Sales Tactics of Estate Agents & Builders
No matter whether you are a First Time Buyer active in viewing properties, or a Home Mover with your house on the market, it will likely have become clear that some of the larger estate agents and builders would prefer that you to use their in-house mortgage advisor and conveyancing services.
As an open & honest mortgage broker in Coventry with no ties to these estate agents, we receive lots of feedback as to what sales tactics can be used. Some of these include:
- Refusing to put your offer forward to the vendor because you already have your mortgage sorted or have opted to use someone outside of their company. Please note these situations are highly illegal.
- Quoting extortionate conveyancing fees is also a common tactic. In the past we’ve had clients who were say quoted more than £1,500 for a straight forward purchase with an estate agent, only to get this down to a more reasonable figure with our help, by using another conveyancer local to them.
- Within minutes of making your offer, the big well known names may call you wanting the name of your conveyancer, as opposed to the actual individual acting for you! Whilst doing this, they may also push their extortionately overpriced quotations, and refuse to take the property off the market without you accepting this. Please do not worry, we are able to help with this.
Popular estate agent & builder sales quotes include:
- “Keeping everything under one roof is easier with one point of contact”
- “Your offer is more likely to be accepted if you use our mortgage advisor”
- “We get better deals than most brokers”
- “Everything is likely to go through quicker if you use us”
- “We will do all of the chasing of the solicitors for you and they’ll be more responsive to us due to the amount of work we send them”
- “If you use our services it will give the vendor peace of mind that everything will go through smoothly”
- “You need to come in and see our mortgage advisor for your offer to be qualified”
- “We’ll give you a free carpet/washing machine if you use our (extortionately priced) recommended conveyancing service.
Please remember that when negotiating a purchase price, you might not want the seller of your property to have access to your personal financial situation and maybe even know your potential borrowing.