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Is There Really Any Point In Talking To Ea's

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Starting to get really pissed off at the antics of EA's. Some only wanting to show you properties or sites in which they have an interest, others living in a timewarp, etc.

We've been fairly lucky and STR last November. Looking for a site now but the prices are just silly, with the odd exception. We have our eye on a decent site locally with FP etc but the EA reckons that its still worth £120K, fecking idiot tbh! Now I dont think there is any point in going in with my offer, which would be around a third of that :D. Has anyone skipped the EA and went directly to the vendor in a situation like this?

Interested in views.

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Starting to get really pissed off at the antics of EA's. Some only wanting to show you properties or sites in which they have an interest, others living in a timewarp, etc.

We've been fairly lucky and STR last November. Looking for a site now but the prices are just silly, with the odd exception. We have our eye on a decent site locally with FP etc but the EA reckons that its still worth £120K, fecking idiot tbh! Now I dont think there is any point in going in with my offer, which would be around a third of that :D. Has anyone skipped the EA and went directly to the vendor in a situation like this?

Interested in views.

The EA has agreed a price with the seller and they will have a legally binding contract. So even if you do a deal with the vendor privately the vendor will still have to pay the agent commission. Make any offer you want to the EA, but the chances are the seller is as greedy as the EA.

To put this in context I work with people who sell very high-value classic cars (way more than £120k). The sellers are often greedier than the agents. After all what would you rather have; 3% of £60k or 0% of £120k with all the wasted time effort and money trying to sell something that you know is priced way too high?

The EAs you are talking to are professional liars but the truth all too often is that the sellers are the greedy rapacious ones, and they are the fecking idiots.

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The EA has agreed a price with the seller and they will have a legally binding contract. So even if you do a deal with the vendor privately the vendor will still have to pay the agent commission. Make any offer you want to the EA, but the chances are the seller is as greedy as the EA.

To put this in context I work with people who sell very high-value classic cars (way more than £120k). The sellers are often greedier than the agents. After all what would you rather have; 3% of £60k or 0% of £120k with all the wasted time effort and money trying to sell something that you know is priced way too high?

The EAs you are talking to are professional liars but the truth all too often is that the sellers are the greedy rapacious ones, and they are the fecking idiots.

^^ What he said ^^ :)

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My main concern was the fact that the offer might not even be passed on to the vendor in the first place. I'm sorta hopeful that vendors and the general Joe are suddenly getting the big picture, and that decently priced offers might be acceptable, but only if they are passed on in the first place.

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After all what would you rather have; 3% of £60k or 0% of £120k with all the wasted time effort and money trying to sell something that you know is priced way too high?

This is a logical mathematical concept, EAs have also been in denial and their response to declining revenue was initially to try to increase prices further. Their minds were too far bent towards increasing prices rather than simple maths, especially when it might involve more productivity (£ earned/man hour). In one case I know about it took their account to tell them the maths. Even so they still see all the houses on their books selling at the prices they are asking or nearby, it just make take longer and they are waiting for the banks to sort out the money supply,/ gov't to bail out banks again.

As I've mentioned before, there are signs that a few of them are starting to try and encourage prices down, but most of them still seem happy to take instructions from unrealistic sellers.

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This is a logical mathematical concept, EAs have also been in denial and their response to declining revenue was initially to try to increase prices further. Their minds were too far bent towards increasing prices rather than simple maths, especially when it might involve more productivity (£ earned/man hour). In one case I know about it took their account to tell them the maths. Even so they still see all the houses on their books selling at the prices they are asking or nearby, it just make take longer and they are waiting for the banks to sort out the money supply,/ gov't to bail out banks again.

As I've mentioned before, there are signs that a few of them are starting to try and encourage prices down, but most of them still seem happy to take instructions from unrealistic sellers.

From my experience, during the boom the agents were suggesting (and getting) higher prices than the developer was expecting. Their increase in income on a extra £20k was not the driving issue. It probably was more 'look how good am I'.

I can remember indicating I wanted to keep the prices lower and get as many away as I could rather than look for the max and been told 'you don't want xxx Ltd been accused of bringing the prices down'. But I focused on volume and clearing the decks anyway. As the crash occoured you are right they resisted the slide, whilst we didnt want to chase the Market down. We had to go it on our own, to a certain extend as the EA's reeled from the shock of what was happening. However, well over a year ago something changed. I think the Bank manager's calls may have become more common than purchasers calls and they performed a turn around and started to talk down their vendors expectations.

I have weekly meetings with these guys and for well over a year they have been telling me that they cant talk alot of the venders down. It is only when they stopped taking listings at unrealistic prices that this slowly started to change.

If they have a vender looking £x for a house and you call about that house they have to try and justify that price. However if you say you are looking to sell the house next door they will try to talk you into a more realistic price. They need the turnover and the only way they get sales is when they sell the house.

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The EAs you are talking to are professional liars but the truth all too often is that the sellers are the greedy rapacious ones, and they are the fecking idiots.

The housing market can be summed up with 2 emotions ... Greed & Fear. When the prices were going up the sellers got carried away and worked quite happily with EA's to 'get the max' price - simply put - both got greedy. After all it quite clearly benefited both.

Now when the shoe is on the other foot the Fear kicks in, and talk of a 'housing market recovery' & things are on the up'.. type conversations filter into the every day lingo of EA's. Again, it is in their benefit to try and promote activity.

Im trying not to be harsh on the EA, they need to make a living just like the rest of us and at the end of the day they are sales people. How many times have you walked through a shopping centre or had a knock on the door by someone trying to sell you the next best product, telling you that there are only a few items left and you had better act fast!! They are trying to make a sale and you are that opportunity. Dont be surpirised if they tell you that 'things are on the up' and that the house you are enquiring about has had 'alot of interest' and 'a bidder has offered the asking price but is trying to get a MTG which is why the seller wants to keep it on the market'. Take everything they say with a pinch of salt.

The problem with EA's at the minute is that there is no consistency. It is all too common to have 3 houses up for sale in the one street, all broadly similiar but with a variation of roughly £15k in asking prices between them ???? Confused market, confused EA's or greedy sellers??? Idiots sounds ideal.

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I remember being in an estate agents in Ballyclare I think in 2007 and a vendor was begging the EA to let him reduce the price of his house to get it sold. He was told in no uncertain terms that if he did that then everyone would have to reduce their prices and there was no way that was going to happen. I hope he went to another agent.

seriously??? That's socking :huh:

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The problem with EA's at the minute is that there is no consistency. It is all too common to have 3 houses up for sale in the one street, all broadly similiar but with a variation of roughly £15k in asking prices between them ???? Confused market, confused EA's or greedy sellers??? Idiots sounds ideal.

Yes that typifies my data collection also, the prices are all over the place. That is resolved on the mainland by the publicly available sale prices, much easier to compare on a street. The DCV ratio is just too complicated and hidden for most people... Most EAs can't understand the general point of referencing it.

Edited by Ride_on

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Yes that typifies my data collection also, the prices are all over the place. That is resolved on the mainland by the publicly available sale prices, much easier to compare on a street. The DCV ratio is just too complicated and hidden for most people... Most EAs can't understand the general point of referencing it.

It was their own work. People forget that the revered DCV were carried out by the Estate Agents and there were over 20,000 appeals because of the vast differences between similar houses on the same streets.

The current differences in Property News prices pretty much reflects the listing or last updating dates. If they have been sitting at that price for more than 12 mths, particularly in the resale market then there is something wrong with the price. A newer listing coming on will more likely to be closer to the price that is selling at the moment.

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The current differences in Property News prices pretty much reflects the listing or last updating dates. If they have been sitting at that price for more than 12 mths, particularly in the resale market then there is something wrong with the price. A newer listing coming on will more likely to be closer to the price that is selling at the moment.

This is not true in BT9 at the moment. Most newer properties are still coming on at the usual unrealistic prices, and don't seem to be selling. Denial has been fed by recent media reports of price increases over the last few months.

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It was their own work. People forget that the revered DCV were carried out by the Estate Agents and there were over 20,000 appeals because of the vast differences between similar houses on the same streets.

I havn't seen that in Belfast/Northdown, although I do agree it is not very accurate, and 20,000 over the entire stock in NI doesn't sounds that high. In any case they still mostly don't understand how it can be used to compare houses now, they just say 'well that was 5 years ago the price has gone up', they don't seem to understand that 2x the DCV is just ridiculous.

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I havn't seen that in Belfast/Northdown, although I do agree it is not very accurate, and 20,000 over the entire stock in NI doesn't sounds that high. In any case they still mostly don't understand how it can be used to compare houses now, they just say 'well that was 5 years ago the price has gone up', they don't seem to understand that 2x the DCV is just ridiculous.

I will not put forward what multiple or percentage of DCV the 'right price is'. However the notion that DCV was correct at any point is giving the EA's too much credit. A valuation today can be out. Just like the valuations them was probably wrong, because of the shear volume. I idea, IMO, of a factor of x times DCV as a level of value is wrong as it assumes the DCV was correct for that property in the first place.

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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