Wednesday, November 21, 2007

Propertysnake being used by EAs

A hagglers market

Chris Wood, vice-president of the National Association of Estate Agents, says that the Naea itself uses the Propertysnaketo figure out who these bad estate agents (who overvalue properties in order to get attract business) are. British buyers are now going to have to involve themselves in a famously un-British pastime: haggling. Is it time for buyers to start making those famous cheeky offers?

Posted by little professor @ 12:56 PM (8365 views)
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10 thoughts on “Propertysnake being used by EAs

  • Someone should tell the agents in my area. They are still valuing properties over market value and are reluctant to put forward offers.

    I wonder how long it will take for their problems (changing market conditions) to sink in? In some cases probably not until they are out of business….

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  • Ah! Now I understand why estate agents didn’t want their details on PropertySnake!

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  • It really won’t take long, assuming transaction levels continue to be low. No business would tolerate a sudden 20%+ drop in revenues and not do something about it. Hence the sudden glut of statements from estate agents pleading for vendors to get more realistic in their pricing.

    You are right that it has not sunk in with all of them yet, but it will.

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  • Properties marketed by Frank Knight sold at 5% above the asking price in June and are now selling at 3% below the asking price, Asking prices are, if anything, likely to be dropping in the current climate. That makes about a 10% fall in actual deal values since June. So where do all these mincing little “0.1%” and “0.3%” falls come from?

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  • Those in the South West may have noticed that Staggs have gone to the wall. This affects not only the overpriced property for sale but also the BTL’s whose property they managed and collected the rent for. We should have a ‘whip-round’ for all those BTL’s who have lost out.

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  • It’s an interesting dilema for the poor EA’s.

    If they go in with a realistic valuation, they don’t get the house.

    If they go in with an inflated price, they get the house but it doesn’t sell.

    Either way they don’t get any commission, it’s a tough life isn’t it, but “what goes around, comes around” as they say.

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  • the northerner living in oz says:

    I will not cry if a few estate agents go out of business

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  • Realistic Outlook says:

    Long term, I believe that property prices will increase, however, recently (over the last 10years) there has been a glut of property development and property lifestyle programmes that are sponsored by the big banks and building societies that show you can not loose money on any deal – as there is always someone else who wants that property and is willing to pay over the odds for it (subject to securing a big big loan). Its effectively is a “housing pyramide”, and if there are sufficient FTB that can secure loan and want to (over 20, 40 and 60year loans) then it can be sold.

    I watched a “Move to the Country” programme that showed the estate agent advise a market value of £500k for a 4 bed terraced house with no front garden in Couch End, but the Vendors insisted that they needed £525k. The program indicated that the estate agent did state that the ceiling for that road was £500k. But guess what, they had an open day for viewing and they were offered a whopping £540k. My statement is that the programme is sponsored by a bank, and if the purchasers are willing and can pay £540 – then good for them! It is a societal issue where people think that they should own property? why?

    I say, let them borrow more – it will keep them working well beyond retirement! 🙂

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  • It’s all down to poor estate agents who have to over value and under charge to gain instructions!
    Vendors should be doing there own homework and calling out agents that are successful at selling! And should not believe the poor 0.5% gimmicks, Confident agents = selling agents. We charge higher because we work hard and smarter and in most cases can dictate our own fee (to a degree)
    Remember agents are only paid when the property exchanges so its a waste of time and reputation to list over valued properties, and in my experience we do not list over valued properties ‘Rockets’.

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