Sales Tactics of Estate Agents & Builders in Nottingham

Any First Time Buyers in Nottingham or home movers with a house on the property market, may be aware that most estate agents and builders who have an in-house mortgage advisor and conveyancing solicitors would try and persuade you into using their own, rather than go elsewhere.

Estate Agent Sales Tactics For Pushing You To Take Their Mortgage Advice in Nottingham

Having worked in the industry for over 20 years, as a Mortgage Broker in Nottingham, we aim to provide a personal, caring service for all our customers. We understand the importance and care about all our customers; it’s not always simply trying to move a mortgage or obtain a new one.

We sometimes tend to find that they are affected by the pressure from their estate agent to use their in-house financial services. Below are just some of the stories we have encountered over the years. (Please note that not all estate agents or financial services are like this).

Refusal To Put Forward an Offer 

It’s been rumored that some estate agents out there have refused to put an offer forward if you decide to use a different Mortgage Advisor in Nottingham instead of their own.

In rare cases, they have refused to forward an offer to the vendor due to someone who has utilised their in-house mortgage advice service and have an offer they’d rather show favouritism towards, even if it’s lower.

Overpriced Service Costs 

Some estate agents have been known to over-charge on conveyancing fees. Previous customers have experienced this before, where we had one significant case where the customer charged over £1,200 for a regular purchase.

With the help of our expert Mortgage Advisors in Nottingham, they helped lower the cost down to £700. Going forward, we always recommend that the client approaches another conveyancer within the area.

Demanding Information & Being Pushy 

When you have made an offer, you would expect to receive a phone call confirming whether or not you’ve been accepted, which seems logical. Unfortunately, this isn’t always the case. The estate agent will get in touch and demand to know which conveyancer you have used. 

Furthermore, the estate agent will refuse to take the property off the market until you agree that you will use their own in-house service. As you probably have guessed, their quotation will be very overpriced and very unfair to the customers, however, they will put you on the spot and make you feel it’s your only choice to take.

A Mortgage Broker in Nottingham can very much help you prepare for this. One question that you may be thinking of at this point is.

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

They are highly illegal. As an individual, you have the freedom to use whichever companies you feel best suits you in the process. You choose which broker, conveyancing, or another financial service you want to use. 
 
If you haven’t explicitly signed a contract in the beginning that you will only use their services (which you won’t be offered anyway), there is no obligation to use their services for anything besides the process between yourself and the seller of the property. 

Popular Estate Agent & Builder Sales Quotes Include: 

  • “Keeping everything under one roof is easier with one point of contact” 
  • “If you use our services it will give the vendor peace of mind that everything will go through smoothly” 
  • “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” 
  • “Everything is likely to go through quicker if you use us” 
  • “We’ll give you a free carpet/washing machine if you use our (extortionately priced) recommended conveyancing service” 
  • “Your offer is more likely to be accepted if you use our mortgage advisor” 
  • “We get better deals than most brokers” 

Be Careful & Stand Your Ground 

It’s good to keep in mind that when negotiating a purchase price to think if the people selling the property you’re looking to buy need to know your personal financial situation and know the amount you’re able to borrow in order to pay for that property. This is something that they will use to their advantage when pushing their in-house service. 
 
You need to be vigilant and stand your ground and not fall under pressure. Your future dream home and financial situation lie in how well your mortgage process goes. 
 
Here at Nottinghammoneyman, our team always have your best interests at heart, keeping you updated in the process and helping you overcome any hurdles you may encounter to try and relieve any stress you may have.

If you are looking for support on your Moving Home in Nottingham mortgage journey, please book your free mortgage appointment today and our team will see how they can help in the hopes to achieve your mortgage goals.


Last Edited: 20/09/2022

Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
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Authorised and Regulated by the Financial Conduct Authority.
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www.financial-ombudsman.org.uk

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