Agency reviews website allAgents has shone a spotlight on industry trainers.
It claims at least one unnamed industry trainer is advocating overvaluing properties as a deliberate strategy to win new instructions.
Martin McKenzie, of allAgents, is now calling on estate agent trainers to stop teaching unscrupulous practices.
He said: "This is completely unacceptable and must be stopped.
“Up until now, it was thought that overvaluing to win instructions was simply a tactic by unethical agents, but the fact that valuers are being taught this as part of their training is quite simply wrong.
"The industry already has an unfavourable reputation with the public and hearing about these unprofessional practices simply helps reinforce this.
“Consumers should work with reputable agents that can provide comparable evidence to support their valuations. Consumers can also view statistics of previous valuation accuracy on their allAgents profile page."
It comes as allAgents last week claimed that only 55% of estate agents in the UK are accurately valuing properties.
This is based on responses from vendors who are asked if an agency valuation was accurate.
An agent can now make use of this figure in a printable summary report to help compare themselves to other firms and to justify a market appraisal to potential vendors.
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Shocking if correct.
But it won't change unless a regulation comes into effect. I've been told, by an industry leading expert everyone gets wet over, when they were at a business I worked at; to overvalue, lock into the contract and deal with the price later.
This industry is riddled with two faced, scrupulous, underhand people who partake in, teach and encourage bad practices THEN pop onto social media lambasting those who do it.
I love my industry, love property and what influence we can have on buyers and sellers dreams. But, I genuinely cannot stand Estate Agents overall.
Shame.
regulation would not make any difference whatsoever
Vals are a subjective opinion
If rightmove where to publish how many of an agents houses got reduced it would show up the culprits. You know them in every town, over value with higher fee, lock in for 4 months and reduce back to what you honestly said. It is total deception.
Agreed. We’re working on this data in BestAgent but only for agents to see, to then use as they see fit to compete with the culprits
Now the market is changing it's an opportunity for all honest agents who do not get the property first time around to keep in touch with the homeowner and not let the overvaluing agent have the opportunity of benefiting from the inevitable price reduction a month or so later.
if only there was a model of a set fee, this would prevent inflated prices to earn more commission. does anybody know of such a model?
you are aware that commissions are only earned on the sold price, rendering over valuing them utterly pointless? theres a reason why 50% of the houses sell with their 2nd agent, this industry is a farce and needs a complete overhaul.
but Micky, that's the problem with the industry. it's okay it will sort itself out. no, it won't. if I overvalue a property but let's say the real price is £300K, it's valued at £320K but sold for £310K it's still been oversold, and this then has a knock-on effect for every other property. in the nearby area. I don't disagree with your comments on the industry being a farce.
Come on, agents play on owners greed, if you have 3 vals and 2 are 250 and one is 300k then you know its overpriced, the agent having a 26 week tie in is the compromise for your greed in the first place. Good luck with overpricing in a falling market, a vendors 2% reduction is never going to catch a 10% drop plus the gap caused by the overpricing.
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