Monday, October 6, 2008

Kings Group (Estate Agents) launches fresh initiative

Kings convinces vendors to drop prices

Estate agent Kings Group has recently undergone negotiations with many of its vendors to reduce asking prices, in an attempt to create more interest from applicants. Part of this initiative is to put new boards on properties with the vendor's consent, showing that the price has recently been reduced - a move which the firm claims has been met with a degree of success.

Posted by jack c @ 10:00 PM (923 views)
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11 thoughts on “Kings Group (Estate Agents) launches fresh initiative

  • just as predicted on here long ago – the EAs will be instrumental in driving prices downwards.

    these eas will stay in buusiness – the rest will die. prices will fall. another 5 or 6 months before we see real damage.

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  • So it took a bank run, a bank failure, seizure of the credit markets, some more bank failures, a stock market crash and possible global financial meltdown before an agent told his client to lower their asking price.

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  • In many areas of the UK outside the main cash cow areas of the South East, there are plenty of EA signs saying “Reduced Price”.

    EAs are dumb, really dumb. But not dumb enough to give themselves a death sentence.

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  • Home Counties Expat says:

    “Not dumb enough to give themselves a death sentence??” That’s a pitty – I remember being verbally threatened into pulling out of a deal once by a nasty Estate Agent (are we allowed to name and shame them on here??)

    Plus the amount of times I’ve been outright lied to is truly unbelievable!!!!

    Sorry if you’re an Honest estate agent but for all the bullies and the liars out there I won’t be too dissapointed if you bite the dust in the near future. You must have a fair bit of commission stored up since the late 90s to tied you through anyway.

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  • PRICE REDUCTION , something I have not seen in my local EAs windows or newspapers recently. Used to be everywhere in the last price crash. I bet EAs hate having to do it.

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  • Name them, forewarned is forearmed.

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  • Have seen ‘price reduced’ on rentals in this area, but only the euphamistically politically correct ‘new price’ on falling sale prices so far.

    The ones that make me laugh are ‘fixed price’ and ‘offers in excess of’…..

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  • ‘Fixed Price’ – read “I won’t make any profit if I go any lower”.

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  • The problem is that unless everyone reduces their prices the people selling wont feel they can trade up or down. Hence transactions falling off a cliff. 90’s saw much higher levels of unemployment and forced repossessions. Hence no panic selling in houses, just stocks!

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  • And so it begins… Muhahahahahaha (OK, it has already begun but this is a massive milestone me thinks, it will not be long before more follow suit.)

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  • Maddison is right. Things won’t really kick off without forced sales. The EAs will force prices down a bit in the hope of a sale, but sellers will resist unti they are forced. Fortunately, with interest rates higher than they were, there are quite a few people coming off fixed rates who effectively become forced sellers – or rather repossessions. But this is just a drip, drip effect. The real pain will come when redundancies happen. Given that the experts that have been telling us for so long that everything is fine, now consider recession a certainty, it is only a matter of time. Redundancies are going to pick up pace over the next few months before exploding. That’s why I said above that we need to give it another 5 or 6 months before we see the real slump in houses. That’s when we will see the indices reporting further 40% losses.

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