View Full Version : Whose interest do estate agents represent?
This is NOT an estate-agent bashing thread, so please don't use it as such.
In the UK we have ample experience in buying/selling property. Less so in Tenerife. We have just sold our property in Tenerife (subject to completion) and satisfied so far with our agent.
But it seems like I have been glued to my computer and scanner full time since the offer was accepted - copies of this and that for the agent and about ten times as much (I might have exaggerated) for the accountant. The true scale of Spanish bureaucracy!
We have had lots of dialogue with our agent, but, for me, still far too many questions that I had to ask, whereas the purchasers were ferried here and there to avoid the stress of buying. This was pretty much exactly the same when we purchased our apartment.
But at a very early hour and finding myself 'booting up' the computer the question popped into my head - whose interest does the estate agent represent?
Mine? The buyers'? Theirs? All of us? What do you think?
This is NOT an estate-agent bashing thread, so please don't use it as such.
In the UK we have ample experience in buying/selling property. Less so in Tenerife. We have just sold our property in Tenerife (subject to completion) and satisfied so far with our agent.
But it seems like I have been glued to my computer and scanner full time since the offer was accepted - copies of this and that for the agent and about ten times as much (I might have exaggerated) for the accountant. The true scale of Spanish bureaucracy!
We have had lots of dialogue with our agent, but, for me, still far too many questions that I had to ask, whereas the purchasers were ferried here and there to avoid the stress of buying. This was pretty much exactly the same when we purchased our apartment.
But at a very early hour and finding myself 'booting up' the computer the question popped into my head - whose interest does the estate agent represent?
Mine? The buyers'? Theirs? All of us? What do you think?
The agent is only interested in his own return, he will tell a prospective purchaser make him an offer so often less than what you want for your property to acheive his sales target 2% of £5000 is not a lot for him to lose but is a lot of money to the vendor. I always tell an agent when selling a property remember you are acting as my agent and not the purchasers, but it makes not one iiota of difference.
Agree. When we purchased our apartment the agent was my best mate, nothing was to much trouble. Now we are to move (still in Tenerife) so have our place for sale, we never here a thing from the agents we are using (apart from "lower the asking price").
When we got the place and spent around 20,000 euro's doing it up (New everything, including water pipes, all doors and windows and electrics) the agent told us the place would be worth 'X' amount when the work was done. Now the same agent is saying we are asking to much and it's nothing like he said it would be worth, and already dropped 10k.
KirstyJay
24-10-2012, 13:05
Mine? The buyers'? Theirs? All of us? What do you think?As you are talking about a purchase and sale of yours in Tenerife, does your question refer to Tenerife agents, or agents in general? As I think this would have a bearing on the answers, and it's not clear in your post. To me, it sounds like it refers to Tenerife ones... and also I'll move the thread to the Tenerife bit, if it's about Tenerife ;) :)
TenerifeTeddy
24-10-2012, 13:44
Agree. When we purchased our apartment the agent was my best mate, nothing was to much trouble. Now we are to move (still in Tenerife) so have our place for sale, we never here a thing from the agents we are using (apart from "lower the asking price").
When we got the place and spent around 20,000 euro's doing it up (New everything, including water pipes, all doors and windows and electrics) the agent told us the place would be worth 'X' amount when the work was done. Now the same agent is saying we are asking to much and it's nothing like he said it would be worth, and already dropped 10k.
You don't say how long ago you bought your property, but you have to bear in mind that property prices have probably dropped 30% if not more in the last 3-4 years. To get a good idea of the value of your property see what similar ones are going for in your complex.
Also in this market any property is only worth what a buyer is prepared to pay for it, and many will offer a ridiculously low price on the off chance you are desperate to sell.
boredinscotland
24-10-2012, 14:57
Having bought and sold in Tenerife, my experience is the agent acts for himself/herself,,,thier own self interest,ie; what's in it for them,,cash.
When I bought the agent wanted me to sign at Notary without a bit of 'trivial' paperwork being there, this was certificate that Mortgage had been paid off by Gomasper as it was a new build,El Mirador, not so very 'trivial' in my eyes, and when I sold was promised reciepts so I could reclaim Tax witheld,,,now 1 Year on still nothing. I am glad to be out of the property ladder in Tenerife now.
Kirsty. It was meant to be a general thread about estate agents. To me, in whatever country I'm sure the nature of the business is similar. However, the thought was prompted by our recent sale, so by all means move it to the Tenerife side.
As you are talking about a purchase and sale of yours in Tenerife, does your question refer to Tenerife agents, or agents in general? As I think this would have a bearing on the answers, and it's not clear in your post. To me, it sounds like it refers to Tenerife ones... and also I'll move the thread to the Tenerife bit, if it's about Tenerife ;) :)
YOUNG GOLFER
24-10-2012, 16:43
Well I would of thought a Agent would work in the interest of everyone involved in the sale including him or herself.
I can tell not many people have time for Estate Agents here but we all have to make a living like everyone else in any other business.
Would you ask this same question when booking a flight , or buying a car , or a trip to the supermarket or many other examples people have businesses to run so they are looking after themselves as well as a buyer and seller making sure that they stay in business.
Balcony sounds like the Agent is in contact with you a lot so this is all good so far (don't you think).......... I have to say you should feel very lucky in times like this you might/or should have a sale........if it means you have to give a bit of info now and again surly that can't be too bad.
We as Estate Agents need to gather all the information we can to make sure a sale goes through and make checks on the property to make sure everything is correct. Because if we don't do our job correctly people will quickly be the first to put us down and bad mouth us.
Sounds to me a Agent can't win:confused: you have one working with you right now who by the sounds of it is doing everything right yet you come up with this strange post....I think this is only to get others making negative comments about Agents which I guess makes you feel better.
Let's hope everything goes well for you Balcony......... then at long last you can wash your hands of Estate Agents all together and get on with your life.
And the end to these wind up post.
Happy days.
LET IT GO
You are the one paying agent so therefore if he doesnt do his job for you FIRE him or her
Its up to him whether he assists the buyer that may or may not be to your benefit
But at the end of the day if he doesnt perform get rid of him its your money hes taking
He who pays the piper calls the tune
The way I see it. thousands of properties change hands every year. Generally there is an estate agent involved.
These deals would not go through unless both parties reach a mutally agreeable deal.
The agents must be doing something right.
If I were looking for Property in Tenerife, there would be one or two Forum Members I would start at.
If seeing a For Sale notice up, obviously contact the Number or the Office if known.
I am pretty sure that the Agent would volunteer to show Me a Property, especially an expensive one.
That, after all is Their Job, selling Houses.
Agents are NOT fortune Tellers, so, why believe Their Prophecies.? How can They know.?
If You are selling, the main thing is Viewers (genuine ones). No Sale no commission. Simples.
What's the Problem.?
timmylish
24-10-2012, 23:14
Well I would of thought a Agent would work in the interest of everyone involved in the sale including him or herself.
I can tell not many people have time for Estate Agents here but we all have to make a living like everyone else in any other business.
Would you ask this same question when booking a flight , or buying a car , or a trip to the supermarket or many other examples people have businesses to run so they are looking after themselves as well as a buyer and seller making sure that they stay in business.
Balcony sounds like the Agent is in contact with you a lot so this is all good so far (don't you think).......... I have to say you should feel very lucky in times like this you might/or should have a sale........if it means you have to give a bit of info now and again surly that can't be too bad.
We as Estate Agents need to gather all the information we can to make sure a sale goes through and make checks on the property to make sure everything is correct. Because if we don't do our job correctly people will quickly be the first to put us down and bad mouth us.
Sounds to me a Agent can't win:confused: you have one working with you right now who by the sounds of it is doing everything right yet you come up with this strange post....I think this is only to get others making negative comments about Agents which I guess makes you feel better.
Let's hope everything goes well for you Balcony......... then at long last you can wash your hands of Estate Agents all together and get on with your life.
And the end to these wind up post.
Happy days.
LET IT GO
Oh well, it makes a change someone else defending their industry!
I care about their interests and well being of buyers and sellers as much as they care about mine.
I can also tell you very frankly that there is very little honour in this business (and I am not talking just about agents.) Buyers try to rip me off on regular basis and sellers try to rip me off on a regular basis. They are as bad as any of the agents here.
Fact is when it comes to money (in ANY business) everyone is in it for themselves. Anyone who says otherwise is a liar and anyone who thinks otherwise is a fool.
Tom & Sharon
25-10-2012, 10:01
I care about their interests and well being of buyers and sellers as much as they care about mine.
I can also tell you very frankly that there is very little honour in this business (and I am not talking just about agents.) Buyers try to rip me off on regular basis and sellers try to rip me off on a regular basis. They are as bad as any of the agents here.
Fact is when it comes to money (in ANY business) everyone is in it for themselves. Anyone who says otherwise is a liar and anyone who thinks otherwise is a fool.
But some agents still have more integrity than others, do they not?
boredinscotland
25-10-2012, 10:09
But some agents still have more integrity than others, do they not?
I would say CIM is an honest guy, I had a few emails from him when my apartment went on the market, but as it sold in less than a week he never had chance to sell for me,,,as a seller as long as I got the money I wasn't bothered, same could be sais about agents, as long as they get paid they also are not bothered, but I got a feeling CIM did actually bother about the person selling. When me apartment was getting signed at Notary, there was 2 agents involved, 1 said to me as long as person signed we are all getting paid today, it was not Lee Morfitt but other one involved who I do not know, the buyer was involved with him
But some agents still have more integrity than others, do they not?
Of course :)
But that's not what anyone really wants to hear on this "non estate agent bashing thread"
The problem with the concept of the question is that it applies to just about any business. Trying to insinuate that agents only care about themselves, which I believe is the real thrust of the thread, is pointless. Anyone in any business, first and foremost is in it to make money. To try and use this as a stick to beat them with shows a lack of understanding of basic economics or an underlying problem in general with estate agents....
The same loaded question could be leveled at the the company you hire your car from, the company you buy some excursions from, the hotel you stay in, the restaurants you spend your money in. First and foremost they serve their own interests because they are a business.
YOUNG GOLFER
25-10-2012, 10:59
Oh well, it makes a change someone else defending their industry!
Think you might be surprised at how many agents are on this forum timmylish hiding behind a user name(I know a good few) but don't see them posting much just reading the threads.....but I guess it's always the same two that are willing to defend our corner. Nothing wrong with that Sir.:)
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Agree. When we purchased our apartment the agent was my best mate, nothing was to much trouble. Now we are to move (still in Tenerife) so have our place for sale, we never here a thing from the agents we are using (apart from "lower the asking price").
When we got the place and spent around 20,000 euro's doing it up (New everything, including water pipes, all doors and windows and electrics) the agent told us the place would be worth 'X' amount when the work was done. Now the same agent is saying we are asking to much and it's nothing like he said it would be worth, and already dropped 10k.
Well there are no laws to say you have to stick with just one agent why not seek others and get some up to-date advice on where the market is at the moment.
But to be honest you don't have to be a Estate agent to tell you that we are in a crisis.....property is selling but there is a lot to pick from right now and at great discounts.
I will be updating my thread later today to give a example or two of what's up for sale and trust me their are some real bargains to be had.
If you are not willing to listen to advice then try and rent out the property or hold onto it in the hope things turn around in the future.
But that could be a while.
Good luck but please feel free to PM me or start a thread on here you never know it might help try and sale it.
Lot's of photos with plenty of info if you are going to start a thread on here that will help.
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The agent is only interested in his own return, he will tell a prospective purchaser make him an offer so often less than what you want for your property to acheive his sales target 2% of £5000 is not a lot for him to lose but is a lot of money to the vendor. I always tell an agent when selling a property remember you are acting as my agent and not the purchasers, but it makes not one iiota of difference.
Well I would be surprised if any agent does not tell you to make a offer.
A family member of mine just bought a property in the UK was 280k then down to 269k and agreed on the price of 250k.
Again you need to be more realistic with pricing in order to sale a property in these times and also expect a offer on top of that.
At the end of the day the seller can say no.
timmylish
25-10-2012, 12:51
Think you might be surprised at how many agents are on this forum timmylish hiding behind a user name(I know a good few) but don't see them posting much just reading the threads.....but I guess it's always the same two that are willing to defend our corner. Nothing wrong with that Sir.
Aye but at least you two have the ganglies to come on and stand your corner. On the internet we can either be counted or .......
LOL. If only life were that simple, YG.
My experience with agents, both in the UK and Tenerife has (so far) been good. I'm not anti-agent (except the bad ones) and regard them as playing an important role in bringing seller and buyer together....and doing much of the paperwork!
The agent I have currently used in Tenerife has given good service; a little hiccup here and there and some woolly information - as you might expect?
Just about a week ago the offer to buy caught us fully unprepared, as we expected to be waiting many more months. At the start, the cynic in me thought it might be just a couple of holiday makers filling in time, but it progressed. Since then I've never sat at my scanner for so long!
My initial thoughts were like most people - I was paying the agent, so my interest came first. But, obviously, with a genuine buyer there is the need to keep them on board and for the agent to make the process for them as easy and stress free as possible. Fees are higher in Tenerife than at home and at home I am happier as it's possible to negotiate a rate. I don't begrudge the fee so long as the service is excellent and, as YG also points out the agent too has to eat.
....... then at long last you can wash your hands of Estate Agents all together and get on with your life.
Happy days. Indeed!
Red Devil
25-10-2012, 20:43
As I have bought and sold a couple of properties in Tenerife I can only say from my perspective that each purchase and re-sale has been handled efficiently and honestly..I think the whole process is so much quicker and less fraught than in the Uk and you dont have the worry of a buyer pulling out just as contracts are due to be signed (well at least not without cost to the one who backs out).
Obviously use a trusted well known company, as you would in the UK and yes I know their fees are higher than we are used to paying, but in fairness the agents in Tenerife do a lot more work, especially for a buyer, taking them to a bank to open an account, police station for NIE's and attending notary with you. I know its the seller paying their commission but at the end of the day, if the agent finds you a buyer then you should be happy. Job done.
YOUNG GOLFER
25-10-2012, 22:56
Happy days. Indeed!
Wow good news............. and the point of this thread was ??????????
I know............ to tell us all you might have a sale.
What did you sale at in the end? as I remember the price kept changing.
On here one price on another forum another on your own web page another.
The point... was what was running through my mind at that time of writing about whose interest did the estate agents represent. You're right we have had a sale, but that was just a remark, nothing more. I detect a hint of hostility in your post, for what reason I cannot fathom. I let that speak for itself. But we do have to use an agent again.
As for varying prices, at that stage we had not placed our apartment with an agent and threads posted at different times and as you must well know it's not long before you cannot edit anything posted and as far as I am aware you couldn't get anything deleted from this, or the other forum...well this forum now.
Happy days. Indeed!
Wow good news............. and the point of this thread was ??????????
I know............ to tell us all you might have a sale.
What did you sale at in the end? as I remember the price kept changing.
On here one price on another forum another on your own web page another.
Maybe of topic but does any estate agent make basic checks on apartments they add to there to their for sale list. We recently tried to purchase (privately advertised) an apt with various problems we were not aware of. it was a few month before we got any kind of info on what the problem was if we have been told the correct story. Needless to say we are now not interested in this apt.
Unfortunately some owners will attempt to deceive and try to sell on their problem properties to unsuspecting buyers. I had a similar scenario just recently too where an owner had simply been dishonest about the property. The issues came to light during our standard due diligence process and after investigating pretty thoroughly and informing the buyers lawyer, the sale was cancelled and deposit returned.
I also see a lot of bank properties incorrectly marketed as "touristic" properties - I´m sure a few buyers will be caught out by that one even in light of recent media coverage of the letting laws fiasco.
Annoying for the buyer when a sale is canceled as time has been wasted but better than buying something that's not what you think it is. Have to be careful out there!
Unfortunately some owners will attempt to deceive and try to sell on their problem properties to unsuspecting buyers. I had a similar scenario just recently too where an owner had simply been dishonest about the property. The issues came to light during our standard due diligence process and after investigating pretty thoroughly and informing the buyers lawyer, the sale was cancelled and deposit returned.
I also see a lot of bank properties incorrectly marketed as "touristic" properties - I´m sure a few buyers will be caught out by that one even in light of recent media coverage of the letting laws fiasco.
Annoying for the buyer when a sale is canceled as time has been wasted but better than buying something that's not what you think it is. Have to be careful out there!
Thankfully we were well advised and had been told not to pay a deposit until certain info was produced which obviously they could not provide.
YOUNG GOLFER
29-09-2013, 20:55
Maybe of topic but does any estate agent make basic checks on apartments they add to there to their for sale list. We recently tried to purchase (privately advertisd) an apt with various problems we were not aware of. it was a few month before we got any kind of info on what the problem was if we have been told the correct story. Needless to say we are now not interested in this apt.
When you say privately advertised do you mean without a estate agent ?
Sundowner
29-09-2013, 21:44
Estate agents are in it for the money.................are they the only one's?
There are good and bad in all trades!
I already own a property in Tenerife managed by Young Golfer.......I know when I sell and buy my next property I will be using his services, which will cost me the usual commision...........but I know I will have an honest person who will have my best interests at heart.......someone I can rely on! That is worth a lot to me!
TOPGUN77
29-09-2013, 22:10
The way i see it Estate agents are robbers in suits they do very little work and charge you a fortune,before i moved to Tenerife i sold my property back in the UK it was on there books for 2 weeks and had an offer which i accepted,they charged me £3750 for the privalage.So to recap they came round to my property took some photographs around 1 hour,stuck it on Rightmove not sure how long that takes and that's it.I was furious in the fact i had to constantly phone them for up dates,never returned my calls and what annoyed me most on the day our house completed the contract states keys must be handed to the buyer before 2,00pm.
At 10.00am the removal company knocked my door wanting to put the furniture into my house, said no way at 11.00am the new owner arrives wanting access to the property.We booked a taxi for 1.00pm and said sorry but you should read your contract it clearly states possession of the property will be 2.00pm.
This was the fault of the estate agent giving them the keys before 2.00pm we where furious and had to rebook the taxi for an earlier time.
So in my experiences with them all they care is about the money they make for very little work and don't give a hoots about you as a client.Rant over
Sundowner
29-09-2013, 22:19
The way i see it Estate agents are robbers in suits they do very little work and charge you a fortune,before i moved to Tenerife i sold my property back in the UK it was on there books for 2 weeks and had an offer which i accepted,they charged me £3750 for the privalage.So to recap they came round to my property took some photographs around 1 hour,stuck it on Rightmove not sure how long that takes and that's it.I was furious in the fact i had to constantly phone them for up dates,never returned my calls and what annoyed me most on the day our house completed the contract states keys must be handed to the buyer before 2,00pm.
At 10.00am the removal company knocked my door wanting to put the furniture into my house, said no way at 11.00am the new owner arrives wanting access to the property.We booked a taxi for 1.00pm and said sorry but you should read your contract it clearly states possession of the property will be 2.00pm.
This was the fault of the estate agent giving them the keys before 2.00pm we where furious and had to rebook the taxi for an earlier time.
So in my experiences with them all they care is about the money they make for very little work and don't give a hoots about you as a client.Rant over
As I said good and bad........if you can find a good guy in any trade hang on to him!
When you say privately advertised do you mean without a estate agent ?
Yes, advertised on balcony with for sale / rent.
slodgedad
30-09-2013, 22:28
I, for one, cannot understand the point of this thread. I could if it was compulsary to use one but it isn't.
If you can sell privately good luck.
I know which route I'd take purely for the expert advice rather than the bloke down the pub.
Their own and their clients.
Plus would be nice for a fair trading agreement for all parties.
YOUNG GOLFER
01-10-2013, 00:20
Maybe of topic but does any estate agent make basic checks on apartments they add to there to their for sale list. We recently tried to purchase (privately advertised) an apt with various problems we were not aware of. it was a few month before we got any kind of info on what the problem was if we have been told the correct story. Needless to say we are now not interested in this apt.
Well correct me if I am wrong you start this post about estate agents yet you see the property advertised on the balcony for sale or for rent privately and then ask if agents make basic checks. Sorry but whats this got to do with a estate agent if you decide to purchase a property direct from a owner.
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The way i see it Estate agents are robbers in suits they do very little work and charge you a fortune,before i moved to Tenerife i sold my property back in the UK it was on there books for 2 weeks and had an offer which i accepted,they charged me £3750 for the privalage.So to recap they came round to my property took some photographs around 1 hour,stuck it on Rightmove not sure how long that takes and that's it.I was furious in the fact i had to constantly phone them for up dates,never returned my calls and what annoyed me most on the day our house completed the contract states keys must be handed to the buyer before 2,00pm.
At 10.00am the removal company knocked my door wanting to put the furniture into my house, said no way at 11.00am the new owner arrives wanting access to the property.We booked a taxi for 1.00pm and said sorry but you should read your contract it clearly states possession of the property will be 2.00pm.
This was the fault of the estate agent giving them the keys before 2.00pm we where furious and had to rebook the taxi for an earlier time.
So in my experiences with them all they care is about the money they make for very little work and don't give a hoots about you as a client.Rant over
And you feel the need to moan about having to get a taxi earlier because a estate agent in the UK I might add ......nothing to do with tenerife ........has sold your property in two weeks . Sorry but it cost money to advertise on websites like rightmove and by doing that the agent got you the price you were happy with and all in a matter of a couple of weeks. If this really gets you back up then it comes across a tad sad. And as for robbers in suits no one will make you use a estate agent if you thought you were ripped off why not save the agents fees and sell it yourself.
We are looking from different views here you are an estate agent we are possible buyers in no rush to purchase, we already own here but are looking for something very specific and when we see something that looks like it meets our requirements we are obviously interested regardless if it is privately advertised or through an estate agent. We have always bought of plan previously so buying a property already built is a new experience for us hence my question. We personally don't care if it is private sale or through an estate agent as we will be paying for expert advice to make sure we are covered 100%.
YOUNG GOLFER
03-10-2013, 01:08
Well my advice would be to use a agent.....you said you had to wait a few months for any info and that seems way too long.
We don't do that many checks on properties due to the fact clients here go to many agents..........so it would've be a waste of any agents time.......if people were to give exclusivity to a agent then I am sure we would do the same as they do in the UK for example.....and at a lower commission no doubt.
Bhamannette
03-10-2013, 12:35
My estate agent was brilliant, only showed us properties within our budget, picked us up, drove us around and had to tell me to calm down and think about it for a few days instead of rushing in with an offer on the spot, (I still got her to make an offer tho), she sorted out the NIEs, the notary, the bank and all the direct debits to cover water, electric and fees, when my husband flew over to complete the sale they put him and his mate up overnight at no cost to him and made sure he had the keys next day.No complaints at all,as far as we were concerned she earned her money.
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