Estate Agents don't have a great reputation. Not quite on a par with Traffic Wardens, but pretty bad nonetheless.
This stereotype has come from somewhere, and I have met some questionable ones over the last few years. However, I have also come across some really good ones since I got into property, and they are definitely a very important part of your "team".
Like it or not, Estate Agents are a massively important part of the property ecosystem. When you are looking for property, unless you have your own lead generation site (more on that another time - check out my site London Quick Sale for a rough example), they will be a major source of potential deals. For many people, they will also provide a management service when letting your property out as well.
With this in mind, its really important to find some you can work with, and build a good rapport with.
About 4 years ago, armed with my newly acquired knowledge of how to buy properties with no, or low, deposits, I steamed into a number of Estate Agents, making horrendous error after horrendous error. I spouted off about 'gifted deposits', 'lines of credit' and 'below market valuation property'. They probably thought I was a right pleb.
I had a good chat this weekend with Rod Sharp of the estate agents Taylors. He is one of the good ones, and I have had a good relationship with him for the last 3-4 years. Having bought 3 properties from him, he knows i will deliver what i promise, and he will now offer me opportunities that he wouldn't have when we first met. We were discussing the things to do, and not to do, when you are meeting an agent for the first time, and how to get to the top of the list when juicy properties come onto the market.
So i thought I would write them down and tell people:
1) DO NOT walk in giving it the big one and tell them you want properties 20-25% below market value straight away. They will think two things. One; "who doesn't" and two; "you dickhead".
Surprisingly, quite a few people want cheap property. Even more surprisingly the agents aren't likely to give it to some bloke who has walked in off the street, wearing the only ill-fitting suit he owns, spouting some jargon he learned off a property course. He is going to give it to his investors with a TRACK RECORD of following through.
2) You can't build a track record in the first week, its just not possible. What you can do, is be honest about your capabilities and always follow through on what you promise. If you tell them you will call them back about a property, call them back. If you put an offer in on a property, do not mess them about. If you need to book a survey, do it quickly and efficiently. This will create the right impression - that you aren't a time waster. They HATE time wasters. That was Rod's biggest hate, and one shared by most agents - TIME WASTERS.
3) One way to waste everyones time, and see you sent to the bottom of the queue, is to be indecisive about what you want. Be honest and strict. If you don't want ex-council, say so. If you want an HMO, say so. Be as firm and specific as you can possibly be. Further to this, if you want a specialist property, such as an HMO, find an agent who understands exactly what you mean. I have had agents book me into an HMO viewing, telling me 'you can definitely get 6 rooms out of it', only to find one was a shed, and one was about 4 feet wide. He just did not understand the niche of property I was looking for.
4) Have your finance and legals organised before viewing property. This is so important. If you do not, they will see you as an amateur. Which would be about right. You should be able to give them mortgage broker and solicitor details IMMEDIATELY that you place an offer on a property. You should be able to give them proof of finance or an agreement in principle, when you first sign up with them. This will also get you at least near the front of the pecking order in the buying stampede.
5) If you view a property, call and give them feedback. If you don't bother getting in touch with them, they won't bother getting in touch with you.
In a nutshell, don't be a time waster. They have a bad reputation amongst Estate Agents. Not as bad as Traffic Wardens, but pretty bad nonetheless.
As always, thanks for reading, and further comments always welcome - especially from some of the Agents who maybe read this...