less than that. We will homes used to offer 1% until they became more established. The problem is people do not negotiate enough with them. What usually happens is the EA will visit the property and give a market appraisal, then tell the vendor that they will sell it for however much and do the whole sales pitch to get them to sign up straight away even though they have other agents booked to do the same. I find it crazy that people take advice to get 3 different agents and then sign up with the 1st one that comes along when they could have played one against another to save more money. They tend to do it 3 months down the line when their property is still on the market.

There are also 100's of on-line EA's that do exactly what Tesco plan to do and all offer various flat fees.

I have known many people try to sell with an on-line agent in a bid to save money. After 6-12 months of getting nowhere, they either give up trying or go to an EA. Having said that I know a few people that have been successful in selling their own property.

Here is a link to the story and some comments.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/7222694/Tesco-expected-to-launch-property-website-within-weeks.html#postComment

The comments are obviously full of those taking a swipe at EA's, but I find this comment is apt:

Opening the doors to internet only agencies will certainly bring chaos to an overpriced but stable sector.

Estate agents are the gatekeeper to the property misrepresentations act. Without this individual sellers will leave themselves open to lawsuits from buyers if they find that the advert was wrong!

So what’s the way forward? We need new players to come into the market that offer a full estate agency service at reasonable price that is value for money. This will force the historic and greedy agents out of the market (and onto the golf course!).

[Swansea Estate Agent]

Just to add about the quoted comment.

Estate agents are the gatekeeper to the property misrepresentations act. Without this individual sellers will leave themselves open to lawsuits from buyers if they find that the advert was wrong!

Many people have no idea at how EA's can be taken to court so easily for so many things when selling a house. I look at some property descriptions on-line and just wonder how some EA's have got away with their descriptions for so long. The big EA's are usually ok, but some of the smaller ones usually those that start out letting and then move in to sales are the one's that live on the edge.

I have also seen many trying to sell their own house and describe views or rooms with words like 'spectacular' or 'stunning' etc. You just can't do that. If a buyer came along and did not feel that the property was 'stunning' etc, then they can take legal action. This may seem petty, but it is one of the many simple ways that EA's can find themselves in hot water over.

[The Masked Tulip]

With all respect CEA, there were many better run businesses, bigger and larger and richer than many EA chains who thought that Tesco would never be able to do what they do.

I have worked for several dynamic US companies and, having done some work for Tesco, I can tell you that they are one of the few UK companies that have a dynamic and world domination ethos at the top - they intend to grow and dominate and grow and dominate.

They were testing the waters in 2007 and decided to pull back. Now they are back with a vengeance and I suspect within 5 years they will have become the major seller of houses in the UK. As I said before, the others will bring their brand, their size and their business nounce... and their ability to reduce costs... to the business of selling and buying houses.

How about some Tesco club points when you buy a house via their site? Don't think it will happen because it will? Think about all those HIP advisers out there who would make ready made flat salary EAs. How about the kudos of selling your house via Marks and Spencer?

One final thought, once this recession is over we will see more and more business go online - it is going to happen. In fact, in the last month there has been a noticeable upturn in IT contracts in the UK and US and most are in the areas of online technology.

If I was an EA in Swansea I would not be trying to stop the march of Tescos - I would be looking to be one of te few, because it will be few, people to get a job with them in their new EA business.

[Cicero]

With all respect CEA, there were many better run businesses, bigger and larger and richer than many EA chains who thought that Tesco would never be able to do what they do.

I have worked for several dynamic US companies and, having done some work for Tesco, I can tell you that they are one of the few UK companies that have a dynamic and world domination ethos at the top - they intend to grow and dominate and grow and dominate.

They were testing the waters in 2007 and decided to pull back. Now they are back with a vengeance and I suspect within 5 years they will have become the major seller of houses in the UK. As I said before, the others will bring their brand, their size and their business nounce... and their ability to reduce costs... to the business of selling and buying houses.

How about some Tesco club points when you buy a house via their site? Don't think it will happen because it will? Think about all those HIP advisers out there who would make ready made flat salary EAs. How about the kudos of selling your house via Marks and Spencer?

One final thought, once this recession is over we will see more and more business go online - it is going to happen. In fact, in the last month there has been a noticeable upturn in IT contracts in the UK and US and most are in the areas of online technology.

If I was an EA in Swansea I would not be trying to stop the march of Tescos - I would be looking to be one of te few, because it will be few, people to get a job with them in their new EA business.

Valid points well made TMT.

[niceathome]

Things really are getting interesting.

4 (identical) properties in a very pretty estate- gateway to Gowerish. One has been "Under Offer" for some time at 540K and is very slow to complete.

A second (and they really are the same: style , size, views)was originally on for 530k and dropped to 499K where it stayed for yonks. I see this place has now dropped further to 455K!!

Now..... is the "under offer" guy really going to press ahead with a house that costs 85K more than the "same" place across the road? I don't think so, no-one could be that dumb. This is sort of stuff that warms the cockles of me .....

For Nice: the Penclawdd place that was on for 650K and went to 525K in one fell swoop. Clearly no serious interest and very recently further reduced to 499K.

Who exactly is it talking about price rises? Which country are they referring to ?

Penclawdd - Still overpriced, this is trying to charge South Gower prices in North Gower.

I've not had time to post recently, work has gone mental and I only get time online on my netbook in hotel bars. My fingers are way to stubby to type on the small keyboard.

I'm surprised at the number of top-end houses which appear to have sold in the last few weeks, the £1.3m one which belongs to someone at Dawsons (Chris Hope?) at The Rise, Langland has a sold sign. Also the one on Higher Lane which Bobby boy said was worth no more than £250k and was ex-council, I don't know how much but i may have completed by now, I'll have a look if I get time.

[niceathome]

Just checked, the place on the corner of Higher Lane and Beaufort Avenue sold for £740k in December.

Masked Tulip valued it at £250k - how embarassing!

[The Masked Tulip]

Penclawdd - Still overpriced, this is trying to charge South Gower prices in North Gower.

I've not had time to post recently, work has gone mental and I only get time online on my netbook in hotel bars. My fingers are way to stubby to type on the small keyboard.

I'm surprised at the number of top-end houses which appear to have sold in the last few weeks, the £1.3m one which belongs to someone at Dawsons (Chris Hope?) at The Rise, Langland has a sold sign. Also the one on Higher Lane which Bobby boy said was worth no more than £250k and was ex-council, I don't know how much but i may have completed by now, I'll have a look if I get time.

A couple near me have had sold signs go up in the past week - noticed about 10 or so sold signs whilst out.

However, I am noticing more and more 'to let' signs and more and more hosues that have been let out according to their signs. Also noticed a house on Sketty Road with two different EA chain signs go up this week which is kind of odd.

[gus]

Not all EA's are the same, but I do understand some people's opinions and it is a profession that you can't do with out.

Yes some people can sell their own properties etc, but not everybody and not every sale goes to plan. The thing is many people bad mouth EA's and say they can't be trusted, but the vast majority go to an EA to buy or sell a property.

If selling/letting a property was so easy, then there simply would not be EA's. They would have gone long ago and I'm not saying this just because I am an EA.

With regards to Tesco etc. Are Tesco not going to take over the world and every industry?

Years ago Tesco moved in to insurance and lending, but banks and insurance companies are still around. That can be said for all the other toes that Tesco are stepping on.

I saw the property portal from Tesco in 2007 and knew that they would not do well. That did not last long though and I suspect their new idea will not either. The idea of the flat fee is due to the fact that regular local EA's do not offer competitive sales fees yet I offer 1% and usually agree a set fee less than that. We will homes used to offer 1% until they became more established. The problem is people do not negotiate enough with them. What usually happens is the EA will visit the property and give a market appraisal, then tell the vendor that they will sell it for however much and do the whole sales pitch to get them to sign up straight away even though they have other agents booked to do the same. I find it crazy that people take advice to get 3 different agents and then sign up with the 1st one that comes along when they could have played one against another to save more money. They tend to do it 3 months down the line when their property is still on the market.

There are also 100's of on-line EA's that do exactly what Tesco plan to do and all offer various flat fees.

I have known many people try to sell with an on-line agent in a bid to save money. After 6-12 months of getting nowhere, they either give up trying or go to an EA. Having said that I know a few people that have been successful in selling their own property.

Here is a link to the story and some comments.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/7222694/Tesco-expected-to-launch-property-website-within-weeks.html#postComment

The comments are obviously full of those taking a swipe at EA's, but I find this comment is apt:

The single most important purchase most of us will make in our life times and populating centre stage in this process are a collection of spivs and charlatans whose principal objective is seemingly to obscure and obfuscate, rather than to smooth or enlighten.And the fact that this industry is not far more rigorously controlled and monitored is just another indictment of our disgustingly sordid politicians and their self-interests. They'll legislate so that you can get a criminal record for some trivial offence , but an unqualified, unethical EA is habitually allowed to screw vulnerable types in a criminally negligent manner and walk away .

Just where exactly is the "Added Value" that EA's bring to the party? Their written patter is a collection of cliched banalities. They'll note the existence of a central heating boiler and then add that they don't know if it works! They're told there's 5 acres surrounding..... but they haven't measured it!

They'll happily manufacture phantom competitive purchasers and lie about the vendor's reasons for selling without blinking an eye!

At the end of the day , they put a photo in the window and in the local rag and then charge more than the lawyer..... who does at least have recognisable qualifications.

Certainly, all professions have bad eggs , but I'm afraid with EA's it's a case of spot the solitary good egg. If Boots can in-house opticians (who do have skills and real value)and other suppliers can do the same with dentists and lawyers then certainly the so-called "skills" of the EA can be similarly in-housed to the benefit of the man on the street.

[The Masked Tulip]

The single most important purchase most of us will make in our life times and populating centre stage in this process are a collection of spivs and charlatans whose principal objective is seemingly to obscure and obfuscate, rather than to smooth or enlighten.And the fact that this industry is not far more rigorously controlled and monitored is just another indictment of our disgustingly sordid politicians and their self-interests. They'll legislate so that you can get a criminal record for some trivial offence , but an unqualified, unethical EA is habitually allowed to screw vulnerable types in a criminally negligent manner and walk away .

Just where exactly is the "Added Value" that EA's bring to the party? Their written patter is a collection of cliched banalities. They'll note the existence of a central heating boiler and then add that they don't know if it works! They're told there's 5 acres surrounding..... but they haven't measured it!

They'll happily manufacture phantom competitive purchasers and lie about the vendor's reasons for selling without blinking an eye!

At the end of the day , they put a photo in the window and in the local rag and then charge more than the lawyer..... who does at least have recognisable qualifications.

Certainly, all professions have bad eggs , but I'm afraid with EA's it's a case of spot the solitary good egg. If Boots can in-house opticians (who do have skills and real value)and other suppliers can do the same with dentists and lawyers then certainly the so-called "skills" of the EA can be similarly in-housed to the benefit of the man on the street.

+1. They know nothing about the build of a property, most in Swansea do not even know if a property is broadband enabled and whether the provider is ADSL or Cable. Ask an EA if the property is cavity wall or single skin or brick or wood construction and they have not a clue.

Likewise, when you view a property they want you to marvel at the kitchen units or the bath but if you wish to go and look in the loft they look at you as if you are mad.

A friend of mine reguarly does probate on wills in the region of several million and he does not charge anywhere near what an EA charges.

Back to Tesco - been thinking about the value-add they will bring from their POV. Buy a property via their site and get 10% off all electricals for the first month after you purchase. You can see them going into furniture, kitchens, etc, and being able to use the house sales as an additional selling tool. Heck, just as you can't get a plumber nowadays because they are all contracted via the insurance companies you can see the same happening with kitchen fitters, bathroom tilers, etc, once Tesco and Co get into the EA game

[gus]

+1. They know nothing about the build of a property, most in Swansea do not even know if a property is broadband enabled and whether the provider is ADSL or Cable. Ask an EA if the property is cavity wall or single skin or brick or wood construction and they have not a clue.

Likewise, when you view a property they want you to marvel at the kitchen units or the bath but if you wish to go and look in the loft they look at you as if you are mad.

A friend of mine reguarly does probate on wills in the region of several million and he does not charge anywhere near what an EA charges.

Back to Tesco - been thinking about the value-add they will bring from their POV. Buy a property via their site and get 10% off all electricals for the first month after you purchase. You can see them going into furniture, kitchens, etc, and being able to use the house sales as an additional selling tool. Heck, just as you can't get a plumber nowadays because they are all contracted via the insurance companies you can see the same happening with kitchen fitters, bathroom tilers, etc, once Tesco and Co get into the EA game

Cavity wall! I worked in an office with a valuation surveyor (ARICS)who openly admitted that he knew little about building construction; couldn't even take off quantities. And the majority of these EA's are not even ARICS (of any model)but are simply salesmen and unpleasant ones at that.

Fine if they are up front about it and don't pretend to be something they are not. But too many talk about their valuations as if they are the result of some incontestible ruling from on high never to questioned ..... then I have a problem. Treat them , their valuations and all their pronouncements with extreme scepticism and care would be my advice to all trusting souls.

Totally agree with you. The sooner the likes of Tesco and M&S move in on this market the better it will be for all of us.They'll raise the minimum professional standards bar, increase awareness of the pitfalls and squeeze out the predatory bottom feeders, of which there are far too many.

[Swansea Estate Agent]

I agree with the points made about EA's with regards to many of them trying to show they are something that they are not and there is only one reason for that which is that they will get away with it whilst talking to enough people to make a sale. Obviously that is the sole purpose of their jobs.

The problem that you will find when making enquiries with a larger EA about a property is that the person you talk to is not the person that valued the property, well in most cases anyway.

They employ staff for certain jobs. Some of them are the ones that go out to give a market appraisal and gain the instruction. It is then passed on to other staff to go out and take the property particulars and arrange the viewings/sell the property.

With smaller EA's it is almost certain that the person gaining the instruction is also the same person dealing with the property from start to finish and therefor will have a greater knowledge of the property and should be able to supply you with all the correct answers without the need to BS you.

Having said that, do you really believe that an on-line agent that you would probably need to e-mail questions to will be able to supply you with all the answers you want? And if they did it may take many days or weeks to get these answers. With regards to things like broadband etc. I suspect many if not all EA's would see things like this as trivial has they know all they need to know are the basics in order to find a buyer more times than not.

Of course if they did a thorough job and prepared all the information that could possibly be needed they might be in a better position, but it would be time consuming and in most cases more work than was required.

Estate agency does have a bad reputation and simply because of the reason stated by Gus about it being the single most important purchase. There are many programme's on the TV about dodgy builders, plumbers etc yet people still call them out even though there is a risk element of getting a cowboy that will charge you double and probably not do the job or do it correctly. Most people are unable to fix their leaking pipes just like they are unable to sell their own house.

CharEstate is an on-line agency yet I am just looked upon like any other EA. I have had plenty of happy clients, but I have had some that have been far from happy because you can't please them all. Once you or somebody you know have had a bad experience you automatically think that the company are not to be trusted or just make it simpler and blame the whole industry.

Here is a recent example.

After gaining an instruction and marketing a property perfect for an investor/buy-to-let landlord I found a buyer whom was both. She made an offer which I thought was too low and sat down with the vendor to discuss. The result was to hold out for more and I was given a price that would be acceptable. I rejected offers until the price was reached and passed on the good news to the vendor whom changed their mind and wanted more.

Again I managed to get the offer increased and the vendor then found her dream home, made an offer and quickly got confirmation that it was accepted. I began the sales process with all parties being finally happy. The investor then pulled out after her builder talked her out of the purchase in order to fund his self build project which could potentially make her more money.

Once I gave the vendor the bad news I received an angry reply blaming me for the fall through of the sale and breaking their hearts.

You can do your best, but you can never make everybody happy.

[efdemin]

Nice to hear tales from an estate agent that give a more rounded picture of the business. Along with the AgentsDiary blog it reminds that I wouldn't be able to deal with the inane public day-in day-out!

One thing I don't understand though is why doesn't the NAEA (or some other group of EA's) ever talk about changing the house buying process? Surely chains breaking like this is a waste of time for everyone - couldn't we introduce a system where the buyer and/or seller have to commit before the exchange, e.g. a non-refundable 10% deposit? I think this does happen, but only on a negotiated basis each sale. It should also have conditions like the buyer has proven ability to buy (mortgage in principle or cash funds say). And on the other side, the seller must be tied in - so no gazumping (or gazundering either). At the moment it is all too arm-wavy and down to trust.

Surely it would mean less hassle for EAs as more sales go through and a better reputation in the long run? But why is it never discussed?

I'm not trying to lay blame or anything, I just really don't understand. The current process is pretty broken, so why not fix it?

[Tiger Woods?]

Just to add about the quoted comment.

Many people have no idea at how EA's can be taken to court so easily for so many things when selling a house. I look at some property descriptions on-line and just wonder how some EA's have got away with their descriptions for so long. The big EA's are usually ok, but some of the smaller ones usually those that start out letting and then move in to sales are the one's that live on the edge.

I have also seen many trying to sell their own house and describe views or rooms with words like 'spectacular' or 'stunning' etc. You just can't do that. If a buyer came along and did not feel that the property was 'stunning' etc, then they can take legal action. This may seem petty, but it is one of the many simple ways that EA's can find themselves in hot water over.

Interesting. There are clearly no such constraints on EAs in Australia, or they are ignored. Every house has spectacular views and is only a zebra crossing away from the beach (...which is technically true, but the 1500 metre walk prior to the cross is neglected...)

[Swansea Estate Agent]

Nice to hear tales from an estate agent that give a more rounded picture of the business. Along with the AgentsDiary blog it reminds that I wouldn't be able to deal with the inane public day-in day-out!

One thing I don't understand though is why doesn't the NAEA (or some other group of EA's) ever talk about changing the house buying process? Surely chains breaking like this is a waste of time for everyone - couldn't we introduce a system where the buyer and/or seller have to commit before the exchange, e.g. a non-refundable 10% deposit? I think this does happen, but only on a negotiated basis each sale. It should also have conditions like the buyer has proven ability to buy (mortgage in principle or cash funds say). And on the other side, the seller must be tied in - so no gazumping (or gazundering either). At the moment it is all too arm-wavy and down to trust.

Surely it would mean less hassle for EAs as more sales go through and a better reputation in the long run? But why is it never discussed?

I'm not trying to lay blame or anything, I just really don't understand. The current process is pretty broken, so why not fix it?

Good point and this is where I would like to be, but other EA's of a certain size do not want to talk with each other which is why the whole business is very cut-throat. They will sit down and discuss idea's to save money with regards to advertising due to needing everybody on board before doing something drastic like boycotting the newspaper due to stupid advertising prices which are around £1,000 per side of a page in the property post. The vast majority of vendors want to see their property in the newspaper yet it costs a fortune to put it there. Of course you get a discount for taking more pages, but you still need to sell a property per page of advertising. I spent 15k in the property post to get 3 phone calls which nearly bankrupted me yet I can tenant nearly all my properties by advertising on a free website.

Deposits are often required now. More and more in today's market. Proof of funds is usually only requested by repo companies although this would be better if used for every sale.

The problem with larger EA's is that most staff are on personal commission or have targets to meet, so will no doubt try to get more money on a percentage deal. If they were flat fees, then you may find a lot less negotiating is done because there is no added incentive to the EA. I'm happy to agree either flat fee or percentage and treat each property the same has I have no overheads.

After doing this for 4 years though I now need to move in to a shop premise and take on staff for me to continue giving the same service. This brings with it overheads and I will have to start changing my fee structure to be less negotiable, but I will remain to be very competitive for as long as possible.