One of the most common perceptions of an “estate agent” is that they will do anything to earn “more” commission. Some agents work on a fixed fee basis (so this does not apply) but others will work on a percentage of the sale price agreed.
If a 1% fee is applied on an UK average priced home, of lets say £280,000, and the sale is agreed at £282,000 then the fee to the agent will be £2820.
The agent will not, unless bullied by an area manager or an even greedier homeowner, want this sale jeopardized for another offer of £285,000. That additional £3000 offer will earn the estate agent an extra £30. Thirty Pounds……
A good agent does not want to engage in “gazumping”. It damages reputations and it makes enemies quicker than friends that’s for sure.
So how do we all stop it happening……..?
Be sale ready. That’s how.
Fight for the completion as soon as your sale is agreed!
Tell the agent you are buying through that as soon as the offer is agreed you have your solicitors ready and waiting. Instruct your mortgage valuation immediately (and tell your buying agent you’ve done it!). Ensure that your search fees have been paid to your solicitor (tell your agent you’ve done it (you see where this is going now right?)).
With proactivity and your buying agent knowing what you are doing to make the purchase happen, they will also be so motivated to express this to the homeowner.
If other offers come in, if the homeowner gets unexpected knocks on the door, if letters of intent pop through the letterbox unannounced, these will then be seen as irritants and NOT new opportunities.
At the end of the day its about trust.
You earn trust by doing what you say you’ll do.
Not always easy in this busy world I know but this could be the difference between dream home and no home.
That’s how we all stop it happening.
Thank you for reading.