How to spot a dodgy estate agent
Find the right agent for you

They over or undervalue your property

None of the other properties they’re selling match yours

If your home is worth £200,000 ($273k) but everything else they’re selling is worth £700,000 ($957k) question why they’re taking on your property. Will they be as incentivised to push your home to buyers if their commission will be much higher on all their other properties?
They never pick up your calls

They charge you unexpected fees

There are unexpected clauses in your contract

They’re not part of a professional body

If an estate agent is a member of a trade body such as The Property Ombudsman or safeagent in the UK then they will have agreed to adhere to a certain code of conduct and keep up to date with any relevant changes to legislation. Even if yours says he or she is part of a particular body, check on the relevant organisation’s website to be sure, as rogue agents have been known to fraudulently pretend they're members.
They make up other properties they’ve recently sold

They don’t have good references

They have no experience

Because there are no formal entry requirements to qualify as an estate agent in the UK, you can’t assume your agent has been doing this for years and has plenty of sales under his or her belt. Make sure this is their full-time job rather than something they're doing on the side.
They’re unreliable

They don’t ask you the right questions

They waste your time

Be wary of agents who try to cram in as many viewings as possible without really listening to your requirements. For example, if you’re selling, each viewing will involve tidying up and making arrangements to be out of the house, so only serious buyers should come through the door. If your agent is constantly bringing people round to your two-bed, even though the buyers want three beds and a small garden, you can question whether they’re just trying to reach viewing targets.
You’re not sure when they’re being truthful

You end up dealing with an assistant all the time

Your flat is suspiciously undervalued

They put pressure on you

They play down the price of renovations

It’s not uncommon for estate agents to accompany you around a viewing and point out things that will need to be fixed, whether a leak, a roof or a bathroom renovation. While it’s good to point out the home’s imperfections, take each figure with a pinch of salt: it can often cost a lot more than they say to get significant work done, so try to negotiate a price with the seller instead of assuming the works will be as cheap as the agent says.
They are really keen about a certain offer early on

While of course it’s great to get an offer, if your agent is really excited about a particular offer early on, and especially if it’s not as high as you’d like, don’t be afraid to ask why. It has been known for agents to take fees from potential buyers in exchange for not showing the property to anyone else until they’re ready to buy. Make sure your property is on the market and still being shown to buyers until you, and only you, are happy with the offer.
Everything sounds too good to be true

If you’re looking for a new home and the agent is raving about everything from the neighbours and the décor to the neighbourhood and the recent work to the roof, be suspicious. If it sounds too good to be true, do some of your own research into your potential new home rather than taking everything as gospel.
They lack social skills

They’ve taken the photos themselves

They try to charge you more if you don’t get a quick sale

They pressure you to use their mortgage service

They insist on sole selling rights

They try to panic you

Interest slows down after a few days

They work inconvenient hours

They don’t have local knowledge

They don’t seem sure of themselves

When buying a new home, you’ll have plenty of questions, from how much the council tax is to why the owners are moving. If the estate agent is unwilling to give any answers, you can assume they either don’t know or are keeping a secret for a reason. In this case, ask to speak to a colleague or even the sellers directly: you don’t want to put in an offer on your dream home only to find you’ve overlooked a major problem.
Loved this? Check out these estate agents' secrets
Comments
Be the first to comment
Do you want to comment on this article? You need to be signed in for this feature