BBC2's docu-soap about estate agents in London is a big success. So, could Property People happen here, and would our estate agents welcome such a warts-and-all look at their working lives? Edel Morgan reports
RTÉ says it has no plans to screen the Irish version of BBC2's docusoap Property People about the cut-throat working lives of London estate agents.
One wonders if RTÉ changes its mind whether it could persuade any of the big Irish estate agents to throw their doors open to reality TV scrutiny - or whether their daily working lives would prove a walk in the park compared to that of their London counterparts.
The first episode of Property People showed the intense and sinister world behind the welcoming shop front of Greene & Co's branch in fashionable Belsize Park where the agents have to fight - not only rival companies - but each other to bag a sale in the depressed south-west London market.
One estate agent, 34-year-old Richard Blanks, a former salesman who chose to work on a commission-only basis, was filmed in a constant state of high dudgeon as he desperately tries to clinch his first sale for months. When the deal on a property in South Hill Park - which would earn him a £3,000 sterling commission fee - looks in jeopardy he lashed out with an expletive-filled tirade.
In a classic David Brent moment he declares "selling houses is like a game of chess" before admitting "I don't play chess".
While the Irish property market hasn't reached the slump that poor frazzled Richard Blanks has to contend with, it has slowed somewhat in recent months. Although most estate agents won't admit it openly, this has meant that commission fees have become more negotiable as agents vie with other companies to take on properties that are a relatively safe bet.
The standard commission rate estate agents charge on the sale of a property is between 1.5 per cent and 2 per cent - although in the past this has tended to be more flexible for properties in the €2-3 million-plus price bracket. These days, however, it appears that even the commission on a relatively modest house (from €350,000 upwards) in a good location is open to negotiation.
I heard recently of one vendor who agreed a 1 per cent commission on a house worth less than €1 million. In another case the owner of a modest two-bedroom house in Booterstown got valuations from three estate agents which ranged from €380,000 to €425,000. Their fees varied from 1.3 per cent to 2 per cent. One of the estate agents who pitched in at 2 per cent - and also gave the highest valuation - said her company's fee would be reduced if the house sold for a top price. It may be advisable to get this in writing to avoid any confusion after the fact.
If a property is in a good location and is likely to represent a speedy sale for the auctioneer, it may be possible to agree a flat fee rather than a percentage of the selling price. How small this fee is may depend on how good your negotiation skills are and how sellable your property is.
While saving a few thousand euro on the fee is not to be sneezed at, it is also important to take into account the service being offered. It can be wise to choose the one that comes highly recommended and to make sure the agent assigned is au fait with your property.
Recently, while viewing a house in North Strand, the estate agent couldn't answer any of the questions I asked about the house down to the basic "does the adjacent garage actually belong to this property?" (It didn't). She took note of my queries and said she'd call me but never did. The following week I went back to see the house and a different estate agent from the same firm was there who also knew nothing about the house and didn't get back to me with the relevant information. The only useful function either of these agents seemed to perform was to open the front door and let people in.
Many of us have experienced viewings - often in the evening - when the agent not only knows very little about the house but makes it clear by their hangdog demeanour and mono-syllabic answers that you are making them late for their tea.
The more professional ones will make it their business to know every nook and cranny of the property they are selling, its history and the amenities of the surrounding area.
Competition between rival firms might be stiff but do Irish estate agents experience the kind of vicious in-fighting witnessed on Property People?
Unsurprisingly, most will say they haven't experienced it personally. According to Simon Ensor of Sherry FitzGerald, a high commission rate can be the cause of divisiveness within a company "and is not necessarily in the client's best interest. The pay structure should encourage people to work as a team. It's fair to say the vast majority of estate agents earn a percentage of commission and there are big variables within the industry, from 5 per cent of a salary to 25 per cent, and 25 per cent is not uncommon."
Some estate agents operate commission on a branch basis while others award it on an individual basis. Few estate agents opt to work on a commission-only basis but there are a small number who rent their own desk space and are only as good as their last sale.
Pat Gunne, chief executive officer of the Gunne Group, doesn't believe it is necessarily advantageous for a company to employ someone entirely on a commission basis as it can cause dissension and "good people are not going to work in a bad working environment".
As for the prevalence of cut-throat tactics, he says: "Every place is different. Some businesses focus on individual achievement and others concentrate on team work. It varies from business to business."
So would the industry welcome a warts-and-all look at Ireland's estate agents? "Yes" says Simon Ensor. "I think it would be a very good programme but far less entertaining than Property People, you wouldn't get the same extremes of behaviour."
