Search results

My advice and to all here who have experienced under quoting and want to do something about this annoying practice is to dob the re-offending agents into the OFT (you can do so anonymously via their complaint form- NSW one is here...

This is certainly true and in any market, there can be buyers willing to pay over market however this isn't the issue here. It's about quoting it at a price that the vendor is willing to accept and that which usually matches the written estimation provided by the selling agent to the vendor...

And so it continues again.... more promises to tackle underquoting with Bresic and Whitney in the headlines this time round.... http://www.dailytelegraph.com.au/news/nsw/under-the-hammer-sydney-real-estate-agency-prosecuted-for-under-quoting/story-fnpn118l-1227262738596 Their examples are...

And it continues..... Three recent examples: 1. Agent told me and my client $950K+ sold for $1.32m 2. Agent told everyone $750K+ and sold for $1.011m 3. Agent disclosed guide of "around $1.5m" + sold for $1.8m I like EPS's idea of publishing reserve one week out- no strategy is...

Thought I'd resurrect this thread given the recent crackdown on underquoting here in Sydney. Looks like OFT have finally grown some teeth and are doing on the spot fines and exposing other shonky sales agents who are clearly doing the wrong thing...

Hi Nek To answer your question YES it does apply to auction selling agreements as well. There are two sections on the selling agreement- one where the agent is required to put their price estimate and another section where the reserve is written by the vendor. Whilst it's certainly true in...

Ay yes..... Ray White's standard response. You're actually better off going around the question by asking them what comps they used to appraise this property. This can often be a better method and prevents the agents from possibly being prosecuted for underquoting (not that it happens very...

Hi Lil You're spot on about one of the reasons- more exposure means a bigger crowd at the auction, by enticing buyers in with a lower price tag. When us humans see a large gathering we assume that there must be something worthwhile for sale - a bit like the street busker encouraging his...

I had an interesting conversation with a buyer recently (not my client) who was so sick of missing out at auctions they have now decided to avoid them altogether. Not so common really- lots of buyers do this already as they prefer transparency in pricing. However, it turned out that this...