Can You Trust An Estate Agent?


Their heavy-handed sales tactics are universally resented. Journalists and lawyers often accuse them of being dishonest, as well. They have greatly contributed to the dramatic rise in house prices over recent years, which has driven many buyers with average income out of the property market. They are the ones who have the best financial decisions in your life when it comes time to buy a house, which is arguably the largest and most important financial decision you will make.

Why should you choose Petty Residential?

As a member of the RICS Petty Real is one of Lancashire’s longest established and trusted independent estate agents operating in Burnley, Barrowford, Nelson, Colne and Barnoldswick. Petty Real can assist you through the whole journey. We specialise in the estate agents burnley residential and commercial rental and property sales, along with having our own inhouse Legal, Financial and Home Improvements consultants.

This is how I refer to estate agents. Recent YouGov polls found that nearly two-thirds of people don’t trust estate agents and that 43% believe that they make too much for the work they do.

This is not a strong endorsement for those who are the only people involved in the house-buying process and do not have to meet any competency or training standards. They are also completely unregulated.

“It’s not worth submitting an offer lower than the asking price.” A friend once heard an agent tell him that his offer, which was PS20,000 lower than the asking price, was ‘insulting. It was accepted a few days later. Estate agents are legally required to present any offer to the vendor. This applies to any offer made up until contracts are exchanged.

“It’s in the center of town, just five minutes walk from the station. Honest.” False or misleading statements regarding property being offered for sale is an offense under the 1991 Property Misdescriptions Act. This includes oral statements. If you are suspicious that an estate agent may be trying to rip you off, mention the Property Misdescriptions Act91 (don’t forget 1991 )…) and let them know. You may feel a little bit of satisfaction.

We give buyers who use our mortgage and legal services preferential treatment. Any estate agent can make it a condition that you use their services. An estate agent who discriminates against someone because they decline to serve you is breaking the law. Any estate agent who is worth their salt must be able work efficiently and quickly with any broker, solicitor, or lender.

“I can recommend a broker with access to the best mortgage rates, and a local solicitor.” Do not listen to the babbling of the estate agent. They don’t know what the best mortgage rate is for you. Solicitors don’t need to be familiar with the local market in order to do a great job. Estate agents claim this because they receive a commission for referring clients. It’s better to ask your family and friends for objective recommendations.

Trust me, an identical property on the same road sold for PS10,000 less last year.” The Land Registry can provide the details so you don’t have to trust an estate agent. You only need the postcode to find out the exact prices paid for that property recently. Remember that the agent is trying to get the property sold as quickly as possible. Their fee is typically a percentage of the sale price. While this might sound good news for you if you’re selling a property it is not the best.

You can contact the local office of fair trading or your local trading standards department if you have a complaint about an estate agent who you feel has acted in violation of the law.

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