Agents advertising property ethically?

Viewing 5 posts - 1 through 5 (of 5 total)

savman
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@savman
Join Date: 2002
Post Count: 1
December 4, 2005 - 12:29 am
Dear All,
Sorry if this has already been covered in the archives.
I was wondering if there was any regulation from the revamp in 2004 in relation to Agents advertising properties prices in their material and the price the vendor was wanting. I was under the impression it had to be within 10% of the advertised price. Ie a $400,000 listing for a property the vendors would be after no more than $440,000
If anyone knows thanks in advance.
Yours
Savman
vexil
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@vexil
Join Date: 2005
Post Count: 15
December 4, 2005 - 11:08 am
Why not have the property valued? I never pay attention to what the real estate agents tell you a property is worth. You can get a valuation done for around $250 if you shop around.
holdencommodore
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@holdencommodore
Join Date: 2003
Post Count: 88
December 11, 2005 - 12:50 pm
Or you could spend that $250 that vexil is referring to on more marketing, hence you’re more likely to receive more interest and/or maybe more competition for your property. When supply is higher and demand is set, they’ll end up paying more for your property. That extra money in marketing will pay for itself over and over again.
The valuer isnt going to be able to sell your property, so go with an agent that has logical marketing and yes, does know the current market values, but I wouldnt dismiss the opinion of agents so quickly.
(“,) $$$ HoLdEnCoMmOdOrE $$$ (“,)
vexil
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@vexil
Join Date: 2005
Post Count: 15
December 12, 2005 - 3:19 am
Originally posted by holdencommodore:
Or you could spend that $250 that vexil is referring to on more marketing, hence you’re more likely to receive more interest and/or maybe more competition for your property. When supply is higher and demand is set, they’ll end up paying more for your property. That extra money in marketing will pay for itself over and over again.
The valuer isnt going to be able to sell your property, so go with an agent that has logical marketing and yes, does know the current market values, but I wouldnt dismiss the opinion of agents so quickly.
(“,) $$$ HoLdEnCoMmOdOrE $$$ (“,)
Actually I got the impression that savman was buying a property not selling. I guess neither of us should presume.
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holdencommodore
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@holdencommodore
Join Date: 2003
Post Count: 88
December 17, 2005 - 1:45 pm
ahh, good point, i think you’re right! sorry vexil.
Savman, the reforms mean that ideally if advertised at a range (i.e. 400+) then the + means that the range is really 400-440 (the 10% you’re talking about). This is ideal, and yes, agents obviously abuse it still, because it’s not uncommon to hear complaints come into our office about other agencies.
Having said that, and giving some of the REA’s the benefit of the doubt for the moment (plz be nice to me even though I’m an agent!) the range is sometimes impossible to predict. I could go and give you a range of what I think it will sell for, but when you get competitive buyers, then supply and demand means it’s going to probably sell for a higher price.
But, then again, as you have suggested, there are times (especially at auctions) where you will be there and it might be advertised at say 400+ and it gets passed in at 450. SOME agents still blatantly abuse it and should be reported, because it is illegal, but there’s no-one execept the public to openly police the issue.
(“,) $$$ HoLdEnCoMmOdOrE $$$ (“,)