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Corruption

Educating An Estate Agent - They Truly Are Wnkas

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I saw some dreadful property in Hampshire on Rightmove and i could but help myself to ask the agent who the f is going to buy it, anyway it led to the below responses, i was wrong to write it was 50K above it was actually 28K then they initially put it on for (215K) but this one is in far worse condition.

ME - Who the ****** is going to pay 50000 pound more then the last one in the street sold for in 2013. Seriously youre putting yourself out of a job.

EA - Many thanks for your opinionated email, however I felt it only right we provide you with a factual, educated response.

The last completed property sale on right move sold prices was number . The property completed for £187,000 in October 2013 and was a three bedroom mid terrace house. The asking price of this property is £207,500. The difference in price on these two properties is £20,500, not £50,000 as you have rather modestly stated.

You may also be quite interested to hear that property prices in the Eastleigh area have, on average, increased by around 10% over the last 6 months with the increase in demand for property in the area even greater.

So if a property that sold for £187,000 is now worth 10% more in today's market place, meaning an increase of £18,700, the value of the the property would now be in the region of £205,700. I'm sure you will also appreciate this property is an end of terrace house as opposed to a mid terrace house. It is a fact an end of terrace house is not only more desirable, but also more expensive in value, than a mid terrace house that is of similar size in a similar location.

So based on all these factual details, the level of interest & viewing numbers already taking place on the property & our many years of experience selling property in this location, it would appear the asking price of this property is indeed in the right price region.

So thank you once again for your opinions, and we hope you found this fact based response informative & helpful.

Kind Regards

ME - So tell me how much have wages gone up in this 6 month period, to support this rise?


Have the good people of Eastleigh been getting 10% pay rises every 6 months, or better still have the people of Eastleigh received a 280% pay rise since 1999 when a 3 bed in this street went for £73,500? Id say its closer to 25/30% in the private sector.

Id be willing to bet 1000 pound of my money against 1000 of your companies that you do not get £200,000 for this dreadful terrace.

The property market has so many taxpayer funded props supporting it, only one of these needs to be removed and the whole Ponzi scheme will come falling down.

EA - It can be said for many commodities which is progression in any sector of any markets! You know how much a loaf of bread was in 2000? A litre of petrol? Even a pint of milk? Maybe you need to write to "Hovis" or "Mr Warburtons" and explain your going to boycott eating bread because of the volatility of crop's and production prices which has more than doubled the price of your morning toast!! Do we need to even start on the volatility of currencies or the stock market in general which is the true "Ponzi Scheme"? May I suggest your next complaint is to the current and all previous Governor's for the last 50 years of the Bank Of England! Supply and demand is the fuel of the market and until there is a correction house prices within the area will continue to be strong for the good sellers of Eastleigh!!

I get the slightest impression this property may not be of interest to you and therefore would say thank you for your enquiry, we will continue to market the property to other prospective purchasers and look forward to not only selling this property but for the very best price "THE MARKET" will pay for it.
Good luck with your property search.
Kind Regards

ME -

You really are letting yourself down if you truly believe property is a commodity, shelter is a necessity of life a commodity is a raw product. To actually believe property is a commodity would mean you are the most Gordon Geko esq capitalist, when you know aswell as I that you make a living in a market that has so much taxpayer subsidy and govt. interference that it would make Karl Marx blush.

Commodities markets such as the grains you mention are part of the free capitalist market and do not have the government pumping hundreds of billions of pounds a year into them to inflate the price. But you wouldn't be happy if the banks had forced the price of a loaf of bread up by 300% by fraudulent means (liar loans) and then the government stole from savers and the working taxpayer who could no longer afford bread to keep the price propped up at this level which is exactly what they are doing in the property market.

After the so called credit crunch property prices in Eastleigh would have fallen through the floor without QE in 2008 and 0.5% interest rates that followed not long after, and there would have been almost the same amount of supply and demand as there is today. The only way this market relates to supply is the supply of unaffordable debt that is being pumped into it.

If you truly think this is sustainable, and that public and private sector debt can keep on rising to fund an asset price bubble then you really do believe the child like economic newspeak the BBC and the LIBLABCON churn out believing the nation to be full of brain-dead idiots. Instead of letting the bubble burst in 2007 the BoE and govt have conspired to push up debt levels to never seen before levels in peacetime and at some point the markets you know little about will crash the pound and then you'll get that loaf of bread going up in price very fast.

And all the governors of the BoE in the last 50 years haven't been so complicit in bailing out the banks and financially illiterate people who have taken on more debt then they can afford as what Carnage and Mervyn King have.

But like I say im willing to put my money where my mouth is and bet £1000 that you do not sell that house for 205K, which is 10K less then it was originally advertised for, as the "MARKET" is on the verge of a slight fall in my humble opinion, and eventually a collapse.

He hasnt taken me up on the offer to take 1000 pound off me!

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Is this real?

Interesting read.

Note he said 'until there is a correction'. Correction, not fall. As in, current prices are incorrect.

:D

I only doubt how genuine this is because the agent didn't just say 'you want it or wot lol' and was rather coherent. Ive never met an estate agent capable of such writing in my life.

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Is this real?

Interesting read.

Note he said 'until there is a correction'. Correction, not fall. As in, current prices are incorrect.

:D

I only doubt how genuine this is because the agent didn't just say 'you want it or wot lol' and was rather coherent. Ive never met an estate agent capable of such writing in my life.

He owns the company, fair play to him for responding, pity he didnt have the balls to take me up on my offer of a bet.

Edited by Corruption

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He owns the company, fair play to him for responding, pity he didnt have the balls to take me up on my offer of a bet.

Well if there was one capable of stringing a sentence together I guess it would be the founder.

He's comprehensively wrong citing supply and demand though, what happened in 2008+ when prices fell, did a few million people vanish? Supply of credit is the culprit, which he fails to mention. Its amazing how in these times you can make money, even found companies, based on a misunderstanding of the very business you are in.

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Well if there was one capable of stringing a sentence together I guess it would be the founder.

He's comprehensively wrong citing supply and demand though, what happened in 2008+ when prices fell, did a few million people vanish? Supply of credit is the culprit, which he fails to mention. Its amazing how in these times you can make money, even found companies, based on a misunderstanding of the very business you are in.

He seems to think terraced houses in Eastleigh are a global commodity, he really does believe his own bullsht.

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He seems to think terraced houses in Eastleigh are a global commodity, he really does believe his own bullsht.

Its a symptom of the wider problem, society rewards him even though he is wrong. Like those who have ridden the bubble, all they did was buy a house way back when, and they are rewarded with the working output of those they manage to sell to as they spend 25 years of toil paying them their lottery win.

There is a massive misallocation of wealth, the stupid have too much of it. They don't deserve it, they don't know what to do with it, and those that would use it productively are being denied it.

An appalling state of affairs.

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why do not you show him how profi EAs from London do the business. perhaps he needs to educate himself a bit ... :lol::lol::lol:

http://www.expressan...-fall-expected/

The majority of London-based surveyors now expect house prices in the capital to fall in the next three months according to a report, in further signs that the pace of the housing market recovery is softening.

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Its a symptom of the wider problem, society rewards him even though he is wrong. Like those who have ridden the bubble, all they did was buy a house way back when, and they are rewarded with the working output of those they manage to sell to as they spend 25 years of toil paying them their lottery win.

There is a massive misallocation of wealth, the stupid have too much of it. They don't deserve it, they don't know what to do with it, and those that would use it productively are being denied it.

An appalling state of affairs.

This is the irony, i could apply for contracts at the nearby refinery that i know foreigners currently do and employ Brits on a decent wage ... which would possibly lead to getting contracts abroad thus importing money into Britain.

As things stand i wont, and i wont even be putting my savings into the economy.

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He's comprehensively wrong citing supply and demand though, what happened in 2008+ when prices fell, did a few million people vanish? Supply of credit is the culprit, which he fails to mention. Its amazing how in these times you can make money, even found companies, based on a misunderstanding of the very business you are in.

From the agents perspective he is right because he has a queue of BTL, ftb, Help-to-buy and BOMAD lines up to buy property and very few people who are willing to sell. What he sees is massive demand and no supply.

What he doesn't realise is much of the 'demand' is pulled forward or not real demand as it's demand from specualtors (inc. owner occupied investors) and speculators (buy to let). during the Irish boom they couldn't build quick enough because demand was massive, same in Spain and the USA.

It will be exactly the same in London, tehre is massive demand with a million empty appartments and thousands of empty buy-to-let's that cannot be filled. They will also find that tennat demand can evaporate during a recession as people male do and house share.

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The estate agent's job is to make as much money from his work as he can.

That you didn't manage to subtract 187 from 215 correctly really scuppered your opening attack.

In this environment, an estate agent would be stupid (and probably wouldn't win the gig anyway) not to price above the last selling price on the same street 6 months later, especially if this is a more desirable / bigger / better / nicer property.

IMO he is only playing with cards that he has been dealt.

If you want to buy the house, but think the price is too high, bid what you think it is worth and maybe offer the seller a compelling reason to take your bid (cash buyer and fast completion for instance). If you are right and the estate agent is flying a kite, you will be able to buy the property for your assessment of its value just now. If it sells for more than you are prepared to pay for it, your assessment of its value is wrong, not the market's and not the estate agent's.

If you don't want to buy the house, surely there are more interesting people to interact with than estate agents?

Edited by JPJPJP

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The estate agent's job is to make as much money from his work as he can.

That you didn't manage to subtract 187 from 215 correctly really scuppered your opening attack.

In this environment, an estate agent would be stupid (and probably wouldn't win the gig anyway) not to price above the last selling price on the same street 6 months later, especially if this is a more desirable / bigger / better / nicer property.

IMO he is only playing with cards that he has been dealt.

If you want to buy the house, but think the price is too high, bid what you think it is worth and maybe offer the seller a compelling reason to take your bid (cash buyer and fast completion for instance). If you are right and the estate agent is flying a kite, you will be able to buy the property for your assessment of its value just now. If it sells for more than you are prepared to pay for it, your assessment of its value is wrong, not the market's and not the estate agent's.

If you don't want to buy the house, surely there are more interesting people to interact with than estate agents?

The one that i identified as being 50K less was a 2 bedroom, but he was also wrong with his figures as he noted the amended price of 207.5k as opposed to the 215k i noted, plus he calls this a 10% rise.

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I don't see the point in trying to "educate" estate agents - you'll only end up getting wound up about it.

Most human beings credit only themselves with their successes and blame everybody else for their failures. So at the moment, it's no surprise that the average EA thinks he's the dog's whatsits, and that you're just an opinionated idiot who has the outright bloody cheek to question his incisive and guru like understanding of the market. In his mind, he's completely correct, and he's patronising you with the sort of disdain that he thinks you deserve.

Why would you want to bother putting yourself through that and let him get his rocks off about how wonderful he is at the same time? Far better to give it a couple of years, and then you'll see him in the sorts of stories that we saw last time - like the one who was running a mobile disco for a living, or the one sleeping in his 15 year old Ford Mondeo after his wife, kids and bank manager all saw him for the contemptible little c0ck that he actually was.

Karma has a way of sorting these things, there's no point wasting your energy on the hopeless cases :)

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BTW, few points that I picked up from his reply:

  1. He's offended enough by what you said to want to write back and offend you in return.
  2. He has the time to engage in a pointless discussion that is not going to result in him selling the house to you
  3. He's going to great lengths to justify his market expertise and pricing of this particular house

Doesn't sound like a guy who is fighting off buyers with a sh1tty stick to me.

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I've had similar discussions with eas over the last 5 years. Quite frankly...they dont care. If they can sell there granny to some mug then they would. They dont care about where the money comes from they just want a sale.

Right now they think everything is back to normal...you and i know the not to he true.

Caveat emptor.

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EA 1 HPC 0

Not at all the fact he talks about property as a commodity which is factually incorrect highlights his lack of knowledge, then seems to think 10% rises every 6 months is sustainable when clearly it isnt.

He failed to answer one comment other then the fact i quoted a 2 bed that was 50K less as opposed to the 3 bed which was 28K less.

I'll accept he is correct if he get anywhere near that price.

Edited by Corruption

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Do you know what the asking price was of the last one to sell - the one that sold for £187k?

Do keep us updated when (and indeed if), either the 2 bed or the 3 bed that you are making reference to sell.

Maybe even put the rightmove links on here so that we can see how it pans out - and get the agent unnecessarily excited at the number of hits his adverts get :-)

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I've had similar discussions with eas over the last 5 years. Quite frankly...they dont care. If they can sell there granny to some mug then they would. They dont care about where the money comes from they just want a sale.

Right now they think everything is back to normal...you and i know the not to he true.

Caveat emptor.

As hes dropping the price i get a feeling they are worrying.

EA have screwed up big time by putting prices up by too much in order to get the business..

As was said in a previous post the fact he;s got the time to respond says a lot.

This is the house which looks very similar to the 2 bed i mistook for being the same.

http://www.rightmove.co.uk/property-for-sale/property-45156145.html?premiumA=true

Last August a similar 3 bed went for 170K

Edited by Corruption

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This is where HPC really lets itself down. We can argue that prices are unsustainable in the long run, and a crash will happen, but that is no concern to an estate agent. His job is to sell a house at current market prices. To get as much money for his vendor as possible. Calling them "wnkas" is just juvenile.

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This is where HPC really lets itself down. We can argue that prices are unsustainable in the long run, and a crash will happen, but that is no concern to an estate agent. His job is to sell a house at current market prices. To get as much money for his vendor as possible. Calling them "wnkas" is just juvenile.

I accept that, but the disagreement is what is the current market rate.

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Yes, you've got to get the sums right when you're having a go at them. I always send anonymous messages of "encouragement" when I spot a crazy one or one that has been on the market for ages. I like to point out how much of their time and money they have wasted and will be wasting in the future if they carry on. One recent one was a semi with an extension priced at almost twice what the other semis were going for. 350 vs under 200.

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I accept that, but the disagreement is what is the current market rate.

You can rage against the machine all you want, the simple truth is people with less scruples who prefer power and wealth over obscurity are willing to manipulate people to get what they want. This is the same as any business that now convinces you need a new car, a new phone etc..a new consumerist dream to keep people's wants nice and short term.

Even if we are right and the market is wrong. We will die poorer and our children will be the next crop to be brainwashed, while the elite and their children took a step up the money tree and do it all over again. When you are right your only comment will be - I told you so - how long will that make you feel good whilst the world is crashing down and civil disobedience begins in earnest.

Feeling happy about buying things was invented in the 1950s to increase car sales and it has propagated to housing. The young will be just as foolish as the majority of us were. as Jeremy Paxman said, its only the 13 year olds who think they can change the world the rest of us try and live within the rules provided to us, no matter how bizarre.

Personally, I think we will move quickly towards assisted suicide and age-linked pensions. There will be a reset for the majority of civil service workers when they won't have the means to do anything about it.

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