Following our Blog in July 2012, we now draw your attention to The Age article of similar topic, Agent under-quoting. Many of the points raised in The Age article we support. Under-quoting has not changed and under the current arrangements unless the public make a complaint through correct channels it will continue to dominate Melbourne’s Real Estate Market. Greg Hocking makes a point I strongly support, regulators are ‘‘either under resourced or under inspired’’ and should ‘‘pro-actively investigate the scores of examples each weekend’’ instead of waiting for a complaint. The public are usually so disappointed that they’ve wasted their time and money they don’t care to waste any more in reporting someone through formal channels.
Buyers, take note of the tips in our Blog “How to avoid the disappointment of Agent underquoting” see link below.
We have recently come under fire from several buyers who, have clearly experienced and are frustrated by underquoting that, when we try to take the time to discuss with them recent comparable sales, they shout at us ‘just give me a straight answer’. What they miss is that, that is exactly what we are trying to do. Educate them as to the comparable sales so they can make an educated opinion around price rather than giving them a vastly underquoted price like many agents are doing. It is very much the same conversation we have with our Vendors to educate them as to the likely price of their property.
Best advice I can give, build relationships with Agents you trust and avoid the ones you don’t. Take the time to understand the comparable sales to avoid disappointment.
The Age – 17th September 2012. Estate agents cop flak as buyers bite back on auction quotes…….. http://theage.domain.com.au/estate-agents-cop-flak-as-buyers-bite-back-on-quotes-20120916-260kp.html
Our Blog “How to avoid the disappointment of Agent underquoting” written 6th July 2012 http://harcourtscityresidential.wordpress.com/2012/07/06/how-to-avoid-the-disappointment-of-agent-underquoting/