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"Reverse" estate agents

  • 19-01-2010 11:55am
    #1
    norrie rugger
    Closed Accounts Posts: 5,656 ✭✭✭


    Is there anyone that professionally negotiates, on the part of the buyer?

    ie, someone who has training in what things are worth, pitfalls etc, who works to drive the price down, for a fee or % of savings?

    I imagine that there would be a lot of work for someone like this now, as all I seem to see nowdays is agents sitting in empty estates, hoping that someone will come in to buy.
    That can not be making a lot of money for them, where as someone going in with the brief to save X amount of money, for a buyer, could visit several developments per week and potentially make a lot of money as a comission on savings


Comments

  • #2
    robd
    Registered Users, Registered Users 2 Posts: 951 ✭✭✭robd


    It's not particularly common in Ireland but their are people like Buyers Agent and Buyers Broker. Google for their websites.

    Perversely enough they charge a % of overall price not price saved.

    They used to only handle large sales (750k+) but seems they handle smaller now. Negotiation only is 0.5% + VAT of sale price on one of them.


  • #3
    norrie rugger
    Closed Accounts Posts: 5,656 ✭✭✭norrie rugger


    If they charge a a percentage of sale price how does that promote them to drive the price down?


  • #4
    robd
    Registered Users, Registered Users 2 Posts: 951 ✭✭✭robd


    norrie rugger wrote: »
    If they charge a a percentage of sale price how does that promote them to drive the price down?

    It doesn't hence my quote
    Perversely enough they charge a % of overall price not price saved.


  • #5
    norrie rugger
    Closed Accounts Posts: 5,656 ✭✭✭norrie rugger


    robd wrote: »
    It doesn't hence my quote

    Ah I got what you were saying just can not understand it


  • #6
    Oldfool
    Closed Accounts Posts: 15 ✭Oldfool


    norrie rugger wrote: »
    Is there anyone that professionally negotiates, on the part of the buyer?

    ie, someone who has training in what things are worth, pitfalls etc, who works to drive the price down, for a fee or % of savings?

    I imagine that there would be a lot of work for someone like this now, as all I seem to see nowdays is agents sitting in empty estates, hoping that someone will come in to buy.
    That can not be making a lot of money for them, where as someone going in with the brief to save X amount of money, for a buyer, could visit several developments per week and potentially make a lot of money as a comission on savings


    How would you calculate the savings?:


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  • #7
    super_furry
    Registered Users, Registered Users 2 Posts: 27,349 ✭✭✭✭super_furry


    On asking price I'd imagine.


  • #8
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    super_furry wrote: »
    On asking price I'd imagine.

    That would be ridiculous. The more "over the top" an asking price the more the purchaser would have to pay. The so called "reverse estate agent" would still be entitled to a commission even if he bid more than the true market value for the property, since there would still be a difference between the asking price and the price he offered! Nonsense.
    There is a lot more skill in getting 5% off the genuine market value than there is in getting 20% off an asking price inflated by 25%.
    The reality is that the reverse agents would soon get to know all the selling agents and they would be able to rip off both sellers and buyers between them.
    There is no substitute for the slog of making offers on various properties and developing the ability to value properties accurately and recognising value when it is available.


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