In this week’s episode of the Property Planner, Buyer and Professor Podcast, the team pick apart the behaviours of real estate agents that drive buyers up the wall and shed light on the method behind the madness, as Dave, Cate and Pete discuss:
- Why would an agent leave a price tag off the listing? This comes down to understanding what is market centric for the area that you’re purchasing in. The trio reveal the reasons why the listing may not include a price tag and how this could present a hidden opportunity to take advantage of.
- What is the psychology behind underquoting auctions? While this may cause endless frustrations for purchasers who repeatedly miss out, there are reasons why agents adopt this practise. The trio discuss some of the quirks of each state, what the legislation dictates, and how buyers can overcome this hurdle if it strikes.
- Why do some agents talk in riddles when asked about a price tag? Ultimately, the agent does not work for you, their job is to get the best outcome for the seller. This means that you will be sometimes find yourself on the front line of many well developed, tried and true negotiation tactics.
- Why is it naïve to assume an agent will negotiate exclusively with you? Whilst it may be frustrating to think you’ve put in a winning offer, only to find out hours later that another buyer has come over the top of you, this is the agent doing their job. The more people who are involved, interested and willing to purchase, the better outcome the agent will secure. Rather than being sour grapes about competition, buyers should be on the front foot, quizzing the agent prior to submitting their offer to explore how the agent intends to deal with any competing offers.
- Why do agents shop around after receiving a firm offer for purchase? Encountering competition from other interested buyers is part and parcel of the home buying process. The trio share with you the tips and tricks you can use to minimise the risk of another buyer submitting a winning offer after you’ve already submitted yours.
- What does it mean if an agent doesn’t ask for your offer in writing? The typical way to submit an offer, is by returning a signed contract with consideration. We share with you the reasons why an agent may direct you to hold off on submitting your offer in writing.
- Why do buyers sometimes miss out on being notified when an auction property they were interested in gets sold before auction? It’s rare that this is because the agent is no good at their job. If you’re interested in a property, now is not the time to be playing possum! The trio outline what you should do if you’re interested in a property
- Why do some properties get sold to someone else in a hurry, even after you’ve told the agent that you’re ready to put in an offer? The reasons are many and varied, ranging from the risk that you present, your past dealings and history with the agent or there are simply other candidates more fiscally desirable than you. The Property Planner, Buyer and Professor unpack what that means and how you can present as a rock-solid buyer with minimal risk.
- And of course, our ‘gold nuggets’!
Cate Bakos – The Property Buyer’s Golden nugget: how to navigate the price conversation with agents, if you’ve done your homework and you’ve reverse engineered your search, pick out a couple of properties that have recently sold that you liked that were in your price point. Have a chat with the agent on how they feel this particular property stacks up to the ones you’ve chosen. You can then have a conversation with the agent to see if they feel the property is comparable, superior or inferior. You would then get a good idea of what the agent is thinking and the vendor.
Peter Koulizos – The Property Professor’s Golden nugget: you need to select your real estate agent. There are two categories, agents that you like to buy from and agents that you like to sell through.