Surely there are plenty of other professions about?what about the EA who works 50+ hrs a week on a small basic & commission , uses his own car , views properties at 7.30pm for vendors who are just 'testing' the market? Is that fair?
Thats true but they lock you up in Oz for putting in ghost bids, not to sure about you but that would most certainly put me off the idea!!!In Oz you have to register as an auction bidder (correct me if im wrong!)- more transparent , so good that way , though the EA's friend could register etc etc etc
Although I am no fan of EAs in Ireland, this approach is unfair and bordering on the dishonest. If the agent has contracted to sell the property and has spent money on highlighting it (including putting up a sign), it is unfair to try to do him out of his commission.After seeing that program if I was buying a house or apartment and it was advertised with an EA I would just go up and bang on the door and tell them I will only deal with them directly, I'm sure they wouldn't mind as they too would be saving on the commission.
Yeah like sell a vendors property for under 60k,thats the problem.Also telling vendors that people arent that interested in their property when there was....but if they are doing what they do for agreed fees, what is the problem?
I would love to see this happen , will he attract quality sales people to work for him? I dont think so !!
Maybe this could have worked in a strong bull market , but this idea, along with the internet companies (private seller.ie etc) have and never will take off to any significance. The market now , and as it tightens will need, more than ever , experienced sales people- many Mickey mouse one man band outfits will go under due to lack of experience in a bear market - and no sales/negotiation skills.
Vendors and buyers will always need a 'middle-man' because of the stress involved during a sale - people loose all sense of rationality - the deals will fall through left right and centre because of their lack of experience. Sounds harsh, but so true.
Some points on this thread are valid , though the EA's that I know do a very stressful job, very well. (disclosure- I am an EA)
it is Vendors that gazump people, not EA's.
Ghost bidding is not nearly as frequent as people like to make out (though also not illeagal)
Only Vendors pay EA's not buyers. EA's Loyalty is with them at the end of the day.Buyers seem to forget this - maybe they could employ a buying agent (like in the USA)
Market Forces - if another bid comes in and you dont want to bid further, DONT BID THEN ! - If you are right and there was a 'ghost bid' , the property won't be 'sale agreed' will it?!(as one poster found out earlier in this thread, where he stopped bidding because he was wrongly convinced of ghost bidding and the house was sold to someone else)
I agree 100% with the point about the wrongful disclosing of full financial details from broker to EA - but the EA should have in writing from bank/broker , confirmation that the buyer can buy at the level agreed befor proceeding.
Incidently- would all posters here be as harsh if it was their own property that was being bid up?? (falsely or otherwise?)
In my opinion, only use IPAV or IAVI EA's - at least there is a governing body with a full complaints procedure.
Easy as that !?? So why are there only a handful of successful EA companies then ? You should jump in the ring yourself if it is that easy ! Plenty of money for nothing.....!The property business is a textbook example of a honeypot for crooks and schiesters.
- It has a large number of customers willing to part with large sums of money without asking too many questions
- They give this money to middlemen who are not regulated
- There are few, if any, barriers to entry, so anyone can start up in business
Any business like this is is naturally going to attract its fair share of crooks. Property attracts an even higher proportion because of the large sums of money involved. This is all common sense.
Here are some easy ways to get money:
Estate agents: More often than not this means turning up for a few viewings and passing on bids. Not much more than secretarial work. Training needed? Not much. Your reward? 1%. Average house price in Dublin is €420k, so €4.2k a pop. That was pretty easy!
Mortgage brokers: You look up the best mortgage buys in the paper, tell these to people who can't be bothered to buy a paper and then hire a junior to do the paperwork. Your reward? Another 1%. Now you're nearly at €8.5k. That was even easier.
Yup , its just like that.....But the best news yet is that you have people queuing up to hand out these sums to you.
So, just do 2 of each a week and you're at nearly €900k a year. But, you've to pay the junior! Ah, that's right. €25k off that. Retire to Marbella.
Is it any surprise there are crooks all over this business.
Disclaimer: I am generalising above, and the nature of a generalisation means it applies in general and not to all in the above trades. I have no doubt there are many honest, skilled and highly-customer focused people in the above trades.
Agreed, though i doubt it will ever happen , I would love to see a program from our (EA's) side - showing;Lets not forget this was sensational television and was meant to shock.Having said that I am not surprised that we have so many cowboys in this game. Regulations have to change and get the cowboys out.
My personal experience is of agents not turning up or turning up 20 minutes late. My time is valuable too.how people think nothing of making an appointment to see a property late evening and not turning up etc...
LOL, so true.Lads - If you want to move on to management I suggest create a seperate thread. One point springs to my mind with all these people saying they will sell themselves from now on. Will you tell potential buyers you have already received (ghost) bids or are you all honest people ? Will you go around telling the propective buyer about all the faults in the house ? Will you tell them you are moving cos the shower down the street are all noisy and drinking in the fields behind late at night ? etc etc .....
I think this is an excellent point and it is one I have been thinking about myself. When I buy any other product in the my back of my mind I am assured because (this is my understanding - I'm not an expert!) the product sold has to be of sufficient quality to serve the purpose for which it is sold, and if it doesn't (regardless of other factors like warranties, 16-day-money-back guarantees etc.) then I have a right to recompense from the vendor, be it a repair, a replacement or a refund. Basically it must do 'what it says on the tin'. Can anyone tell me why this is different for property? For example if a property is sold as X sq metres and turns out to be 10% smaller, surely this contravenes consumer laws and the purchaser is entitled to some comeback.I have more protection buying a loaf of bread for a euro or two than I have buying a house for a half a million euro.
Thats a bit flippant don't you think? What good is either your common sense or solicitor when some problem turns up after closing the sale of a property, I am sure you can search other threads on this board to see that very little can be done to force the vendor/developer to make amends. (Ideally said problems should be uncovered before closing but this isn't always possible)Not true. You have your own common sense and your own solicitor