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Friday, 13 September 2013

Diary of a Lagos Property Agent - Estate agents bad practice

Over the last few months a certain”Agent” always rings to enquire about our advertised properties and wants to view the next day. After viewing, we never hear from her again and if we call back, she always responds with “oh my client has already seen it before, or my client is already negotiating on it, or the rent is too high”) even though she has seen photographs in advance of her visit, and knows all the charges. I have decided that we will not show her any more properties. Estate Agents seem to go around falsely seeking out good properties from other agents, putting pressure on them to view it, finding out the details and the next thing you find is you never hear from them again or they start marketing it as their own. I find this practice very deceptive and underhand and do not understand why they behave like rabid dogs without a conscience. There are enough properties on the market for all those who believe they are agents or property experts, even though they often have no qualifications or experience to show for it!
Estate agentIf you want to sell your property, making the right choice of a honest professional Agent is very important yet very difficult at the same time . Wrong selection of an estate agent can costs you heavily and results in the wastage of your time and money. Suppose you have hired an agent to sell your property, it is the responsibility of the agent to value the interest of the seller instead of personal interest and benefits. An efficient agent views the data of people who are interested in buying the property and then he contacts the possible buyers. Furthermore, your agent should be well informed about the size, facilities and value of your property and the area in which your property is located. Normally agents charge between 5%-10% of the rental price while making a deal to let a property. However in reality, the amount you should pay the agent should depend on the time it takes to market the property. After six months, the percentage should really go up to a maximum of 10%, but in Nigeria agents are left to pick up the pieces as more often than not the property is on numerous agency books. Whoever appoints the Agent should pay the Agent. If the owner appoints the Agent to find a client he should pay, and if the client appoints the Agent, then he should pay. An estate agent is a term used for a person, who deals with the selling, buying, renting, and management of properties. The estate agent acts on behalf of a seller or buyer’s requirements.
The main role of an estate agent is to bargain the property between the buyer and the seller on some specific terms and conditions. It's the duty of the estate agents to provide you accurate detail and advice related to the buying and selling of the property. The agent's main concern should be to make such a deal, which is beneficial for both buyer and the seller. Agents are in the unique position to benefit from the direct sale or lease of the property therefore personal interests should never conflict with the principles of the transaction.

6 comments:

  1. You're really right! Most Agents are just dubious and without conscience at all. Nice write up Babs

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