When Real Estate Agents conspire...

I have limited access to RP data and I've been looking for properties in Brisbane- especially the Graceville Sherwood Chelmer areas.

Previously I had noticed a trend that some agents would report sales on RP Data almost a year after the sale. I figured that was so that people would see it in the Courier Mail (or on realestate.com) go "oh that's cheap lets ask the agent if they have any more at that (last year's) price." Sort of like bait and switch.

One agent told me that Ray white never reported figures so that no-one (not even other agents) would know what the market was doing. Certainly if a property is undersold or a buyer told it went for 550k when it only went for 505k it stops embarrassment for the agent by tardy reporting.

The latest trend is that the sales are reported to RP date but not the price- just listed at $0 instead. This weekend I noticed the Couriermails recent sales results included such properties- ie price listed as "n/a" - effectively useless info.

I will ask at the next open house I go to but I was wondering what is going on as it is through a few agencies this practice has recently started.

Any suggestions?:confused:
 
You will see in RP Data the "Agent Advised Sale" on properties that are reported as exchanged but not yet settled.

Settlement data comes to RP Data and other providers from the Dept of Lands but this may be some 3 months after exchange. But nevertheless, they do not rely on REAs as the only source of data.

I purchased a unit for a client on Friday for $450K. re.com has it sold as "$415-485K". What a REA hopes to gain by this is just beyond me?? :confused:

Other agents I have called when I see a sold sticker go up but nothing reported on RP Data or PDS Live, have told me that the vendors do not want to disclose the price at this time. What the? :confused: In 3 months it will become public information. It's just games which I cannot see the point of :rolleyes:
 
I found one of my transactions at wrong prices.
The sale price being a bit higher (rounded up a few K) I first thought the buyer may have passed it on and made some $$.
But my buy price (as it was on the settlement) was also wrong and Lower
So the already dodgy data gets even more dodgy and misleading when purchase prices are rounded down a few Ks and sale prices are rounded up a few Ks.
 
Smoke and mirrors cu.....every industry / profession thrives on it.


REA must be some of the most scrutinised poor bar stewards out there. There work is constantly under question by the lay person, and for the price of $ 50 per time period, Mr Joe Public can see exactly what the nuts and bolts of the deal was.


If the same type of blow-torch scrutiny was applied to yours or my profession it would be unbearable. Imagine you having to submit all of your confidential dealings with some law society, where Mr Joe Public, for a small fee, can not only interrogate exactly what you have done, but also come up to at your next meeting and challenge you with "I have data here that contradicts what you are saying". All the bluff and BS dissipates.


I couldn't imagine Mr Joe Public, for a small fee, being able to download all the nitty gritty of how I construct an oilwell, and then turn around when drilling the next one and challenge me as to why I am doing it and hustle me up to report my results, with the intent of beating me about the head with it.


This is simply de-mystifying the cliquey-ness of an industry. We all exhibit trtaits of cliquey-ness in our industries, what with professional associations set up, exclusive lingo and member only type organisations.


The trouble the RE industry faces is, because we all have grown up in one, and possibly even purchased a few, we all think we are experts in the field.


What do you reckon ??
 
To ADD:

Local agent bought a rather large block 4 doors down some 4 years ago. Ocean views, dual access. It has never been on RP Data and is now on the market.

Pays to know your market, really.

Regards JO
 
I reckon the easy availability of the data (and hence public scrutiny of it) is because companies like RPData can aggregate, onsell and profit from it.

I don't think the same level of interest or money to be made from revealing the inner secrets and workings of a house painter or say a dentist.

As the great Paul Keating once said "always back self interest"
 
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On the subject of RPData, I recently had a look via a friend and noticed that the photos are very current and include internal photos taken from re.com and/or other rent sites.

I suppose they can link to other sites, but it surprised me that the photos were so extensive, including internal shots, and that they had obviously collected them from different places.
 
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