How do agents prevent the sale price going on record?

Hi Guys,
I was asking my agent during the week how people prevent the sale price of a property going on the record .
In other words ;when a person searches a previous sale price on a particular address instead of getting the sale price you get a "contact agent" .
The agent said you need to tell your solicitor on purchase or sale to withhold the sale price ?
Does anybody have experience with this ?

Thanks guys

 

The agent is in control of their own advertising not the solictor.

 

You can ask the selling agent not to have it listed on the sales portals with a sold price. But you cant stop it going onto public record

 

You can't stop it.
You can probably only delay it.

Once the sale goes through details can be obtained from official sources. Accurate sale price has to be supplied for stamp duty calculation and payment.

Why would you want it suppressed anyway? You have sold, so have no further interest in the property.
Marg

 

IMO people ask the agent to put contact agent on the listing when they have knowingly overpaid from an emotional purchase and don't want nosey neighbours and family to find out. Also agents do it if they had it listed to high and it sold under expectation. Another reason an agent would do it is to see how much interest there is and drum up more contacts. Why else would there be? @Marg

 

Nosy neighbour simply rings the agent, says interested in selling, what did xxx sell for?

Only reason I can see would be for the agent to get more contacts, no advantage to the vendor as the information will be on public record before long.
Marg

 

You cannot stop it.

This is why many developers offer incentives. It means that incentives are not disclosed publicly and the developers can then negotiate individually.

Just imagine if you bought an ordinary apartment and found out you paid more than everybody else in the development?

 

Any chance the agent was selling the property at below market price and they don't want potential vendors in the area know?

 

I asked for my purchase price to be suppressed because I believed I got a bargain. A few months later the price was shown on the websites though, and the agent said that it would happen.

 

Thanks for the messages guys.
The reason I asked was at times we buy a long way under perceived market value and reno.
I was considering when/ if we ever sell ,it would be better if a buyer didn't know the low price we paid .
At the end of the day it wont make too much difference as it is worth what its worth when its time to sell I guess but interesting to know you cant stop it being online by the look

 

Most agents want the final sale price to go on record.

 

Why is that ? I thought as long as they are noted as the seller they still get the advertising they want??

 

It sets a precedence to drive other prices up if it was a good sale

 

ok yes !-maybe they would like a low sale going on too as the bargain hunters may come to them to buy property in future-I know that's what I do !

 

They may go out of business before that. Real estate is a tough gig. Most are out of business in first 5 years because they don't know what they are doing.

 

Xenia what if the property was difficult to move and sold well below the median or the price achieved for similar properties in the street. I would assume this happens often.

In this case would the agent be as keen for the sale price to be displayed immediately after settlement on the different sales portals?

 

Probably not
Personally I wouldn't care, the sale price is the sale price and as long as advertising was done correctly and there was adequate exposure then what a property adequately achieves rests on the market.

Agents can't create sale or rental conditions. Some will cause low prices by inadequate marketing plans.

As long as the agent does everything right and the price has been caused by market conditions -then that's it's price (or rental price)

Sometimes vendors or landlords sabatige their own listings too by having expensive opinions and not taking the advice of good agents

 

Be very careful what one interprets from those Last Sale numbers. Unless one knows the full story, one can be totally wrong.

Here is an example:

We had a property 60% owned by the wife and I and 40% owned by our SMSF. After about 10 years, we had gained an fair amount in equity in that property and wanted to used that equity as a deposit for other property purchases.

At the time, one could NOT use a property as loan security. So, we sold that 40% owned by our SMSF to one of our trusts. Market value was around $225,000 - so our SMSF sold its share for $90,000.

Fifteen years later, the Last Sale price is still listed as $90,000. Anyone who doesn't know better will think the property was sold way below market value.

Bring s smile to my face whenever I see it .

 

Why is it a big deal what it sold for?