jonnyhotspur
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EdelTHE property market is engaged in a 'race to the bottom', with estate agents now poaching clients away from each other.
The Irish Independent has learned that rival estate agents are ringing home-owners when they see a 'For Sale' sign outside, and offering to get them a higher selling price if they switch to their business.
Alan Cooke, chief executive of the Irish Auctioneers and Valuers Institute (IAVI), said that some agents are 'doing it wholesale' in an attempt to maximise profits. One house-hunter described how he recently won a bidding war for a house which had been on the market for two months.
After paying the booking deposit, he received a call from the estate agent to say an employer of a larger agency in the same west Dublin town had contacted the vendor and offered to help them get more money.
"The vendor rang him to say that he wanted the house put back on the market or he would switch to the larger agency," said the irate house-hunter. "The original estate agent told the vendor that he had no interest in showing the property to anyone else, and that the price we offered was a fair one.
"The vendor is now withdrawing the property. Who said competition was a good thing?" he said.
Mr Cooke said the only person who gazumps is the seller but admitted that agents are definitely not helping matters. "I could name one or two people, who are not members, who are doing it wholesale," he said. "It's a race to the bottom and the public are going to be worse off." Guidelines from the IAVI, which have no legal standing, once dealt with this exact problem.
However, last November the specific guidelines relating the matter were removed as the IAVI had been warned that they could be in breach of the Competition Act. "The seller is at liberty to appoint any agent at any stage they want," he said.
"The second agent did not act illegally in so far as the seller is entitled to get the optimum price. "Whether they acted properly is another thing."
Anybody can purchase a licence and begin operating as an estate agent. Last October, Minister for Justice Michael McDowell unveiled plans for the establishment of the National Property Services Regulatory Authority. An implementation group was set up in January and will steer preparations for the full statutory authority to be established under new legislation. Once established, the authority will have monitoring and inspection powers and will oversee the transfer of the licensing function from the courts services.
said the irate house hunter[FONT=Verdana, Arial]
Edel
Kennedy
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Nope. Never heard of her.sun_sparks said:Interesting - did she ask your permission before quoting you from this forum?? Is there no protection against this "lazy" journalism?
Seagull said:Try sending in a letter expessing your unhappiness, and see if it gets printed. It might be worth sending it to the Irish Times as well.
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