Estate agents... Do they deserve the bad rep?

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Parmdeep Vadesha
Managing Director
Vadesha Properties Ltd

“the species that survived were not the most intelligent –they were the most adaptable to change” Charles Darwin

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No they don't deserve the bad reputation. It's a free market and anyone can set up an estate agent. You don't even have to be qualified. My take on this is:

Joe Public always wants something for nothing
Joe Public is too lazy to write a formal RFP to three or more agents to get a 50% reduction from rack rate
Property investors cannot validly comment on whether or not estate agents deserve bad press. Investors are interested parties who by admission try to negotiate with vendors in a less open market than that created by estate agents, and should be ashamed of themselves for giving bad press to a profession who acts to promote competition instead of stifling it.

There - you didn't expect that tirade, did you?

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Just because you are not paranoid, it doesn't mean they are not all out to get you

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That video made me chuckle!

Joe Wilkinson hates the London property market - not estate agents.

He'd be an ideal tenant-buyer.....anyone got his number?

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Christopher James
AC Investments

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www.ACinvestments.co.uk/shop

Joe is just one unhappy human being.When everything wrong in life you will find someone to blame,but only yourself..No girlfriend,no car,no deposit !!! Joe should try harder

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interested in 25%+ bmv deals

londonbuyer@live.com

I find it's like any other profession, there are some bad apples who deserve a crap rep and there are some good ones too..
I've seen less of the later though

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Estate agents only have themselves to blame, as many of them can be complete ar$£*&es.

BUT, I love them!
Regardsless of how egotistic they are, if you know how to work them, they will give you great deals every month, month after month after month.
Which works just fine for me!

Nadeem

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Nadeem and Petronella
Do nothing which is of no use.
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Residential portfolio's and High yielding commercial (Offices, Hotels, Warehouses etc) properties always available in London.

Gerry, Get a life, What world do you live in ? Have you ever dealt with "" estate agents " if ever a group of people think they are the bees knees its them. Up themselves would be an understatement. They think they equate to Solicitors or Doctors. No!! they are all administators or clerks. They deserve the reputation they have, not ever ever to be trusted.
Oh by the way Gerry "some of my best friends are estate agents"

EA are a real mixed bunch. Generally anyone in high pressure sales environment will have a tendency to lie and play tricks to get a deal done (stock brokers, EA or car salesmen).

But they are needed and if you do not know how to handle them, I think you will be at a dis-advantage in the property business.

I luckily know MANY EA in London and I can honestly say that they not that bad when you get to know them. I will still always do my DD on any deal they give me. Even the ones I know for years and went to school with.

As a rule of thumb.

If I get an EA I do not know, to value a property for sale for me I will always reduce their valuation price by 10% to be on the safe side.

It also depends on the agents. There are some agents who surprisingly manage to sell properties at a stupidly high price and charge there 3% commission. They tend to drive round in green mini, 

Recently we was involved in the disposal of a 1 bed flat in Fulham. Asking price from all the other agents was £240k-£245 – foxtons ended up selling it for £265k. Are they worth the extra 150 BPS = do the maths 

If you are selling a property use both a non-independant (i.e. Bairstow Eves/countrywide) and an independent.

When buying a property....well that's a whole post by its self.