UK Landlord Forum / Life

source: http://money.independent.co.uk/property/homes/article2996808.ece

A former estate agent himself, and master of numerous dubious tricks, Sheen has decided to come clean and reveal all, in the hope of empowering the poor buyers and sellers so that they can beat estate agents at their own avaricious game.



"We played on people's ignorance, and nudged them into making decisions, so that we could close a deal as quickly as possible," he recalls. A favourite trick would be to arrange two viewings to coincide, and when one lot had left, get someone from the office to ring, and pretend that it was them putting in an offer.

Chapter 7 deals with the topic of the Valuation. From the moment the estate agent steps into your home The Sales Show has begun with one objective in mind at all times, " to get you to sign on the dotted line". It will show you how the agent comes to price he values your home at and how he may overvalue your property just to get it on the market. It will also explain the way in which the agent achieves a high commission rate as a result of over valuing your property and ways in which he gets you to sign with his company.

When he was asked why he decided to tell all? He claims that it was a crisis of the heart. "After a while, it got to me how unethical it all was"

If you believe that, you'll believe anything. More like, he wanted to be an author and make money.

However, in the article he did give 10 useful tips for vendors:

Pav's 10 top tips

1 When you are viewing the property, ask questions and insist on getting answers. For instance, "Why so many cracks in the wall? Is this subsidence?". Your questioning will both elicit information and put the agent off-balance.

2 Avoid displays of positive emotion when viewing. Be quiet, calm and sceptical, even dour. It will disconcert the agent, who will be unsure what line to take with you. When he asks questions, let your answers be short, to the point, and delivered with a poker face.

3 Always remind the agent of how experienced a buyer you are. The awareness of a solid buyer can play a key role in negotiating the price. From the owner's point of view, better a solid buyer and a lower price than a risky buyer offering the full price.

4 To avoid gazumping, get a friend to call up the estate agent about the property you have agreed to purchase to see if they are still marketing that property. If the agent is still accepting viewings, then it is possible you'll be gazumped. Confront them with their duplicity, and look for other properties.

5 By law, all offers must be communicated to the vendor. If you mistrust your agent, try to exchange telephone numbers with the owner, once you have agreed a deal. Use an excuse, such as wanting to discuss the sale of furniture. This will ensure communication between yourself and the vendor. Failing this, try to drop a note through the vendor's letterbox with your name and telephone number.

6 When calling to book a valuation, always tell the agent that you are looking to put your property on the market. This will always guarantee a free valuation. If you tell the agent that you need a valuation for a re-mortgage, or a divorce valuation, they will always try to charge you for it.

7 A common tactic used by agents before signing is to state that they have a minimum contract term. In reality, this is not the case. It is merely another sales tactic, first to give the agent maximum exclusivity for selling time, and, second, to freeze out the competition. In fact, the contract can be amended, so do not be misled.

8 Throw the agent off-guard by invoking "parallel reduction". If you have to reduce the price on your property, then the agent should be willing to reduce his commission. If you have to take a hit, why shouldn't he?

9 A good tactic a vendor can use to get a lower fee is the play-off close, when the vendor plays one agent against another. For example: "We've seen a few agents and we've narrowed our choice down to you and one other agent. We would prefer to go to market with you, but the other agent has offered a lower commission. If you can match that, we'll come on the market with you." While doing this, smile.

10 Beware tea and coffee. Agents will always try to increase the amount of time spent with a potentially strong buyer. Although agents often work against each other in the office, they sometimes join forces in what is called "office assistance". Another agent offers the buyer a beverage, a display of manners with an ulterior motive. The more time an agent has with you, the more time they have to make you comfortable and sell you other products.



Of course, you don't need to waste your precious money on his book, you could just read my "15 reasons why estate agents are idiots" article
link: http://www.propertyinvestmentproject.co.uk/blog/2007/01/20/15-reasons-why-estate-agents-are-idiots/

Tossa
I hate um. money driven, sell ya nan, monkeys, they make my blood boil


Badger

Quote from: Badger on September 26, 2007, 03:22:45 PM
sell ya nan, monkeys

WTF?

Quote from: propertyfag on September 26, 2007, 12:54:39 PM
source: http://money.independent.co.uk/property/homes/article2996808.ece


4 To avoid gazumping, get a friend to call up the estate agent about the property you have agreed to purchase to see if they are still marketing that property. If the agent is still accepting viewings, then it is possible you'll be gazumped. Confront them with their duplicity, and look for other properties.

Err any sensible seller would keep their property on the market until exchange of contracts. Buyers can make offers all over town and dont' have to stick to any of them so theres nothing wrong with keeping it on the market. Two can play that game son.

Has this bloke been an agent for more than 2 weeks? He knows less than I do and that's not saying much. Anyone who buys his book won't learn much. While looking for a house I did not meet one hard sell agent. I wish I had, I enjoy the games! Most of them just wandered around droning on and couldn't answer any slightly difficult questions but they didn't care. If the market gets tough they won't last long, anyone can sell houses in a boom. Bring back the proper filofax weilding, Rolex wearing, BMW driving wankers we all know.

Quote from: oldskoolprops on September 26, 2007, 07:24:58 PM

Quote from: propertyfag on September 26, 2007, 12:54:39 PM
source: http://money.independent.co.uk/property/homes/article2996808.ece


4 To avoid gazumping, get a friend to call up the estate agent about the property you have agreed to purchase to see if they are still marketing that property. If the agent is still accepting viewings, then it is possible you'll be gazumped. Confront them with their duplicity, and look for other properties.

Err any sensible seller would keep their property on the market until exchange of contracts. Buyers can make offers all over town and dont' have to stick to any of them so theres nothing wrong with keeping it on the market. Two can play that game son.

Has this bloke been an agent for more than 2 weeks? He knows less than I do and that's not saying much. Anyone who buys his book won't learn much. While looking for a house I did not meet one hard sell agent. I wish I had, I enjoy the games! Most of them just wandered around droning on and couldn't answer any slightly difficult questions but they didn't care. If the market gets tough they won't last long, anyone can sell houses in a boom. Bring back the proper filofax weilding, Rolex wearing, BMW driving wankers we all know.

I give him mad props for his Beppe di Marco goatee. You can't fault him for that.

I agree though, selling property in a boom is like selling ice cream in summer.

I as an estate agent with my business have never heard so much crap in my life. This wannabe is not an estate agent, damn loser.

1) If there are cracks in the walls, thats nothing to do with the agent. Estate agents are not building surveyors. If anyone is that worried about the cracks, get a full structural report.

2) I recently had the job of helping a vendor decide which of the two prospective buyers, who were equally matched, she should go with. In the end we both decided that the one that showed the most enthusiasm should be the buyer as they where more emotionally attached to the property and therefore less likely to pull out.

3) If I was showing someone a property and that person kept reminding me of how experianced a buyer they are,  my thoughts would be along the line of "tosser"

4) that point was answerd excelently by oldskoolprops. Well done

5) Hang on, if you have "agreed a deal" as our friend so puts it, what the hell is he talking about " by law all offers have to be communicated to the vendor" and checking up by  getting the vendors number. Forgive me if I'm thick, but hasnt the agent already passed on the offer in order to come to the arrangement of an "agreed deal"?

6) Firstly, if this imitator knew anything,an estate agents valuation cannot be used to gain a mortgage. That can only be done by a surveyor. Secondly, a court would not accept an estate agents standard valuationIn a divorce situation.  In that case it would have to be quite detailed, along with comparables, and the agent must be prepared to go to court if need be. Why on Earth shouldnt an estate agent charge a fee if all the vendor wants is a valuation for a divorce.  We are here to earn money just like anybody else. Is that such a crime?

7) minimum term contracts. He is right about this one. I know agents (especially the corprates) that can have up to 3 months minimum contract. This is to keep all other agents at bay. Its something I dont agree with at all. Personaly I ask for only 4 weeks minimum contract to give myself a fair crack of the whip, but if someone was that unhappy with me I'd be happy to rip up the contract, its their home after all.

I only charge 1% at my office, so there would be no way of negotiating with me. But generaly though, the asking price has a built in haggling allowance. why penalise the agent?

9) There is nothing wrong with shopping around to get a better deal. Its not brain surgery.

10) the seductive agent. yeah, yeah, yeah, beware the agent with remote controlled curtains and lights and a bottle of cooled wine. He has an ulterior motive to make you buy something as he moves towards you wearing only his dressing gown.  hahahah. where did this clown supposedly work?

Sorry if I bored everyone but I couldnt let it go. I love what I do for living, and I do it well too. As an estate agent, I have put my jeans on one day to help an old lady move because she didnt have anyone to help her. I have had to be mediator between husbands and wives that dont talk to eachother (thats common in chigwell) I have picked up letters from vendors to get them to the solicitors on time. I have even recenty taken off my jacket and and plumbed in the dishwasher and washine machine connectors for someone who moved in just before a bank holiday and couldnt get anyone to do it.

Yes I do agree there are some bad agents but we are not all the same. Its about time estate agents had to sit exams and be properly regulated. Then and only then will we be respected.

You still awake?  

Well said, raven. And everything you said has been taken onboard

I like this fiesty side of you!