How bad this-dodgy at least, gross incompetance at best…
Have been interested in a house not far from where I live, been emailing the agent trying to arrange inspection. Was priced between $580-$620. Now I see they have changed the price to $685 lol what the?? What this tells me is either they are so incompetant that they cant value a property to within $100k (would hate to be the vendor….) or they knowing listed it $100k less initially to get interest.
Either way I wont touch these guys with a 10 foot pole!!
And now i have spotted another property advertised as being between $500-$550k, yet they also say its leased at $450 a week….right and they reckon its only going to go for $550k lol bloody didgy theives…
You never know, the agent may be fielding interest then go to auction. If too many are interested at the lower price, then they are entitled to raise it. Would you complain more if you owned it and they sold it for $615k when the market would have been $700k?
blogs wrote:Have been interested in a house not far from where I live, been emailing the agent trying to arrange inspection. Was priced between $580-$620. Now I see they have changed the price to $685 lol what the?? What this tells me is either they are so incompetant that they cant value a property to within $100k (would hate to be the vendor….) or they knowing listed it $100k less initially to get interest.
or maybe they are acting on the vendors new instructions, some agents will do that!!
Scott No Mates wrote:You never know, the agent may be fielding interest then go to auction. If too many are interested at the lower price, then they are entitled to raise it. Would you complain more if you owned it and they sold it for $615k when the market would have been $700k?I would have thought he would list it at the price it should be listed at. Listing a property at $100k less to 'field interest' is extremly dodgy. Hell why not initially advertise it for $200k less and get even more interest?? Ethics, professionals… bwahahahaha yeah right
Would I complain if they sold it for $615k when the market would have paid $700k-to right I would, I would be complaining why or earth a 'professional' agent couldnt qoute a property to within $100k of what it is worth!!!!!
diggerdigzit wrote:blogs wrote:Have been interested in a house not far from where I live, been emailing the agent trying to arrange inspection. Was priced between $580-$620. Now I see they have changed the price to $685 lol what the?? What this tells me is either they are so incompetant that they cant value a property to within $100k (would hate to be the vendor….) or they knowing listed it $100k less initially to get interest.
or maybe they are acting on the vendors new instructions, some agents will do that!!
I highly doubt it. It has been listed ofr a few weeks-what the vendor all of a sudden becomes a expert and declares his property worth $100k more than the 'professional' agent….hmmm
Ah well, whatever the case at the end of the day the market will decide its true worth
happened to me.. they listed a property at 220-245k…. i went to the open for inspection ready to make an offer at 250+k, a few days later when the s32 arrived it went to 290-315. Then sold at auction for 323,500…
stupid idiots!
blogs wrote:diggerdigzit wrote:blogs wrote:Ah well, whatever the case at the end of the day the market will decide its true worth
true enough
wealthyjvd wrote:happened to me.. they listed a property at 220-245k…. i went to the open for inspection ready to make an offer at 250+k, a few days later when the s32 arrived it went to 290-315. Then sold at auction for 323,500…stupid idiots!
who is the stupid idiot here, if the agent ends up with the extra money in the vendors pocket then by hook or by crook he has done the right thing. it seems the only person who could complain is the prospective buyer who misses out and really that is just too bad. if it was your property i bet you wouldn't be complaining. As long as it is all legal, which i am assuming is the case here, then good luck to him. You want to bargain the vendor down, so what is so wrong with him bargaining upwards.
I was actively involved in selling for quite some time and i get really sick of people whinging about agents. Vendors are a very fickle bunch and they do change their minds. Agents have to do as they are directed, that's the law folks. Sure there are dodgy ones out there, but i bet there are more politicians, solicitors, doctors and sports heroes in jail than real estate agents.s#@t happens, and any agent worth his salt that does what he can -ethically and for the vendor – to get the best price is deserving of his coin. sour grapes just don't count I'm afraid.
diggerdigzit wrote:who is the stupid idiot here, if the agent ends up with the extra money in the vendors pocket then by hook or by crook he has done the right thing. it seems the only person who could complain is the prospective buyer who misses out and really that is just too bad. if it was your property i bet you wouldn't be complaining. As long as it is all legal, which i am assuming is the case here, then good luck to him. You want to bargain the vendor down, so what is so wrong with him bargaining upwards.I was actively involved in selling for quite some time and i get really sick of people whinging about agents. Vendors are a very fickle bunch and they do change their minds. Agents have to do as they are directed, that's the law folks. Sure there are dodgy ones out there, but i bet there are more politicians, solicitors, doctors and sports heroes in jail than real estate agents.s#@t happens, and any agent worth his salt that does what he can -ethically and for the vendor – to get the best price is deserving of his coin. sour grapes just don't count I'm afraid.
Thanks, you have just confirmed what I have always known about land rats-they are glorified used car salesman with no morales, no scruples who excuse any behaviour as being trying to get the best price for the vendor. Ethics and morals have a place in society…just not in realestate it would seem.
I have many many opportunites in my daily dealings where by 'though hook or by crook' I could rip people off. Sure I would be getting the best 'coin' for those who really matter-my family…..but ……
I thought bait and switch was outlawed…?
Also I should add-my time, like most others is valuable, both personally and financially. By mis quoting they are wasting my time, time spent researching inspecting and contemplating.
oh what ever Blogs, Your obviously a fantastic human being and good on you. Great. Fantastic. However, I don't see anything in your original post to suggest any illegal , morally bankrupt or ethically reprehensible dealings and if there was you should get off your soapbox and do something about it. . Please give us the full in depth story here, because frankly I don't think your know it. I would be the first to back down and beg your forgiveness if i am wrong, but My experience with vendors suggests I am not. you just seem like one of the great unwashed that instantly jumps on the "all real estate agent are evil"bandwagon.
Do you have anything in your armoury other than (your) hearsay. I mean really do you… or is this whole thing just you assuming, and you know the saying about assume. Was the property worth $323,500 because that is all that matters really or was it sold at a $100,000 too much, would a valuer in this day and age value it $100,000 too much. Again I would suggest if it was your property you wouldn't protest so much, i suppose you would deny your family that and donate it to charity. Whats the bait and switch here, everyone has the right to get the best dollar for there property.
Land rats??? that's just plain rude. Bah!!
An as for used car salesmen, I just happened to have a bought a car this very day and the paperwork involved was about ten times more than a property contract, which is insane but designed to protect me, and the guy was very professional and treated me with total respect. Blogs, your analogies are a tad outdated.
Wow so you think that it is purely and simply due to the vendor demanding they put the advertised price up $100k huh? i think what has happened-the R.A has told trhem its worth x amount, its got a heap of interest, got some bids over the upper limit and they have gone 'oops this is actually worth another $100k'. Either way the R.A has made a monumental balls up. If not, if it is simply due to the vendor have a last minute irrational greed fest thinking they can get another $100k…hmmm we will see. Like I said ultimately the market will decide.
As for missing out on bargains etc-not even. Like I said, its more a matter of my wasted time that annoys me. Imagine if I advertised a new BMW X6 for $30k-Id have people banging my door down, then tell them oops actually its now for sale for $130k. Dont you think they would be slightly annoyed at me for wasting their time for coming and looking at the car? What would they think of me-that I was dishonest and shonky…
Hres a question for you-what is the % of auctions that sell over the upper limit of their quoted price? I bet it would be close to 80%?
Blogs, this could go on all night, and that's alright I have plenty of Bourbon and cigarettes,
Again you are making assumptions, maybe the RA made a balls up, but what better way to make up for it than getting the extra money or maybe the vendor did get the irrational greed fest, which no one can deny paid off. Assumptions. Everybody is happy at the end of the day and that would include the person who was willing to pay the $323,500, because surely they would not have paid it if they weren't . My point , is it worth it, I guess so..
You have to remember that the post you decided to attack me over was the one where the property has already sold at the higher price. So time has told. If you read my previous post I actually agreed with you over the "time will tell"on your original post. I would like to think that if some one has made a balls up and it meant the vendor got an extra $100,000 then , gosh, it's a pretty good balls up. I will allow for the fact that if the agent undervalued it then smack his hand and send him to the quiet room, but not many people with talk only with one agent before signing on the dotted line.
At the end of the day (terrible saying) you sell something for the best price you can get, and thats what it is all about. sorry if that offends you but it is human nature.
As for the time wasting, that's a bit rich, do you know how many people think it is okay to waste a RA time, make them show them property when they have no desire at all to purchase on a Sunday night. I will tell you, 9 out of 10 people do it. That's the figures back in my day anyway. so too bad brother. Swings and roundabouts my friend.
As for Auctions, dunno, don't care, i never was one for them. But I am sure I could find out.
And again your analogy with the Beemer is a bit far fetched, and if you own one ..too bad a second hand one is probably only worth 30K..damn that prestige car tax. Touche, balls in your court.
all this typing , my fingers are hurting.
diggerdigzit wrote:Blogs, this could go on all night, and that's alright I have plenty of Bourbon and cigarettes,lol well there yer first problem-bournban…urggghhhh get the man a good scotch!!
diggerdigzit wrote:As for the time wasting, that's a bit rich, do you know how many people think it is okay to waste a RA time, make them show them property when they have no desire at all to purchase on a Sunday night. I will tell you, 9 out of 10 people do it. That's the figures back in my day anyway. so too bad brother. Swings and roundabouts my friend.Have to dissagree-this is what you/they are getting paid for….
diggerdigzit wrote:And again your analogy with the Beemer is a bit far fetched, and if you own one ..too bad a second hand one is probably only worth 30K..damn that prestige car tax. Touche, balls in your court.all this typing , my fingers are hurting.
Nah not me-I drive a little bomb, would rather use the money to buy another property. Look my main problem is this-seemingly incompetance/shadyness which has led to my time being wasted. It takes time scrolling through properties, making shortlists, running property reporst etc. What I dont need is to look back a day later and see the price has changed by $100k-just get it right the first time. $100k is a pretty big jump-20%….whats the point of even using prices-why dont they just say 'turn up, make an offer, buggered if we know what its worth'?
Anyway sorry if it seemed I was attacking you-not at all, just sick of shonks in this world. I dont mind paying, but if they are going to quote a price then I would at least like it within that ball park…
Fair enough Blogs, I hate shonks as well,on this we both agree wholeheartedly but i do get a little worked up over the whole RA are all no good. Shonks are in all walks of life and, like you, I believe they should be sent to hell in a handbasket ( again, a silly saying, but you geddit).You can rest easy in the fact that my wife thinks the same about me as you probably do right now. lol.
I bid you good night and hope to catch up again. This is what public forums are all about.
Now, wheres my Bourbon?
blogs wrote:I dont mind paying, but if they are going to quote a price then I would at least like it within that ball park…blogs, there are 2 sides to this one, if the agent provides a guide for an auction and it is seems to be wildly wrong because it goes 20-30% over the guide is it the agent's poor guide or was it due to the agent creating a highly effective marketing strategy and allowing market forces to decide? Should the agent be fined by NSW dept of Fair trading for underquoting (as it often does)?
The otherside of the coin, as an investor and reader of this forum, how many times have you seen someone comment that they have picked up a property 'under market value'? Was that due to good negotiation on the part of the investor, a need to dispose of the property by a distressed vendor, a mistake by a poorly informed agent (insufficient research but still convinced the vendor) or even inadequate due diligence by the investor (may have missed sewer across the block/proposed highway bypass next door or other problems)? Do investors/purchasers complain about a 'bargain' or only about the bargain which was a money pit?
diggerdigzit wrote:Fair enough Blogs, I hate shonks as well,on this we both agree wholeheartedly but i do get a little worked up over the whole RA are all no good. Shonks are in all walks of life and, like you, I believe they should be sent to hell in a handbasket ( again, a silly saying, but you geddit).You can rest easy in the fact that my wife thinks the same about me as you probably do right now. lol.I bid you good night and hope to catch up again. This is what public forums are all about.
Now, wheres my Bourbon?
No drama mate, thanks for offering another point of view.
Scott No Mates wrote:blogs, there are 2 sides to this one, if the agent provides a guide for an auction and it is seems to be wildly wrong because it goes 20-30% over the guide is it the agent's poor guide or was it due to the agent creating a highly effective marketing strategy and allowing market forces to decide? Should the agent be fined by NSW dept of Fair trading for underquoting (as it often does)?Scott I would hope that every property a agent puts to auction involves using a highly effective marketing strategy, otherwise whats the vendor paying thousands upon thousands for? People need to remember these guys have their finger on the pulse better than ANYONE, they are well aware what a property is worth, and what it will most likely sell for. this is their job, every single day they are listing, selling and feeling demand…they know. To consistantly have properties sell at 10-20% over their advertised upper limit is just plain wrong. Really what should be happening is the sales should be somewhere in the middle of the price range, only reaching the upper or lower in extreme situations.
Scott No Mates wrote:The otherside of the coin, as an investor and reader of this forum, how many times have you seen someone comment that they have picked up a property 'under market value'? Was that due to good negotiation on the part of the investor, a need to dispose of the property by a distressed vendor, a mistake by a poorly informed agent (insufficient research but still convinced the vendor) or even inadequate due diligence by the investor (may have missed sewer across the block/proposed highway bypass next door or other problems)? Do investors/purchasers complain about a 'bargain' or only about the bargain which was a money pit?For the most part I dont pay attention to these people-I think they are mostly deluded if they think they bought under market value. What they paid is market value simply becasue if they needed to sell it straight away what would they get?-pretty much what they paid for it, and most likely not their 'percieved' market value. Just as if something is quoted to cheap and sells for 20% over-the market decided what its worth. This isnt my gripe though, my gripe is they are more than capable of quoting within a realistic range, yet they dont. That said, I would bet my last dollar far more sell over quoted than under….
You must be logged in to reply to this topic. If you don't have an account, you can register here.
