Home seller secretly films 11 estate agent valuation appointments 

BUYERS! Watch this and make sure you learn from the sucker who overpaid.

I'd love to do another documentary like this in the falling market - but I need someone in my close circle of friends who's selling now who's happy to have it filmed! It took 6 months to make this video.

@@MovingHomewithCharlie I can imagine it was a difficult job indeed.

Even in a strong market, a good agent will get a better price but its not just about price. Its also about closing the deal. Thats a combination of matching the vendors needs with the right buyer. Im not an agent but am experienced. 100% agree with the OP. Like any payment for service, cheapest isnt always best.

Agents are liars same as hungry dogs....

@@kevinleesmith bingo!

Their motivation (money) is to get the seller to sell, get the house off their books and get their commission. As you say every £10k is c£100 to them but is £10,000 to the seller. “Just focus on the first two numbers” is their stock line. Estate Agents have no scruples.

That's a very sweeping statement

@@paulspittel1924 which of the correct statements are you referring to?

@paulspittel1924 Refering to specific statements as sweeping statements, shows u have an emotional response that is not based on reality. Emotion is important, but facts don't care about your emotions.

@@jackkruese4258 Estate agents work for the seller not for the buyer. It’s their job to get as much as they can for the buyer. So what if they lie to you it’s part of there job.

@@jackkruese4258 they are scumbags

They don't all do this, but unfortunately most do

@@jackkruese4258 This happened to me so I backed out of my offer even though I loved the home. Once I found another home, I checked on how much the home sold for and it was $10,000 less than my offer. It was very disappointing for me to lose my first preference and end up in something I didn’t like as well.

Oh of course you bought 2 properties when hundreds of thousands transact each year but you just made the huge leap that ALL agents are making up false offers all the time!

In this business everyone wins except the buyer. It’s a sad game.

Estate agents are of my least favourite people to deal with.

If they go into negative equity immediately there is a problem with the Banks Valuers or if they are cash buyers then they haven't done their own due diligence. Several times I have been a "Cash buyer" but I have always made the contract subject to both a building inspection and a licensed valuation to ensure I am not paying more than it is worth..

That’s not correct though is it ? Those buying the home now have a home , that’s what they needed and that’s what they have got .

@@pmbpmb5416 I agree, you pay what you can for the home you want, and that's what the buyer did. XXX

Lula: or REALTOR if in America.

Absolutely. And surprisingly the commission is negotiable. Don't have a For Sale sign, that makes the serious buyers arrange a viewing. I have had a buyer engage in the longest conveyance ever, and then pull out on the last day, and lost the dream house I was lined up to buy.

@@VisorView most decent agents have ‘sales progressors’ whose job is to keep things on as short a time scale as possible once an offer has been accepted. Specifically, their job is to spot foot dragging as a sign of problems with a buyer. My job as a seller is to check out the buyer before accepting their offer via due diligence by the estate agent AND engaging a solicitor with a good rep for conveyancing- you’ll be amazed what they can find out from the buyer’s solicitor. The clincher is the buyer arranging THEIR OWN survey ( as opposed to a Lenders’ survey), because this is the point they have to commit to putting their own money into the deal.

We need to go back to the sensible days when lenders were only allowed to lend 3.5 times one wage.

@@VisorView There are lots of perspectives in you comment. Yes, commission is negotiable. But the 'For Sale' sign as an issue? It helps viewers to locate the property easily; and don't forget they _should_ be excited to go and look over your beautiful property which is 'For Sale' from the hard work you've put in prior to the photographer arriving and then the pictures going live on Rightmove. You are (or should be) inviting them in with a welcome mat. 'For Sale' shouts 'I'm HERE.'

@priestland1 Depends on your interpretation of the term "features". 1930s London suburban streets comprised houses built with external woodwork imitating Tudor (Elizabethan) timber-framed houses. This might reasonably be described as Elizabethan features. Georgean-style lattice windows were popular in the 1980s. In other words, it's a description of an architectural style, not a statement of its age. Properly, a genuine description of a Georgian property would say, "With original Georgian details" and the 1900 property, "Features in the Georgian style". The inability to communicate directly and accurately is not a modern problem, but stems from a lack of exact knowledge and verbal skills, assuming there is not a real intent to deceive. The ability to distinguish the latter depends on the individual to inform themselves by a process of continuous learning.

@@judewarner1536 No. It should read, Elizabethan 'style' features. Otherwise it's misleading.

What you’re describing is how many mediocre agents operate. The best ones, who know how to get the maximum value, usually charge higher fees because it is much more work.

@@MovingHomewithCharlie How much do they charge typically?

@@MovingHomewithCharlie it seems to me that I did not do a good job of explaining my point because you did not address it at all. I believe that a flat percentage of the sale price does not incentivise the agent to get the best price.

​@@d716agqHe didn't get it.

Always thought the same, if the house is high value, in the 500k plus then yes, but the fees earnt on lower priced homes wouldn't warrant pushing that bit extra.

Probably around 1.5%, I'm sure if they were over the market average they wouldn't have picked her.

Precisely.

@@hearmenow909 It really depends how much you value the work of an Estate Agent. The Internet and the market does most of the work. Its "nice" to have someone help you but most people are perfectly capable of advertising agreeing a sales by themselves. The problem is that they are prevented from advertising in the main channels due to some sort of industry protection.

Taken for granted as the percentage is set and it’s for the buyer to determine if it’s fair

@@cg9616 Set by whom?

It's not a zero sum game. The buyer got what they wanted, and was prepared to pay a premium - an emotional value - the same as a premium for a particular view to cost to get that. Not all properties are equal in facility or emotional vale.

@@martinhow121 if the price of something no one needs, like modern art, went up by 20% overnight, you could say it is not zero sum and everyone who is still transacting is better off by transacting. If the price of water in the desert went up by 20% overnight, maybe you could make the same argument. Or maybe you would conclude this is price-gouging of a necessity. I think raising the price of food and housing is basically a bad thing, lowers quality of life for most people. Maybe not for all people. But as a society it tends to be zero sum: higher house prices transfer wealth from the young and homeless and into the hands of the old and the property-owning.

Something is worth what someone is willing to pay for it.

@@PozitiveVibezzz that is certainly true. But if I meet you in the Sahara Desert, and I see you are dying of thirst, I might get you to sell your house in exchange for a bottle of water. You might later accuse me of many things. But being ethical is probably not one of them. Essentially the same problem is playing out in America: wealth is being stolen from the working class and given to non-workers. Sometimes via unfair divorce laws, sometimes through the welfare state, sometimes through money-printing, sometimes via taxation. Food, rent and land price rises now reflect deliberate government policies rather than just population increase or economic productivity. [Actually, productivity should be lowering the price of food and construction material.] Even without understanding economics, people know they are being scammed. They can feel it.

Welcome!

It's really made me think twice about going for the agents with a shop on the high street. I think since Right Move has been around it doesn't matter if the agent has a shop or not. Who doesn't look at Right Move these days!!

This happens a lot, which is why it’s so important to find the good ones.

Correct

Which totally slows the market down

Relevant in....Not "prevalent to". Please use correct grammar.

This doesn't make sense! What is a 'one off' viewing?

The one off viewer that definitely wants a property like yours. (And will buy it)

@@safarigirl40 Thanks for the explanation. But it seems strange lengths to go to for an agent. If they had hoped they (relatives or not) had put an offer in _before_ you signed a contract with the agent, there was nothing to stop you negotiating your own deal. As it turned out, they didn't put in an offer so I don't see what the agent had to gain with the tactic? Bizarre, I agree. I hope it turned out for you in the end.

Why didn't you just sign for the one viewing; you would have soon found out if they were genuine or not.

@@ac1646 The agent talks the vendor into signing a sole agreement for several weeks, or they won't get the viewing. it's a common con.

3 never enough. You need to talk to as many as possible. Why do you think moving house is so hard when everyone always does 3 or 4? Because it’s not enough

They did buy at the top but they had a healthy deposit, not overextended. Long term they’ll be fine but short term maybe they might find it hard to sell if they need to

Nobody can predict the peak of a market but people want to own a home and have to make a gamble to achieve that. Over the long run it typically appreciates.

Undervaluing loses business. It doesn’t work.

@@MovingHomewithCharlie Well it loses business if they are caught redhanded. But often they aren't caught. You haven't addressed the issue I mentioned. Also this woman was undervaluing in a type of way. Fortunately for the owner, the closing price was above that. Plenty of people won't bid above the "in excess of" price.

How long do you think they would last with that reputation?

@@RS-xx9ve So her agent had it wrong!

Of course she did. She spoke to buyers off market first, had pre market viewings timed with a public launch created the (accurate) impression that there was a lot of competition for the home. Ordinary agents just list and wait. You don’t need rightmove to sell a home.

@@MovingHomewithCharlie there is no "of course" she might have added value to the client by reassuring her and helping her know when to wait and how long to wait, but many people are perfectly capable of doing it themselves. In a rising market, the longer you wait the more money you make, you just have to decide how long you want to wait. Sales agents are not needed other than to write adverts and take photos, show people around, supply and demand works by itself which is precisely why so many do it. Its money for nothing with the Internet. Personally I find zero value in sales agents, they mostly only exit because its a closed shop and you don't have a choice. They are certainly not worth a percentage of the sale. Its good to have an incentive, but the market does most of the work. Agents might be more useful in a declining market but many of them then have their heads in the sand and think they can talk the market up, and watch while their clients chase the market down. The biggest problem people who work in closed shops like this (includes banks) and earn good money for doing very little is that they think they are adding value because they are good at their job. This is why people like Amy are rare. It should be a requirement to be good at your job to make good money, the big problem I see in the world is that many are not, yet get well rewarded anyway.

@@MovingHomewithCharlie sitting and waiting would have worked to, were is the evidence that being a good sales person helps increase the value in this situation? Houses sell themselves when supply is tight.

@@tonystanley5337 I agree. You don’t need an agent in a rising market, property sells itself. If prices are threatened then a good agent can make the difference between a reasonable sale and no offers.

@@MovingHomewithCharlie you're more likely to get the price you want by having it advertised on one of the larger portals. more prospective buyers means more offers if the agent is any good.

Glad it was helpful!

When and where was that?

@@MovingHomewithCharlie County Durham February 2022.

Same here estate agents pitched 425 to 440. We. Said 475. It went first day. 10 viewers , and 1 wanted it. Had that person not turned up that day. Then the estate agent could say told you so. But u just need that 1

@@anthonypatchett974 Clearly the agents didn't have a clue

@@MrMRW14 a ‘ewephamism’

Glad you enjoyed it!

Icl that’s not a top tip imo, that’s reasonable good and wishful thinking if you’re a buyer and terrible for the seller. Properties do go up in value and rarely do they decrease or stay the same. The thing is it’s not a second hand object, anyone can by a new kettle, why pay for a second hand one when it only costs a bit more for one new, especially with the huge variety available with all different price ranges and it’s guaranteed to last x amount of time, but if it was a limited edition and a unique/antique or a collectible kettle, then chances are there may well be people who want to buy it… and of corse you sell it to the person who’s willing to pay the most for it. No one says look I paid x amount so I’ll sell it to you a lot cheaper than what you expect to pay / what other people sell it for. You try and make the most amount of money possible and don’t feel bad because your not forcing the person to buy it, they can look else where if your asking for to much money, just pretty ridiculous you wish it worked the way you described.. I’m just gonna make some figures up, might be realistic or way off but doesn’t matter tbh) If you buy a house for 200k and 10 years later it’s valued at 280k, the valuation is based on the current supply of properties on the market as well as the demand - how many people are looking to buy a property.. plus what it has to offer people, it’s size, location, near by amenities etc, (the pros vs cons) and the more appealing it is, the more people it attracts who are willing to spend more for something they want (or try offering an amount that’s within their budget and what they can afford ). But If no one is willing to pay that amount because it’s unrealistically high especially when compared to similar homes, then that’s not an accurate evaluation! Question for ya. You have 2 people who both really want to buy your home because it’s basically their dream home and would be perfect for them, wouldn’t you sell to the person who has the highest offer? Assuming they both made an offer at the same time (Fyi I don’t agree on accepting an offer to then say no later on because your accepting a higher offer from someone else) would you accept the 290k offer even though it’s more than it’s estimated evaluation and they know this but they offered 10k more to increase the odds of them being successful. (because they really want to buy it) or do you turn that higher offer down to accept the lower offer of 240k? Maybe because you don’t wanna see your self as being greedy or something Or do you put it up for 200k and accept that amount when offered because that’s what you paid, or maybe you accept a slightly lower offer because it’s used and second hand 😂 But at least you shouldn’t have any problems selling it 80k under its valuation It’s just not how the world works, people like and want to make money whenever possible and no one turns down a profit especially when it’s in the thousands let alone tens of thousands! Lastly because I get what you’re saying, especially since young people don’t stand a chance at getting on the property ladder.. but imo the biggest problem in the uk is the shortage of affordable homes.. We don’t need luxury and expensive properties for the rich to buy and rent at unaffordable prices but rather lots of affordable properties that are plentiful and affordable to every day people/working class people with the owners being said people, basically increase supply and reduce demand, when your budget will allow you to choose from lots of possibly homes and no one is buying a particularly over priced property, the only way sellers will sell it is for them to reduce the asking price according to its true evaluation. (Sorry I know I’ve wrote a lot and it might be difficult to understand, and I may have repeated my self, I can’t help it sorry, I have a brain tumour and cognitive impairments, and I really struggle saying my thoughts in a way that’s easily understandable and which is straight to the point, i waffle to much when trying to explain my thoughts/opinions. And sentences are over complicated I know, but I just can’t find the right words to optimise the sentences any better So apologies but if you do read it all then I hope that it makes sense and explains why I disagree and think the above)

It's called the free market. That's how prices are set, you put it up for sale and people will pay for it what they think it's worth, There are plenty of examples of "10 year old kettles" on eBay that are worth 10x what they cost at retail. Again, free market + scarcity == higher prices. For housing, the solution is to deal with the scarcity side of the equation.

Wow... Kettles and homes...

The capital growth on a kettle won't pay for my retirement.

Sorry to hear that. Check my other seller advice videos but act fast!

If you’re moving home and want to make sure you avoid wasting months on an agent who fails to sell your home, or sells it too cheap, then the time is a good investment.

Totally agree, most sellers price the home. Everyone is greedy that is human nature. The market has noticeably changed in last few months, this feels VERY 2006/7.

An old Pink Floyd album cover.

It was Taunton in Somerset.

Buyers don't get to choose the agent here.

She did it based on my reading of the market and my expectation that it was close to the top, at the coal face. I got that right. It’s not true the other agents would have got the same result. Several said £285 was an amazing offer she should accept.

@@MovingHomewithCharlie Was it sold off market?, in which case Agent was instrumental, if it was on all the portals, surely all the same buyers would have just called the other agents, and the experience would have been the same, with the same offers, not knocking Amy the agent , she played the bidding process perfectly, £300k was a great result, probably £250k in todays market

Low IQ

If they paid with a large mortgage, yes, you're right. But from memory they were a cash buyer looking for their forever home and they got it.

If you choose one, yes. But you choose them, no one else does, so that choice is down to you. And it’s why it’s so important to choose carefully. This video shows that they’re not all like that because there’s no way you could describe the successful agent in this video in that way.

Buyers don’t choose an agent. They just have to deal with the agent that listed the property

How did the brand achieve anything? It was the agent Amy who did everything. The Brand just took a large chunk of her fee off her.

Didn’t know that

How about if it's in the window?

And your point is what?

To his friend,

Report to the ombudsman

@@jonnyj600 This is a common issue

Absolutely OK to do that.

What if the lowest one is the only one telling the truth and the others are overvaluing?

No we sold it between the two higher values.

@@IpsoFacto-d6l well done - when was this?

@@MovingHomewithCharlie about eight years ago

@@IpsoFacto-d6l ah ok - a rising market

Have they said why they won’t let you view? Or could it be it’s not really for sale? Put a note through the letterbox

@@MovingHomewithCharlie the residents seemed to have passed away and family are selling. I haven't the time to investigate and chase and I see no reason to do so if there's an agent!

I think after 25 years of working in the industry with literally hundreds of different estate agency clients I might be forgiven for knowing a lot about it, but thanks for sharing your thoughts 👍🏻

@@MovingHomewithCharlie ignore him. I know Stu and he's a c*** in real life too.

You’re missing the key point. It got so many competing buyer precisely BECAUSE it was listed at such an attractive price

Agents know the most serious buyers will be on the phone looking for an appointment with in days of the property going on the market. Once a seller has accepted an offer, the agent doesnt want anyone upsetting the applecart. Gazumping effects the agents reputation too.

Handsome guy 😎

Horses for courses

A common misconception

@@MovingHomewithCharlie LOL, sure, you would say that 😂

@@Nousmourronsseuls I’m not defending agents, it’s a simple fact. Prove me wrong.

What happened was the buyers who got it in the end used their renovating budget (which they didn't need for this property) to pay a premium to secure the home. Their choice.

That incorrectly assumes that all agents commissions are the same, and/or not fixed. Agents are more interested in increasing number of sales than price.

It's never easily done!

Thank you!

It isn’t but good luck trying any other way. EBay?! 😂

No I don’t but they were far too low!

too late now!

It’s the phased approach to bringing buyers in. Discovering initial price points before launching, then launching at a precise price gauged to maximise interest (the bit most agents get wrong by overpricing) then managing the enquiries to create a competitive scenario. It takes far more effort and skill than you’d think, otherwise why don’t all agents do it?