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"Arthur Daley" Estate Agent practices


Manx Bean
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The only question you have to ask is are the EAs doing the job to be philanthropic or do they do it to make as much money for themselves as possible?

Most businesses are working for themselves, though, occasionally you may come across one that actually considers their customers. When you find them then you stick with them! That's what we have done for most of our lives. Yes, in the early days we had an EA try to put a low price on a property we were selling to sell to his friend, fortunately we were tipped off and were okay. (I fronted up to him and although he didn't admit it he didn't get the job and we have advised against his business since). Small victories and all that.

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59 minutes ago, manxman1980 said:

Had a property valued recently and was surprised by the low value compared to other smaller properties of the same age in the same area being listed and selling for more.  Seemed a bit suspect but never went further as we were only looking at options.

I have seen developers in the UK offering "part-exchange" where they will take your current property and sell it on so you don't have to deal with estate agents.  I haven't looked into the details of those but I would imagine they will value the property lower than the market rates to ensure that they profit from it.

Which is completely logical 🤔 

Part exchanging a house is no different to part exchanging a car.  Why would a developer go to the costs of purchasing a house in part exchange at market value?

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59 minutes ago, The Dog's Dangly Bits said:

Which is completely logical 🤔 

Part exchanging a house is no different to part exchanging a car.  Why would a developer go to the costs of purchasing a house in part exchange at market value?

I am not saying its wrong for the developers to do this but they could really lowball it (as some car dealers might do) rather than a fair price.

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It is true that underhand real estate practices do happen in the UK, but in recent years the regulations over there have considerably tightened, especially with regards to advertising and vendors’ responsibilities to disclose problems. It seems to me that here the onus is much more on buyers who need to do their own research and take their own risks. I realise that real estate agents are not responsible for the decisions of buyers, but I am hearing anecdotal stories that UK buyers who purchased IOM-based properties during the pandemic, often sight unseen, are now mortified at the gap between what they thought they were buying and what they have actually bought. If this is the case, it will only be matter of time when the Island is marred in yet more negative publicity.

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David Creane making much of how tightly regulated EAs are here,  quoting the need for a registered agent.  Well, fact is every 2006 Act company needs a registered agent and EAs are a designated business regulated for money laundering purposes.  Those things are nothing to do with behaving to industry ethical standards. 

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