Peter Ellis is Angry!

 

 

 

 

 

 

 

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Comments:

Would suggest you break the competitor's legs !!! Stick with the way you currently operate. That will gain you far more respect, even if you lose the occasional deal. Pete, I phoned your mobile this morning. can Maggie (my fiancée) phone you for some advice re her apartment in Northampton.Phil Brumfitt November 14th 2012 15:11:37

Stick to your guns, I believe in being open and honest with people. Agents are always trying to win business if your valuation was correct the landlord will return, maybe drop them a line in 2 mths when the property is still vacant.Lewis Harmer November 14th 2012 15:14:05

overvaluimg rental properties or those for sale merely reinforces the popular view of the professionalism of agents- ther choices are stark - remain professional and lose some to the "wide boys" or get down with them and play the same game - and at the same time open a used car lot on the side!David Hendey November 14th 2012 15:14:36

Do what we do in our business, Pete: Check with your client whether they have managed to let the property at the higher rent. If not, call them every week to check and basically make their life a misery and make the point that they were sold a line by the other guy. Hopefully it will shame them into instructing you again. Alternatively they may just be so embarrassed that they stop taking your calls! Anyway, what's to lose?Mark Budd November 14th 2012 15:19:28

Stick to your principles and work to the values that has made your bisiness successful for so long, which is being fair and giving the right information to your clientsSteve Windaybank November 14th 2012 15:22:02

Same as Estate Agents over valuing a property to sell. The vendor will often listen to a so called "expert" sign up for 3 months and then wonder why they don't get a viewing let alone an offer. I'm sure your client will return, tail between his legs, after his property has be vacant for a month or so and he's out of pocket.Steve Bolt November 14th 2012 15:22:09

No question in my mind, Peter. Stick to your principles and don't sink to the level of your competitors. Lewis has the right game plan - contact them again when the property is still empty!Nigel Hutchings November 14th 2012 15:22:43

Invite them round for a friendly game of baseball. I'll bring the bat lol.Big Dave November 14th 2012 15:23:20

Keep to your principles. What you need to do is deal with the landlord not coming back due to embarrassment, I can't be bothered to spell check that one... If the Landlord see's that the other agent is pulling a fast one they would come back to you as long as you leave the door open. So why not put a paragraph in your quote saying that in your opinion this is the value, you understand that the landlord needs to get the best deal but you would be very happy to look after them if that other valuation turns out to be unrealistic. Morals intact - customer returns, if not they deserve each otherMike Worley November 14th 2012 15:26:40

Peter may I suggest that you are doing the right thing and should continue to do so as your reputation as an honest and reliable professional will stand the test of time - given that what is expected as rental income and what is achieved in this instance will bear that out. Keep in contact with the landlord to the point where the instruction shall be passed back to you without the time wasted with this incorrect valuation by your competitor. Keep going as you are in every film I have ever watched the bad guys always lose to the good guys!Rodney Tanton November 14th 2012 15:27:50

Welcome to the real world, happens all day, every day here in sunny Dulwich, Unfortunately The F.....s type agencies have made this acceptable within the industry and most of the chains don't care about the bad feeling it causes as they will be in another branch or another industry soon! After 30 years I do find it very short sighted.Steve Smith November 14th 2012 15:28:59

Peter I think you should keep your moral high ground and not stoop to competitors levels. I realise it is hurting your business, if it tends to be a certian competitior playing these games maybe when you appraise the property your can mention to the landlord they may get a higher valuation BUT to expect the rental value to come down to closer to your figure as the property stands empty due to the inflated valuation. Not sure what else to say, personally I have been very happy with your service and staff for the almost 8 years I have had a rental property and we have only had two different tenants in that time. Sorry I can't be more constructive and I wish you luck. KevinKevin French November 14th 2012 15:30:36

Just be honest. Tell your client in advance of the potential situation, and If they choose the other guy they do so on the understanding that they return to you once their property has not been let for the higher asking price. The choice is theirs but be sure to explain that whilst they are playing along their property sits empty without an income. I would respect you for this and I'm sure they would too.Damian Mellor November 14th 2012 15:31:36

Be true to your conscience and take the higher moral ground, it's the right thing to do and will keep you sleeping well at night. Rents are rising in an exploitative and unsustainable way at the moment anyway... I've known you many years and know that you are not the man to follow suit. I know which agent I'd rather use... More power to you!Penny Jones November 14th 2012 15:34:04

The only thing you can do Peter is to retian your Professionalism and observe your code of ethics. The disgraceful behaviour of your competitor gives Estate Agents a bad name. I have only dealt with good Agents ( such as yourself) I have met personally and trust. In this instance if I were the landlord concerned I would have been incredulous at the inflated price quoted and immediately suspicious as to his credibility. Fearful of 'being taken for a ride' I would have stayed with my current Agent (yourself) whose experience and service ethics I know and trust. I am sure most people will continue to prefer honest advice rather than empty promises!Elaine Hollerhead November 14th 2012 15:43:32

This happens all the time amongst unscrupulous agents and has happened to us before. The landlord will come back to you in time but unfortunately for them will probably have an empty property over Christmas!Caroline at Medics on the Move November 14th 2012 16:02:50

Peter - you and AUL have been brilliant agents for all by Bristol properties for some 17 years now and the only time I have evar had a void, was when I tried another (well respected) agent. You and your agency have always operated ethically and professionally - don't stoop now! (Not that you would). I hope that the mis-lead Landlord will reflect on his experience and the rent actually achieved and realise that had he stayed with you, he would have let, at a realistic rent, two weeks earlier. May continued good fortune surround you and your staff this season.Tim Berry November 14th 2012 16:10:29

Stick to your principles Peter. I am in finance and this happens EVERY DAY!!. I quote a realistic price for financing equipment, a "competitor" quotes an unrealistic (cheap) price, client goes with them then when it comes to signing the agreement, ah sorry we couldn't gety that deal we quoted etc etc you know the score. Client too embarrassed to admit and goes with a price which is more than I quoted! grrr!!! But I sleep at night.Paul Dickinson November 14th 2012 16:10:58

You are right to be angry. Having the moral high ground won't win you the war though. My suggestion is to defend your position by giving your prospects "The 10 questions you must ask when selecting your Letting Agent" when you do your service (or even before you do it). It will allow you to get your "attack" in before you have to defend your position. I can think of other tactics too, but this would be a great start and would do what others have suggested to demonstrate your experience, trustworthiness and credibility in the arena. You've added value to the relationship that most of your competitors are not, even if you don't win every time.Huw Lewis November 14th 2012 16:18:04

use it to your advantage, put a sign up in your window highlighting the unscrupulous letting agents,letting potential and existing customers know exactly whats going on out there, if that fails send the boys round!andy curtis November 14th 2012 16:24:51

I have the same kind of situation in my industry accept my competitors are going in much cheaper to get the job and then putting the extras on during the job. I won't play as its my reputation at stake. Do what I'm doing, grit teeth, take some hits, wait for them to fall over, bath in your reputation. Oh and EDUCATE YOUR CLIENTS!!Adrian Cunnington November 14th 2012 16:39:53

as Peter knows I have a Customer looking to let a property that they have redeveloped and have had 3 agents round, one being Peter and 2 being Estate Agents that do letttings . She was initially disappointed that Peters valuation was lower but I know that at that price the property would be let and they can't afford to leave the property empty (and as their mortgage adviser I know this!) so they appreciated the honest advice and valuation. These are valued Customers who trust me therefore I referred them to someone that I trust.Fiona Bolt November 14th 2012 16:47:21

I used to manage 160+ houses for the Church of England. When we had to sell one, we were wary of any agent who came with a markedly higher valuation. We knew that there were some who would set a higher price to get the contract and would then push the vendor to accept a far lower offer. Your blog suggests that the same happens in lettings (not that this is a surprise, regrettably). We learned which selling agents we could trust and stuck with them; landlords should do the same with letting agents. As you have a reputation earned by being honest and realistic, don't change the habits of a lifetime!Mark Poarch November 14th 2012 17:21:42

£900...month....last tennant £950...no one from your company has the balls to ring and tell me you co*ked up...NEIL PAUL November 14th 2012 18:08:10

Business is about building relationships and long term relationships require credibility, integrity and trust. You know the answer to your question Pete: you have to stick to your principles.Roger Key November 14th 2012 18:19:39

Stick to your principles Pete, let the clients go with the higher offer don't fallout with them, give them a call in a couple of weeks and see if they have a tenent, if not suggest you would still like to help them out & remember don't get angry get even.Tony Randall November 14th 2012 20:44:41

I really enjoyed reading this blog - it was honest, raising an important issue and truthful. Thank you. I completely understand your frustration. My advice would be to stick to your principals. It only takes a moment to lose a reputation and I would far rather reach the end of the race than fall by the wayside half way through. Being known for your honesty is priceless whether by client or by competitor and should not be up for sale. We have similar issues that are intangible and invisible to the client that set us up for a potential stumble or fall but choose to try not to do business in the same way. Jolly hard sometimes!Amanda Bartlett November 14th 2012 21:00:02

Absolutely stick to your guns. Keep communicating the truth and people will slowly realise that reality is better than lies. Being one of the few in your sector that will stick to their ethics gives you a great USP and we all need them!Karen Dunne-Squire November 15th 2012 08:41:12

Trust your knowledge and experience. Stick to your principles. Explain to everyone. Keep in touch with clients who have moved away, showing interest in how things are for them now and readiness to help them in the future. Good luck.Sarah Gornall November 15th 2012 09:51:36

You built your reputation on honesty and decent service, you may lose a few for a while but they will probably return. If they don't return they are probably pain in the arse landlords in any case and you're better off without them. Don't be afraid to warn your clients about dirty tricks competitors who will do them no favours.Nick Crocker November 15th 2012 10:58:58

I too agree that you should not jeopardise your principals. The point you make is all too common in our business. It also constitutes an everyday issue in estate agency. It is not uncommon to see the flip side of this, where properties for sale or to let are deliberately undervalued in order to achieve a quick sale/let. Arguably this is by far worse practice (especially with a sale) as the loss is often irrevocable! The solution I would recommend is to establish if the landlord has booked any other valuations especially if this includes the over-valuing agent and explain your valuation whilst pre-empting them of the possibility that they may be offered an excessive figure. Give the landlord the option of letting ‘You’ test the market at a higher price (if necessary) rather than lose their custom. Explaining the powers held by the ‘Fair Rent Tribunal’ may also be wise as tenants could successfully appeal to have their rent lowered if a let is agreed at an excessive/unrealistic figure! Please feel free to inbox me or give me a shout if you wish!Kevin Sandy (Affordable Lettings) November 15th 2012 11:18:17

Loyalty is always better than dishonesty. Someone trying to outdo you never really does. You'll always be the winner when you have integrity and loyalty. Stay strong and know letting go of something often creates space for something better to come in.Julie-Ann Blackmore November 15th 2012 12:30:51

Stick to your principles. I always did and always will, so I sleep at night with no regrets business wise after 20 years, same as you.Sally Jones UWESU Student Lettings November 15th 2012 13:17:39

Reputation for excellent service, realsitic valuations and no nonsense principles takes years to establish and minutes to lose...stick to your principles Peter!Tobias Wilson November 15th 2012 13:28:38

Peter, Havingbeen in the letting industry for a number of years in the late 90's I completley understand your frustration, Don't lose your integrity by stooping to dirty tricks as many other agents employ to win instructions, You have been in a successful business for many years now that has been built on your principles and ethical approach to your valuations. I had experience on many occasions of Landlords going to other agents based on valuations and fee's at the end of the day Landlords will quickly relise that when the property is still vacant after 4/5 weeks that they have then lost a whole months rent that for the sake of an additional £100 quid a month that they are not likley to get and that months rent is not recoverable in any way. I used a method in my valuations to ensure that i was the last agent in to value. hence being the most memorable one. I would then try and acertain levels of value from the other agents most landlords would depart with this fairly willingley and then if your value was less stick to it but point out to the lanlord that at the iher value they would wait longer to let and potential not recoup a lost months rent over the course of a 12 month period for the sake of a higher valuation. At the end of the day everyone is looking for a cost effective but value for money service and if agents are cutting fees to win instructions, i am sorry but they are also cutting corners on the service they provide. just remeber that Lanlords get what they pay for and cheap is not good when a landlord is renting a property as they are entrusting to an agent something of immense value and why would anyone cut corners or costs to retain a service that dose not deliver. I learnt over a number of years That Landlords that behave this way are not proffessional property portfolio owners and probably have been caught out by the downturn in the housing values and changes in many banks lending criteria, so hence they are penny pinching. I alway used to tell my self that many landlords are fickle. they will just go wherever without thinking things through for the promise of an extra Buck! Stick to your guns, and in the meantime seek out property owners that you can gain a portfolio from ie owners with 10+ properties these type of landlords are much more loyal to thier agents. In the meantime Good luck!Claire November 15th 2012 13:34:00

This type of practice is not limited to your industry. I would suggest you create a document "How we decide what is a fair rent" for your Landlords. Much of the copy in your blog piece above should go into it, perhaps more. This you give out and accompany any email / letter where you quote what the rental value should be, in your professional opinion. You should also have the text that says along the lines "it's unlikely, but we may have got this wrong. If you are told the rent should be higher (a little - or worse still, a lot) we would be happy to test the market at this price for you. This way you retain the instruction, pre-empt the tactics of the competition, and prove your knowledge and value should the property not go at the higher price. You also have the 'evidence' when you go back to the client a couple of weeks later saying you have tested the market at the higher price, can we not be instructed to reduce the rent to our original estimate?Trevor Lever November 15th 2012 14:55:48

It could be worse Pete. You could be a Bristol City supporter. Oh, you are? DOH!Steve Bolt November 15th 2012 15:24:11

I'm with Trevor on this one. Step back, put yourself in the Landlord's shoes and think as they would think with the limited knowledge they have. Then ask yourself, "what information could I do with? What facts could I really do with knowing? then create a document that helps them understand the way in which you work and the things to look out for such as overpricing etc. You become a trusted advisor - standing out from the rest......Julian Sayer November 15th 2012 15:25:58

Better to give best advice and then await the call from the landlord in which he says "sorry to have not taken your advice I was wrong”Nick Porter November 15th 2012 15:31:19

Hi Peter. Integrity and respect in business is hard fought for and once you have it, you should work hard to retain it. Sharp practice will always exist along with the poor reputations it ultimately brings. You will still be there when others have fallen by the wayside. I wholeheartedly agree with Trevor that knowledge and education is the way forward.Richard Palmer November 15th 2012 15:38:11

Take Heart and stick to what you've been doing best for 20 years. Mr Sayer is right, Trusted Adviser is what customers should be looking for and if they're not do you want them as a client of yours?Nicky Wilkins November 15th 2012 16:05:56

I let office space and have similar problems. In our situation, competitors will quote a cheap price, then add on costs after the event. It is not common - and the majority of our competitors or as honest as we believe ourselves to be - bit it does happen. You obviously know the answer and will not lower your standards. This blog and the responses to it should do the job you can't directly do yourself while enhancing your reputation at the same time. We have stayed our ground and have benefited from it, as you will.Barry Harvey November 15th 2012 16:21:15

Being honest and straight with your clients is an overiding principle for the long term future and success of your business. Your reputation in Bristol is too vlauble to squander for what might appear to be a short term gain but would come back to haunt you.Humphrey Cook November 15th 2012 17:15:13

I spent a year in residential sales many years ago, and my wife was in residential sales for over a decade. This happens all the time there as well - overvalue it and then use all those tired excuses you've given as examples in your blog. As others have said, stick to your principles and your way will win out in the end. I can miss out on instructions as an Insurance Broker because someone will beat me on price. But, at least I know that whatever quote I give covers the client correctly and that I provide a top-notch service. As a result, I often win the following year when the client has experience exactly what they get when they pay a cheap price.Adam Townley November 16th 2012 10:29:19

in another area completely I fell for this and it was a D I S A S T E R! I beg you: stick to your guns. Would have replied earlier but couldn't pick up this link on my iPad!Tail-between-my-legs November 17th 2012 20:10:50

Can't think why your landlord went for another valuation, your company has always been honest and professional with me and I have had no reason to ask another in the 10 years you have been introducing tenants for my cottages. Stick to your principles Peter, I wish you well.Mike Wilmot November 21st 2012 15:21:44

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