Buyers Agent

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GUEST OBSERVER
It was no surprise that the current competitive property market was causing many home buyers to lose sleep.
According to a survey released last week by St. George Bank, more than 50 percent of the 1,000 first home buyers surveyed were losing sleep over the property hunt while 25 percent found themselves losing focus at work. 
Unfortunately there was a common misnomer that buyer’s agents were just ‘for the wealthy’ and not for the average Australian home buyer. 
The old adage ‘you’ve got to spend money to make money’ was particularly relevant when engaging a buyer’s agent and first home buyers needed to be made aware that professional help was available. 
What a lot of people don’t realise is that an investment in a professional who’s been buying property for 10 or 20 years, who has the contacts and knows how to negotiate, is actually making you money and saving you money all at the same time.
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Generally speaking extremely wealthy people can afford to lose more money than your average first home buyer.
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It comes down to a level of risk and the average Australian first home buyer is not able to take that level of risk without professional advice. 
You only have to look at the average house price 10 years ago to now to see how prices have jumped in every capital city around Australia. 
Hindsight shows what you would have made in capital growth versus the cost of engaging a buyer’s agent. 
Likewise by panicking and either overpaying or not doing anything at all costs a whole lot more than engaging a professional.
When it comes to fees, there is no industry standard however the general rule of thumb is a two percent commission plus GST on the purchase price. 
On the flipside, some buyer’s agents choose to charge a fixed fee. 
It very much depends on the suburb you’re buying in, the price of the property and how much of the service you want to pay for. 
Maybe you’ve done all the research and you simply want an independent third party to validate your opinion or you would like a buyer’s agent to bid on your behalf at auction. 
At the end of the day you need to find the right buyer’s agent that’s giving you the right level of service. 
Like anything in life, quality comes at a cost.
Rich Harvey is REBAA president and can be contacted <a href="https://www.rebaa.com.au/" target="_blank">here</a>.
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Property 101: Buyer's agents aren't just for the wealthy: Rich Harvey

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GUEST OBSERVER
Financial or economic risk is one of the greatest risks that exclusive buyers’ agents are faced with. They are dealing with a consumer who is arguably making the most significant financial decision of their lives. 
One of the most important roles of an exclusive buyers’ agent is to secure and negotiate a property for their client at the best price and on the best possible terms. In order to do this, one requires many of the skills similar to that required and expected of a qualified property valuer. 
Given this is the case, and a valuer requires something in the order of many years training at a minimum Diploma level, it seems at odds that the current market appraisal component of property services industry training curriculum is covered off in a class room environment over the space of a few days and without any practical application at all. 
A perfect case in point of the lack of skill in this area is evidenced by the recent changes made in NSW to address underquoting practices. 
1.2 Are there other issues that should be considered in assessing training standards? If so what are they? 
It is not just the present day but also the future state of the real estate and buyers’ agent industry that should be considered when assessing training standards. 
Raising the bar to enter and remain in the property services industry should not be seen as a negative proposition or short-term inconvenience. In the long term, higher training standards will serve the industry well by creating a more skilled, ethical and well-rounded property services professional. 
Consumers will ultimately benefit from the end result, which will confirm excellent service practice rather than theoretical knowledge as the key differentiator between property services professionals. 
In addition, lessons should be learned from other similar professional services industries such as financial planning and mortgage broking and the challenges they have faced and dealt with over the last few years. In particular, conflicts of interest have featured as a major challenge and brought some of the practices of those industries into question. 
1.3 What do you think should be the minimum educational standard for each category and why?
In regards to the entry level Certificate of Registration requirement it is considered that this should be accompanied by a more robust curriculum that also incorporates an experiential component such as an ‘on the job ‘supervisory element.
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This could be a set number of hours prescribed per week/month/annum where work must be supervised by an appropriately qualified superior or peer. This approach would place an onus on a licensee to endorse (or otherwise) and develop an employee so that they become suitably qualified and build up their technical skills and experience over time. After training in the core curriculum and having the required number of supervised hours, only then could someone be eligible to apply for a real estate buyers’ agent licence. 
In regards to the current licensing component, we believe buyers’ agent training should encompass the same number of the current modules that a full real estate licence entails, rather than the limited modules required at present. Understanding both sides of the real estate transaction is considered useful, even if not practiced, and thus the training should reflect this. 
2.1 Although it is clearly possible to enter the property services industry without any experience, how often does this occur? 
REBAA currently have three levels of membership for buyers’ agents: Full (minimum 24 months experience), Provisional (12-24 months experience) and Learner (new to industry and less than 12 months experience) with the majority of members being full members (91%). This is a reflection of REBAA membership only, however there are several buyers agencies being set up by principals and directors in NSW with little or no field experience in real estate, valuation or similar fields. Though currently legal, we believe this to be a concern for consumers and clearly needs to change. 
2.2 What are the practical consequences of the absence of a time based requirement to enter the property services industry? 
In summary, the consequences of having no time-based requirement to enter the property services industry include: 
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A lower quality and calibre of buyers’ agent entering and representing the property services industry. 
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Higher risk of mistakes and poor behaviours emerging through professional negligence and misconduct. 
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Misunderstanding the role and perception of an exclusive buyers’ agent and what they do, compared with someone who may operate within a real estate sales office as a buyers assistant and call themselves a buyers’ agent 
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<li>Poor consumer perception of the buyers’ agent and property services industry overall.</li>
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People without a property background or actual experience entering the property services industry pose a real risk to those they represent. We have heard of cases of mortgage brokers or fanatical property investors setting up shop as so-called “property experts” and not conducting adequate due diligence on the properties they recommend to clients.</div>
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The key risks coming from a lack of time based experience may include: 
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Over-paying on property 
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Selecting poor investment grade property or locations 
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Coercing clients to buy inappropriate properties 
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Not listening / understanding client needs (especially home buyer clients) 
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Inappropriate auction tactics or behaviour 
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<li>Tarnish the reputation of buyers agents.</li>
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2.3 What does time based experience achieve?
Time based experience provides a learning-by-doing approach. This provides real life examples and scenarios where skills can be developed and practised, within a supervisory situation under a licensed professional, rather than relying on theory alone. Field experience is vital to build up knowledge, develop skills and learn from more experienced buyers’ agents.
The benefits of time-based experience include:
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<li>Exposure to industry best practice</li>
<li>More experienced buyers’ agent (property services) professionals</li>
<li>Greater chance of a better calibre, more experienced and professional buyer’s agent industry developing.</li>
<li>Consistency in quality and professionalism available to consumers</li>
<li>An industry where service and practical knowledge is the key differentiator for consumers when engaging a buyers’ agent.</li>
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<div class="column">3.1 What needs do the current CPD requirements meet?</div>
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 The current time commitment of CPD requirements in NSW seems generally fair.</div>
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 In terms of content range and accessibility however, they do seem to specifically cater to real estate sales professionals rather than more specialist streams of the property services industry such as buyers’ agents.</div>
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 Under the current system, without relevant content for all property services professionals, the existing continuing professional development model risks being treated as a box ticking exercise rather than something that encourages professionals to learn and genuinely advance their skills within their relevant fields.</div>
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 3.2 What are benefits of CPD and what are the costs to business?
 
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The general benefits of CPD where course content is relevant, accessible and is delivered effectively include: 
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Future investment in the industry 
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More experienced property services professionals who can mentor future members
In terms of the costs to business of CPD these can include:
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<li>down time where staff are unavailable whilst attending training</li>
<li>lack of return on investment (companies may pay for staff who then leave)</li>
<li>the actual economic cost (if paid for on behalf of staff)</li>
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If CPD courses were more relevant for buyers’ agents it is considered that the costs to business would be more readily accepted, recognised and embraced.
3.3 What are the problems or issues with the existing CPD regime in NSW?
REBAA has identified the following problems with the existing CDP regime in NSW:
Limited CPD courses or training with content relevant to professionals practicing as exclusive buyers’ agents.
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<li>There is an inherent assumption that all property services professionals start or stem from being a real estate sales professional</li>
<li>Lack of acceptance of non-property services industry delivered training as suitably meeting CPD requirements (e.g. improving general business skills, negotiation skills) which would arguably be better delivered by external providers outside of the property industry</li>
<li>Limited policing leads to complacency so an online system where property service professionals must log CPD attendance could be linked to renewal of licence. This is similar to a model that is adopted in New Zealand where a real estate licence will not be renewed if training is not logged.</li>
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3.4 Are the current requirements relevant?
In their current form, the existing CPD requirements in NSW in regards to buyers’ agents are overall not considered entirely relevant for the reasons previously stated.
Whilst the time commitment required for CPD compliance seems reasonable for existing property services professionals, the content range and therefore suitability for exclusive buyers’ agents is currently lacking.
REBAA considers that barriers to entry should increase in the first 2 years of entering the property services industry by mandating a higher CPD commitment that includes an ‘on the job’ style supervised coaching/training component where technical skills are the focus.
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4.1 What are the current problems with the delivery and assessment of training for the property services industry? 
There are a very limited number of providers who actually deliver specific training for buyers’ agents. 
Lack of consistency and quality in the content and depth of specific training for buyers’ agents delivered by the limited providers. Typically it is delivered on-line via correspondence or by practising real estate sales agents. 
At present, the delivery and assessment of training specifically aimed at buyers’ agents is entirely theory based with little or nil practical component required. 
The current training requirements for a buyers’ agent are such that a person can obtain a buyers’ agent licence with no practical experience at all. 
Whilst a course to obtain a buyers’ agent licence can be obtained in as few as 8 days, there are known cases where training providers delivering the content have shortcut the process to 3 days. This is a great shame and of significant concern for the industry and for those who attend. 
4.2 What problems have arisen and what are the impacts on the industry? 
Being able to act on behalf of buyers in a fiduciary role on what is often the largest financial decision of their lives requires professionals who are adequately trained, experienced, skilled and highly knowledgeable about the tasks they are performing. 
Consumers need to have confidence that their representative has been trained accordingly to manage the buying process and all that it entails, in a professional and diligent manner. 
The impact of inadequately trained, inexperienced or previously non-supervised agents being able to open a buyers’ agency and immediately act for buyers would include the following: 
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Lack of consumer faith in an industry that is already viewed as poorly-trained 
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Higher legal risks in terms of professional indemnity and claims from clients and relevant third parties
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Buyers being poorly informed about the process and potentially over-paying needlessly for a property
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<li>Receiving sub-standard service and results</li>
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4.3 What changes should be made to the delivery and assessment of training for the property services industry?</div>
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<div class="column">REBAA considers that consideration of specific training content suitable for the various streams of property services professionals should be more widely considered.</div>
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This potentially would include relevant course content for buyers’ agents developed specifically by buyers’ agents through professional associations such as REBAA and REINSW and include practical components that are more relevant specifically to buyers’ agents roles. 
Consideration/credit should also be provided to potentially recognise existing training delivered overseas (either on-line or face to face) developed for buyers’ agents in established markets such as the United Kingdom and the United States of America. 
In these markets, the buyers’ agent industry is well established and advanced when compared with Australia. With the exception of local market knowledge and intricacies the content of available courses could be much better suited. 
5.1 What are the key issues in relation to cross border operations of property and achieve? 
There are local property services professionals practising as buyers’ agent that work in a particular geographic area that spans multiple states, specifically the NSW/Victoria and NSW/QLD state borders. 
These professionals are currently required to obtain mutual recognition yet arguably are just as qualified as someone operating in one state. Rather than penalise these local operators, greater focus should be paced on interstate operators who have a faux presence in multiple states. 
There should be a greater focus placed on training requirements and assessable demonstrated knowledge of the local regulations and property laws before interstate licences are effectively rubber stamped as mutually accepted. 
5.2 What are the current barriers to achieving mutual recognition? 
It would appear there are currently limited barriers to mutual recognition for buyers’ agents. In many states, the mere payment of a fee will secure mutual recognition of a real estate licence permitting someone to operate in another jurisdiction. 
REBAA considers that greater emphasis should be placed on an applicant to be able to demonstrate they have the required local market knowledge before they can secure mutual recognition and practice in another jurisdiction. 
5.3 How might we improve mutual recognition for auctioning of property and livestock? 
REBAA does not feel this question is relevant to buyers’ agents.
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Rich Harvey is president, The Real Estate Buyers Agents Association of Australia (REBAA) and can be contacted <a href="https://www.rebaa.com.au" target="_blank">here</a>. This is his submission to NSW Fair Trading on the Review of property industry training standards.
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Professional development model risks being treated as a box ticking exercise: Rich Harvey

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GUEST OBSERVER 
Fundamentally I believe that it is too easy to get a real estate agent license in NSW and it is too easy to keep it.
We need to increase barriers to entry to reflect the high value of real estate and associated risks in both buying and selling.
The Certificate of Registration competencies appear to be significantly less than when I got mine through the TAFE system back in 2000.
CPD points are largely viewed as a box ticking exercise and not a way to keep current with best practise. The fact you can get 12 points by attending the REINSW Women in Real Estate Conference shows what a mockery this whole system is.
The fact that licensees in charge are required to supervise their staff would lend itself to having a supervision component of their CPD requirement. I would be in favour of 4 additional points per year, for example.
I support a return to the system where one could not get a license until they had 2 years industry experience.
Key issues for BUYERS AGENTS
Buyers agents have not been treated as a separate occupation, rather as as a subset of selling agents, with a cut­down version of the license.
This is a major problem because the RISKS associated with having an inexperienced/uneducated buyers agent far outweigh those of engaging a sub­standard selling agent.
Buyers agents actually need MORE training than selling agents ­ specifically in the areas of a) identification of property faults, b) assessing strata reports, c) valuation/appraisal, d) investment benchmarks/strategies, e) negotiation skills, f) buying at auction.
Buyers agents who buy investment properties need to advise their clients on what constitutes a good investment. This veers dangerously close to financial advice and yet this is currently not addressed in the licensing requirements.
I believe that more buyers agent licenses are acquired by people without experience than other types of license. It should not be possible for somebody without experience to be able to get their license and then set up a business advising consumers on the purchase of property. It is perceived by many in the industry to be an easy license to obtain.
Poor skill level in a buyers agent can result in potential losses to the tune of hundreds of thousands of dollars ­ in either short or long term.
The term “buyers agent” is often misused and adopted by many sales agent’s assistants (who are engaged in handling buyer enquiry for the stock listings held by their agency) and also by property spruikers (often peddling developer stock and offering “investment seminars” which are actually sales presentations).
Consumers are often confused by this and a distinction needs to be made.
This could be achieved by improving the qualifications needed to be able to use the term.
1.1 Are there additional risks that should be included in an assessment of training standards? The risks associated with inexperienced buyers agents recommending poor quality property, property that does not actually suit their client’s needs, or (THE BIG ONE) paying too much for the property.
1.2 Are there other issues that should be considered in assessing training standards? If so what are they? Who can actually call themselves a buyers agent ­ consumers need to be confident that a buyers agent actually has the relevant license or certificate of registration and is working under the supervision of a licensed buyers agent.
1.3 What do you think should be the minimum educational standard for each category and why? I believe a licensed buyers agent should hold a diploma ­ there is much more involved in property selection, assessment, due diligence and valuation/appraisal than is reflected in the current license. The certificate of registration should be specific to the requirements of a buyers agent.
2.1 Although it is clearly possible to enter the property services industry without any experience, how often does this occur? I have met many licensed buyers agents who became licensed without prior experience. Many REBAA members entered the industry in this way (I would guess 50 percent).
2.2 What are the practical consequences of the absence of a time based requirement to enter the property services industry? Buyers agents are learning “on the job” at the expense of their clients.
2.3 What does time based experience achieve? Exposure to industry practise (hopefully best practise ­ which is more likely to occur if qualifications are raised). Many buyers agents start out extremely naive, so time based experience would address this issue.
3.1 What needs do the current CPD requirements meet? I’d argue none.
3.2 What are benefits of CPD and what are the costs to business? Benefits are minimal unless the licensee in charge insists on specific courses. The costs can be as low as $99 per staff member and the course can take as little as 4 hours. Some licensees expect their staff to pay for themselves and do the course in their own time (or online).
3.3 What are the problems or issues with the existing CPD regime in NSW? As above. In my experience CPD points are not taken seriously. The RTOs I have had experience with over the years tend to give out the answers to the assessments. Rather than try to impart knowledge and skills, the focus was on being able to quickly complete the open book assessment at the end of the session.
3.4 Are the current requirements relevant? No.
4.1 What are the current problems with the delivery and assessment of training for the property services industry? The expectations of the organisations delivering it.
4.2 What problems have arisen and what are the impacts on the industry? Minimal actual education/skills development results in poor standards across the industry, particularly when people work for small, under resourced firms that provide little or no staff training. The impact is obvious, especially when compounded with the fact it is too easy to get a license in the first place.
4.3 What changes should be made to the delivery and assessment of training for the property services industry? Buyers agents should have their own category, which reflects the risk to consumers from getting advice from inexperienced practitioners. CPD points need to be taken seriously. The expectation of RTOs in terms of assessment of skills and learning outcomes needs to be beefed up.
5.1 What are the key issues in relation to cross border operations of property and achieve?
5.2 What are the current barriers to achieving mutual recognition?
5.3 How might we improve mutual recognition for auctioning of property and livestock? I am not qualified to answer these questions.
Veronica Morgan is principal, Good Deeds, and can be contacted <a href="https://gooddeeds.com.au" target="_blank">here</a>. This was her submission received during the public consultation period for the Review of Property Services Industry Training Standards in NSW.
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It's too easy to get a real estate license in NSW: Veronica Morgan

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Angus Raine of Raine &amp; Horne says that expats who are typically spending $3 million-plus for a future home in Australia need a buyers’ agent to identify good buys and to then negotiate the sale. 
“Because of the tyranny of distance and the amount of money they are spending, expats shouldn’t just rely on only their on-line research,” says Raine. 
And expats shouldn’t rely too heavily on the help of their relatives, he suggests. “They need experts to really work on their behalf.”
Buying near a good private school often heads the wish-list of expats with the desire for their children to attend secondary school often the trigger for expats to return to Australia. 
Potts Point estate agent Vicki Laing, from Laing Estate Agents, noted some expats rely heavily on their Sydney-based relatives to inspect, at least initially, possible purchases.
"In many cases, expats first identify potential buys on the internet and then ask their family to inspect the properties."
Shayne Harris of Savills Australia says parents really enjoy inspecting properties and representing their expat children.
“They are obviously proud of their kids and pleased to be on the ground looking after them.” 
But Harris says that over reliance on relatives can lead to issues and disappointment.
Buyers’ agent gave noted some vendors regard expatriate buyers as "wood ducks", or easy targets especially if the expat buyers unwittingly send a message to vendors that they have plenty of money, are poorly informed about the local property market and have little time to inspect properties.
Shayne Harris says expats tend to look for houses in good condition that can be rented immediately after settlement.
He says an expat can claim excellent negative-gearing tax breaks that might ease the reality that rents for top-end properties are significantly down.
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Expats ought not rely just on property research from relatives

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Cohen Handler Buyer’s Agents have announced the departure of CEO and co-founder Ben Handler.
Over the past eight years, Ben (below left) has worked with Simon Cohen (right) to build Cohen Handler across Australia after founding the company with $5,000 in 2009.
Cohen Handler has grown from two people working from a bedroom to 70 plus staff members across six offices in three countries.
It has purchased more than $3 billion worth of property along the way.
“It’s been an incredibly difficult decision to move on," said Handler.
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"After eight years, I felt it was time for something new.
"I have lots of exciting business ventures in the pipeline, and I’m looking forward to the next chapter in my life.”
Simon Cohen, co-founder and managing director, said he was "obviously disappointed." 
“I will be stepping in to cover Ben’s role in the short term, and his contribution to the business will live on in the Cohen Handler brand."
In 2013-2014 before the Potts Point-based firm went national, Cohen Handler reported $2.9 million revenue reflecting 152% annual growth with 27 employees.
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Cohen Handler co-founders split

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Buyer's agent representation group the Real Estate Buyers Agents Association of Australia has elected Rich Harvey as president.
Rich Harvey is also managing director of Propertybuyer and volunteer chairman of the Buyer's Agents Chapter of the REINSW.
Mr Harvey said better licensing requirements and training for buyer’s agents would be a key focus for the association moving forward. 
“Our main focus is to educate and promote good buying practices to consumers and bring together like-minded professionals who share the same commitment to ethics and industry best practice," Mr Harvey said.
“There is a risk of lack of due diligence, as well as a risk of overpaying, without the correct knowledge and experience."
Former REBAA president Jacque Parker served for three years. Veronica Morgan from Good Deeds Property Buyers has been appointed vice president. 
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Rich Harvey elected RBEAA's new president

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The budget end of Melbourne’s prestige market faces tough challenged, according to Melbourne buyers' agent Nicole Jacobs. 
Jacobs defines the entry-level prestige market as between $2.5 million to $3.5 million. 
"This gets you a fairly modest family abode in Hampton close to the beach, a single-fronted home in Albert Park that is liveable or a sizeable apartment or, if you are lucky, a townhouse in Toorak," she blogged.
But this section of the market had changed slowly over the past 12 auction weekends. 
"Properties that are compromised by way of position or floor plan, are unrenovated or on the wrong side of the street, are finding it tough," she told Domain readers.
"The family home market at this level is very discerning and it is often the buyer’s first big property upgrade.
"Expectations are high and the competition tough.
"They also know when the price does not reflect the value in the area.
The clear message for vendors was "meet the market or be on the market for some time".
"The market is changing and it is now time for buyers to have the upper hand," she says. 
Jacobs agrees good properties in this price bracket were still selling well, but the key was getting the price right. 
"Get it wrong and the property no longer attracts competition among anxious buyers. 
"It is passing in, in many cases on a vendor bid, and then appearing as a private sale with an asking price at or above the original advertised price range.
"Clearly, the only competition is the vendor."
Emma Bloom, from Melbourne buyer's agent Morrell &amp; Koren, told Fairfax Media that auctioneers were pulling out all stops to get the tiny number of bidders to raise their paddles. Many agents were also hitting the panic button and selling before auction.
"If you put in any bid, it's yours," she suggested.
"Everyone's standing around with their hands in their pockets."
But last month following a $9 million sale of a 2000sq m luxury house in Glen Iris, she expressed the opinion: "It was a ridiculous price." 
"Whoever says there is a slowdown needs to be watching what's happening in the leafy inner suburbs of Melbourne," she said.
Emma Bloom further claimed many expats fear the Australian property market could become even more competitive and expensive because of record low interest rates and high immigration.
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<div id="article-inline-ad" class="adWrapper">"They are super nervous about the tide going out and being left with nothing," she advised, in an article on the $5 million plus market.</div>
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<div class="adWrapper">"They fear not having anywhere to live if they don't buy now."</div>
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<div class="adWrapper">Informed weekend market commentary came from long-established real estate agent Greg Hocking, from Greg Hocking Holdsworth, who suggested it was "a mixed bag at the moment.”</div>
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<div class="adWrapper">“Buyers are becoming more critical and that is very evident.</div>
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<div class="adWrapper">"We had a couple of decent sales today, but there were a couple of others where prospective buyers just stood there and did nothing.”</div>
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Nicole Jacobs says Melbourne's 'budget prestige' market is becoming a buyers' market

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Many discretionary vendors don't think it is quite the right time to test the market in the emerging few months of 2019.
But the early bird 2019 vendors have actually done okay, with less competition on the Saturday auction scene.
We have had two weekends with the preliminary Sydney clearance rate sitting nice in the 50s.
The boss of Ray White Brian White wasn't surprised has he'd sensed buyers are looking for opportunities in the markets that have been hardest hit by the recent adjustment. 
Agents had been noticing since early January that the numbers of attendees at their open for inspections were well up on the same time last year, which gave them some confidence.
Ofcourse inspection numbers are just one indicator, getting hands up at auction quite another feat.
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All the negative headlines - sometimes validated by chats among friends and family around the backyard summer bbqs - do have the capacity to undermine our collective psyche.
The early 2019 auction volumes are low, and therefore harder to read in market direction, but there is a possibility some would-be buyers have said enough, and are happy to buy.
February auction clearance rates are always much stronger than where the prior year left off. 
Last December auctions saw a fatigued 40 per cent clearance rate, according to CoreLogic.
The auction success rate had declined through the year having opened 2018 with a 64 percent February clearance rate.
Through the years there have been big new year rebounds. 
There was a huge turnaround coming out of the global financial crisis over summer with the December 2008 success rate being 42 percent but 63 percent in February 2009.
Confident starts after the summer break are or course no guarantee that the entire year remains strong.
Especially as while the new listings around Sydney in the past 28 days are down by around 22 percent on last year, there are very high levels of unsold auction and private treaty stock left over from last year that might be a weight on the 2019 market.
CoreLogic calculate unsold Sydney stock left over from last year sitting now at 27,000 or so, which is up 15 percent on last February's 23,000 offerings, meaning much more choice for buyers than this time last year. 
It was at 19,000 listings in February two years ago.
We don't know the bone fides of all these vendors, and some are just there as window displays for estate agents keen to use dormant listings as a means to attract bites.
Vendors do need to be aware that the market is far tougher, even for the most experienced of agents.
The average private treaty is seeing an 8.7 percent discount on asking price before any house sale, and 8.8 percent for apartments.
This time last year it was required 5.7 percent discount on asking price before any house sale, and 5 percent for apartments.
Attuned pricing is more important than ever if vendors want to get a quick decent sale.
Getting wise counsel on the asking price or likely reserve price for an auction is crucial when thinking of just which agent and which sale process best suits your home.
Don't necessarily automatically pick the agent who suggests they'll get the highest price.
Ofcourse go with a confident realistic agent, but ensure your agent selection process includes getting prospective agents to advise on their recent sales and listings.
And ask just where the prices began with these marketing campaigns.
This article was first published in the Saturday Telegraph.
 
 
 
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