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Estate Agents - No Business Acumen

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I now understand why over the last few years, there has been a decline in the number of Estate Agents. I am now convinced that it is not on account of the economic climate, it is due to the lack of business acumen. One such Estate Agent has just had less for a property at auction than what they would have had from me. The Estate Agent in question informed me that they had already received an offer of 6K above what they eventually got for the property at auction. In the event that the Estate Agent reads this post (you know who you are). Let me just educate you on the current economic climate. Sadly, repossessions are becoming the norm, the number of people claiming jobseekers' allowance in Wales up to the beginning of September stands at 71,500, there are 344,000 people in Wales working in the public sector who's jobs are under threat, the banks are reluctant to lend and you are in stiff competition with other Agents. For those of us who are fortunate enough to have the cash, it is a buyers market. Take care not to bite off the hand that feeds you!

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I now understand why over the last few years, there has been a decline in the number of Estate Agents. I am now convinced that it is not on account of the economic climate, it is due to the lack of business acumen. One such Estate Agent has just had less for a property at auction than what they would have had from me. The Estate Agent in question informed me that they had already received an offer of 6K above what they eventually got for the property at auction. In the event that the Estate Agent reads this post (you know who you are). Let me just educate you on the current economic climate. Sadly, repossessions are becoming the norm, the number of people claiming jobseekers' allowance in Wales up to the beginning of September stands at 71,500, there are 344,000 people in Wales working in the public sector who's jobs are under threat, the banks are reluctant to lend and you are in stiff competition with other Agents. For those of us who are fortunate enough to have the cash, it is a buyers market. Take care not to bite off the hand that feeds you!

Was it a repo?

If not, it's surely up to the vendor, not the EA, to decide whether a property goes to auction.

And even in the case of a repo, surely whoever has repossessed it can say, 'We want £XK for it - we won't let it go for any less.' *

I'm no apologist for EAs, but the fact is, they don't own the properties and can't force anyone to accept what even they may consider a reasonable price.

BTW I've seen several cases on HUTH where someone has bought a property for quite a bit less than they'd offered for it before it went to auction.

*and only find out after the auction that they're not going to get it.

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Hi Mrs Bear

Yes it was a repo and I agree with all that you have said. However, having dealt with a considerable amount of Estate Agents, I have found that the majority have been less than honest. In fact, there is only one office out of a chain that I would not hesitate in recommending to friends and colleagues. They are professional, have excellent customer service skills and who I have found to be completely honest and up front.

Don't get me wrong, I am aware that Estate Agents should act in the best interests of the vendor to obtain the best offer, have targets to meet and a crust to make. That is the name of the game and I understand that there is no sentiment in business. However, it is the lies and deceit that really gets to me. How do I know this Estate Agent tried to deceive me? I don't for sure but to be a good liar, you have to have a good memory which he didn't. Moreover, the lack of a letter to the vendor, clearly stating my offer had been declined is usually a pretty good indication. The reason why I did not pursue the matter is that on the very same day I made them an offer on this property, I received a call from the reputable Estate Agent I have mentioned above, regarding two other properties. I have arranged to see them again with a builder in tow on Wednesday.

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I do hope the EA did not have eyes on this property him/herself and hence perhaps did not pass on your offer allowing someone on his/her behalf buy the property at a knock-down price at auction? Surely not? I mean, such things would never go on would they?

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I do hope the EA did not have eyes on this property him/herself and hence perhaps did not pass on your offer allowing someone on his/her behalf buy the property at a knock-down price at auction? Surely not? I mean, such things would never go on would they?

Excuse the pun but I think you have hit the nail on the head!

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Would love to know the name of the reputable EA, if you feel able to divulge it. Cardiff area?

Sat in dentist's waiting room yesterday afternoon and reading a free local mag called Cardiff Life which has a property section at the back. This includes an update on the health of the market by an EA. The comments were surprisingly honest. He described a 'negotiation' he was having with a client on his books who was haggling for a 17% reduction on the house he hoped to buy - as a reflection of "current market conditions" - but was stubbornly refusing to accept an offer on his own place at 7% below. And there we have it in a nutshell. The housing market is mentally ill.

Edited by mrpleasant

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I now understand why over the last few years, there has been a decline in the number of Estate Agents. I am now convinced that it is not on account of the economic climate, it is due to the lack of business acumen. One such Estate Agent has just had less for a property at auction than what they would have had from me. The Estate Agent in question informed me that they had already received an offer of 6K above what they eventually got for the property at auction. In the event that the Estate Agent reads this post (you know who you are). Let me just educate you on the current economic climate. Sadly, repossessions are becoming the norm, the number of people claiming jobseekers' allowance in Wales up to the beginning of September stands at 71,500, there are 344,000 people in Wales working in the public sector who's jobs are under threat, the banks are reluctant to lend and you are in stiff competition with other Agents. For those of us who are fortunate enough to have the cash, it is a buyers market. Take care not to bite off the hand that feeds you!

No deep enigma. No point in trawling the net for new insights ,looking for clues. EA have played a very significant part in the creation of the contorted construct that is the market, but their day is up.

Only yesterday contacted EA about the state of play on a Mayals pile and whether vendors were realists. She said offer had been made and accepted but that it was still open to view . (In other words, offer below par).Could she set up the appointment, would I like to view this week etc etc........ I cut her short saying I had no interest, in this market , in getting into a bidding war. End of story. I could sense the ineffable deflation in her voice.

Even now, as the market slides over the edge, these unprincipled cretins still play their games.

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No deep enigma. No point in trawling the net for new insights ,looking for clues. EA have played a very significant part in the creation of the contorted construct that is the market, but their day is up.

Only yesterday contacted EA about the state of play on a Mayals pile and whether vendors were realists. She said offer had been made and accepted but that it was still open to view . (In other words, offer below par).Could she set up the appointment, would I like to view this week etc etc........ I cut her short saying I had no interest, in this market , in getting into a bidding war. End of story. I could sense the ineffable deflation in her voice.

Even now, as the market slides over the edge, these unprincipled cretins still play their games.

What a silly tw * t.

I get this as well - quite surprising that you can pick any house to view in Swansea and after it having sat on the market for over a year the moment you show interest in it it has loads of others wishing to buy it.

I do the same as you - I then refuse to view. How stupid are they!?

p.s.

I am close to paying £100 to put an ad in the Post stating that I wish to buy in Swansea West, that I am fed up with EA games and over-valuations and wish to deal direct with sellers.

Edited by The Masked Tulip

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What a silly tw * t.

I get this as well - quite surprising that you can pick any house to view in Swansea and after it having sat on the market for over a year the moment you show interest in it it has loads of others wishing to buy it.

I do the same as you - I then refuse to view. How stupid are they!?

p.s.

I am close to paying £100 to put an ad in the Post stating that I wish to buy in Swansea West, that I am fed up with EA games and over-valuations and wish to deal direct with sellers.

As soon as she realised her hand had been called she tried to back track. Said the purchaser lived overseas and vendor was concerned that distance would lead to delay!! She'd apparently forgotten that only minutes before she'd told me that the deal was cash-based! How could an all cash transaction lead to undue delay?

No,the squalid practices in this grubby industry are so ingrained that even when the markets are rock-hard, most EA are incapable of raising their game to demonstrate they can ply an honest trade adding value to the process.

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As soon as she realised her hand had been called she tried to back track. Said the purchaser lived overseas and vendor was concerned that distance would lead to delay!! She'd apparently forgotten that only minutes before she'd told me that the deal was cash-based! How could an all cash transaction lead to undue delay?

No,the squalid practices in this grubby industry are so ingrained that even when the markets are rock-hard, most EA are incapable of raising their game to demonstrate they can ply an honest trade adding value to the process.

In fairness, I did say " most". Just occasionally, you'll cross swords with an EA who will come clean and tell you the real story. One such veteran has confessed to me this week that in 35 years in the business , he has NEVER seen the market so, " messed up and distorted" and he worked through the 70's and the 80's.

Apparently in Swansea , first time buyers are now completely absent and there is simply no movement.

It turned into a veritable polemic ; blaming the banks for over-lending, the government for lack of regulation and the vendors for their general stupidity and now their unrelenting greed...... "Happy to take their profits on the upside , but now they resist all pressure to trim their prices and adjust to the new world.....etc".

Must have caught him at a bad/good time 'cos I didn't have to provide much of a prompt to open the flood gates.....honest! Surprisingly ,this was an experienced,been through the mill pro, but the pressures are clearly building.

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Hi All

Unfortunately, mrpleasant the reputable EA does not operate in Cardiff. I am reluctant to put the EA's name or the office in print for fear of exposing the lady's naivety. She has been in the job for less than a year. Sadly, with experience she will probably end up like the rest. This was evident when I missed out on a property I was interested in by one day. The property was on the market at 70K and the vendor had accepted 60K. As the offer had been accepted the previous day, mindful that the person had probably not instructed a Solicitor at this point (I am not completely heartless) I put in an offer of 61K, much to the EA's delight. However, the following day she rang me to apologise and inform me that the property had now been sold but could she show me around the other property I was interested in. I could tell by the tone of her voice that she had been pressurised into doing this. My reply was, tell your Manager that I hope they do not live to regret their decision. I went on to ask if her Manager had checked that the buyer had their finances in order? Her silence spoke volumes. Nevertheless, feeling sorry for her, I agreed to view the property. During the viewing I could tell by her body-language she was uncomfortable and was waiting for me to challenge her on our previous discussion. She relaxed when I said, look I want you to be your usual cheery self, lets just say I know matters were taken out of your hands. Your boss might live to regret it but you have nothing to be worried about OK. Now show me around this house, like you have done with the others - happy, upbeat and relaxed. The poor girl, you could see the weight lifting off her shoulders.

Anyway, now 3 weeks later, I have purchased a property which if all goes to plan I should have the keys before Christmas. Sadly, it is not the property I viewed and neither was it advertised with this agency. It was advertised with a small local EA who does not advertise in the local press. Even his website is hard to find unless you know what you are looking for. It is for this reason that I think I managed to knock 15K off the asking price. I will put pictures on the website when the deal goes through. Oh and before I forget, I had a call 4 days ago. Yes, you've guessed it! The property I made an offer of 61K for is back on the market. The prospective buyer failed to get a mortgage. What did I say about "No Business Acumen" and "biting off the hand that feeds you!" EA's let this be a lesson to you. I now plan to view the property again and put in a cheeky offer of 50K.

To all those EA's with no Business Acumen. I am too old a cat to be p***** about by kittens like you!

Regrets, I've had a few;

But then again, too few to mention.

I did what I had to do

And saw it through without exemption.

I planned each charted course;

Each careful step along the byway,

But more, much more than this,

I did it my way.

Yes, there were times, I'm sure you knew

When I bit off more than I could chew.

But through it all, when there was doubt,

I ate it up and spat it out.

I faced it all and I stood tall;

And did it my way.

Heres to a Merry Xmas and a Prosperous New Year :)

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Hi All

Unfortunately, mrpleasant the reputable EA does not operate in Cardiff. I am reluctant to put the EA's name or the office in print for fear of exposing the lady's naivety. She has been in the job for less than a year. Sadly, with experience she will probably end up like the rest. This was evident when I missed out on a property I was interested in by one day. The property was on the market at 70K and the vendor had accepted 60K. As the offer had been accepted the previous day, mindful that the person had probably not instructed a Solicitor at this point (I am not completely heartless) I put in an offer of 61K, much to the EA's delight. However, the following day she rang me to apologise and inform me that the property had now been sold but could she show me around the other property I was interested in. I could tell by the tone of her voice that she had been pressurised into doing this. My reply was, tell your Manager that I hope they do not live to regret their decision. I went on to ask if her Manager had checked that the buyer had their finances in order? Her silence spoke volumes. Nevertheless, feeling sorry for her, I agreed to view the property. During the viewing I could tell by her body-language she was uncomfortable and was waiting for me to challenge her on our previous discussion. She relaxed when I said, look I want you to be your usual cheery self, lets just say I know matters were taken out of your hands. Your boss might live to regret it but you have nothing to be worried about OK. Now show me around this house, like you have done with the others - happy, upbeat and relaxed. The poor girl, you could see the weight lifting off her shoulders.

Anyway, now 3 weeks later, I have purchased a property which if all goes to plan I should have the keys before Christmas. Sadly, it is not the property I viewed and neither was it advertised with this agency. It was advertised with a small local EA who does not advertise in the local press. Even his website is hard to find unless you know what you are looking for. It is for this reason that I think I managed to knock 15K off the asking price. I will put pictures on the website when the deal goes through. Oh and before I forget, I had a call 4 days ago. Yes, you've guessed it! The property I made an offer of 61K for is back on the market. The prospective buyer failed to get a mortgage. What did I say about "No Business Acumen" and "biting off the hand that feeds you!" EA's let this be a lesson to you. I now plan to view the property again and put in a cheeky offer of 50K.

To all those EA's with no Business Acumen. I am too old a cat to be p***** about by kittens like you!

Regrets, I've had a few;

But then again, too few to mention.

I did what I had to do

And saw it through without exemption.

I planned each charted course;

Each careful step along the byway,

But more, much more than this,

I did it my way.

Yes, there were times, I'm sure you knew

When I bit off more than I could chew.

But through it all, when there was doubt,

I ate it up and spat it out.

I faced it all and I stood tall;

And did it my way.

Heres to a Merry Xmas and a Prosperous New Year :)

I love this post, it's my favourite this year.

My most favourite bit was the condescending way that you spoke to the kid who worked at the agent. I'd bet good money that she thought that you were pimping for a date, every day!

My second favourite bit was the big deal that you made out of such an insignificant purchase price, truly delusional.

Oh, and my third favourite bit - 'My Way' - you must be a living legend in your living room.

No offence intended by the way, just like you don't mean to offend anyone when doing something as mundane as buying a home.

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Hi not so niceathome,

Has anyone ever told you, you should never assume? It only makes an ass out of you not me!

Firstly, the EA is in her early thirties, therefore you can hardly call her a kid and secondly, I am a happily married heterosexual. Furthermore, it is not in my nature to patronize. The EA is a lovely lady whom I have developed a good professional rapport with. It is just so sad that she is being manipulated by such an unprofessional bunch of idiots at her office.

Secondly, why shouldn't I make such a big deal. I am absolutely delighted at purchasing a 10 year old property that was on the market for £99,995. Amusingly, just like you, my family thought I was deluded when I made such a low offer. The result, my ELDEST SON aged 23, now has his foot firmly on the property ladder. Moreover, if my offer on another property is accepted too, then my YOUNGEST SON aged 20 will have a great start too. So you see, suffice to say, I did do it MY WAY. Ironically, when I told my son who whilst ecstatic was in disbelief, his words were, "Oh Mam, thank you, you are such a Legend!"

Purchasing a home, is anything but mundane. I know, only too well that whilst the experience can be stressful, if things go to plan, it is the most extraordinary and invigorating event.

With regards to your finale, I don't know what might have given you the impression that I might take offence to your tirade. To the contrary, I am niceathome in the living room of our modest four bedroom detached, celebrating with my family.

Merry Xmas niceathome. No offence intended but it would be a good idea if you were to make a New Year's resolution i.e. I will learn from this and never again be Judgemental, unless I am sure of the facts.

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Hi All

Unfortunately, mrpleasant the reputable EA does not operate in Cardiff. I am reluctant to put the EA's name or the office in print for fear of exposing the lady's naivety. She has been in the job for less than a year. Sadly, with experience she will probably end up like the rest. This was evident when I missed out on a property I was interested in by one day. The property was on the market at 70K and the vendor had accepted 60K. As the offer had been accepted the previous day, mindful that the person had probably not instructed a Solicitor at this point (I am not completely heartless) I put in an offer of 61K, much to the EA's delight. However, the following day she rang me to apologise and inform me that the property had now been sold but could she show me around the other property I was interested in. I could tell by the tone of her voice that she had been pressurised into doing this. My reply was, tell your Manager that I hope they do not live to regret their decision. I went on to ask if her Manager had checked that the buyer had their finances in order? Her silence spoke volumes. Nevertheless, feeling sorry for her, I agreed to view the property. During the viewing I could tell by her body-language she was uncomfortable and was waiting for me to challenge her on our previous discussion. She relaxed when I said, look I want you to be your usual cheery self, lets just say I know matters were taken out of your hands. Your boss might live to regret it but you have nothing to be worried about OK. Now show me around this house, like you have done with the others - happy, upbeat and relaxed. The poor girl, you could see the weight lifting off her shoulders.

Anyway, now 3 weeks later, I have purchased a property which if all goes to plan I should have the keys before Christmas. Sadly, it is not the property I viewed and neither was it advertised with this agency. It was advertised with a small local EA who does not advertise in the local press. Even his website is hard to find unless you know what you are looking for. It is for this reason that I think I managed to knock 15K off the asking price. I will put pictures on the website when the deal goes through. Oh and before I forget, I had a call 4 days ago. Yes, you've guessed it! The property I made an offer of 61K for is back on the market. The prospective buyer failed to get a mortgage. What did I say about "No Business Acumen" and "biting off the hand that feeds you!" EA's let this be a lesson to you. I now plan to view the property again and put in a cheeky offer of 50K.

To all those EA's with no Business Acumen. I am too old a cat to be p***** about by kittens like you!

Regrets, I've had a few;

But then again, too few to mention.

I did what I had to do

And saw it through without exemption.

I planned each charted course;

Each careful step along the byway,

But more, much more than this,

I did it my way.

Yes, there were times, I'm sure you knew

When I bit off more than I could chew.

But through it all, when there was doubt,

I ate it up and spat it out.

I faced it all and I stood tall;

And did it my way.

Heres to a Merry Xmas and a Prosperous New Year :)

Well done. You cetainly have more success than moi!

Last week spoke to an EA in Herefordshire about a place that I knew had been on for over a year for 425K with no movement. After some nudging, finally got the agent to admit it had been listed for well in excess of a year .I asked how many people had been to see it in that time and the answer .......none! Not a single one and this is an unusual house on a quiet country lane.

So on for more than 12 mths, no viewings and no price drops. I started to berate the EA saying surely it was now their job to bring the vendor to his senses and either reduce the price or remove the listing. His reply: "vendors convince themselves that their property is "worth" X and they will simply not budge unless forced by external factors".

They'll drop 'em in the US, they'll drop 'em in Spain and in Ireland. What is it about the peculiar Brit mindset that causes such blind intransigence? It's a mystery to me.

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I had the usual "Mumbles is different" speech from an EA this week. I then engaged her with talk about the economy and she did not have a clue, feigning a telephone call at one point.

Complete denial is still going on. Same old houses doing the rounds from EA to EA going higher and higher in asking price. One EA admitted to me this morning that many sellers are just stubborningly refusing to drop - I suspect it is they cannot afford to drop.

Stagnation.

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Hi Gus

Thank you for the compliment which was greatly appreciated, particularly after niceathome's distasteful post!

Yes, some British vendors are a mystery to me too, particularly those making their way up the property ladder. I read an article recently (it might have been on this website) where a person made a low offer on a property he was interested in but when the EA asked him if he would consider lowering the asking price on his property, he refused.

Unfortunately, what you said about the unusual house on a quiet country lane in Herefordshire i.e. has been on the market for over a year at 425K with no viewings, appears to be the norm in Britain. The Masked Tulip made a valid point above, "I suspect it is they cannot afford to drop" which is probably why the vendor in this case has not reduced the asking price. However, if their reason is that the "vendors convince themselves that their property is "worth" X and they will simply not budge unless forced by external factors," then keep watching that space. Sadly, the current economic climate is about to get worse!

Sadly, my good fortune came about because the Lenders have not only made it so damn hard for first time buyers to get their foot on the ladder but with the CML guidance and low LTV, I had less competition from the buy to letters. Having watched the property market for close on a year, it would appear that the best properties are not those that have been repossessed or sold at auction but sadly those that have come on the market due to personal circumstances or following a bereavement. The property I have just bought belonged to an elderly lady who after a short illness passed away in hospital. Bless her, her home although a little dated is absolutely immaculate. Having had such a low offer accepted, I think that the family got to the point where they just wanted shot of it. I have just made an offer on a second property which again has been on the market for some months. Thankfully, this lady has not passed away but from what I have been told by neighbours is that she lives in a carehome. A quick sale is needed to ensure her support at the home continues. Making an offer on this property was the hardest decision I have made in a while. Even now that I have made the offer, I feel guilty that I have not only benefited from someone elses grief but now I might also benefit from someone elses tragic circumstances. I swear if I win a million on the lottery, I will march straight down the carehome and to the bereft family to return their kindness.

Merry Xmas Gus and Masked Tulip. May you both have a wonderful Xmas and a lucky and prosperous New Year! x

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EAs have made their own bed and are now lying in it... good enough for them.. I had an EA a few days ago give me the "Mumbles is different" - Yes, she said that - and that "Mumbles prices always hold up" to which I pointed out that they crashed and burned in the the early 1990s crash as much as everywhere else locally and that it is often those in the better houses who have the bigger debt...

...but it was like talking to a child... I looked into her eyes and it was like looking at someone who had been brainwashed and I was the first person who was challenging her programming... If she had been under 30 I could understand it but this was mid to late 50s and had bound to have seen the last housing crash.

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  • 140 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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