No price guide

No, I wouldn't. But I'd still be having a discussion with the real estate agent and expecting to get some idea of price. If they couldn't give me some kind of price indication, I wouldn't be interested in their auction.

 

I don't know the Sydney market. I'm assuming this is happening when it's a sellers' market, in which case the poor buyers have no option but to play by the rules of the sellers.

 

In my search for a PPOR here in Adelaide, one property that caught my eye before Christmas was 'Contact Agent' so I did and agent couldn't give me a price guide because of 'all the potential the property had' and recommended coming to an Open Inspection. Frustrated, I went to the the Open with my wife and once again, agent couldn't give a price guide 'as it was unique' and 'could potentially be subdivided' etc etc........My car has the 'potential' for a V8 engine but it doesn't!

I did a search myself to price the property before I went and I had it in the high 800's to 1 million max so it was a quite an expensive property. I said, surely the vendors have a range in mind?....and told the agent I didn't think that was a particularly good strategy.

Long story short, I found the agent difficult and arrogant, the property would have needed a few fixes including a paint? (and for that price in Adelaide, it should have been spot on). We left and had no further interest in the property......more than I really wanted to spend in the area anyway. After sitting idol for a few weeks, it ended up having a price range put on it and recently that price range has been reduced and it is still sitting on the market. Makes me smile a little......

No price range.....no interest from me from now on I think...

 

If agencies are going to play the game of not listing prices, then maybe we as buyers in a buyers market should do the same.

One of the first questions often asked by an agent is how much do you want to spend. How frustrating would it be if the buyers response was, we'll see how it goes or we rather not say.

 

A good way to respond to a question you don't want to answer. Is to reply with a question.

 

I actually do tell them that.
No way am I telling a REA my budget! Better for them to have no clue at all.

 

This is non auction related but a friend of mine who happens to be a REA talked about listing down the prices for properties for sale in VIC.

The link is here for a short but meaningful read. http://savoy.com.au/price-on-application/

 

Or just give a totally unrealistic price range, like they were allowed to before.

 

Great stuff!!

 

Its all one big game. The person with the most info, stays unemotional, best negotiation skills/acting and strategy, and ready to rock and roll with money generally has the advantage IMO.

 

I have sometimes said that to a real estate agent. It's none of his/her business how much I'd like to spend.

 

@Leo2413 It's part of the dance of dealing with real estate agents isn't it?. They're sussing out who the newbies are so that they can manipulate them. They're adept at the game. If they can, they'll play a buyer. I'd rather not be played. If a real estate agent won't open the dance with an approximate figure they have in mind, why should I do them the favour of doing their work for them?

 

@BigKahuna I totally agree with you and share a similar approach to it. TBH I honestly view it as serious battle and i never expect the agent to tell me anything truthful. From beginning to end. I have a strategy plan for everything. Whether it works or not everytime is irrelevant. But you can bet your bottom dollar many agents (the good ones any way) are assessing a potential buyer the second they see them.

 

I would have walked away too. They waited to put their cards on the table only when they had no one offering what they wanted. Perhaps the owner wanted too much from the get-go.