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Integrity of Estate Agents

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    #62
    Mad_maxx
    Registered Users Posts: 13,503 ✭✭✭✭Mad_maxx


    Dav010 wrote: »
    Can you offer any proof for your second paragraph or is this more speculation?

    Yip, they are paid by the seller to get the highest price for a property, what use would an EA be to the seller if they didn’t get the highest price?

    I'm arguing that auctioneers often don't represent the interests of the seller they proport to work for


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    #63
    Mad_maxx
    Registered Users Posts: 13,503 ✭✭✭✭Mad_maxx


    Dav010 wrote: »
    Earlier you posted this was rife around the country, what proof have you for this? Still waiting.

    Properties could have been sold for less than you offered to cash buyers.

    I was a cash buyer in all three cases, I don't have irrefutable evidence, you know that already though


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    #64
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    Mad_maxx wrote: »
    I was a cash buyer in all three cases, I don't have irrefutable evidence, you know that already though

    I knew that from your first post, it never ceases to amaze me when people make sweeping accusations without any evidence whatsoever.


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    #65
    Mad_maxx
    Registered Users Posts: 13,503 ✭✭✭✭Mad_maxx


    Dav010 wrote: »
    I knew that from your first post, it never ceases to amaze me when people make sweeping accusations without any evidence whatsoever.

    Never ceases to amaze me that members of online forums ask for evidence with a straight face for absolutely everything, do they think it makes them look clever?

    Quite the opposite


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    #66
    lawrencesummers
    Registered Users Posts: 8,584 ✭✭✭lawrencesummers


    The only people coming on here to defend EA’s are surprisingly EA’s!!!!

    In one day plenty of people have shared their experiences of dodgy people in the industry, and still some can’t believe that a pretty unregulated industry can have some shady people in it.


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    #67
    downtheroad
    Registered Users Posts: 3,045 ✭✭✭downtheroad


    Dav010 wrote: »
    How did the EA cost someone €20k?, The couple may have been able to get a mortgage to cover their bid, and more. They dropped out at €410k and someone else bid €420k, no one forced them to.

    This just shows how little knowledge people have of the bidding process and how eager they are to blame the EA. Silly stuff.

    I understand the bidding process very well thanks. The estate agent in question accepted a bid that couldn't be met by the couple who made, which increase the price for the person who eventually bought the house. If the estate agent had the integrity or decency to ask for proof of approval in principle (which did not exist) the bid of €410k would not have been accepted and the house buyer would have got the property for €400k instead of €420k.


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    #68
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    Mad_maxx wrote: »
    There are estate agents out there who work against the seller if a bidder comes along who threw the auctioneer plenty of work down the years, they will ignore other bids and pressure the seller to accept their buddies offer

    Preferred buyer phenomenon

    Especially common in rural Ireland

    When you make allegations like this, with such certainty, which you have done a number of times on various threads, then being asked how you can be so certain is absolutely fair, and to be expected. It doesn’t make the person asking look clever, but it certainly makes the person making such an allegation look less than so.

    Interesting how when you bought that apartment in 2015, you posted that 3 EA's actually advised you that you were paying too much for it.


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    #69
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    downtheroad wrote: »
    I understand the bidding process very well thanks. The estate agent in question accepted a bid that couldn't be met by the couple who made, which increase the price for the person who eventually bought the house. If the estate agent had the integrity or decency to ask for proof of approval in principle (which did not exist) the bid of €410k would not have been accepted and the house buyer would have got the property for €400k instead of €420k.

    How do you know the couple could not get a mortgage to cover their bid of €410k?


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    #70
    Mad_maxx
    Registered Users Posts: 13,503 ✭✭✭✭Mad_maxx


    Dav010 wrote: »
    When you make allegations like this, with such certainty, which you have done a number of times on various threads, then being asked how you can be so certain is absolutely fair, and to be expected. It doesn’t make the person asking look clever, but it certainly makes the person making such an allegation look less than so.

    Interesting how when you bought that apartment in 2015, you posted that 3 EA's actually advised you that you were paying too much for it.

    Estate agents never praise a deal if they weren't involved themselves

    Had I bought the same property off one of them , they would have claimed I got a bargain


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    #71
    KOR101
    Registered Users Posts: 1,898 ✭✭✭KOR101


    I think part of the problem is that EAs meet hundreds of people only a few of whom eventually reach the finish line. So, EAs do size people up and make conclusions about who is likely to go the distance. They do back particular horses, and that would explain why some people with higher bids lose out.

    I think this is okay so long as the seller is kept informed.


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    #72
    lawrencesummers
    Registered Users Posts: 8,584 ✭✭✭lawrencesummers


    KOR101 wrote: »
    I think part of the problem is that EAs meet hundreds of people only a few of whom eventually reach the finish line. So, EAs do size people up and make conclusions about who is likely to go the distance. They do back particular horses, and that would explain why some people with higher bids lose out.

    I think this is okay so long as the seller is kept informed.


    You think it’s OK that the EA doesn’t get the highest offer for the seller because they have come to a personal conclusion akin to picking a horse?

    And you think that’s fine. Seriously?


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    #73
    zig
    Registered Users Posts: 1,206 ✭✭✭zig


    lawrencesummers wrote: »
    You think it’s OK that the EA doesn’t get the highest offer for the seller because they have come to a personal conclusion akin to picking a horse?

    And you think that’s fine. Seriously?


    Its an EAs job not to ruin the sale or slow down the sale because of a timewaster. Its not picking a horse, its make an informed decision or recommendation to the seller based on experience.

    Unfortunately Im on the wrong side of this at the moment because I found out that the other bidder is a cash buyer, even if we bid more I wont be too confident at this point that the house will be sold to us.


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    #74
    EstateAgent
    Registered Users Posts: 19 ✭EstateAgent


    lawrencesummers wrote: »
    You think it’s OK that the EA doesn’t get the highest offer for the seller because they have come to a personal conclusion akin to picking a horse?

    And you think that’s fine. Seriously?

    If the EA doesn't have confidence that the highest bidder will complete then they will obviously advise the seller of this. So of course there are situations where a lower bid is accepted from a more solid bidder.

    Ultimately it's up to the seller - as long as they're fully informed that's what matters. It's their decision at the end of the day


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    #75
    Captain Flaps
    Registered Users Posts: 1,834 ✭✭✭Captain Flaps


    I had a lot of time for the agent we were buying off, she was very no nonsense and upfront, I did wonder once or twice whether bids were real or not but looking back that was my own paranoia.

    The best advice I got when we were bidding was that as long as you get the house for a price you're willing to pay, or sell it for a price you're willing to accept, then don't waste time worrying about the other factors (unless the agent is very obviously acting the dick of course)


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    #76
    KOR101
    Registered Users Posts: 1,898 ✭✭✭KOR101


    lawrencesummers wrote: »
    You think it’s OK that the EA doesn’t get the highest offer for the seller because they have come to a personal conclusion akin to picking a horse?

    And you think that’s fine. Seriously?
    Glasses please....:pac:


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    #77
    lawrencesummers
    Registered Users Posts: 8,584 ✭✭✭lawrencesummers


    KOR101 wrote: »
    Glasses please....:pac:


    So you do think it’s fine?


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    #78
    KOR101
    Registered Users Posts: 1,898 ✭✭✭KOR101


    lawrencesummers wrote: »
    So you do think it’s fine?
    Okay, so maybe it's not a glasses problem....:pac::pac:


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    #79
    Captain Flaps
    Registered Users Posts: 1,834 ✭✭✭Captain Flaps


    downtheroad wrote: »
    I understand the bidding process very well thanks. The estate agent in question accepted a bid that couldn't be met by the couple who made, which increase the price for the person who eventually bought the house. If the estate agent had the integrity or decency to ask for proof of approval in principle (which did not exist) the bid of €410k would not have been accepted and the house buyer would have got the property for €400k instead of €420k.

    We didn't have our mortgage approval in before we started bidding but our broker wrote an email to the agent to confirm he'd assessed us and was happy that we would be approved.

    Also, more fool the buyer for getting into a +10k bidding round. They deserved to lose out in that case. I was going up by 2k each time.


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    #80
    downtheroad
    Registered Users Posts: 3,045 ✭✭✭downtheroad


    Dav010 wrote: »
    How do you know the couple could not get a mortgage to cover their bid of €410k?

    Because they told me. They bid 410 hoping they'd get approval for that amount, and then they weren't approved for that amount. But the bid remained in place due to the ineptitude of the estate agent who couldn't do the most basic part of their job and verify if a bid was valid or not.


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    #81
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    downtheroad wrote: »
    Because they told me. They bid 410 hoping they'd get approval for that amount, and then they weren't approved for that amount. But the bid remained in place due to the ineptitude of the estate agent who couldn't do the most basic part of their job and verify if a bid was valid or not.

    Valid? Someone bid 410, that's as valid and as simple as it gets!


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    #82
    sozbox
    Registered Users Posts: 1,399 ✭✭✭sozbox


    Emmeline Cuddly Thesis wrote: »
    Valid? Someone bid 410, that's as valid and as simple as it gets!

    lol what. A bid needs to be backed up by evidence. Any agent I've dealt with won't accept a bid without proof of funds....


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    #83
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    You might want to visit more agents so, it is not a PSR requirement to have bids backed up by evidence.


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    #84
    STB.
    Registered Users Posts: 5,380 ✭✭✭STB.


    Some very defensive posts here other than the one poster that admitted they are an EA.


    Simple matter is once EA's open their mouth, they are invariably being very economical with the truth. They have nothing to sell that they actually own. They are a conduit, nothing more. Ethics, phfffft.


    https://www.youtube.com/watch?v=e-OWyodwbSA


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    #85
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    In short, I think estate agents would be one of the least trusted 'professions'.


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    #86
    Irishcrx
    Registered Users Posts: 2,861 ✭✭✭Irishcrx


    Look , if anyone has ever been on both sides of the coin as in buying and selling you'll have a fair idea of what goes through an EA's mindset , there job is to sell the property at as high a price as possible as a seller that's what you want, as a buyer that's reality.

    When selling they will go through strategy , pitch price , target price and even what demographic they would zone in on at viewings and that's fine from my end I want them to sell at the best price.

    Other side when your buying you need to be savy in bidding and inspecting the property and it's true value the agent here works for the seller and yes they will try and gain any info out of you they can and any opportunity to raise the price or enter into competitive bidding benefits them , that's the game and that's their job...are they all ethical? I severely doubt it but again it's the seller that ultimately decides to accept or reject bids.


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    #87
    zig
    Registered Users Posts: 1,206 ✭✭✭zig


    Emmeline Cuddly Thesis wrote: »
    You might want to visit more agents so, it is not a PSR requirement to have bids backed up by evidence.


    Well I think it should be to be fair. Unregulated bidding has serious consequences on the property market and economy in general. All bids should have proof of funds as a legal requirement if there is another party that is willing to bid higher. If there is no other party then yea I guess it makes no difference to anyone.


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    #88
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    zig wrote: »
    Well I think it should be to be fair. Unregulated bidding has serious consequences on the property market and economy in general. All bids should have proof of funds as a legal requirement if there is another party that is willing to bid higher. If there is no other party then yea I guess it makes no difference to anyone.

    You think it should? That's a matter of opinion.

    Saying "But the bid remained in place due to the ineptitude of the estate agent who couldn't do the most basic part of their job " is a bit silly really when it's not a part of their job at all.


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    #89
    lawrencesummers
    Registered Users Posts: 8,584 ✭✭✭lawrencesummers


    Irishcrx wrote: »
    Look , if anyone has ever been on both sides of the coin as in buying and selling you'll have a fair idea of what goes through an EA's mindset , there job is to sell the property at as high a price as possible as a seller that's what you want, as a buyer that's reality.

    When selling they will go through strategy , pitch price , target price and even what demographic they would zone in on at viewings and that's fine from my end I want them to sell at the best price.

    Other side when your buying you need to be savy in bidding and inspecting the property and it's true value the agent here works for the seller and yes they will try and gain any info out of you they can and any opportunity to raise the price or enter into competitive bidding benefits them , that's the game and that's their job...are they all ethical? I severely doubt it but again it's the seller that ultimately decides to accept or reject bids.

    Your being naive thinking “their job is to sell property for as high a price as possible”. The job of an estate agent is to sell as many properties as possible.

    Ideally they will close the sales in as short a time frame as possible, so they can concentrate on shifting the next one.

    Don’t forget that The time it takes for an estate agent to get an extra 10k onto the asking price could be a matter of weeks, dozens of phone calls, viewings, emails etc etc and it’s only worth €100-150 to them.

    The economics are simple, Would an estate agent happily advise closing at 300k instead of spending a month trying to get 320k?


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    #90
    zig
    Registered Users Posts: 1,206 ✭✭✭zig


    Emmeline Cuddly Thesis wrote: »
    You think it should? That's a matter of opinion.

    Saying "But the bid remained in place due to the ineptitude of the estate agent who couldn't do the most basic part of their job " is a bit silly really when it's not a part of their job at all.

    Well it was just an opinion tbh but one based on good reasons. And also I think it should be part of their job tbh.


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    #91
    EstateAgent
    Registered Users Posts: 19 ✭EstateAgent


    You'd be amazed how many bidders have such issue with supplying proof of finance. When they're reminded that it's actually a good thing that we're making sure all bidders can stand over their bids they usually calm down.

    There's been many threads here before by people who are uncomfortable supplying proof of finance and there have been debates about whether you should or shouldn't give it to an EA. Now this is a thread criticising EA's for not getting it. So there's plenty of opinions out there but one common conclusion - the EA is wrong either way! 😂


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