Many selling agents defend underquoting by saying that the market dictated the price and competition drove it up beyond expectations. In some instances, and within limits, this is certainly true. In the case of the below property situated in a blue ribbon part of Roseville, our agents felt that this property was heavily underquoted. The […]
The FOMO (Fear Of Missing Out) Factor
Are you one of those people who religiously crawl through all the real estate listings online every day? Do you subscribe to property alerts by email or SMS so you don’t miss out on that new listing? Do you attend Open Inspections and Auctions every weekend? A property is usually the single largest investment a person makes. Hence it […]
4 Things To Know About Adding Value To Property
The comments below were published on Talking Property with Domain.com.au in response to a blog posting “4 Things To Know About Adding Value To Property” by Alex Brooks. ———- The title of your article is quite accurate. The key to renovation is “adding value to property”. There are renovations where people do in fact add value. And then there are […]
When a little history goes a long way
As Buyers’ Agents, we believe that information is power. Unfortunately in Australia, the buyers are at a significant disadvantage compared to sellers when it comes to access to information. Take the following property as an example. This property was sold on 29 August 2009 for $1.61 million. The priced advertised by the agent was “over […]
Beauty is only skin deep
Many people are so busy these days that it is understandable that when they buy a property, they want something that needs the least amount of work. Many of our clients want properties which have been recently renovated or close to brand new. Our advice to our clients has consistently been that new does not […]
Buyers’ Agent – the REAL thing
Last week, we received a letter at our office from the Real Estate Institute of New South Wales (the main trade association body for real estate agents in NSW). The letter was sent to all agents who have nominated themselves as ‘Buyers’ Agents’. Essentially, the REINSW is starting to crack down on agents who advertise […]
What do YOU think this property is worth?
Many properties which are for sale by Auction are not advertised with a price guide. However, usually when a buyer calls or asks the agent at the Open for Inspection, the agent will suggest a price range or at the very least give a sheet of recent sales in the area as comparables. There are […]
Auction Action – 11 July 2009
Two Auctions in Chatswood today saw huge crowd turnout and strong sale prices. 16 Johnson Street in Chatswood (4br/1ba/1ga) was sold at Auction today. During the marketing campaign, the quoted price guide was “over 1.2 million”. With nearly 150 people watching (see photo) and 14 registered bidders, the property was sold under the hammer for 1.426 million. […]
Trend of under-quoting
In the past couple of months, we have noticed a disturbing re-emerging trend of several agents in the North Shore under-quoting significantly as a strategy to attract buyers. Aside from this being an unethical and illegal practice, we actually feel that this is not necessarily a good strategy for the seller or their agent in the long run […]