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gruffydd

Estate Agency Insanity - Cardiff

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I am pals with an in trouble businessman in Swansea - he bought 3 btls in Cardiff and is trying to sell them all asap. EA is refusing to let him lower prices. He is quite simply REFUSING! Man is desperate. EA said, in as many words, go elsewhere if you want to lower asking price.

Totally insane.

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I am pals with an in trouble businessman in Swansea - he bought 3 btls in Cardiff and is trying to sell them all asap. EA is refusing to let him lower prices. He is quite simply REFUSING! Man is desperate. EA said, in as many words, go elsewhere if you want to lower asking price.

Totally insane.

so why doesn't he either

1) Go to another EA

or

2) Make himself three "For sale" boards, stick them up outside his properties with his phone no. on, take out an advert in the local rag stating what he is asking for them?

I've sold 2 out of 3 of my previous homes myself (please note the word "home" - they were where I lived - I don't dabble in BTL) got 100% of asking price for one (after getting 3 EAs in to value, advertised at 5% short of top price) and 98% asking for the other (advertised at top price).

You don't HAVE to have an EA to sell a property.

Edited by DownsizingDiva

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I am pals with an in trouble businessman in Swansea - he bought 3 btls in Cardiff and is trying to sell them all asap. EA is refusing to let him lower prices. He is quite simply REFUSING! Man is desperate. EA said, in as many words, go elsewhere if you want to lower asking price.

Totally insane.

Prices will not be allowed to fall by EAs until they have finished selling their own 'portfolios'.

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so why doesn't he either

1) Go to another EA

or

2) Make himself three "For sale" boards, stick them up outside his properties with his phone no. on, take out an advert in the local rag stating what he is asking for them?

I've sold 2 out of 3 of my previous homes myself (please note the word "home" - they were where I lived - I don't dabble in BTL) got 100% of asking price for one (after getting 3 EAs in to value, advertised at 5% short of top price) and 98% asking for the other (advertised at top price).

You don't HAVE to have an EA to sell a property.

Yeah, but not many people have that kind of initiative.

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Is he a Welsh international rugby player?

I have long thought that some 'competing' EAs, perhaps, could be forming some kind of 'price cartel' in some towns by all ramping up asking prices, refusing to drop them and in a way kind of having a stranglehood on the local property market?

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Prices will not be allowed to fall by EAs until they have finished selling their own 'portfolios'.

ha! this is exactly what I think. I've put couple of offers last weeks and you should see EA face when I offered -20%. One agent was so rude I decided not to contact them ever again in the furure. I am not 100% sure they passed my offers to vendors. T***s!<_<

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Something not quite right here.

EA's do not give a sh1t about prices, only about selling property, why would it be otherwise?

Yes, they bid up prices in order to get instructions from potential vendors, but once that is done they only care about completing the sale in the shortest time possible, with as few viewings as possible, and with as little advertising as possible. If a lower price achieves that (as it self evidently would) then they're delighted.

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If the EA has property in the same block or on the same road as BTLs then I assume the EA does not wan the other guy dropping prices thereby driving down the sold price in that road.

Bad news if the EA has big mortgages on 1 or more BTLs there.

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I am pals with an in trouble businessman in Swansea - he bought 3 btls in Cardiff and is trying to sell them all asap. EA is refusing to let him lower prices. He is quite simply REFUSING! Man is desperate. EA said, in as many words, go elsewhere if you want to lower asking price.

Totally insane.

There are online estate agents who will get your friends properties onto RightMove for less than the 2% charged by other estate agents.

In the past I have used: http://www.thelittlehousecompany.co.uk who were okay. Of course, in the past auctions were used in these situations.

Frankly if high street estate agents don't play straight then they could follow record shops and video rental stores into uneconomic history.

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....so the moral of the story is....find out if the EA you are dealing with has a personal VI, if they own property near where you are selling or even if in the same road...... :P

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The only logical explanation I can think of.

I think we seriously fail to grasp the fact that EAs are much more actors than intermediaries in this market.

Whilst evidence of this fact is anecdotal, their general behaviour supports the theory it in any case.

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....so the moral of the story is....find out if the EA you are dealing with has a personal VI, if they own property near where you are selling or even if in the same road...... :P

How would you systematically find out?

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I think it`s a case of the effect it will have on the amount the bank`s will lend on other flat`s /house`s in that area especially the one`s on sale with the same EA

A mate had the same problem with the sale of their house a year or so ago the EA also had three other place for sale in the same street ,he had to fight with the EA to drop the price on two occasions and on the third they refused point blank he then went with a EA that had no houses for sale in the immediate area they sold the house for about 10% below the other`s on the same street and they are terrace and his was a semi

The other house`s were taken of the market at the back end of last year ,after dropping the price but they did not sell the moral of the story to me is the one sale will jeopardise all the other properties they have for sale in that area, and start the beginning of a downward spiral

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How would you systematically find out?

...just generally ask how long they have been working there, do they live in the area, what they think the btl market is like, would they recommend getting involved etc etc....there are ways and means, if you can be bothered.....I would personally do business with those who want to act on my behalf and do as I instruct them to do, so would prefer to go to someone who would charge a low fee for a quick easy and cheap sale. ;)

I am pals with an in trouble businessman in Swansea - he bought 3 btls in Cardiff and is trying to sell them all asap. EA is refusing to let him lower prices. He is quite simply REFUSING! Man is desperate. EA said, in as many words, go elsewhere if you want to lower asking price.

Totally insane.

Edited by winkie

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Very worrying! We have been looking in CF15 for years and have met most of the local EAs (who undoubtedly view us with deep suspicion now). This time last year we had a conversation with one local chap who did not look happy when we shared our view of property's outlook. He admitted he had recently bought. Clearly NOT in his best interests to lower the value of Cardiff property by encouraging vendors to drop, even though low transaction levels must be a daily nightmare.

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  • 312 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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