National buying agency service set to launch

Chris - you say "I'll do anything I can to keep them away from my stock and would rather sell to normal buyers where I can get a better selling price and all the extras too! Just being honest, sorry." Am I in favour of Buyers' Agents - no. Do I have a problem with them - no. If a buyer wishes to use such a service, so be it. Your role as an Estate Agent is to secure the best available buyer for your retained client at the best price available. If this is through such an Agent, so be it. You have done your job. I would think hard before carrying out the above 'threat' if I were you - although I expect that your words were simply heartfelf emphasis that two Agents pulling at either ends of one transaction is not the way forward...

• 14 July 2009 16:18 PM

Philippa - "I'm just one of many previous estate agents who now act for the buyer as a buyers agent as there is increasing demand for buyer representation in the UK." So - becoming a DEA wasn't for you then? Or has Kirstie just had such a profound influence on you that you had to follow... Sorry - not like me to be sarcastic (!), but the transition from gamekeeper to poacher is surely very limited? As a Buyers' Agent there is a tiny percentage of homebuyers that will look to your services, and these limited numbers of potential customers are in no better position than any other buyer (in fact, the opposite if you read the comments from Chris below...). Your USP - that you can negotiate a better price than they could themselves. Doesn't work. The property will sell for what the property is worth. You cannot perform miracles - and if you stick to your mantra, the customer will lose out, as another buyer will outbid. (but then I guess you will shout 'GAZUMP' in order to vindicate yourself...)

• 14 July 2009 16:02 PM

Selling agents and buying agents work together for mutual gain in many other countries. US, Australia, South Africa, Holland to mention a few.

Why should UK homebuyers be disadvantaged by not having professional representation? eg someone working on their side at the negotiation stage. I'm just one of many previous estate agents who now act for the buyer as a buyers agent as there is increasing demand for buyer representation in the UK.

• 13 July 2009 09:33 AM

Philippa is obviously part of this new business model otherwise she wouldn't be defending it so hard. Listen, we all know that we can earn money from buyers in terms of financial services and legals. These people aren't daft. They are trying to get some of this action and they are trying to justify it with an angle of helping the poor buyers save some money, yet they are charging them, reducing any gains. And who is to say that the buyer couldn't get it for the same price without the buyers agent anyway!
One way round this, is to adopt a policy of only dealing with the actual buyers for data protection and anti-money laundering purposes! Reduce the role of these agents and buyers won't want to use them. I don't want these people insisting that my buyers use their legal team & financial services instead of mine! I'll do anything I can to keep them away from my stock and would rather sell to normal buyers where I can get a better selling price and all the extras too! Just being honest, sorry.

• 13 July 2009 00:31 AM

Just to follow on from PeeBees comments, to me it seems a bit like taking a professional along to a restaurant just in case you order something you don't like. A survey is the buyers protection against an overinflated price or a defective property.
That said, if buyers agents exist, there must be a market so I shall not criticize, merely comment.

• 11 July 2009 16:37 PM

what a ridiculous business and business model.

• 11 July 2009 14:43 PM

Phillipa - your comments intrigue me. "...to help (buyers) avoid the pitfalls of buying the wrong house, in the wrong location, at the wrong price or being misguided by the selling agent." So - what if the buyer is misguided by their own Agent? Waht is their comeback? And with regard to the firsy section of the above quote, surely you should be looking to secure the property that the BUYER wants in the location that the buyer wants? Sounds to me that Martyn's comments below are close to the mark, if you have such an opinion of your role...

• 11 July 2009 11:55 AM

Not true. Most of our clients now are not rich or famous, but in many are first time buyers who have not bought a property before and are increasingly looking towards a professional (buyers agent) to help them avoid the pitfalls of buying the wrong house, in the wrong location, at the wrong price or being misguided by the selling agent.

Why do some estate agents have to continue to be blinkered to the value of buyers agents in the UK when in so many other countries it is the norm. Instead let's see the positives of buyers agents for everyone. It doesn't decrease your business as an estate agent, it adds to it, as more completed sales (even at a discount) means more sales commission for you.

• 10 July 2009 13:03 PM

Martyn - allow this numpty to quote the definition of profession - "...a vocation founded upon specialised educational training, the purpose of which is to supply disinterested counsel and service to others, for a direct and definite compensation, wholly apart from expectation of other business gain". Consider the numbers in the 'profession' who have none of the above - then call me a numpty again if you feel it is still an appropriate tag! By the way, I WAS an Estate Agent (and proud of it!) for 11 years...

• 10 July 2009 12:55 PM

You may well be a numpty if you consider our profession to be a trade. Only words, but significant nonetheless. In my experience (considerable) buyer's agents tend to be self important and this can often prejudice their clients position. However, price usually wins out and that is down to the selling agent's skill.M

• 10 July 2009 12:28 PM

Home search agents will always be the preserve of the rich an famous will little time on their hands. Joe public loves finding a bargain and they are quite capable of doing it on their own through Estate Agents of course in the traditional way.

• 10 July 2009 12:14 PM

Okay - balanced view from a non-Agent (but 30 years in property, before you assume I'm a numpty, ignorant of the trade...). Estate Agent is employed to seek out potential buyer and negotiate a deal on behalf of client. Buyers Agent is employed to seek out property and negotiate a deal on behalf of client. Explain the problem? At least Agents are getting to negotiate again...

• 10 July 2009 11:17 AM

And a Buyers Agents overall mission is the same as an estate agents. To sell (or buy) more houses.

• 10 July 2009 10:34 AM

Buyers Agents (like my own agency) work for the buyer, so are duty bound to get them the lowest price ! Just like estate agents are duty bound to try and get the highest price for the vendor. This is true of any market where goods are bought and sold. The goods (in our case houses) then find the right value. In the US the sellers agent actually splits their fees with the buyers agent. Perhaps Estate agents in the UK should do the same? otherwise please don't criticise how we earn our commission.

• 10 July 2009 10:26 AM

Buyer representatives who take a fee based on what they 'save' from the asking price are a total pain because they are only interested in knocking the price, not in the true value of the property. Show them the door!

• 10 July 2009 10:11 AM

I disagree. I'm an estate agent and I work with several buyers agents, and they do on the whole bring me buyers (including overseas buyers) that I have don't have on my applicant list, and the majority of these have no chain and are ready to buy. Also the Buyers Agent does most of the work with the buyer so that leaves me more time to work with vendors and secure more instructions.
Estate Agents plus Buyers Agents are a perfect match, in my view anyway.

• 10 July 2009 10:09 AM

"I also believe that Buyers Edge will be a huge benefit for estate agents at large, as buyers agents bring proceedable buyers and help cement more completed sales".
Who is he trying to kid?
The buyers already exist (with or without him) he will not be pulling NEW buyers out of thin air.
How can he help cement more completed sales when his mission is exactly the opposite of an estate agents ie he wants to get as low a price as possible to justify his existence whilst an agent endeavours to obtain as high a price as possible.
It may well be a desirable service for buyers but to try and put a spin on it to estate agents will be much harder.

• 10 July 2009 09:41 AM