Estate Agent Ripping You Off
The Truth About Your Estate Agent!
Condemned by a recent HomeOwners Alliance report your local Estate Agents are taking advantage of you miss-understanding the contract. You could be paying £4,968 for a service available 100% free of charge!
7 Ways Your Estate Agent Will Rip You Off!
- Charging up to 2.5% + VAT whilst locking you into a legal contract for up to 6 months.
- Overvaluing your home to get your instruction over other Estate Agents. Once your signed into the 3-6 month sole agency contract they will suggest you reduce the price knowing you have no choice.
- No transparent pricing – only 2% of agents list their fees on their websites.
- Fail to mention VAT on fees until it comes to completion making their fees 20% more expensive!
- Charging a £99 registration fee, marketing incentive of £200 and a non-refundable deposit of £500 if you withdraw from the sale.
- Kick-backs. Estate Agents recommends you a Solicitor who pays them a commission of up to £250 plus they will over charge you for an EPC which you can obtain for 70% less!
- Conflict of interest by acting for you and the buyer means they do not put your interests first. Some charge the buyer a finders fee along with making money off their mortgage, etc.
- Make a fake very low offer. This shocks you into accepting another genuine offer which is far lower than you were originally told you’d achieve.
So why are you paying £4,968* to an estate agent who’s going to just take a couple of photos, use a template description and upload the property to Rightmove and Zoopla?
After locking you into a sole-agency contract (for up to 6 months) they are also going to try making additional fees putting their pockets before your best interests!
What The Government Think’s.
Labour Walthamstow MP Stella Creasy says: ‘How can you be acting in the interest of the seller if you are also making money from the buyer?
‘This practice to me looks unfair. The behavior of estate agents doing this needs to be challenged.’
Christopher Hamer of The Property Ombudsman: stated the practice is not illegal, but added: ‘there is potential for conflict: the agent has accepted instruction and a fee from both parties’.
Labour is currently trying to ban the practice. The party has suggested an amendment to the consumer affairs Bill which is currently going through Parliament. But until then how can you protect yourself?
Stop Being a Victim!
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We offer the following guarantees:
- Up to 100% Market Value
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How can we offer this service?
You can learn more about our service here or alternative complete our online form or call us to discuss your property in more detail.
Free Online Valuation
*Typical estate agents commission based on current average UK house price of £207,000 at 2% + VAT.
