A study by Yopa shows a staggering 25% of recent homebuyers have confessed to using bribes, ranging from cash to acts of kindness, in an attempt to win over sellers and clinch the deal on their dream property. This research sheds light on the lengths people are willing to go to in the competitive housing market.
Yopa’s investigation involved a survey of 1,080 individuals who had successfully purchased a home within the last year, aiming to uncover the extra steps they took to ensure sellers favored them over other potential buyers. Interestingly, only a small fraction (3%) admitted to gazumping—a tactic where buyers submit a higher offer after another offer has already been accepted by the seller. Given the cooling of the market in 2023, the low incidence of gazumping reflects the changing dynamics of property transactions.
However, the decline in gazumping does not imply a reduction in effort from buyers eager to make a good impression and stand out to sellers.
First Impressions Count
The survey highlighted several strategies employed during the initial viewing to make a positive impact:
- 34% of buyers made a concerted effort to praise the property continually.
- 22% made sure to arrive early for viewings.
- 14% dressed smartly to impress.
Additionally, 11% feigned interest in the local community, 10% complimented the seller directly, and 9% pretended to be interested in the seller’s personal stories, all in an effort to curry favor.
Keeping the Lines Open
Maintaining communication was another key strategy, with 51% of respondents saying they kept in regular contact with the seller. Furthermore, 30% went as far as gathering intel on other potential buyers to better position themselves.
The Art of the Bribe
The survey also uncovered more direct approaches to winning over sellers:
- 24% offered some form of incentive or bribe.
- 28% touted their ability to make a quick purchase due to no onward chain.
- 24% identified themselves as cash buyers, providing proof of funds to support their claims.
Homely gestures were also popular, with 20% offering baked goods, and 10% providing professional services for free. Another 10% admitted to giving a cash bribe directly to the seller, bypassing the agent, while 4% proposed a free dinner or tried other charming tactics.
Despite the moral ambiguity, 89% of those who tried to sweeten the deal reported success, securing the purchase of their desired home.
A Gray Area of Morality and Legality
Verona Frankish, CEO of Yopa, commented on the findings, “Incentivising sellers with bribes is nothing new and it’s certainly a grey area that flirts with the lines of legality, not to mention the fact it’s somewhat morally questionable. The irony is that, in hotter market conditions, the practice of gazumping is one that is not only rife, but completely above board and it happens year in and year out. As a seller, there’s certainly nothing wrong with building a rapport with potential buyers but it’s best to always maintain a degree of distance with them when it comes to the formalities of selling your home.”