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Morning Jonathan, I think what people fail to appreciate sometimes is that property is a serious business and you have to find an actual advantage over your competition .
Don’t forget on many occasions the agent I’m paying the fee to does not have it for sale - they are looking for deals off other agents as well and their Personal contacts.Sometimes the fee I give them is shared again with someone else .
I normally just confirm my arrangement by email however some verbal who I’ve known for over 30 years.
Appreciate there are private networks and deal fixers where a fee is routinely paid for information and leads . And appreciate you have to get ahead of the game in business and find advantages .
If we concentrate though on the mainstream agents who advertise on rightmove which the OP highlighted as being difficult to deal with on occasions
Those agents act ( or should act ) directly for the vendor for a fee. They dont act for the buyer . So if the property is 200K they will get say 4K from the vendor but if they sell to you they will get an additional 4K from you yes.
Human nature is of course though with the lure of cash that they may well persuade a vendor to accept your 187K offer and `hide` the 190K offer because they gain 8K by selling to you. rather than just 4K to the higher bidder . The vendor may well be blind to whats going on and lose 3K as a result of that side deal. Is that 4K finders fee agreed verbally paid by you into the agents account ?
Jonathan Clarke. http://www.buytoletmk.com
I agree entirely with you auction is a great way to go you just have to be very careful and ask yourself why the property is in the auction in the first place once you know that reason you know whether or not it’s something you can live with cope with or change .
Regarding finders fees I’ve got some contacts that have earned 100 K out of me some years .
You just officially declared yourself being corrupted Corruption on every corner It’s almost like in Russia
Moreover you advertising your books..
Afternoon Zem and Jonathan I think you completely misunderstand what I’m saying clearly it is wrong for any agent to take fees off the buyer and the seller but ultimately that is their decision not yours
Most of the people who find me deals only work for me and get one fee I am purely saying what happens sometimes
Clearly this is a business and people will always look for an advantage over other buyers my shareholders and investors would be very disappointed if I didn’t look to find an advantage hence the reason that I pay 2% finders fee to anyone who offer me property deals whether they are working for an estate agent or not
It does not mean they are getting a fee both ends They may well not be instructed on the property that they have offered me
I think it is illegal in any way due to interests conflict, but maybe it’s me.. Perhaps someone else got different view.
``Afternoon Zem and Jonathan I think you completely misunderstand what I’m saying clearly it is wrong for any agent to take fees off the buyer and the seller but ultimately that is their decision not yours``
I think I do understand. If you make a deal by paying 2K to an intermediary and there is no conflict of interest then that`s fine and good luck to you. But you will have been involved in a deal whereby the agent gets 2 fees - yours and the seller .
Ultimately its their decision yes I agree but you have good industry knowledge and your role is complicit as you offer a clear incentive and inducement to the estate agent to favour you. They have a fiduciary role in the transaction which is subsequently put at risk by your fee offer .You are party to that process . The fee is to get an advantage and get ahead of the others as you rightly say. If the seller knows about your fee that`s fine because its all transparent and your conflict of interest has been declared but the buyer is not told and any fee you pay the agent wont go though the books I would hazard a guess. Please correct me if I am wrong on those last two specific points