Estate Agent Insider Anecdotal

[zzg113]

http://boards.fool.co.uk/Message.asp?mid=9299616

I caught up with some EA buddies at the week-end. Not a happy bunch I have to say, which is quite bizarre because someone was telling me that all was hunky-dory at their agency in North Warwickshire a couple of weeks ago. The spinmeisters need to have a word with themselves, and I need to book an appointment at the gullibility clinic. I'm always a sucker for a good-news story!

The main thrust of their complaint is to do with mostly all valuations that they are going to, are because people are uncomfortable with their mortgage payments and looking to downsize, or go into rented. There are far too many people who have got themselves into arrears and are heading towards repo. They call the agents out in some last ditch attempt to save a bit of dignity. When they hear the valuation figure the last glimmer of hope flies out of the door as quick as the valuer. For sure they don't wanna be standing there having some 'yeah-but...no-but...yeah-but...no-but...' conversation with a tearful vendor, when they could be just as easily sitting around my house with a cup of tea and a Custard Cream or three, and fill me in on the news, views and gossip happening in the town.

And come round they do. Not because I am suddenly Mr Popular, but because there is sod all else to do. Terminal boredom is setting in. Staff are leaving in droves after finding life very difficult on just their basic pay, which has been the order of the day for most of this year. The credit cards and overdrafts are being racked up big style, but the realisation that things are not getting any better is finally starting to hit home. May is turning into a total flop and June to August are quiet months anyway. Mostly all have massive commitments and outgoings, somehow believing that the party was going to last forever, and somehow thinking that they could almost walk on water, such was the confidence of the last few years.

It's all come to an abrupt halt though. Sure there are still some house sales, but a lot of valuations have become a hard-nosed game of hitting the punter where it hurts and standing your ground, or walking away and let one of the corporate outfits waste their advertising budget on weeks and months of pointless copy.

Do I miss it...? Not on your life. People keep asking me if I am going to get back in the saddle one day. Never in a million years is my usual reply.

[JBFTB]

I really must start practicing my evil laugh...

Mwuhahahaha!

[non-FTBer]

All those poor EAs having to get proper jobs where they have to work... what a shame.

Maybe they could become traffic wardens or something equally hated ?

[CrashCrash]

All those poor EAs having to get proper jobs where they have to work... what a shame.

Maybe they could become traffic wardens or something equally hated ?

<{POST_SNAPBACK}>

I have seen an EA in local Supermarket stacking shelves with some soaps. Oh wait, it it will be in two months time. I have future dream vision.

Edited May 16, 2005 by CrashCrash

[Justice]

They could always retrain as bailiffs, well that’s if the bailiffs are not chasing them.

How about working for Tesco so that between packing the shelves they could help out with the new house sales venture that Tesco’s is getting into.

Go to almost any Tesco’s and look down the rows of checkouts , what do you see.

How I love their 2 for 1’s it’s even catching on with the staff.

[Culpability Brown]

................people are uncomfortable with their mortgage payments and looking to downsize, or go into rented. There are far too many people who have got themselves into arrears and are heading towards repo.

This has always been the issue for me.

Who wants to be shelling out a massive chunk of their salary month after month for a second rate house? No-one!

Debt fatigue sets in very quickly.

And when that second rate house is being rapidly devalued what happens then?

Panic HPC.

Edited May 16, 2005 by Culpability Brown

[non-FTBer]

I don't understand how people can get so into debt.

If I took out a loan or CC debt I want to know that it is very short term, and that I'll be paying it off comfortably.

If I need a loan for anything other than a Car/House, then I know I'm spending what I don't have on frivilous goods... why bother?

I'm fed up of this stupid spend,spend,spend culture. Its about time these idiots got their comeuppance.

It must be a bit insulting to the older generation too, seeing all of their idiot offspring driving round in flash cars that they can't afford, and buying huge houses (that they also can't afford) when they went through years of rationing and financial hardship post-war, and had a 'real' housing shortage (ie. Hitler bombing houses, not Prescott flattening them).

[BandWagon]

There's a part of me that doesn't think it's right to take pleasure in the misfortune of others.

However I am happy to report that it's been beaten into submission.

YAAAAAAYYYYYYYYYYY!!!!!!!!

The slimey suckers deserve all they get.

btw, my local Foxtons had a large staff meeting this friday, loads of mini's parked in Clapham. Would have loved to have been a fly on the wall. Anyone else seen the same? Think they're gonna draw straws to see who gets to keep their 18k job?

Edited May 16, 2005 by BandWagon

[OnlyMe]

EA's should be chomping at the bit to join the marvellous economy that they have been blabbering on about the last few years.

[Antsy]

Posted this on the area board recently, but... went to the in-laws for the weekned in North Warwicks (Nuneaton area). Around 1/3 of the properties in the local rag are reduced, another 1/3 to 1/2 'new instructions'. The whole area is for sale. Maybe a micro-crash pre-empting the rest of the country, though no idea why this area?

[JBFTB]

There's a place down the road from me that had a Sold sign up. Yesterday I noticed it had been replaced by a For Sale again.

[DonnieDarker]

btw, my local Foxtons had a large staff meeting this friday, loads of mini's parked in Clapham. Would have loved to have been a fly on the wall. Anyone else seen the same? Think they're gonna draw straws to see who gets to keep their 18k job?

<{POST_SNAPBACK}>

Yes, my local branch had a meeting last Wednesday.

Amazingly they are still shifting property in my area. The two the agent has been trying to show me for 2 weeks have now sold.

I put this down to how little is available on the market and that some idiots will always want to buy.

[Auntie]

The main thrust of their complaint is to do with mostly all valuations that they are going to, are because people are uncomfortable with their mortgage payments and looking to downsize, or go into rented. There are far too many people who have got themselves into arrears and are heading towards repo.

Maybe Bruno is right. Total meltdown in July. Maybe not. But put this nugget together with the addictive indebtedness of the Rosie (Dopey) Millard's of the world and what do we have.

.... A bunch of negheads in analysis paralysis....

What a shame

[DonnieDarker]

Not only EAs...

What will all thsoe BTL speculators do?

<{POST_SNAPBACK}>

They can't all be part time "Arts corespondants" like Rosie Millard!

[Sledgehead]

They could always retrain as bailiffs,

<{POST_SNAPBACK}>

EA : "They'll be taking the TV, the fridge, the freezer, the microwave, basically all the appliances."

Bailiff : "We'll be taking the TV, the fridge, the freezer, the microwave, basically all the appliances."

Re-training = changing one word!

[Once in a lifetime]

Estate ()Agent

[dogbox]

Logically, once a couple of E/As in an area close, that gives the others more breathing space and more clout with vendors.

A lot of E/As have opened in the good times and known no other, and I suspect many of these to give up.

Internet 'low fee' companies will gain prominance but make no mistake, the guys behind these will make plenty of money and often be ex - E/As. These companies will depend on very large volumes to make it worthwhile.

[woody]

Maybe Bruno is right.  Total meltdown in July.  Maybe not.  But put this nugget together with the addictive indebtedness of the Rosie (Dopey) Millard's of the world and what do we have.

.... A bunch of negheads in analysis paralysis....

 

What a shame 

<{POST_SNAPBACK}>

WHERE IS BRUNO NOW?

"Pre-election boom followed by post-election bust" was his saying - what is his current plan?

[Realty Cheque]

Suerly all those EAs can rely on all the BTLs they bought at a snip a couple of years ago? I've also been told that they love their jobs, providing a useful service and dealing with people, over and above the money!

[isoprene]

I don't understand how people can get so into debt.

If I took out a loan or CC debt I want to know that it is very short term, and that I'll be paying it off comfortably.

If I need a loan for anything other than a Car/House, then I know I'm spending what I don't have on frivilous goods... why bother?

I'm fed up of this stupid spend,spend,spend culture. Its about time these idiots got their comeuppance.

It must be a bit insulting to the older generation too, seeing all of their idiot offspring driving round in flash cars that they can't afford, and buying huge houses (that they also can't afford) when they went through years of rationing and financial hardship post-war, and had a 'real' housing shortage (ie. Hitler bombing houses, not Prescott flattening them).

<{POST_SNAPBACK}>

You hit the nail bang on the head there mate. What kind of disturbed twisted credit culture are we turning into. Didn't the parents learn their kids that credit is bad? They have allowed them to be brainwashed my the media and VI's. Grrrrr :angry:

[THE WATCHER]

Put myself on a few mailing lists the other day(EA lists)contact by email only,

Anyway got a phone call from one saying house just come on the market value 105k which is reasonable but without question EA said they have seen a house and will snatch your hand off at 100k .