[Question] Is an estate agent necessary?

[Hertzel]

Please see the below:

http://business.iafrica.com/property/950487.html

My Opinion:

If you take a week to sell a house or 3 months the cost Is still the same. A good business idea is to change up the industry. Agents should look into becoming consultants charging a consulting fee, they can still recommend attorneys’ etc... and get a % or a referral fee from these entities. Additionally agents can offer marketing and advertisement services. The possibilities are endless and if agents can add this as an option to clients, who will have the most business? Will make a great part-time opportunity as well for those who are looking.

What’s your take on this?

[Dave A]

There are estate agent models already in the market that do as you suggest. I wouldn't say they've overrun the market by any stretch of the imagination. The reality is private selling is a lot easier in a sellers' market. When it's a buyers' market, not only do the private sellers find it tough, it tends to thin out the estate agent market too.

In terms of the OP and your link - my suggestion is if you don't use an estate agent, at least use a lawyer when it comes to finalising the sales contract.

[Blurock]

A good estate agent can take away the hassle and also save you money.
Unfortunately there are many who are giving the industry a bad name.

I will not risk doing a transaction (buy or sell) without the assistance of a professional. (not a part time - mornings only person)

[tec0]

I used the services of a good lawyer she was very helpful and I had no problem at all.

[Houses4Rent]

I hate most agents with a passion as they fail to do basics. They might work well for Joe Blogs owner occupier buyer, but not for me. I invest to have a pension. So I need basics like income and expenses of any property I look at. The minute I ask those questions and dare to ask for AGM minutes and financials etc I neve hear from them. I lost count on how many enquiries I send out, but I can probably count the the ones who did respond relevantly to a certain extend on both my hands. Not one of my enquiries asks for a viewing, but yet almost all calls I get invites me for a viewing. When I suggest to to read my email and answer relevantly they get all upset and at times even hang up on me.


Dispite the fact that
a) there are only around 32000 estate agents left in RSA (there were over 84000 or so at soem stage) and
b) that the agents average age has changed from 54 in 2013 to 57 in 2014 (so many in that age should have plenty experience) and
c) the EAAB has introduced a lot of qualifiacation hurdles

I think most agents are still useless for my investment buying purposes. However, it always depends on as to how much knowledge the seller has him/herself whether I would suggest to use an agent or not. And as it was said before it also depends on the market situation. Its certainly a good idea to use a lawyer to check any OTP before signing it. And that I say regardless of whether an agent has been used or not.


So if I ever seel