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OnlyMe

Bye Bye Estate Agents

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Looks like the first of a few biggies lining up for next year, we have already predicted that the traditionl EA might well find themselves totally redundant with teh introduction of HIPS.

Shame, not, how many people who work in competitive industries faced with huge cost pressures have been sneered at by EA's when prices are questioned only with the retort "the economy is booming, rates are low" etc etc.

Good riddence I say, payback time is coming, welcome to the real world.

http://www.kamcity.com/namnews/asp/newsart...sp?newsid=25987

UK: ASDA TO SELL HOUSES

Asda is to set up an internet estate agency, according to press reports last week. The website will allow customers to buy and sell homes at a fraction of the normal cost. Bosses are thinking of installing in-store computers so punters can browse property while doing the weekly shop. The Sun newspaper said the service is likely to be launched from June next year, when new laws will force buyers to provide a Home Information Pack about their property. A trial run may be launched at stores in the North East.

Edited by OnlyMe

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I've been waiting for this to happen. I think it's a really good idea. If supermarkets start getting involved in selling property, not only will it put the traditional estate agency under pressure, but it may change the way we think about property prices. Afterall, you go to the supermarket to get 'good value'.

Also, it will be fun to see the Foxtons 'coffee shop' model being taken to its logic conclusion. The 'Tescos Value' model ;)

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LOL

I was talking to my OH only last night about ASDA doing wedding dresses for £60. I said they will target anything that is now a high outgoing and if only they did houses!!!!

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Bear Goggles

The high street is a very expensive place to be with rocketing rents and rates. The footfall is now in the supermarkets with people (especially the time/money stretched working population) simply having little choice other than to desert the high street - where all the agents are. The supermarkets have been making inroads into the financial services sector for quite some time, this is just another little step, they are also a bit like lemmings. Watch for signs of the others joining the queue.

http://news.bbc.co.uk/1/hi/magazine/4554717.stm

The DIY estate agents

By Jonathan Duffy

BBC News Magazine

Tesco is reported to be moving into property, with plans to undercut estate agents by selling homes through the net for a flat fee of as little as £50. But how easy is it to sell your own home?

Edited by OnlyMe

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Tesco is reported to be moving into property, with plans to undercut estate agents by selling homes through the net for a flat fee of as little as £50. But how easy is it to sell your own home?

Very easy if the price is right.

This is all great news imho :)

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Perhaps we're not reading enough into this.

If supermarkets are expecting a possible HPC then falling prices fit their business model very well. Swamp the compitition, then put the suppliers under pressure to drop prices, all under the guise of offering good value to the consumer.

It would be nice if it were to happen. Every little helps! :)

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Perhaps we're not reading enough into this.

If supermarkets are expecting a possible HPC then falling prices fit their business model very well. Swamp the compitition, then put the suppliers under pressure to drop prices, all under the guise of offering good value to the consumer.

It would be nice if it were to happen. Every little helps! :)

Lower house prices will help retailers too. With so much being spent on housing, and people gradually (albeit still in very small numbers) wising up to credit and debt, they could be thinking that this is one way to release money for people to spend in their shops. As you (or is it Tesco?!) say, every little helps... If I was running a supermarket I would definitely be wanting housing to fall in price. Even better if I could help that to happen by getting directly involved.

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Beans...

Bread...

Margarine...

salad...

Baking Spuds...

Orange Juice...

Apples...

DVD Player...

Lawnmower...

Bicycle...

3 bed semi...

BTL Portfolio (on 3 for 2 special offer)...

Frozen peas...

Oven chips...

Ice cream (well you should always pick up the frozen stuff last...)

Edited by Without_a_Paddle

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Haven't ASDA just started selling white goods?

I see an expansion of furniture next - possibly franchising IKEA who seem to come up against too many planning problems and are looking to bring their stores to the high street.

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Over the years experience has lead me to the conclusion that anything with the word 'Agent' on the end stands for a worthless parasite that rakes in a huge percentage for providing a totaly unneccessary service.

These leech-like middlemen (be they travel agents, recruitment agents or estate agents) could be totally eliminated from our society if only we could get the end parties to talk directly to each other.

I guess it is a step in the right direction for the supermarkets to provide this sort of service - at least they would do it at a more reasonable price, but it would be much better to eliminate the middlemen all together.

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Never underestimate your local EA.

They will soon start selling bread, milk and newspapers etc to get their revenge.

The only thing is you won't be able to buy a 'small' loaf.

there will only be

'pleasantly sized loaf'

'good sized loaf'

'extensively sized loaf'

Also a pint of milk will not necessarily be a full pint of milk as all measurements of volume should only be taken as a guide.

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Never underestimate your local EA.

They will soon start selling bread, milk and newspapers etc to get their revenge.

The only thing is you won't be able to buy a 'small' loaf.

there will only be

'pleasantly sized loaf'

'good sized loaf'

'extensively sized loaf'

Also a pint of milk will not necessarily be a full pint of milk as all measurements of volume should only be taken as a guide.

But even if it's only half full, better buy now because it's bound to be more expensive tomorrow...

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... it may change the way we think about property prices. Afterall, you go to the supermarket to get 'good value'.

No, we (or most people anyway) go to supermarkets to have our behaviour manipulated to maximise their profits. They may undercut the estate agents' commission to drive them out of business, but they will ultimately be the biggest, most powerful VI in the game. I think, and hope, the property market will not be a good prospect by the time they get into it.

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No, we (or most people anyway) go to supermarkets to have our behaviour manipulated to maximise their profits. They may undercut the estate agents' commission to drive them out of business, but they will ultimately be the biggest, most powerful VI in the game. I think, and hope, the property market will not be a good prospect by the time they get into it.

Interesting point. Supermarkets profit by screwing the supplier though to drive down prices to pass on to the purchaser (and, by the way, make a really healthy profit). This is the exact opposite to what EAs do (ie screw the purchaser to make a profit).

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The high street is a very expensive place to be with rocketing rents and rates. The footfall is now in the supermarkets with people (especially the time/money stretched working population) simply having little choice other than to desert the high street - where all the agents are.

I wish someone would tell this to the people in Ilford.

I was stunned to see two new estate agents opening in Ilford on a road that is already full of them!

I just don't understand that mentality, everyone seems to be setting up an estate agency so I'll join in with an already overcrowding market. Yeah, great idea, if you want to make money just copy what everybody else is doing. <_<

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There are too many agents in many areas.

However vendors pay estate agents to -

advertise

vet potential buyers

negotiate

get the best possible price

monitor sales progression

They do this for 1% or 2% which is not a lot. Personally I believe that you should sell through estate agents (it makes financial sense and saves lots of hassle) and buy from people who are too stupid to use estate agents.

FF

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Father Fred,

They do this for 1% or 2% which is not a lot. Personally I believe that you should sell through estate agents (it makes financial sense and saves lots of hassle) and buy from people who are too stupid to use estate agents.

A lot of people won't be able to afford the 1 or 2%, many have no savings whatsoever, the ladder to them just means piling up more debt, the fees on top are the deal killer.

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It always strikes me as weird how many estate agents you find in even small towns. They couldn't exist in such numbers unless large amounts of money are being obtained from somewhere. If these expenses could be avoided it might fund another year or two of retirement for everybody.

Billy Shears

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If you have 1 or 2% equity in the property then you can afford 1 or 2% fees. And if you sell for 3 or 4% less than you would have sold for using an agent can you afford not too.

There is no point using a bad agent, but I honestly believe that a good one is well worth the money.

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If you have 1 or 2% equity in the property then you can afford 1 or 2% fees. And if you sell for 3 or 4% less than you would have sold for using an agent can you afford not too.

There is no point using a bad agent, but I honestly believe that a good one is well worth the money.

We will see.

For people moving up the ladder the combined effect of 1%, 2%, legal fees, stamp duty, HIPS etc is oing to be a crippler when their new more expensive house and more detb have absolutely nowhere to go HPI wise.

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If you have 1 or 2% equity in the property then you can afford 1 or 2% fees. And if you sell for 3 or 4% less than you would have sold for using an agent can you afford not too.

There is no point using a bad agent, but I honestly believe that a good one is well worth the money.

What percentage of them would you say are good? I've never bought a house but have rented. I'm not sure I've ever had an experience with an agent that would have made me more likely to spend more money than I would have if speaking directly to a landlord.

Certainly when speaking to people who have bought houses, their reports of estate agent behaviour have been nearly universally negative.

Billy Shears

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What percentage of them would you say are good? I've never bought a house but have rented. I'm not sure I've ever had an experience with an agent that would have made me more likely to spend more money than I would have if speaking directly to a landlord.

Certainly when speaking to people who have bought houses, their reports of estate agent behaviour have been nearly universally negative.

Billy Shears

I agree - I've never heard a positive tale about EAs.

I'd like to know what Father Fred's background is - not in estate agency is it by any chance? I'm sorry, I don't mean to hint that you'd be that transparent, but you have to admit, your endorsement of EAs is a little strange... :unsure:

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  • 341 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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