With the BBC’s estate agent ‘reality’ TV show Crazy Rich Agents hitting our screens, it’s tempting to believe that you’re seeing a fly-on-the-wall view of the property sales industry. But the reality is very different from what these small screens portray as Deborah Richards, Managing Partner of  Maddisons Residential, explains.

The US and UK property sales markets have fundamental differences:

The BBC recently broadcast their new reality show Crazy Rich Agents, in which five newbie real estate brokers walked away from their day jobs to win the chance to make it big in the world of luxury real estate. The producers aimed to showcase a more American way of selling and buying properties – high pressure, high energy and high risk.

However, there are fundamental differences to how properties are sold in the UK to the US:

  • Firstly, sales commission in the US is about 6%, whereas the average in the UK is just under 1.5%. So, in addition to high pressure, energy and risk, one should add high cost.
  • Secondly, you cannot ‘pressure sell’ property in the UK; you cannot persuade a buyer to say ‘yes’ and then get them to sign on the dotted line.

It is currently taking between 16 and 20 weeks to exchange contracts in the UK – giving buyers all the time in the world to change their minds and pull out with no penalty and no loss of deposit.

UK estate agency doesn’t work on the will of the agent

When the property market is on fire there is an urgency to get things done quickly. However, in a market that is currently dealing with higher interest rates and costs of living, most savvy buyers know they have the upper hand and the pressure is off. UK estate agency doesn’t work on the will of the agent, but the often-opposing desires of buyers and sellers: the agents’ job is to negotiate compromise to achieve a mutually agreeable end.

Key attributes of a good UK estate agent

Crazy Rich Agents doesn’t lift the lid on how things are done in the UK. Here, a good agent will have a sensible, agreeable, friendly team with your best interests at heart; have great knowledge of the local area and understand that they are often dealing with a much-loved home that is far more than just a commodity.

The producers and agents of the new series may also have overlooked the single most important attribute of any estate agent – discretion. These are the differences between a reality show and real life.

If you are looking to sell or buy a property in or around Tunbridge Wells then please get in touch, we would love to help!