‘Don’t share your budget’: Phil Spencer shares key estate agent tip for property buyers

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Property pro Phil Spencer has shared more of his advice with buyers looking to purchase a home in the current housing market. One of the key aspects of buying a home is liaising with estate agents. In episode two of the Move iQ podcast, property expert Phil was joined by Nathan Emerson, CEO of Propertymark, a membership organisation for estate agents.

The property experts discussed the pros and cons of local agents vs property portals.

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

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

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

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“They know people that maybe didn’t move six months ago and probably would consider moving now.

“Again, it’s a relationship business.”

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

“It’s as simple as that,” he said.

“Nobody is there to not help people.”

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

Their jobs are made easier if a prospective buyer gives them as much information as they can.

Estate agents also get the information buyers need up front to help them make that transactional decision.

Nathan said in an active market, like the current housing market, buyers will often “panic buy”.

He explained: “Something will come up, they will run to it there’s 10-15 other people looking at it, they’ll buy it and then afterwards they start asking the questions they would normally ask themselves later and of course we end up in a whole cycle.

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



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