Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Overpriced Costas and High Commissions
- This topic has 6 replies, 4 voices, and was last updated 16 years, 11 months ago by Paul.
April 20, 2006 at 10:57 am #51738
Saw the recent tv programme on Channel 4 by Mark Winters re ‘selling overseas property’.
He said the same as Bank of Spain etc that Costa property ( especially C. del Sol) was overpriced by as much as 35% and then went on to say that ‘some’ agents’ commissions were as high as 35% too on certain developments. A co-incidence? Basically he was saying that those agents charging that exhorbitant amount were responsible for the overpriced market since they add that to the price.
In the case of one large agent (oft. mentioned) they have been known to buy up blocks on off-plan developments and immediately mark them up by 35% to re-sell to their so-called investor clients who then get left in the lurch by the same agent with property they cannot re-sell. Meanwhile all the sales people are in the nearest bar, celebrating their sales success.
April 20, 2006 at 11:53 am #61782
Hopefully, all these despicable practices will come to an end soon. I think many of these “in each others pockets” brigade will be a little bit worried now with the crackdown in Marbella.
April 20, 2006 at 4:19 pm #61783
Hello Forum readers
I’d like to share with you a very personal experience that happened to me as a small and honest Costa del Sol agent this morning.
Having toured with me yesterday morning my client went on to tour with one of the larger, sorry not allowed to name them, Big Boys on the coast. The same apartment which I had an appointment to show them today at 355000euros (via another small agent) was shown to them at 395000euros by the Big Boys yesterday afternoon.
The Big Boy agent “justified” the viewing price increase to the small listing agent as apparently he had to split his commission 4 ways with the Timeshare company which had given him the lead, the agency who had mentioned the property, his dog, etc etc.
When I pointed this out to the client she was shocked. She was also shocked to find the Big Boy agent standing waiting outside the hotel where she was staying in order to hassle her again when we got back from our tour this morning.
Having found out that I was also touring the client the Big Boys then tried to get me blacklisted from showing any properties via the small local agent!
This sort of behaviour is outrageous and does our profession no favours whatsoever and I feel terrible for anyone who has had to go through this type of treatment as a client.
Moral is to stick with the small agents – we’ll more often than not give you a better service for a better price.
All and any comments welcome.
April 20, 2006 at 4:26 pm #61785
I find that disgusting…but not surprising. There are no limits to the lengths these people will go to to get a sale….then they disappear and you never hear from them again, especially if problems arise!!!!
April 20, 2006 at 9:55 pm #61791
Yes, I totally agree. I have bought through one of these so called “big”companies and like Claire says, when you want something from them, that they initially promised, they could not care less. I have also had dealings with small estate agents and they have been real gems and have been bending over backwards to be helpful. A boycott of these “big” companies would not go amiss!! 😈
April 21, 2006 at 9:21 am #61798
Thanks for your posting which sums up what naive purchasers have to put up with when targeted by big agents, it also nicely shows how they overprice. I’ve heard of their bullying tactics before over smaller agents so couldn’t you all form your own alliance against them maybe?
The Awful agents etc are why much of the Costas have such a bad name now re property there so stick with it to provide fair prices and commissions and your reputations can only be enhanced, not theirs.
April 21, 2006 at 4:46 pm #61808
When I say ‘naive purchasers’ I don’t mean that in a derogatory sense, I meant those large unscrupulous agents target the vulnerable and new buyers with their often over the top, incorrect and boastful predictions about property growth in Spain, and then they leave the purchasers up the Kyber with no after sales nor customer care as happened to us and many others.
Stick with smaller agents for a more personal service!
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