Why is the estate agent trying to rush me?


Very simply ... because "Time Costs Deals"

Sure its partly that the estate agent only gets paid once your purchase has reached exchange of contracts or completion but its more to do with the fact that he won't get paid at all if you drag your feed and the vendor pulls out.

This isn't about the vendor pulling out because they start to see you as a time waster, although that is possible if you really are flaffing around, its because things happen in life that make vendors stop selling - a promotion or demotion, divorce, a job move, an exceptional rental offer, etc.

There are dozens of reasons the circumstances of a vendor might change and this might make them decide now is not the time they want to sell.

Estate agents know it and if you're buying smart you'll know it to. That means you will be deal chasing and the estate agent will know it.

To learn all the tips and tricks for making a property purchase happen fast pick up a copy of my ebook How to Really Buy a Property.

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How to Really Buy a Property

"... let and what the text books don't tell you; Ways to get on the property ladder when it looks impossible; How professional buyers and investors work with estate agents to get better deals; Why you should see as many Financial Advisers as possible; What to do before you start viewing so you..."
"... as many Financial Advisers as possible; What to do before you start viewing so you don't loose your dream home; Who the surveyor, solicitor and estate agent are really working for; How to make an offer to get things your way; Who to trust and who, with the best intentions, may be misleading..."

"... eventually burst though". - Hometrack.co.uk - Hometrack collects data from estate agents including questions on where they think the market is going. From this they issue predictions which have largely been conservative but wrong. By 2014 Hometrack showed signs of giving up the..."

"... Friends, family and work colleagues are also very keen to offer their analysis, often based on that very same media. It would be interesting how many of these advisers would be interested in knowing what estate agents, Solicitors and Surveyors forecast for the industries that they work in! ..."

"... for the future Beyond the obvious parts the rest is (hopefully) someone's fairly educated opinion. You would get as much by talking to a well honed estate agent in the pub. The principles are very simple and start with the most basic one that is ignored the most often: You are buying an..."

"... reduce the time you spend on your search and the stress it involves. How professional buyers work with estate agents; How you can use agents to your advantage; How to know you are dealing with a quality agent; Why good agents ask the..."
"... answering. There are plenty of poor quality estate agents around as the industry is fairly unregulated. However at the same time there are a large number of highly professional firms and individuals who are well educated and have a wide experience of the property market. A potential..."
"... potential buyer who takes the view that every estate agent is below them will often have the most stressful experience. The majority are also first time buyers or amateur investors. Almost anyone who is well on their way to building a property portfolio will treat agents with respect and interest. These people realise the agent can be a solid mine of local knowledge, a person continuously in touch with the ever changing world of property finances and an excellent contact for the..."
"... person continuously in touch with the ever changing world of property finances and an excellent contact for the future. - The Way Professionals Work with estate agents - The best advice is to try and treat the sales negotiator as a friend of a friend. There is no need to talk about what you..."
"... you at the front of the queue should the right property come up. If you are going to buy successfully you will benefit from having a professional estate agent on your side, you will need them to like you and respect you Despite what the press or colleagues may tell you do not treat them..."
"... other words you are prepared for buying but reasonably open minded in your search. To prove a point ask any estate agent how often a person buys a property they were not looking for. It happens every day of the week. Someone may buy in a neighbourhood that they had ruled out because the apartment is perfect or they may buy a lower ground floor flat that they had previously dismissed when they see the large size of the..."
"... knows it all. The latter will often end up on an endless and fruitless search. Don't think because you are a first time buyer or are looking to spend half a million pounds you are God's gift to estate agents. - Being Prepared for Your Property Search - You will gain a huge amount of..."
"... are good and bad estate agents out there but it is the better and more professional ones that often have and get the widest selection of properties. Despite the press and the endless stories from family and friends do not stereo-type as gaining the respect of a good negotiator, by showing (and not just saying) you are a serious buyer can dramatically reduce the time you spend on your search and the stress it..."

"... hundreds of pounds more than you have to in mortgage payments. Anyone of these will loose your standing in the estate agents eyes making it harder to get the next deal agreed (see Viewing Properties and Making Offers). You should see as many financial advis0rs as you see agents. After..."

"... where their slow pace can have the vendor doubting how serious you are. If you are in doubt and if you want an easy life one of the best ways to choose a solicitor is ask several estate agents who they would recommend. Any of these names are likely to be good. estate agents only recommend..."
"... of these names are likely to be good. estate agents only recommend solicitors who work fast and return calls. It makes their lives easier too, especially when there is a change of buyers and sellers involved. Collusion between solicitors and agents is extremely rare as the law surrounding the obligations of solicitors and your rights to sue are very..."

"... can afford anything more than a broom cupboard in Aberdeen. A typical telephone conversation can look something like this: AGENT: Hello, Nice estate agents, Jim Speaking CALLER: Hi, I've seen your sign outside 26 Easy Avenue. What is it and how much? AGENT: That's a four bedroomed house going..."
"... more jaw-dropping is that the law requires an estate agent to pass on any offer you make to a vendor, in writing, within twenty-four hours. You do not have to prove that you can actually back this offer up with any sort of funding. Beware however that they call this type of offer, to the vendor, "reckless" and so it does you no favours at all as a..."
"... garden for your cat. If you cannot afford both be clear in your own mind which requirement will be dropped. See Working With estate agents for details on how the professionals do it. Common Terminology - Before you step through the door of your first viewing there are a number of new..."
"... you step through the door of your first viewing there are a number of new words and terms to be familiar with. Some of these are surrounded by myths and hearsay. This terminology is used by the estate agents both on their details and when they speak to you, in other words they generally assume you know..."

"... offer apart from the price; How to make a low offer seem attractive to a vendor; Why non-refundable deposits rarely work. - Listening to the estate agent - If you have read everything in the previous chapters you will be pretty worldly wise as to how to pitch your offer. You will know..."
"... put it another way if the estate agent is being paid 2% of the sale fee and the negotiator is getting 10% of that then on a £240,000 flat the negotiator is going to be paid £480. If you have offered £235,000 and the negotiator is trying to get you to the asking price he is not trying to get £10 (the commission he would earn on the extra £5,000), he is trying to make sure you do not get..."
"... buyers are often at pains to show how serious they are about the property they have offered on. As such they offer to pay a "non-refundable deposit" to the vendor as a sign of their honourable intentions. estate agents are not allowed to handle these transactions so they must be done through the..."

"... in your best interests; Why the surveyor who values or inspects the property may not be acting in your best interests; What is motivating the estate agent and their actions; How to work out who is telling you what and why. - Why Buyers Trust the Wrong People - Most buyers..."
"... differently from the reality To put it another way: The buyer does not trust the agent because they believe the agent is only trying to get the sale through in order to earn some commission (see Working With estate agents) The buyer does trust their solicitor even though, in most..."
"... understand how surveyors really work and who they are working for see Chapter 20: What a Property Survey Really Means. - The Advice of the estate agent - Most people are fully aware that estate agents work on commission - no sales, no income - and so their motivation is almost..."
"... people are fully aware that estate agents work on commission - no sales, no income - and so their motivation is almost always clear. Get the sale through. If they achieve this they will have no risk of any legal action unless you can prove they mislead you or withheld important information that was also no bought to light in the legal..."
"... most buyers enter into the home buying market they are aware of the common stereotypes, especially that of the estate agent. They are not so aware of some hidden motives and agendas kept by solicitors or surveyors. In the stress and nerve of making such a large financial decision they turn to family and friends for reassurance, only to find their frail confidence undermined by people who live in homes they wouldn't even dream of..."

"... Before you can know what really happens, it is essential to understand what is supposed to happen because sometimes it does! If you are dealing with an estate agent, Solicitor or Vendor who is new to the business this chapter is the set of events that they believe should occur. ..."
"... your offer has been agreed with the agent (or directly with the vendor if you are buying privately) there should be no need to have any contact with the agent or the vendor. Each party has a specific number of actions that they must take and theoretically this should all occur via the solicitors. Some solicitors feel so strongly about this that they refuse to accept calls from estate agents! It is how these actions are undertaken and their results that cause disagreement because there is no definitive protocol for buying and..."
"... profound results. Lines of Communication (once the sale price is agreed) You, the Buyer «» The estate agent «» The Vendor «» Your solicitor «» The vendor's solicitor «» «» Private Sales..."
"... a good solicitor who can handle the local market is not easy so it is worth taking the advice of your lender (who may have someone in the area that they work with regularly) or the estate agent (who knows efficient solicitors that they have a good relationships with). Do not ask friends or family unless their recommended solicitor passes certain tests (see Chapter 12: Choosing a Solicitor or..."
"... a thorny issue. Any good estate agent will hold lists of companies that they have used in the past and can be a good place to find contractors. Any contractor should be given a copy of the relevant part of the survey so they know what it is that they are there to inspect. What Can Go..."
"... Process - Once the vendor has agreed to accept your offer for their property his responsibilities are to: Sign the estate agents Terms and Conditions (if using an agent) Instruct a Solicitor Agree to an exchange and completion date Reply to any enquiries raised Sign the..."
"... a Solicitor Agree to an exchange and completion date Reply to any enquiries raised Sign the Contract - Signing the estate agent's Terms and Conditions - This is actually an action that the vendor should carry out the moment he decides which agent or agents are going to..."
"... is actually an action that the vendor should carry out the moment he decides which agent or agents are going to market his property. For estate agents it is a risky business to show or advertise a property without this document being signed because the property owner could sue for wrongful representation or damage to the property caused, even accidentally, when a prospective buyer is shown..."

Chapter 19: Time Costs Deals
"... should be no real need for all the tricks and short cuts included in these pages but for one overriding fact that any good estate agent will tell you, "Time costs deals". Removing all the pitfalls of legalities and survey there are factors far outside the actual transaction that will affect the chances of you getting that dream property. They are the things that happen to us all at some point in our life. Events that make us take stock and change the bigger plans we have, such as moving..."

"... the absence of sold signs he calls any local agents and asks them what they have sold recently in the area and tries to match it up. There is nothing more to it than that. If you want to try it for yourself find a sold sign, call up the agent and say, "Hi, this is Fred Smith from Island Surveyors, I see you have sold something in the High Street, can I ask what it was and how much it sold for?". You'll get the complete run down including the actual price it sold for, not its asking price. Note that estate agents, by law, are not allowed to tell you (a buyer) the actual price a property has sold for until it exchanges as this is confidential information. Agents are however, always trying to please surveyors because they don't want properties down valued, so if you pose as a surveyor you will find out..."

"... they are doing Strange as it seems most estate agents and Solicitors know what needs to be prepared but rarely take the vendor through this, trying to avoid discussions that suggest the vendor spends time or money until there is actually some active interest in the property. All this is..."
"... more "prudent" one. As soon as you are aware of an error contact the estate agent immediately, remind them of your written offer and ask them to contact the vendor. At the same time ask your solicitor to approach the buyer's solicitor in order to resolve the matter. Again assume error in..."
"... vendors approached the estate agent for advice and were surprised to find that they had had unusual experiences in all their previous transactions and that paying extra for carpets and curtains was actually not the norm for most transactions. They were however reasonable people and, understanding that their past was unusual, agreed to leave carpets and curtains at no extra cost. In order to mend any hard feelings, they also threw in the washing machine and..."
"... so often there is a forward thinking vendor out there or one who really has been well advised by the estate agent. He will understand why time costs deals and does not want things to drag on as much as you don't. So against the advice of almost everyone he will have applied for a local search when, or before, he put the property on the..."
"... the vendor and saving yourself some time. Summary - There are very, very few vendors who really think through or prepare for their sale. Most will simply invite a few estate agents around and then put their property on the market. This chapter may have sounded a little strange and you..."

"... the negotiators fighting to agree deals on limited stock will be more intense. estate agents operating large offices are not necessarily better if they are only large because they cover huge geographical areas The size of an agent's office should only become a crucial deciding factor when..."
"... professional estate agent is not an easy task but there are some simple steps to follow in order to make sure you are successful and negotiating low fees is not one of them. Once your property is being marketed consider feedback and offers carefully and avoid knee-jerk reactions which may be of little..."