The properties with no price

Was looking at a commercial listing. One photo of the building exterior with minimal details

ADDRESS: AVAILABLE ON REQUEST
RENT: POA

Such lazy agents..

 

Does somebody want to nominate the first property that we can all start POOPing on?

 

Such a cynical bunch in this thread... real estate agents are super trustworthy folks

For some reason I actually enjoyed this post more than the original POOP Movement post and I certainly enjoyed that one Well played.

 

4 Abney Cl Eleebana NSW 2282 - House for Sale #121503882 - realestate.com.au

Put in an offer on this one, never found out the price wanted - now its been sold without disclosing price
3 Rothglen Close Valentine NSW 2280 - House for Sale #121234278 - realestate.com.au

 

I could not find an example at the time but agents are really marketing properties with no price, no address and no photos. Here is a property for sale:

Address: available on request
Price: Contact Agent
Photos: one picture of tomato lake

Kewdale address available on request - House for Sale #121750422 - realestate.com.au

Hey, at least they narrow it down to a locality: FRONT ROW TOMATO LAKE LOCATION

 

There is one agency in particular in an area I keep an eye on, they never put address....this is flipping annoying too, then these same guys and another couple that put no price, or put express sale, market guided etc etc, thing is, property is as slow as a wet week in this area for the most part.

Basically, myself, if no price or address, then I am onto the next place, could not care less, so many properties even in hot markets, if I cannot know asking $$$ and look at the street, check easements, maps etc etc before contacting the agent, why bother....most just put you on the spam list anyway and I think that is the aim many times.

FWIW have found may agents in the Bris area I look at are all pretty good, so thumbs up to them I just saw your in Melb.....they seem more shocking than Sydney agents

 

Actually, I did exactly this on Friday.

 

You just described every rental I have looked at in inner Sydney, ever. They put them up in 10 minute inspection slots and every agent puts every house up for inspection between 10-11am on Saturday. Given there is no parking in that area, the best you can do on a weekend is pick 4 or 5 properties, RUN between them, race through the property with the other 30 people waiting outside, grab an application form on the way out and then RUN to the next one. You have to actually go look at them as they rarely put up more than one photo.

 

In my opinion, there should be an option to filter away all homes that are listed without prices. But hey, that would really dent business.

 

I thought you had to sign a contract with your agent when selling which lists the lowest price you are willing to accept? I know it is not binding as such but this would be a rough guide on price wouldn't it?

 

I gave her a ballpark and we agreed where to market it (we both independently know what its worth, of course), but she doesn't need to know my lowest price. It won't have a list price, but will be one of those annoying 'high xxx's' type deals. They do this a lot where I'm selling. She is an agent that I came to know well and would never buy from as she consistently gets way more than what I think is fair value. Hence she got my listing. I'm very happy for her to do her thing. She loves setting street sales records.

 

Not here in ACT. We certainly didnt. We signed a contract stating commission price but no value was ever put on it.
In fact we never even bothered ever getting a formal valuation from our real estate agent either. Because we simply didnt care what they thought it might be worth. We knew what we thought it was worth and what we were willing to accept. But even with our REA we played those cards close to our chest. He knew that he either got a good price or we would walk away from the sale. We gave him reasonably free range in choosing how to do this. It was first listed 'by negotiation' until after the first open house. A price (which the real estate agent knew was lower then value or what we would accept) with 'offers above' was put on in the day following the first open. The house was under offer within 5 days of first listing in total. Contracts exchanged as soon as the lawyers all came back from christmas holidays.
As a buyer, I dont like the real estate tactics. As a seller, I cannot complain, I got the outcome I wanted.

 

I understand that but a rental isn't renting or selling ofr $900k. When a person is trying to generate interest in an product with a price around the $900k range, it helps if they post photos of the product they are trying to sell. It would be very unusual in Melbourne for so many properties to be listed without photos and agents in Perth get much higher commissions as far as I know. I have a word for what they are doing. Lazy.

 

In NSW agents must by law give an estimated selling price in their Agency Agreement. As an agent all these offers invited prices are a waste of time. For the vast majority of buyers NO PRICE = NO INTEREST. Think of all the qualified buyers simply discrediting the property based only on the way the price is give....or not.

 

I swear the ones that list as "Vendor says must sell - Make Offer" just scream, low ball me.

I think a great way of telling how tough the market has become is the amount of agents now listing multiple apartments on the same listing to save on listing costs. Easily spotted by the massive range they set.

 

I messaged an agent about an inspection and I just heard back - she said just go look outside the house and if I like it she'll organise another time to take me through. Just a look outside is enough because apparently the land is why I'd buy it (thank you for telling me what I want) and the house is insignificant in the grand scheme of things.

Wonderful.

 

But its Melbourne, this is typical IMO.

 

I asked an agent the other day about a property advertised as "motivated seller" how "motivated" is the seller? He assured me the seller is "very motivated". I lowballed and he advised the seller is not "that motivated".

It's like advertising a property with a headline of "DEVELOPER UNDER DURESS". Screams lowball to me.

75A Wicca Street Kewdale WA 6105 - House for Sale #121538646 - realestate.com.au

 

Not necessarily.
Its also used to entice competition, I do this, you only need 2 people, start low, get the numbers and a hard nosed agent and you can do well.

 

I've had a few "price yet to be determined" agents. As someone said above for unique property I can understand it but I get the feeling some agents just do it to snag high offers. Sometimes it's more annoying than other times. In the past few weeks we've had:

- an agent tell us that a property at $350k @ 80%LVR and $300pw return is positively geared

- another who advertised a property as being located in a neighbouring suburb, which he said he did because its easier to find. Conveniently, it's also more expensive. When politely asked what's listed on the rates and wouldn't you list it as that he calmly responded "yeah, I guess you could" *chirping crickets*... It was also listed as a 3 bedroom on RE.com.au and was legally only a 3 bedroom but his for-sale board at the front of the property said 5 bedrooms.

- and another who advertised a property as being legal height downstairs. When told it was not legal (after measuring) he said - oh I just took the owners word for it. He did remove legal height from the listing after that but continued to list the property at the same asking price

Then last night my wife and I went to a REIQ seminar in an attempt to learn more about how these agents think and a key speaker mentioned a key attribute of working in Real Estate is honesty.

Maybe some think they are being honest and genuinely don't know, but there are many that are clearly not being honest. The more I learn the more I think ignore these things, follow the figures and it will work out. If agents are over-selling property in their listing it's probably a good thing for investors as we can use those things to negotiate down on price, provided others don't fall for them and snap it up before us.