Review of Prime Time programme on auctioneers

The Primetime exposure is timely, right after the budget, and no doubt will open some eyes, but like our Taoiseach accepting monies willy nilly, it'll blow over within a few days.[/quote]

Agreed , I can assure you , not ALL auctioneers work like this.....

Yer man was lucky with the timing , right by Xmas etc - no one will bother tyalking about it in a few days.

Licences for all EA's to practice - only way forward.
 
I'm struggling to understand why anyone has any sympathy for the EA in last nights programme. It doesn't matter if its not technically illegal, its completely unethical to run a business in such a way. That man ran his company like Arthur Daly sells car. Their use of MB to evaluate the maximum amount of debt a potential buyer can afford represents insider trading and market fixing, which if occured in a regulated industry anywhere in the world could lead to jail time.

What would happen to any of us if we were to take such an unethical approach to our jobs? I know what would happen to me, gone!!!
 
100% agree, Stiofan - the apologists really symptomise the Celtic tiger spirit, namely that whatever it takes to make money that is just about legal is justified.


Stiofan said:
I'm struggling to understand why anyone has any sympathy for the EA in last nights programme. It doesn't matter if its not technically illegal, its completely unethical to run a business in such a way. That man ran his company like Arthur Daly sells car. Their use of MB to evaluate the maximum amount of debt a potential buyer can afford represents insider trading and market fixing, which if occured in a regulated industry anywhere in the world could lead to jail time.

What would happen to any of us if we were to take such an unethical approach to our jobs? I know what would happen to me, gone!!!
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Stiofan said:
I'm struggling to understand why anyone has any sympathy for the EA in last nights programme.

I have'nt !:D

Their use of MB to evaluate the maximum amount of debt a potential buyer can afford represents insider trading and market fixing, which if occured in a regulated industry anywhere in the world could lead to jail time.

Agreed, law needs to be enforced...

What would happen to any of us if we were to take such an unethical approach to our jobs? I know what would happen to me, gone!!!
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Same here !
 
I don't think anyone here has sympathy for the EA on Prime Time.

But it is too easy to get carried away with the finger pointing , when a large number of people don't understand the business. (ie EA's work for the VENDOR only)
 
An open question on this, do Remax have licenced folks working or is it lke in the States and other countries where you buy a franchise?
 
Sorry Murray I do understand the business and have been privy to the unethical nature of the whole construction industry well before Primetime got wind of it. To say its widespread may be taking it a bit to far but such practices are common, maybe even very common.
 
Eh sorry but is this news to anyone that EAs have operated in this way ? Rte simply made a program on practice that's been going on for years. Anyone who thinks otherwise is naive at best. Like all things you have to be willing to pay the price you feel is worth it, otherwise move on. What next for rte ? Guys selling dodgy cars from side garages ? Scary ?
 
Stiofan said:
Sorry Murray I do understand the business and have been privy to the unethical nature of the whole construction industry well before Primetime got wind of it. To say its widespread may be taking it a bit to far but such practices are common, maybe even very common.
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Maybe among some circles. But we are getting onto another point here...

Still , if a buyer does'nt want to pay the price for a property , don't .

The market conditions dictate the price (of anything)
 
Any potential property buyer foolish enough to provide sensitive financial information to a mortgage broker tied to the agent acting for the vendor is asking for trouble:( . Irish people are far too trusting and gullible when it comes to matters financial. Expecting the government to introduce legislation to cater for widespread naivety doesn't address the root cause of the problem.
 
murray said:
.

The market conditions dictate the price (of anything)
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If the market conditions are distorted due to deceptive practices, then it is no longer an efficient market and "prices" are not a true reflection of value.

What if the whole property bubble has been based on prices set by scum-bag EA's and "everyone is at it" Auctioneers - scary thought!!!!!!
 
Duplex said:
Any potential property buyer foolish enough to provide sensitive financial information to a mortgage broker tied to the agent acting for the vendor is asking for trouble:( . Irish people are far too trusting and gullible when it comes to matters financial. Expecting the government to introduce legislation to cater for widespread naivety doesn't address the root cause of the problem.
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Still makes the sharing of data illegal illegal illegal. Naivety on behalf of people doesn't change this fact.
 
What if the whole property bubble has been based on prices set by scum-bag EA's and "everyone is at it" Auctioneers - scary thought!!!!!!
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What if the market has been deflated by EAs passing on cut-price houses to well-connected under-bidders?

I dealt with an honest EA once -- the vendor tried to rip them off!

Shane Ross has no immediate plans to trade as an auctioneer (he intends to at some point, but that's a condition of being granted a license!). Bear in mind he has a Seanad election coming up and needs to raise his profile with publicity stunts.
 
Sunny said:
Still makes the sharing of data illegal illegal illegal. Naivety on behalf of people doesn't change this fact.
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I agree that the practice is illegal and indeed unethical, but there is no way that the government can police 'insider information' exchange. Its up to the public to cop them selves on.
 
Markjbloggs said:
If the market conditions are distorted due to deceptive practices, then it is no longer an efficient market and "prices" are not a true reflection of value.

What if the whole property bubble has been based on prices set by scum-bag EA's and "everyone is at it" Auctioneers - scary thought!!!!!!
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If people bid higher, at the point that they all walk bar one (the buyer) , that is the market value. - no distortion.

Scumbag EA's responsible for bubble ??! Again, irrational point of view.

What if the whole property bubble has been based on greedy vendors/purchasers? - .......

Interseting how nobody here answered the question I put forward earlier regarding ; would they feel so harsh about it all if they were a vendor - on the receiving end? (as im sure some of you are/were....)
 
murray said:
If people bid higher, at the point that they all walk bar one (the buyer) , that is the market value. - no distortion.
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But their higher bid is based only on deceptive practices by the EA/Auctioneer and has nothing to do with supply and demand, which should be setting the prices. That is distortion.
 
Their higher bid has nothing to do with demand?

I see your point , but the buyer can walk at any point - if they are right (about a ghost bid), they will be in the driving seat very soon as EA has nobody to sell to.
 
Interseting how nobody here answered the question I put forward earlier regarding ; would they feel so harsh about it all if they were a vendor - on the receiving end? (as im sure some of you are/were....) Markjbloggs?? what say you !?
 
Markjbloggs said:
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But their higher bid is based only on deceptive practices by the EA/Auctioneer and has nothing to do with supply and demand, which should be setting the prices. That is distortion.
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The buyer is the party who decides how much a property is worth not the agent or the vendor.
 
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