Should I sell through the agent I am buying through?
NO! simple as that no. its not a great idea, I’m going to break down why.
Firstly, they are working of the interest of their client. Which are the point of introduction is the place you may want to purchase. The estate agent selling that property should be working for the seller of that property and making sure they have their best interested at haart.
If the agent has both sellers and buyer’s property, who do they work for?
There are so many situations through the transaction whereby the agent will need to negotiate and sometimes stand their ground for their client in order to get the best outcome.
In this situation it is almost impossible to get the best outcome for both parties. So, in my opinion there is a clear conflict of interest.
THEN we have the fees, so often it is the case whereby the agent does take advantage of the situation. The agent knows you WILL sell through them is they have had the discussion in relation to the property you want to buy. There is then an emotional tug of war that even if you don’t like the agent, you don’t want to lose the property you are buying. So, you will let the agent know they are happy to market with them.
In this situation it is most likely the agent will charge you a much higher fee, in essence taking advantage of your emotional hold.
Your then face with a predicament, either accept the inflated fee and sell and get the property you want OR sell with another agent and possibly lose the property you want.
This is a situation I have encountered recently.
I met a young couple approximately 2 years ago, I valued their property and had a discussion in relation to marketing, they seemed happy and really wanted to proceed with me as the agent.
THEN they appear on the market with (for the purposes of this) agent X. when I had a discussion with them they informed me they found a property in the perfect location and the agent had told them, they can ONLY have the property on the basis they market with them.
During this discussion I knew from experience I knew that this particular agent charges anything between 0.75-1%. However, this client was being charged 1.5% (plus vat).
They proceeded on the market with this agent, it then took them a bit of time to sell their property and by the time they did, the agent dropped the bomb the place they wanted is now sold to another party at a higher price.
Because it took them so long to sell their property naturally they didn’t want to lose their buyer.
So, their outcome, they didn’t get the property they wanted, AND they were paying nearly double which this agent usually charges. Meaning a lose lose situation for these guys.
there are loads of these situations which I have encountered over the years.
My point is, if you find a property you love, you DO NOT have to sell through the same agent. IF the agent gets funny with you over this, my advice is, simply put a note through the door of the place you want to buy and inform the owner of your situation, your plans and the obstructions or resistance their agents are putting in place. Worst case, the note gets ignored. Best case, the agent changes their stance.
Overall the agent has a financial incentive for you to sell through them, nothing more. So naturally being in a ‘sales’ role they are going to want to earn as much as possible. Naturally, its their job. So, ignoring what the agent ‘wants’ or ‘advices’ it won’t be for your best interest, they work for the seller not the buyer.
You are in full control of who you market with….
my phone is always on if you would like a chat… 07964343342