Gazumping literarily means ‘rip off’; ask an unreasonable price. It is an act of increasing the rent of price for a property in respect of which offer and acceptance had earlier been made. This involves sudden change in price or rent that landlord had earlier accepted. In most cases, this is not caused by the agent but by the vendors, although some agents also do it in order to obtain the highest possible rent or demand. They do so by trying to convince the prospect to increase the amount he had earlier offered due to other “serious” offers that was earlier received.
