When Aine McCambridge and her family returned from the US five years ago they couldn't believe how difficult it was to find a house in Dublin: the problem wasn't necessarily availability or price, but locating a house to view in the first place.
Having worked in the US as an estate agent for the Weichert Realtors chain in New Jersey, the contrast in work practices of estate agents in Ireland and the US came as a shock to Aine. The family rented on a shortterm basis but it took just over a year to secure a house. "In New Jersey a buyer would select an agency to act as a buying agent for them and from then on it's the agent who does all the work. Back home in Dublin I had to physically ring every individual estate agent in order to gather all the information I needed on a regular basis."
McCambridge explains how, in the US, agents locate houses to buy or sell: "You aggressively go out to find a property, which involves banging on doors, sitting down with a listing of names and addresses and cold-calling potential customers, in addition to posting fliers."
One of the main reasons for this is the huge financial incentive for agents to secure a sale. "The vendor pays the agent 6 per cent of the purchase price, of which 3 per cent goes to the agent's company and 3 per cent goes to the agent."
Because the reward is so great, a buyer is given star treatment. "A buying agent will pick buyers up and drive them around to any of the properties they want to view because they know that ultimately, they stand to make a lot of money out of them," Mc Cambridge says. In a market as diverse as the US, the reason agents can act as both a buying and a selling agent with no bias is a simple one. "Agents in the States have access to a multiple listing system which is updated every week and is known as the `agents' tool'. It's a 300-page listing available only to agents. Clients are going to you to make buying a house easy for them, so they tell you their requirements and you go through the various options with them." McCambridge now finds homes for people abroad who want to buy a house in Ireland, and for people moving into or out of Dublin. Known as a "home locator", she will bring the client as far as the auction room.
The service essentially involves building a good relationship with the potential buyer and top of the list of the things she has to do with them is to go through a big reality check. "We sit down and have a big chat about what they're looking for, I get a feel for who they are, what they like and what their needs are - everyone is very focused on the final outcome and it's a very intensive process. It's also a long learning process; they always start out very hopeful with high expectations and it's only through experience that they'll believe what you're telling them," she says.
"I might look at 50 properties but will only choose the best three and send them on the brochures. I am my clients' eyes and ears so it's very important that they trust me. A lot of time is spent on the phone discussing the pros and cons of the properties I have selected - most people have no idea of the drop in the standard of house they will have to make," she warns.
As with any service, there is a fee which averages 1.5 per cent of the purchase price, in addition to the agent's expenses.