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The properties with no price

Discussion in 'The Buying & Selling Process' started by Wall Street, 10th Dec, 2015.

  1. Wall Street

    Wall Street Well-Known Member

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    I'm lucky enough to have longstanding relationships with many of the agents in the areas that I target. They're typically easy and efficient to deal with and great to get off market deals from.

    However, I've been meeting a new breed of agent lately. They're young, cocky (cockier than normal) and are convinced that they're in a constant game of mental warfare where they need to out-manipulate everyone they meet.

    **Begin rant


    I don't like mental warfare. I'm too dumb for it! If I want to buy something, let me know roughly what the vendors are expecting/hoping for (to the nearest 10, 20, 30% - not fussed) and see the property and go to the auction/make an offer. Without a starting price, it is very hard to make an offer - and now I can never seem to obtain a starting priceo_O

    Typical phone conversation...

    Me: Hi, I'm ringing about about X property that I saw on the internet. I'm interested and would like to know what the expected price range is.

    Agent: Ah yes! X property is the best property we've had in a long time! It has a bathroom and also rooms that you can sleep in. It has a kitchen that food can be prepared AND cooked in. You should definitely come and see it.

    Me: That sounds nice. How much are the vendors looking at?

    Agent: The price is still to be determined, But you should definitely come and see it!

    Me: Unfortunately, price is pretty important to me. I don't think it would be worthwhile attending without a rough indication. When the price range has been determined, please let me know.

    Agent: We will only be able to put a price on it once we have had a few open for inspections.

    Me (getting annoyed): So when they listed the property, the vendor has never indicated price that they'll look at?

    Agent: Well we're still unsure as to...

    Me (properly annoyed): Don't worry. I'm not interested in wasting any more of your time.

    Agent: They'll take offers between 450-500k.

    ** End rant

    Does this happen to other people too, or do I project 'idiot' through the phone line???


    PS - Sorry to sound condescending or rude... I just had it happen with 3 properties that I inquired about this morning:mad:
     
  2. BKRinvesting

    BKRinvesting Well-Known Member

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    I'd say it's a result of the recent boom(s), "Property is worth whatever the buyer is willing to pay".

    I have a mate whose oldies owned an agency and he was a REA with them for a number of years. He always mentioned how many new agents turn up in the Boom times, then post-boom when they actually have to work for their living then they all crash/burn/run away.
    These new ones probably haven't had to earn that humility yet.
     
  3. Xenia

    Xenia Adelaide Property Manager Business Member

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    It's difficult to establish a price sometimes with unique properties, but they should still have a range before its narrowed down to specifics.
     
  4. EN710

    EN710 Well-Known Member

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    It's not only for REA, also with some house builders agent and others.

    For REA, when it says open to offer (no price), I think they're trying to gauge what the market is willing to pay especially in hot market. I usually just tell them that I'm based interstate, so if there's no pricing then I'll move on to the one that has. They usually give me indication then.

    Hate it when they say "you should come and see it" and no price. I don't need to see it to know whether or not it's in my price range. Falling in love on the product/ house doesn't change the fact that it's not in my range o_O
     
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  5. Rixter

    Rixter Well-Known Member

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    Yes Im seeing the same thing too..

    Another marketing ploy Im seeing being employed more and more often is the -

    Sale by X/x/XX date (unless sold prior).. Classic example here.

    Its basically boils down to a private auction which is completely the opposite behind transparency reasoning of auctions in the first instance.

    Go figure o_O
     
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  6. Wall Street

    Wall Street Well-Known Member

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    Sale by set date is annoying... but it mainly seems to apply to higher end properties. I'll stick to my budget buys for now... unless they have no price.
     
  7. Perthguy

    Perthguy Well-Known Member

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    I agree. The person selling the property must have some idea of how much they want. You don't just call up an agent and say "sell my house. I want as much as you can get for it"
     
  8. Perthguy

    Perthguy Well-Known Member

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    Haha. We should just start lowballing anything without a price. For example, this one on the market in Perth is for sale for "Offers". I don't know the area but I would guess the expected sale price would be between $600,000 and $650,000. I should go in and offer them $499,000. :D

    If the agent says "you are wasting your time and my time with this offer", I would respond "you are wasting your time and my time by not pricing this property" :p

    It's getting out of control. Agents are marketing properties in Perth now with no photos, no address and no price. Seriously? To get my interest as an investor, a property should have a price, an address and at least one photo of the property.
     
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  9. Wall Street

    Wall Street Well-Known Member

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    Using this at this first opportunity :D
     
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  10. Wall Street

    Wall Street Well-Known Member

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    Oh wow - new idea! The "PropertyChat Obvious Offer Price Movement" (POOP Movement).

    If you don't indicate a price range, everyone on the forum will inundate the agent with low-ball offers!

    A grassroots movement for change! Vote POOP!
     
    Mr Dabolina, wombat777, MTR and 8 others like this.
  11. Wall Street

    Wall Street Well-Known Member

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    Sorry about the above. Bored at work
     
  12. Perthguy

    Perthguy Well-Known Member

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    Naa. I reckon you are onto something. Everybody should POOP. :D:)
     
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  13. S.T

    S.T Well-Known Member

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    I'm not selling anything
    Can you grab the s32 go around the RE and deal with the vendors solicitor by presenting an offer?
     
  14. Scott No Mates

    Scott No Mates Well-Known Member

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    Well, they can't be accused of misleading advertising or underquoting let alone advertising a property which they don't hold an agreement with the vendor.
     
  15. Perthguy

    Perthguy Well-Known Member

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    :)

    Wink, wink, nudge, nudge... I have this property coming up, I can't disclose the location or price but I'm sure you will be interested... :p

    Example: but at least this one has a price... :rolleyes:

    DUPLEX BLOCK IN Bedford WA 6052 - House for Sale #120409021 - realestate.com.au
     
  16. Scott No Mates

    Scott No Mates Well-Known Member

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    @Perthguy - Now all the agent has to do is convince the owner that they want to list and sell.
     
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  17. Perthguy

    Perthguy Well-Known Member

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  18. Perthguy

    Perthguy Well-Known Member

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  19. Wall Street

    Wall Street Well-Known Member

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  20. Scott No Mates

    Scott No Mates Well-Known Member

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    But only if they disclose it