House hunters slam French estate agents
A recent poll carried out by Languedoc property specialist website www.creme-de-languedoc.com suggests that foreign buyers in France think French estate agents are over-paid and provide poor levels of service. However, confidence in French property, particularly in the Languedoc area, is still very high.
Carried out over three months, the www.creme-de-languedoc.com Property Buyers Poll reveals some controversial results. The poll was completed by over 500 foreign home owners, all of whom had bought property in the Languedoc region of southern France.
"Daylight robbery"
By a margin of 3-to-1, respondents felt that 'French estate agent commissions are daylight robbery'. So in terms of value for money, buyers felt agents were hugely over-paid. With UK commission rates around 1.5 per cent, the standard 5-10 per cent charged by French estate agents was resented.
"We paid 7 per cent to our agent - and for that, we got poorly written property details with awful photographs. I just don't understand why their commissions are so high. Maybe that's why there are so many of them!" - Steve Craig
A small majority also feared that French estate agents inflate prices for foreign buyers.
"There are many sharks in the industry who will inflate prices exorbitantly when they see you are a foreigner, and who try to pull all kinds of dirty tricks to seal a deal. Go on recommendation if possible." - Sharon Black
However, investment company My French House told www.assetz.co.uk that they believe such an attitude is outdated and that French estates view Brits as "canny and shrewd" investors who will not be duped into making whimsical decisions.
A spokesman for My French House told Assetz, "The British have been buying in France for quite some time now and they know exactly how things work and what to do and what not to do."
"Take it or leave it" attitude
The quality of service offered by French estate agents was called into question, with 50 per cent of respondents feeling agents 'didn't listen to our brief - they just showed us what they wanted to sell'.
"The estate agents almost never called us with house listings that fit our requirements." - Don Weedman
"French agents have a ' take it or leave it' attitude." - Barry Lester
Certain British estate agents operating in France were also criticised for taking too much while adding little to the process.
"I know of Brits being done and overpaying so-called British "property finders" who overcharge unnecessary services" - Ruth Negri
A buoyant market
By a 3-to-1 margin, respondents felt that 'there are bargains to be had - if you look hard enough'. This is in line with recent official figures released by FNAIM, the French association of estate agents, that suggest prices for property in Languedoc are still low compared to Provence, and still growing at a much higher rate.
The caveat of 'if you look hard enough' was further explained by the fact that, again by a 3-to-1 margin, respondents felt that 'I found properties shown to me by estate agents to be pretty shoddy'. The low quality of property in the area is probably the result of decades of under-investment, caused by once-low prices and a flat market - before the market started to accelerate in the past 5 years. Clearly, then, good quality properties are still relatively hard to find, but once discovered, offer excellent value for money and healthy investment potential.
This finding is further backed up by the fact that, by a huge margin of 5-to-1, respondents felt that property in the Languedoc region 'is still a good investment - prices are rising well.'
Most found the French property buying process easy to understand, and a small majority felt it was worth appointing 'your own notaire or English legal advisor when buying property'.
Overall, despite reservations about estate agent commissions and low levels of service, respondents seem very optimistic about the value that property in France (and in Languedoc in particular) offers, with the caveat that finding the elusive 'bargain' requires some effort and persistence on the part of the property hunter.
A recent poll carried out by Languedoc property specialist website www.creme-de-languedoc.com suggests that foreign buyers in France think French estate agents are over-paid and provide poor levels of service. However, confidence in French property, particularly in the Languedoc area, is still very high.
Carried out over three months, the www.creme-de-languedoc.com Property Buyers Poll reveals some controversial results. The poll was completed by over 500 foreign home owners, all of whom had bought property in the Languedoc region of southern France.
"Daylight robbery"
By a margin of 3-to-1, respondents felt that 'French estate agent commissions are daylight robbery'. So in terms of value for money, buyers felt agents were hugely over-paid. With UK commission rates around 1.5 per cent, the standard 5-10 per cent charged by French estate agents was resented.
"We paid 7 per cent to our agent - and for that, we got poorly written property details with awful photographs. I just don't understand why their commissions are so high. Maybe that's why there are so many of them!" - Steve Craig
A small majority also feared that French estate agents inflate prices for foreign buyers.
"There are many sharks in the industry who will inflate prices exorbitantly when they see you are a foreigner, and who try to pull all kinds of dirty tricks to seal a deal. Go on recommendation if possible." - Sharon Black
However, investment company My French House told www.assetz.co.uk that they believe such an attitude is outdated and that French estates view Brits as "canny and shrewd" investors who will not be duped into making whimsical decisions.
A spokesman for My French House told Assetz, "The British have been buying in France for quite some time now and they know exactly how things work and what to do and what not to do."
"Take it or leave it" attitude
The quality of service offered by French estate agents was called into question, with 50 per cent of respondents feeling agents 'didn't listen to our brief - they just showed us what they wanted to sell'.
"The estate agents almost never called us with house listings that fit our requirements." - Don Weedman
"French agents have a ' take it or leave it' attitude." - Barry Lester
Certain British estate agents operating in France were also criticised for taking too much while adding little to the process.
"I know of Brits being done and overpaying so-called British "property finders" who overcharge unnecessary services" - Ruth Negri
A buoyant market
By a 3-to-1 margin, respondents felt that 'there are bargains to be had - if you look hard enough'. This is in line with recent official figures released by FNAIM, the French association of estate agents, that suggest prices for property in Languedoc are still low compared to Provence, and still growing at a much higher rate.
The caveat of 'if you look hard enough' was further explained by the fact that, again by a 3-to-1 margin, respondents felt that 'I found properties shown to me by estate agents to be pretty shoddy'. The low quality of property in the area is probably the result of decades of under-investment, caused by once-low prices and a flat market - before the market started to accelerate in the past 5 years. Clearly, then, good quality properties are still relatively hard to find, but once discovered, offer excellent value for money and healthy investment potential.
This finding is further backed up by the fact that, by a huge margin of 5-to-1, respondents felt that property in the Languedoc region 'is still a good investment - prices are rising well.'
Most found the French property buying process easy to understand, and a small majority felt it was worth appointing 'your own notaire or English legal advisor when buying property'.
Overall, despite reservations about estate agent commissions and low levels of service, respondents seem very optimistic about the value that property in France (and in Languedoc in particular) offers, with the caveat that finding the elusive 'bargain' requires some effort and persistence on the part of the property hunter.
posted by tony at 5:21 PM
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