Online estate agency Yopa claims that around a quarter of homebuyers have attempted to bribe sellers with everything from cash to kindness when trying to buy property.
The company surveyed 1,080 people who have bought a home in the past year to discover what extracurricular measures they took to make sure the vendor decided to sell to them instead of another buyer.
The survey reveals that just 3% of homebuyers admitted to the backhanded practice of gazumping over the last year, reflecting weaker market conditions.
When it came to the initial viewings process, 34% of buyers say they made an effort to actively compliment the property throughout the viewing process; 22% said they arrived to the viewing early, and 14% say they were sure to dress smartly.
Meanwhile, 11% admit to feigning interest in the local area; 10% actively complimented the seller themself, and 9% feigned an interest in the seller’s life.
When asked whether they made an effort to maintain regular contact with the seller throughout the process, just over half – 51% – said ‘yes’, and 30% went even further, delving for information on other potential buyers and their position in the market.
What’s more, almost a quarter – 24% – of buyers said that they provided some kind of incentive or bribe to put themselves in better favour ahead of other interested parties.
Some 28% say they boasted about their potential to make a quick purchase due to being free of any chain, while 24% made it clear that they were a cash buyer, and even provided proof of funds.
A fifth – 20% – took a more homely approach by offering baked goods to the seller, while 10% went one step further and offered the seller a professional service for free.
A further 10% said they offered the seller a cash backhander – a sweetener passed under the table rather than through the agent – while 4% proposed the offer of a free dinner and another 4% attempted to charm their seller.
While such endeavours may be morally questionable, the results seem to speak for themselves, as 89% of those who attempted to sweeten the deal said their efforts were successful and they were able to secure purchase of the property.
The CEO of Yopa, Verona Frankish, commented: “Incentivising sellers with bribes is nothing new and it’s certainly a grey area that flirts with the lines of legality, not to mention the fact it’s somewhat morally questionable. The irony is that, in hotter market conditions, the practice of gazumping is one that is not only rife, but completely above board and it happens year in year out.”
With deepening losses and no hope for the future, let’s produce a survey and all will be well.
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Not to mention the numerous third parties that bribe estate agents to pass them leads especially when the agent knows that the service provider is not best in class. Let alone those so called agents (very loose term) that hoodwink their clients into believing the services they provide are free!
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This is probably all a bit alien to estate agents who know the importance of keeping the vendor protected from the pressures of applicants.
Its inevitable a vendor wants to know something about the person who’ll be living in their home but an offer of the full asking price and an honesty about their ability to proceed is all that’s required from a prospective purchaser.
Schmoozing a vendor etc is an indication of a passive service rather than a professional one a clear sign the agent isn’t doing what they’re being paid to do
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The fact that the business is trying to understand the issues their customers face should be applauded, considering that most assume they know what their clients want!
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