Join Australia's most dynamic and respected property investment community

Real Estate Agents still getting caught

Discussion in 'General Property Chat' started by Darlinghurst Boy, 16th Jan, 2016.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    866
    Location:
    Darlinghurst Sydney
    Despite the new Laws it seems some Real Estate agents especially in Penrith NSW are being caught underqouting.
    Under the new rules agents are banned by using the terms "offers above" or offers over.

    Others thought they could get away with it using the symbol plus or an arrow pointing up.

    There has been no fines issued so far with education the first key days Dept of Fair Trading Minister Victor Dominello.
     
  2. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,347
    Location:
    4/136 The Parade Norwood, South Australia
    They also inflate the price to the vendor to win the listing then can't get the results.
     
  3. KayTea

    KayTea Well-Known Member

    Joined:
    10th Aug, 2015
    Posts:
    285
    Location:
    Brisbane
    Oh, I've been burnt by that before - big time. I was not a happy camper. Thankfully, I'm a lot more experienced now, and far more able to do my own research. I know that a house is only ever worth what the market is willing to pay, but surely an experienced, professional real estate agent should be able to relatively closely gauge the likely minimum value for a place :mad:
     
    Rugrat and Xenia like this.
  4. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,567
    Location:
    Sydney or NSW or Australia
    @KayTea - of course they can tell you what a place is worth (ie what you want to hear) & also what the market wants to hear/see.

    I feel that there will be an increase in the number of auction listings and sold priors.
     
  5. jpcashflow

    jpcashflow Well-Known Member Business Member

    Joined:
    21st Jun, 2015
    Posts:
    371
    Location:
    Melbourne
    Hi,
    Thank god for these rules. I went to a auction where the asking price was $330,00 to $350,00. I said to the auctioneer that I out a offer of $350,00 will the house be on the market? lol agent inclined to comment... anyway house was bidder for $370,00 and then bang "home on the market".
     
  6. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,347
    Location:
    4/136 The Parade Norwood, South Australia
    It's annoying to us too as agents. We will go in and appraise a property and the oweners tell us - agent xyz can get us $1000,000 and he already has a buyer, why are you saying only $800,000 and you need to do advertising?
    We also have a lot come back after the "buyer" who was going to pay $200,000 more fell through.
     
    KayTea likes this.