Which? surveyed 1,568 people and found that 94% didn't trust estate agents and 70% accused them of inventing imaginary offers. Seventy per cent also thought estate agents make up false details about properties on their books... (not a technique with much of a future, surely). Anyway, a Which? spokesperson is quoted here, blithely suggesting DIY home sales websites are the way to go, and that eventually the estate agent will be extinct. Now, exactly how does this serve the consumer? The whole DIY sales process is fraught with complications and problems and dangers... from negotiation to viewings, and remember that estate agents spend some of that commission on expensive and ubiquitous property ads. Furthermore, just because 70% of people think something, it doesn't make it true. (Did you know that eighty-eight per cent of Americans believe in Creationism?) Which? is effectively telling people what they already think, which might make people feel good, but only serves to reinforce beliefs, without informing.
I would say that both practices are common but are done in collabortion with the seller.
As long as sellers continue to blindly accept the highest valuation that they receive overvaluing will remain the best marketing tool for many agents.
The practise of inventing offers is less prevalent but not uncommon. I have seen many cases where as the result of hard graft an agent has got a good offer shortly after a property has been put on the market only to be told by the seller that they must have undervalued it.
While both practices are unacceptable let's not blame it all on the agents. The complaining public have alot to answer for too.
Justin Burns
