Jump to content

Recommended Posts

All the talk on this forum of Estate Agents over valuing / creating a spike etc etc etc, what is the position when an Estate Agent undervalues, seemingly taking advantage of an elderly owner for a super quick sale ( more than likely to a mate!). Are they regulated at all to prevent this occurance?

0% deals may sound attractive, but it may be a false economy for the seller. If Foxtons are getting no commission then their main interest is to sell as fast as possible, i.e. drop the price by ten grand. So what the seller saves in paying the agent he loses in earnings from the sale.


As made clear in Freakonomics (and elsewhere), the system whereby estate agents take a percentage of the sale price is not in the seller's interest. Estate agents should be rewarded for how much extra they manage to get from the sale above some agreed base price. So if you have a flat that would definitely sell for ?250k but could sell for ?300k, the estate agent should be paid, say, 10% of the proceeds above ?250k.


With smaller agents, it is usually possible to negotiate this sort of arrangement. With big chains like Foxtons it's much harder. So avoid them.

If you want to sell your home and avoid slimey estate agents I would highly recommend using Property Broker. We used them to sell our flat a few years ago. They charge a one off fee (?112 back then) and come round and take lots of pictures and put a board up. You write the description.


Potential buyers get to see the pics and description online. What is great is that the potential buyers contact you direct so they can ask lots of questions etc. This means you do not get loads of people traipsing round your house/ flat just because the agents have brought them there even if the property is not what they are looking for - if you know what I mean.


There is no commission to pay. Once you get an offer you do the rest yourself just as you would if you were selling through an agent.


Their website is www.property-broker.co.uk


Sorry this is not a rant about Foxtons - I cannot stand agents so do my best to avoid them! I have seen the Putney office though and yes, it does look very posh from the outside!

I had a vile experience in the Acorn in East Dulwich when I was buying my place. The estate agent bounded over as opened the door, shook my hand and actually sniffed me, took a great big inhalation and rasped 'hi my name is X and hmmmmm what is that perfume your wearing its divine' I was nearly sick on my shoes with horror.

The people in Roy Brooks are lovely and quite honest, but in general I think Estate Agent baiting should be an Olympic sport - at least it is something the Brits could win at.

Goodliz


Selling a house by yourself is not as easy as it sounds regardless of whether

your selling through an agent or yourself having people traipsing round your

house is inevitable anyway.On the other hand an agent can filter out all

the timewasters etc.Also wouldnt you find people ringing you up at all hours

of the day annoying?


If you have the time and patience you can save a lot.If you have time then it can work

out.

Yes, nothing good to say about Foxtons, particularly from a landlord's point of view as I've been strongly advised against using them by several people who have let and rented using their services.


However, Bushells seem OK. Thanks for the tip about Property Broker, I might investigate that as I'm thinking of selling soonish.

Can I just pile in in support of Property Broker too. Selling through them is dead easy. Most folk want to view properties evenings or weekends when you are likely to be in so you don't have to have someone at home all day to do viewings. And you can do viewings on a Sunday (why to estate agents shut on a Sunday?). Another bonus is that you've met the person you're selling to so when the inevitable hiccups occur during the tortuous legal process you can just call them up and work it out between yourselves. There's no need for estate agents. Fact.

Foxtons are evil because they are crooks as shown on the Whistle Blower programme. Whether other estate agents are crooks or not does not take away from the fact that Foxtons are and therefore are a Bad Thing. Plus they think they are cool with there twatty motors. And they treat their staff like the cast of Glengarry Glen Ross.

Just for the record I found Hart to be very helpful when we bought our house. In fact they were the only people really interested (apart from Acorn who showed us round a load of cack!)


Foxtons letter through my front door the other day too - they don't waste any time do they?

I also got the 0% offer letter. I guess there is nothing to lose by taking up this offer, as long as you put it on with another agent too. Otherwise you may find that they are much more interested in selling someone else's property which they WILL be earning commission on.

I suspect that a number of people are making the same flawed assumption here.


Foxtons are waving their commission but I'm sure the sales negotiators will still get their sales commission. The company will make up the difference out of their promotions budget.


The offer will in no way disincentivise agents from selling houses. That would be ridiculous.

The trick is to make sure you get valuationsfrom other agents - and to do your homework so you know exactly how much you should be getting. Then go with Foxtons.

Agree with Alan Dale that sales negotiators will still get their commission.

Bottom line is that in this area good houses will sell - with very little imput needed by estate agents.


Also - anyone out there thinking of hosting an Autumn Fair/ Christmas charity fundraiser - this is the time to approach Foxtons as sponsors as they will be very keen to see a flurry of boards across the area showing their community spirit (hee hee) and of course because that trick makes people think they are selling houses even when they are not.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Latest Discussions

    • Here's the part of march46's linked-to Southwark News article pertaining to Southwark Council. "Southwark Council were also contacted for a response. "Councillor James McAsh, Cabinet Member for Clean Air, Streets & Waste said: “One of Southwark’s key priorities is to create a healthy environment for our residents. “To achieve this we closely monitor legislation and measures that influence air pollution – our entire borough apart from inland waterways is designated as a Smoke Control Area, and we also offer substantial provision for electric vehicles to promote alternative fuel travel options and our Streets for People strategy. “We as a council support the work of Mums for Lungs and recognise the health and environmental impacts of domestic solid fuel burning, particularly from wood-burning appliances. “We are currently updating our Enforcement Policy and changes will allow for the issuing of civil penalties ranging from £175 to £300 for visible smoke emissions, replacing the previous reliance on criminal prosecution.  “This work is being undertaken in collaboration with other London boroughs as part of the pan-London Wood Burning Project, which aims to harmonise enforcement approaches and share best practice across the capital.” ETA: And here's a post I made a few years ago, with tangential relevance.  https://www.eastdulwichforum.co.uk/topic/278140-early-morning-drone-flying/?do=findComment&comment=1493274  
    • The solicitor is also the Executor. Big mistake, but my Aunt was very old, and this was the Covid years and shortly after so impossible to intervene and get a couple of close relatives to do this.  She had no children so this is the nephews and nieces. He is a single practitioner, and most at his age would have long since retired - there is a question over his competence Two letters have already gone essentially complaining - batted off and 'amusingly' one put the blame on us. There are five on our side, all speaking to each other, and ideally would work as a single point of contact.  But he has said that this is not allowed - we've all given approval to act on each others behalf. There are five on her late husband's side, who have not engaged with us despite the suggestion to work as a team, There is one other, who get's the lion's share, the typicical 'friend', but we are long since challenging the will. I would like to put another complaint together that he has not used modern collective communication (I expect that he is incapable) which had seriously delayed the execution of the will.   I know many in their 80s very adept with smart phones so that is not an ageist comment. The house has deteriorated very badly, with cold, damp and a serious leak.  PM me if you want to see the dreadful condition that it is now in. I would also question why if the five of us are happy to work together why all of us need to confirm in writing.             The house was lived in until Feb 23, and has been allowed to get like this.
    • Isn’t a five yearly electricity safety certificate one of the things the landlord must give for a legal tenancy?
    • Very sorry to hear this, but surely the landlord is responsible for fixing the electrics?  Surely they must be insured for things like this? I hope you get it all sorted out quickly.
Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...