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  1. #51
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    Default Have you ever gazumped someone in real estate?

    The reason a lot of agents don't auction or a lot sell prior to the auction is its really hard! It is easier to sell the house in a week , yes you **** off buyers but hey the owners happy right? ( what if there is a buyer who would have paid more?)

    With an auction campaign there is so much work to do in a set time frame and literally on the day your relying on the buyers to turn up, then when they do we have no clue if they will bid or not! Our auction yesterday , over the last 4 weeks we had over 100 buyers to show and do call backs with , over 20 interested ones, who usually want a few reinspects over ten solicitors dealing with those buyers who call us, plus vendor meetings and written reports, advertising, inspections and all the legal paperwork then you x that by another 4 auctions a month and you can see how busy 1 agent may get

    We tell sellers every day what the market is doing, if they listened to us our lives would be very easy! Then you mix in a hundred or so buyers every campaign with their own price expectations who don't believe a word you say and never tell you exactly what their top dollar is then that's a typical day in real estate! Add to that a booming market and no one has a clue! ( comparable sales mean nothing in this market )
    Last edited by Elijahs Mum; 12-07-2015 at 12:27.

  2. #52
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    Default Have you ever gazumped someone in real estate?

    Quote Originally Posted by Elijahs Mum View Post
    In my 25 years selling real estate , as good as I think I am, I can't force people to borrow extra money from their relatives or a bank , we can't make people pay what they don't have? We can't force people to sign contracts? I wish buyers would be more honest with us, nearly every buyer pays more than they tell me their budget is!
    This is what my terrible agent told me (not saying you're terrible) but she erred on the side of what ever a buyer says is gospel and didn't bother negotiating. So if a buyer said $490k was their max, she would accept it and not even try to negotiate with them. I believe all buyers are dishonest in their max offer (other than in best offers by or auction) and that an agent needs to push back and say, the seller will not accept that offer, come back to me with your best. If they have wiggle room (which I'm sure they will as realistically who starts with their best offer - not many people - everyone wants to pay as little as possible) they will offer more. If that is true they won't offer more and the agent can focus on another potential buyer. My agent just took it as gospel and said they won't offer any more, I really think this is the best offer you will get! She also auctioned all of her properties but as opposed to yourself (who has valid reasons for auctioning everything), we truly think it's because she wanted just a 4 week process if opens and auction and for is to sell so she could take her commission and run. She also never once put a value on what she thought we could get. So we got rid of her and got a new agent and after a failed auction attempt with the first agent, the second agent within 2 weeks had 5 offers and we sold for $523k, not the $490k the first agent presented is with. We actually had between 30 and 45 groups to all of our weekend opens and that was the best she could do!?

    But is the absolute crux of the problem! The smoke and mirrors involved in real estate is ridiculous. There's too many bad agents out there who are dishonest and that leads buyers to be dishonest themselves, the seller is playing games, the agent is playing games, the buyers play games.

    I'm not sure what the answer is but there is too much dishonesty and not enough transparency in real estate which makes it a horrible experience for everyone.
    Last edited by A-Squared; 12-07-2015 at 12:33.

  3. #53
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    Quote Originally Posted by Elijahs Mum View Post
    Bait advertising is illegal in NSW and heavily regulated - they can't advertise offers over $500,000 if they don't have recent sales to support that evidence - if you find an agent doing that report them, we have to get audited yearly so they have to follow up on all complaints, the fines are $22,000 for each offence
    This. This is what takes the cake. When they advertise is as 550,000 & then verbally tell you they are expecting 600+, or 250 expecting 300, or 350 expecting 420. Nothing $h!+s me more as a buyer. I've black listed agents who do this and dont even bother going to their inspections (and in one case, a whole agency)

    We've always set the bench mark of 250 - 300 for an investment & 450 - 550 for a family home. Not because we couldn't afford more but because that was what we were willing to pay.

    Sure we could've taken out a 750 loan & lived on 2 minute noodles for years but we liked our standard of living & holidays etc.

    we wanted a family home AND a life.

    Last family home we looked at was advertised for 550. Agent said seller would accept 480 for a quick sale. We were the ONLY couple at the inspection put in 480 right then & there. Monday they 'got a higher offer' & weeks later the house ended up going for 650.

    That annoyed me. We did everything right and still got knocked back.

  4. #54
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    Quote Originally Posted by A-Squared View Post
    This is what my terrible agent told me (not saying you're terrible) but she erred on the side of what ever a buyer says is gospel and didn't bother negotiating. So if a über said $490k was their max, she would accept it and not even try to negotiate with them. I believe all buyers are dishonest in their max offer (other than in best offers by or auction) and that an agent needs to push back and say, the seller will not accept that offer, come back to me with your best. If they have wiggle room (which I'm sure they will as realistically who starts with their best offer - not many people - everyone wants to pay as little as possible) they will offer more. If that is true they won't offer more and the agent

    This is the absolute crux of the problem! The smoke and mirrors involved in real estate is ridiculous. There's too many bad agents out there who are dishonest and that leads buyers to be dishonest themselves, the seller is playing games, the agent is playing games, the buyers play games.

    I'm not sure what the answer is but there is too much dishonesty and not enough transparency in real estate which makes it a horrible experience for everyone.

    The answer is auction - the biggest hurdle is the buyer, your right they won't tell me exactly what they have to spend just as an owner never tells us their bottom line - the only transparent way is to put all the buyers and the owner in a room together and let them all see what "the market" ( which is the buyer) is willing to offer, unconditionally , the owner then can see it and say yes or no

  5. #55
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    I loathe bad agents as they give us all a bad name, thankfully they don't usually last and we cannot survive in this industry without a good reputation so word spreads rapidly if you've done the wrong thing

    Real estate is one of the most heavily regulated industries in Australia, we have to abide by so many laws and acts, the Property Stock and Business Agents Act, Privacy Act, Conveyancing Act, PropertyAct, Tenancy Act , plus other standard work place regulations, Real estate agents are constantly audited by the ATO, ACCC, we have to complete yearly audits by Fair trading, taken to CTTT tribunals by tenants/landlords, disciplined by The REI, watched by Australian Securities and Investments Commission about advertising , every nightly news bulletins mention the real estate market plus much more , we have so many governing bodies keeping us in line, our regulations change quite often so if there were a "failsafe" way to handle offers and buyers trust me they would make one but they can't regulate buyers opinions or make a seller accept what they don't want too

  6. #56
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    Quote Originally Posted by Elijahs Mum View Post
    I loathe bad agents as they give us all a bad name, thankfully they don't usually last and we cannot survive in this industry without a good reputation so word spreads rapidly if you've done the wrong thing

    Real estate is one of the most heavily regulated industries in Australia, we have to abide by so many laws and acts, the Property Stock and Business Agents Act, Privacy Act, Conveyancing Act, PropertyAct, Tenancy Act , plus other standard work place regulations, Real estate agents are constantly audited by the ATO, ACCC, we have to complete yearly audits by Fair trading, taken to CTTT tribunals by tenants/landlords, disciplined by The REI, watched by Australian Securities and Investments Commission about advertising , every nightly news bulletins mention the real estate market plus much more , we have so many governing bodies keeping us in line, our regulations change quite often so if there were a "failsafe" way to handle offers and buyers trust me they would make one but they can't regulate buyers opinions or make a seller accept what they don't want too
    I can imagine you would! Unfortunately no legislation in the work will stop an agent being lazy. My bad agent stil has heaps of listings and I have no idea why!

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    Quote Originally Posted by BerryDelicious View Post
    This. This is what takes the cake. When they advertise is as 550,000 & then verbally tell you they are expecting 600+, or 250 expecting 300, or 350 expecting 420. Nothing $h!+s me more as a buyer. I've black listed agents who do this and dont even bother going to their inspections (and in one case, a whole agency)
    This happened just yesterday. First day on the market - not even a proper listing yet and were told instantly that the offers were to be 40-50k higher than the asking price straight up as they were expecting it.

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    Quote Originally Posted by Little Ted View Post
    This happened just yesterday. First day on the market - not even a proper listing yet and were told instantly that the offers were to be 40-50k higher than the asking price straight up as they were expecting it.
    Isn't this underquoting?
    I saw this in the news recently http://m.smh.com.au/nsw/prestige-pro...10-gi8z90.html

  9. #59
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    It's funny because in Tassie no one pays above asking asking price! You always list it for MORE then you want here.

    I'd hate to be buying in Sydney. As much as I loved living there the housing market is just crazzzzy!

  10. #60
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    Quote Originally Posted by Qrazelna View Post
    Isn't this underquoting?
    I saw this in the news recently http://m.smh.com.au/nsw/prestige-pro...10-gi8z90.html
    I think though in this booming market that they can present a graph with an upward trend proving that the market is in an upward swing and most agents here will write "Offers over" to cover themselves on the matter.

  11. The Following User Says Thank You to Little Ted For This Useful Post:

    BerryDelicious  (12-07-2015)


 

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