ILFORD, England, June 24, 2014 /PRNewswire/ --
SALE BY TENDER!!!! OPEN DAYS!!!!! SEALED BIDDING!!!!!
Andy Marshall from BW Estates Ilford believes not in all cases. Viewers are becoming dis enchanted with the current marketing procedures of many Estates Agents where they are continuously herded in and out of properties with queues of people down the street waiting to get in. Does the estate agent know the situation of all these people well enough to entertain an offer from any of them? I have spoken to a number of people who refuse to use certain agents due to their practises, especially this "Sale by Tender" phenomenon which seems to be expanding from East London. This involves the buyer being charged by the agent up to 2% in some cases to be able to buy a property. Yes it does get the property sold in most cases but with sealed bidding in action how does the owner know that every last penny was extracted from the end buyer. Especially if the buyer has to spend £8-£10k from their own deposit monies to give to the agent as a fee. Surely this money is better spent on the deposit funds possibly enabling the buyer to raise higher funds if required. It has been known for an agent to deceive both buyer and seller and receive a fee from both of them, although informing each party that only they will be paying a fee.
By carefully screening the applications interested in viewing Andrew tries to ensure that only serious potential buyers view the property with individual appointments and not "nosey neighbours" or "people thinking about it" which means that offers received are generally from those who are serious about proceeding and enables him to be able to work the offers until a final figure is received from the end buyer.
"Hopefully the new lazy form of Estate Agency will not last and the agent with the modern technology combined with old fashioned values will still be a force in the local market. Vendors need to know that they have received a service which achieves the highest price possible for them and not a service which is based solely around collecting a fee and giving the impression that the vendor is selling his house for nothing. If the buyer is paying a fee then this money generally is only coming off the end offer they are able to put forward, so is the vendor really better off"?
Andrew Marshall, +44(0)203-743-8844, firstname.lastname@example.org
SOURCE BW Estates