BUYERS AND SELLERS – THE AGENT’S DILEMMA

OUR THOUGHTS ON THE SUBJECT.

Naturally, as estate agents, we read quite a bit about the home-buying process. Whether it’s the current property market trends or factors which can influence it, it’s in our interests to make sure we’re up to date.

However, sometimes we’ll come across a quirky story or two as well – and this has to be up there with the best: https://www.propertywire.com/news/uk/research-reveals-lengths-buyers-will-go-dream-home/

Finding your “dream” home

Of course, there are times when it’s evident a buyer has fallen for a property hook, line and sinker. If the location is right, it can even be before a viewing. But never have we had anyone turn up at the office with the asking price in cash and we’ve never been asked to relay an invitation to dinner at The Ivy to the vendor in return for accepting an offer.

Of course, many of the examples in the article are probably inspired by the fear of being gazumped – and we’ve written before about measures you can take to protect yourself against the possibility: https://esaleuk.com/2018/03/21/how-to-avoid-being-gazumped/

But it seems some will still fall so heavily for the “house of their dreams” that they’ll go to extraordinary lengths to secure a deal.

But, as the spokesman for the National Association for Estate Agents points out, while they may amaze of amuse the casual reader, the fact some buyers have felt the need to go to such extreme lengths doesn’t reflect all that well on the estate agency profession.

If you are a buyer and you feel the need to go to extremes to secure a property, it suggests a lack of faith in the system – and that ought to worry any estate agent, whether they’re based on the high street or online.

Naturally, most estate agents take instruction from our vendors; buying agents are less common and are perhaps seen as an unnecessary expense outside of deals for high-end properties worth several million pounds.

But sellers become buyers…

Despite the “buyer beware” ethos of estate agency, many of us would perhaps do well to remember that a buyer today could be a seller tomorrow and any sharp practice or undue pressure applied could be remembered to our detriment.

Of course we should work hard to ensure we get the best deal for our clients; any agent who consistently gives advice which leads to a house selling for well below its market value is not going to be in business for long.

But, on the other hand, those who make buyers jump through too many hoops or apply hard-sell techniques which baffle, belittle or bully them into a rash decision may just find it comes back to haunt them.

With so much fierce competition out there, every agent should be asking themselves if it’s a risk worth taking

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