Phil Spencer says buyers shouldn’t split their budget with estate agents

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Real estate professional Phil Spencer has shared more of his advice for buyers looking to buy a home in today’s housing market. One of the key aspects of buying a home is liaising with real estate agents. In the second episode of the Move iQ podcast, property expert Phil was joined by Nathan Emerson, CEO of Propertymark, a membership organization for estate agents.

Property experts have discussed the pros and cons of local agents versus property portals.

During the podcast, Phil said potential buyers might not want to share their “maximum budget” when looking for a new home.

However, Nathan said sometimes this information can help real estate agents find the right home for a buyer.

He explained: “The truth is that if they know there is a property a bit further away that maybe has a bit of flexibility in price, they can talk to the seller.

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“They know people who may not have moved six months ago and would probably consider moving now.

“Again, it’s a relationship thing.”

The real estate expert said if a buyer fills out an online form, speaks to a real estate agent, shares their information but then chooses not to pursue that conversation, they are putting themselves at a “disadvantage”.

“It’s as simple as that,” he says.

“No one is there not to help people.”

The CEO of NAEA Propertymark said estate agents are there to help people and match them to their dream home.

Their job is made easier if a potential buyer gives them as much information as possible.

Realtors also get the information buyers need upfront to help them make that transactional decision.

Nathan said that in an active market, like today’s real estate market, buyers are “often panic buying.”

He explained: “Something is going to happen, they’ll run to it, there’s 10-15 other people looking at it, they’ll buy it and then they’ll start asking the questions they would normally ask later on and of course we will find ourselves in a whole cycle.

“The more you share with an agent, the more you talk to them, the more they can help you get the right information to make that transactional decision.”

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