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Annie

Housing Market Is Dead

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Talking to one of my friends recently (estate agent) who admitted the housing market is dead - he's looking for a new job. He said he's taking home a lot less money lately and cannot afford to go on like this. This is such a turn around from a couple of years ago when he was enjoying the benefits of being an estate agent in a booming market. I have to feel sorry for him - he's a nice guy.

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Talking to one of my friends recently (estate agent) who admitted the housing market is dead - he's looking for a new job. He said he's taking home a lot less money lately and cannot afford to go on like this. This is such a turn around from a couple of years ago when he was enjoying the benefits of being an estate agent in a booming market. I have to feel sorry for him - he's a nice guy.

you dont usually hear ea and nice uttered in the same breath

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I do think there are quite a lot of nice EA's out there that genuinely haen't got a clue what they are doing and feel there are offering a service.

There should be some sort of qualification that they have to sit before being allowed loose on the general public, I'm really surprised Supernanny Blair hasn't thought of this already.

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I do think there are quite a lot of nice EA's out there that genuinely haen't got a clue what they are doing and feel there are offering a service.

There should be some sort of qualification that they have to sit before being allowed loose on the general public, I'm really surprised Supernanny Blair hasn't thought of this already.

Those who have fostered HPI and MEW will be the last to be reigned in by the Miracle Economy government. The VIs and EAs are NuLabour's true heros.

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Talking to one of my friends recently (estate agent) who admitted the housing market is dead - he's looking for a new job. He said he's taking home a lot less money lately and cannot afford to go on like this. This is such a turn around from a couple of years ago when he was enjoying the benefits of being an estate agent in a booming market. I have to feel sorry for him - he's a nice guy.

Where is he based?

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Guest Winners and Losers

I posted here before that soon enough EA's would be exiting. Those who will fare best are the one's that have been selling houses for 30 years. The one's on the way will be those who have been EA's in the present boom, when property has been virtually selling itsef. EA's will need to come up with much more inventive ways to bag that commission IMO.

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I think all estate Agents need to think very carefully about where this is all going.

The internet has changed the way people view properties. The high street Estate Agency will disappear apart from the BIG BOYS imho over the next 5-10 years. No longer does an EA take you around on a viewing. Only had 1 out of 16 viewings where the EA was there (I know, lucky me :)) The detailes you get are similar to what is posted on the internet anyway and at least with the internet when you see a property you like you can just phone to arrange a viewing without having to register with them or get conned into seeing their mortgage advisor!

There are not many good reasons why an EA exists on the high street anymore. Also ASDA, Tesco and alike are looking at selling homes. Now far from me to speculate but when these MASSIVE corporates get involved they tend to drive prices DOWN for all their stock. Thiink houses arent going to do the same? I believe that the supermarkets will go for volumes of sales over profit margins. They will get properties sold - a lot quicker than a conventional Estate Agent as it will be a product this is sold and not linger for a better price.

There is going to be a downturn for the next 5-10 years imho and unless EA's go onto a decent salary plus commission wage structure then NO ONE WILL WANT TO BE ONE.

If I were an Estate Agent now I would consider my future to be very bleak.

TB

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I can see the shopping list now - bananas, eggs, diet coke and a 3-bed semi in York.

And if you're in the store after 8.00pm the house will have a Whoops! reduction sticker on it and be down to half-price.

PMSL :lol::lol:

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My concern as a person renting is that with sales declining, there will be ever more pressure from the rental market to bring in their profits, or subsidise the decline in profits from the sales side. This means they will be looking at creative ways to charge me for various 'services' that a) i don't need B) don't want and c) can't afford...

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This means they will be looking at creative ways to charge me for various 'services' that a) i don't need don't want and c) can't afford... [lewissheridan]

I've always found it much better and less expensive to rent direct from a landlord. I've never been able to understand why anyone would want to use an agent -- complete rip off for both landlord and tenant.

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My concern as a person renting is that with sales declining, there will be ever more pressure from the rental market to bring in their profits, or subsidise the decline in profits from the sales side. This means they will be looking at creative ways to charge me for various 'services' that a) i don't need B) don't want and c) can't afford...

I think the CERTAIN IR's hike will put some pressure on rents tbh. I am sure that as the screw gets tightened the Landlords will try to share the burden of the extra costs. How successful they will be is anyones guess?

Whilst falling prices will mean a fair few LL's getting out there will also be a lack of renters when buying is cheaper than renting. I think any LL trying to up his rent is taking a gamble of losing his sitting tenants. Ther should be panic when they have a flat empty when the cost p.c.m. is spiralling and they are not getting anything back in the form of rent.

I cant answer your question but I reckon that LL's will take the gamble of increasing rents in the next 6-18 months. Its up to you to call their bluff.

TB

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I do think there are quite a lot of nice EA's out there that genuinely haen't got a clue what they are doing and feel there are offering a service.

There should be some sort of qualification that they have to sit before being allowed loose on the general public, I'm really surprised Supernanny Blair hasn't thought of this already.

hi terrified..you know we need estate agents to get us through this. and you are right, they are nice and need a nudge in the right direction. ( they had graphs to help with this in the eighties)

they can earn the same commission ( are you listening, "spring is in the air"), or even more if they want to do just a little bit more work and trail blaze)...it's got to be more interesting than what they are doing at the moment.. and who wouldn't for commission and a safe job in a changing world.

For every sale they negotiate at bmv, they then have to work the chain right down to the bottom with the same % decrease. it takes b*lls and dedication, but they've got mortgages to pay too, haven't they?

don't worry about upsetting the other agents in the chain,...be honest...be brutal with the truth..you want your commission..the vendors want to sell their house..

all this market needs is "a few brave men" they did it in the late eighties and could do it again if they had the b*lls. and they will make a few "bob" if they do.

the surveyors have the qualifications...don't see them taking any cr*p...do you?...professionals ...i love 'em.

if price decreases don't appear on land registry there is no HPC.

were you there siita?

ellen myfanwy

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I think the CERTAIN IR's hike will put some pressure on rents tbh. I am sure that as the screw gets tightened the Landlords will try to share the burden of the extra costs. How successful they will be is anyones guess?

Whilst falling prices will mean a fair few LL's getting out there will also be a lack of renters when buying is cheaper than renting. I think any LL trying to up his rent is taking a gamble of losing his sitting tenants. Ther should be panic when they have a flat empty when the cost p.c.m. is spiralling and they are not getting anything back in the form of rent.

I cant answer your question but I reckon that LL's will take the gamble of increasing rents in the next 6-18 months. Its up to you to call their bluff.

TB

my friendly rental agency told me yesterday that rents are gradually coming down due to an excess of supply

another less intelligent one agreed with me that it was better for a landlord to have some cash coming in than none - in the next sentence she told me that some landlords wouldn't drop the rent much as they had mortgages to cover - this was despite the property we were discussing having been empty for 3 months - draw your own conclusions!

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Good post TB, and as if Tesco wasnt poweful enough...

I can see the shopping list now - bananas, eggs, diet coke and a 3-bed semi in York.

Good post? Sheer, unadulterated drivel I am afraid. And your shopping list - can't you see how that really sums up how daft the idea is? Asda's will learn they will have to provide a full agency service, or just pick up a very small amount of business - like the existing on-line efforts.

Do you think Asda's creating an internet site is going to change human nature? The house buying/selling process is a lot more complex - in terms of managing the humans involved in it - than you lot ever seem to give credit for.

How come you all know so much about estate agency?

Edited by Spring In The Air

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LOL

I am sorry but the complex aspects of buying and selling a house is not done by the Estate Agent.

At the moment some EA's are order taking and some are twiddling their thumbs, nobody is "selling"

And as for managing the humans involved, I've been on the recieving end of an EA's "management" and am still not sure why I am not giving evidence against them soon.

Edited by terrified

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Good post? Sheer, unadulterated drivel I am afraid. And your shopping list - can't you see how that really sums up how daft the idea is? Asda's will learn they will have to provide a full agency service, or just pick up a very small amount of business - like the existing on-line efforts.

Do you think Asda's creating an internet site is going to change human nature? The house buying/selling process is a lot more complex - in terms of managing the humans involved in it - than you lot ever seem to give credit for.

How come you all know so much about estate agency?

because we live, breath, eat property

more than your average EA does

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LOL

I am sorry but the complex aspects of buying and selling a house is not done by the Estate Agent.

At the moment some EA's are order taking and some are twiddling their thumbs, nobody is "selling"

Well I guess you are too junior and inexperienced to know yet!

Apart from all the usual stuff of preparing details, floor plans, virtual tours, multiple portal listings etc we also accompany all viewings as a matter of policy. Then, of course, we have to qualify offers by checking the chain position of prospective purchasers. We really swing into gear when the sale is agreed. We have our own progress chasing software to monitor the crucial milestones in the conveyancing process and each sale is allocated to a dedicated progress chaser. They stay in constant (controlled by the software) contact with the buyer, buyer's conveyancer, our client and their conveyancer. We also talk to the agents above and below us in the chain to keep them on the ball to make sure, as often happens, that a conveyancer has not let something slip to the bottom of the pile. We help out in this process any way we can and we are regularly complimented by our clients when deals complete. I have also enjoyed lots of repeat business over the years.

A good estate agency, such as mine, is very much involved in the complex aspects of buying and selling a house. By comparison, the conveyancing process is effectively an automatic series of tasks that can be performed by anyone with a little bit of training. You can do it yourself if you want or use a licensed conveyancer instead of a solicitor. When you have a bit more experience, you may be able to tell the difference between a good agency and a not-so-good one.

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SITA

why do you need to always put your point across by insulting others and generally putting there views down?

no-one is saying you should agree but at least disagree with some respect for others point of view and feelings.

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because we live, breath, eat property

more than your average EA does

My question 'how come you lot know so much about estate agency?' was rhetorical.

You don't 'live, breathe and eat property' - you just think about it a lot. It's not the same thing.

SITA

why do you need to always put your point across by insulting others and generally putting there views down?

no-one is saying you should agree but at least disagree with some respect for others point of view and feelings.

How much respect do people on here show to estate agents? They childishly blame them for the world's ills and constantly refer to them as scum and so on.

Well, I'm sorry but it's what I have done all my life. It has been my career and a large part of my life. I feel I provide an excellent value for money service to my clients and am not responsible for the greed of the human race.

Bit of respect? Two way traffic I would think.

Edited by Spring In The Air

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My question 'how come you lot know so much about estate agency?' was rhetorical.

You don't 'live, breathe and eat property' - you just think about it a lot. It's not the same thing.

How much respect do people on here show to estate agents? They childishly blame them for the world's ills and constantly refer to them as scum and so on.

Well, I'm sorry but it's what I have done all my life. It has been my career and a large part of my life. I feel I provide an excellent value for money service to my clients and am not responsible for the greed of the human race.

Bit of respect? Two way traffic I would think.

So remind me again, what qualifications and training do you need to set up as an Estate Agent?

ABB

Edited by AgeingBabyBoomer

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When you have a bit more experience, you may be able to tell the difference between a good agency and a not-so-good one.

That's the point isn't it? How can the average person tell a good (as in efficient and ethical) estate agent? Could you give us some tips on how to spot one please?

PS: I don't blame EAs for all of the world's ills - but too many people I know - sellers and buyers - have told me how much they hated dealing with people in your chosen profession.

Don't you think it strange that a profession dedicated to marketing has an appalling image problem?

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My two cents:

1. Anecdotal evidence appears to indicate some parts of the country are floundering whilst others are still booming. Hmm...

2. What did all these EAs do with the big bonuses they have made in recent years during the biggest housing bubble ever seen, or likely to be seen, in history? Surely many of them should not be very wealthy indeed?

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  • 301 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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