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Sales Tactics of Estate Agents & Builders in Lincoln

Regardless if you are a First Time Buyer in Lincoln with a keen eye on the property market or you are a Home Mover in Lincoln looking to sell your existing home and settle down in another, over time it will likely have become common knowledge that estate agents and builders have a reputation for driving a hard sale.

During your process, they would much rather that you use their in-house mortgage advisor and any other services they have to offer.

Estate Agent Sales Tactics So That You Take Their Mortgage Advice

Throughout our tenure as a longstanding, hard working mortgage broker in Lincoln, with zero ties to estate agents, banks or building societies, we regularly find that those who get in touch have been pressured by an estate agent at some point during their process, trying to get them to use their in-house financial services.

Here are just some of the stories we have heard from customers;

Refusal To Put Forward an Offer

Though it may seem shocking to hear, there have been a lot of instances with estate agents out there refusing to put through an offer forward, specifically if you opt to use an external mortgage broker, rather than using the estate agents’ in-house advisor.

They have also been known to refuse putting offers forward to the vendor, because they have received an offer from someone else who did in fact use their in-house services.

Overpriced Service Costs

Something else that we hear all too often, is estate agents quoting largely overpriced conveyancing fees to their customers. We have seen many of our customers over the years come forward to say they have been subject to that same tactic

One customer we had was quoted more than £1,500 for a basic, straightforward purchase with an estate agent. By enlisting the help of one of our dedicated mortgage advisors, we were able to recommend another conveyancer in the nearby area and get the cost down to £750.

That figure is exactly half of the quoted price from the estate agent, showing the difference between going in-house and exploring your options.

Demanding Information & Being Pushy

Let’s say that you have made an offer and are waiting to see if a seller will accept your offer. Generally, you’d expect a phone call either saying yes or no – that would be the logical outcome. Instead, what we often see happen with some cases, is the estate agent will call up and demand you tell them who you went with for conveyancing.

What happens following that, is the estate agent may even refuse to take the property off the market, unless you agree to use their in-house service. As touched upon earlier, their quotations will be tremendously overpriced and completely unfair, but they will apply the pressure and make you feel like you’ll lose the house if you don’t.

As a trusted and loyal mortgage broker in Lincoln, these kinds of scenarios are definitely something we can help you prepare for. So then the questions that remain are…

Are These Tactics Legal? Do I Have To Use My Estate Agents In-House Mortgage Advisor?

No, all of these tactics are highly illegal. You have the freedom to go with any company you choose when it comes to your mortgage process. Use any broker, any conveyancing, any solicitors that you want to use.

At the end of the day, it’s your choice and you are under no obligation to use the estate agent’ services. Their main purpose is to simply foresee the sale between yourself and the seller of the property in question.

Popular Estate Agent & Builder Sales Quotes Include:

  • “Everything is likely to go through quicker if you use us”
  • “We will do all of the chasing of the solicitors for you and they’ll be more responsive to us due to the amount of work we send them”
  • “You need to come in and see our mortgage advisor for your offer to be qualified”
  • “Your offer is more likely to be accepted if you use our mortgage advisor”
  • “If you use our services it will give the vendor peace of mind that everything will go through smoothly”
  • “We’ll give you a free carpet/washing machine if you use our (extortionately priced) recommended conveyancing service”
  • “We get better deals than most brokers”
  • “Keeping everything under one roof is easier with one point of contact”

Be Careful & Stand Your Ground

Please consider, when negotiating on the price you wish to pay for, is it really within your best interests for the person handling the sale to know your financial situation and the amount you may be able to borrow? This is something they could use against you down the line when trying to convince you to use their services.

Keep on your toes and make sure that if you really don’t want to use it, you stand your ground and don’t give in to their pressure. It’s your mortgage, your offer, and if all goes well, your future home. Please Get in Touch with a trusted mortgage advisor in Lincoln today, and we will ensure you are prepared for these tactics ahead of your mortgage process.

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