Estate Agents Stingy With Info
Jan 8th 2013, 7:22 am
#76
Forum Regular
Joined: Oct 2012
Location: Auckland (originally from UK)
Posts: 87
Re: Estate Agents Stingy With Info
How long have you been here? I have been here for a good seven years and in my experience it has been no different in all that time - it's certainly not a quirk of the current market conditions. For some reason Kiwi sellers just prefer auctions in the hope that they can squeeze a few more dollars out of the place.
Like many posters here, we simply won't bother to view anything that does not have a price on it and in talking to various people over the years we're far from alone in this. I think ultimately old skool Kiwis are total suckers when it comes to money and financial matters and always like to drive a hard bargain for an extra dollar. Reality being that they're likely being ripped off in the first place with inflated prices, but if they 'think' they saved or made an extra dollar then all is good in the world.
Why else would Farmers have a 50% off sale every week?
Like many posters here, we simply won't bother to view anything that does not have a price on it and in talking to various people over the years we're far from alone in this. I think ultimately old skool Kiwis are total suckers when it comes to money and financial matters and always like to drive a hard bargain for an extra dollar. Reality being that they're likely being ripped off in the first place with inflated prices, but if they 'think' they saved or made an extra dollar then all is good in the world.
Why else would Farmers have a 50% off sale every week?
I'm not sure how you and all the other posters that won't entertain property auctions will get on if you decide to buy a in Auckland soon, seeing as so many properties are being sold that way. You won't have a lot to choose from. Your call, obviously.
As far as the sweeping statement about Kiwis, I have met a lot over my six years here. Some are as you say but I have met many switched on, financially savvy ones as well. Maybe we have a different circle that we move in?
Jan 8th 2013, 7:29 am
#77
Forum Regular
Joined: Oct 2012
Location: Auckland (originally from UK)
Posts: 87
Re: Estate Agents Stingy With Info
A I explained, any auctioneers acting within the law will not be taking bids "off the wall" but must announce each and every vendor bid. I have been to many auctions, both my own company's and other competitors. I have never seen this happen. If I did I would report it to the REAA. Stuff like that should not be happening and if it is then it's no wonder you and others have such a low opinion of the real estate industry.
Maybe I am in the minority as far as my honesty and integrity goes. Maybe people have a bad experience or listen to a third party story and make a sweeping judgement from it. Personally, I take everyone as I find them and don't make any presumptions whilst being wary until I have had time to draw my own conclusions. I find it makes for a more pleasant way of life. Just my take on things.
Chris
Jan 8th 2013, 7:36 am
#78
MODERATOR
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
Re: Estate Agents Stingy With Info
as I said earlier we had experience with one agent which was rather painful, no move on price, no move on deposit basically told top bid or no bid, didn't help that she was selling property for her family and the builders doing the works were her brothers and then refused to let us speak to them about the plans, everything had to go through her.
In the end another agent we had dealt with from the same agent contacted us about an up coming property to get us in first, saw it, loved it exactly what we had asked him to find us. Told her we no longer wanted her property and she was, well I can move on the asking price and deposit some and then when we said no she then went on to ask why we hadn't asked her to show us around the other property. err because you didn't bother telling us about it and because you are only after money and not our interest, you refused to let us discuss the plans for the other property and refused to move things around - incidentally have seen the house since we pulled out and the cheeky buggers had put in the suggestions we had made but had been told they couldn't do.
Must say that our experience was mostly positive with the agents and the one we bought with did go above and beyond for us , told him I couldn't believe he was still married with the hours he worked. I would recommend him to anyone and would use him again in the future
In the end another agent we had dealt with from the same agent contacted us about an up coming property to get us in first, saw it, loved it exactly what we had asked him to find us. Told her we no longer wanted her property and she was, well I can move on the asking price and deposit some and then when we said no she then went on to ask why we hadn't asked her to show us around the other property. err because you didn't bother telling us about it and because you are only after money and not our interest, you refused to let us discuss the plans for the other property and refused to move things around - incidentally have seen the house since we pulled out and the cheeky buggers had put in the suggestions we had made but had been told they couldn't do.
Must say that our experience was mostly positive with the agents and the one we bought with did go above and beyond for us , told him I couldn't believe he was still married with the hours he worked. I would recommend him to anyone and would use him again in the future
Jan 8th 2013, 7:43 am
#79
Forum Regular
Joined: Oct 2012
Location: Auckland (originally from UK)
Posts: 87
Re: Estate Agents Stingy With Info
as I said earlier we had experience with one agent which was rather painful, no move on price, no move on deposit basically told top bid or no bid, didn't help that she was selling property for her family and the builders doing the works were her brothers and then refused to let us speak to them about the plans, everything had to go through her.
In the end another agent we had dealt with from the same agent contacted us about an up coming property to get us in first, saw it, loved it exactly what we had asked him to find us. Told her we no longer wanted her property and she was, well I can move on the asking price and deposit some and then when we said no she then went on to ask why we hadn't asked her to show us around the other property. err because you didn't bother telling us about it and because you are only after money and not our interest, you refused to let us discuss the plans for the other property and refused to move things around - incidentally have seen the house since we pulled out and the cheeky buggers had put in the suggestions we had made but had been told they couldn't do.
Must say that our experience was mostly positive with the agents and the one we bought with did go above and beyond for us , told him I couldn't believe he was still married with the hours he worked. I would recommend him to anyone and would use him again in the future
In the end another agent we had dealt with from the same agent contacted us about an up coming property to get us in first, saw it, loved it exactly what we had asked him to find us. Told her we no longer wanted her property and she was, well I can move on the asking price and deposit some and then when we said no she then went on to ask why we hadn't asked her to show us around the other property. err because you didn't bother telling us about it and because you are only after money and not our interest, you refused to let us discuss the plans for the other property and refused to move things around - incidentally have seen the house since we pulled out and the cheeky buggers had put in the suggestions we had made but had been told they couldn't do.
Must say that our experience was mostly positive with the agents and the one we bought with did go above and beyond for us , told him I couldn't believe he was still married with the hours he worked. I would recommend him to anyone and would use him again in the future
This is why I can't understand why some agents act the way they do. It might benefit them in the short term, but in the long term they will end up with a bad reputation and not getting any recommendations. The ones that act honestly, responsibly and try to help people will still be able to make a good living but will also get many more referrals and be in it for the long haul. I know which way I am doing things...I get lots of referrals and can sleep at night. 'Nuff said.
Jan 8th 2013, 7:45 am
#80
BE Enthusiast
Joined: Jan 2012
Location: St Albans, Christchurch
Posts: 586
Re: Estate Agents Stingy With Info
We have just bought in Chch and didn't look at a single property going to auction. Just like a friend at work who bought this month, we were not prepared to chuck away a grand for due diligence on a house that we might not win at auction.
Jan 8th 2013, 8:22 am
#81
Forum Regular
Joined: Oct 2012
Location: Auckland (originally from UK)
Posts: 87
Re: Estate Agents Stingy With Info
Also, it's quite possible to lose money putting a conditional offer in on a normally priced property. You could be far into the due diligence and they could accept another offer in favour of yours, if you don't meet the conditions in time.
As I said in an earlier post, buying and selling property in any country is an expensive, stressful pain in the a***, but we all do it. It's just up to you how you approach it and what you are prepared to do and what you are not.
Knowing how much of a pain the whole thing is and how I can do my bit to help people through the minefield at that stressful time in their lives is what gives me a kick and why I do it. The hours stink, you often get treated like something that you have brought in on your shoe and you have to be available 24/7. But, I love it. Am I mad? lol
Jan 8th 2013, 8:34 am
#82
Lost in BE Cyberspace
Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,249
Re: Estate Agents Stingy With Info
Jan 8th 2013, 8:47 am
#83
Forum Regular
Joined: Oct 2012
Location: Auckland (originally from UK)
Posts: 87
Re: Estate Agents Stingy With Info
That's fine. The fact is, according to the official figures from the REINZ, last year, 75% of properties sold in Auckland sold by auction. That still leaves 25% not going to auction. 25% of 10,000 = 2,500..still plenty to go at I suppose.
Jan 8th 2013, 8:54 am
#84
BE Forum Addict
Joined: Apr 2012
Posts: 1,603
Re: Estate Agents Stingy With Info
To answer your question about why real estate agents won't give you a figure to work to with regards to a price for a property
we are in a sellers market - lots of people looking to buy, not enough selling. The law of supply and demand comes into effect and even crappy houses have many people after them.
This leads to a situation where buyers are prepared to pay more for a house than it is probably worth.
The result is that at auction, people often pay more than what they wanted to due to the fact that they don't want to lose the property to someone else.
That is the whole point of selling a house at auction and why agents wont/can't give buyers a price to work to...they don't know what it is "worth" until the hammer comes down. Then we know!
we are in a sellers market - lots of people looking to buy, not enough selling. The law of supply and demand comes into effect and even crappy houses have many people after them.
This leads to a situation where buyers are prepared to pay more for a house than it is probably worth.
The result is that at auction, people often pay more than what they wanted to due to the fact that they don't want to lose the property to someone else.
That is the whole point of selling a house at auction and why agents wont/can't give buyers a price to work to...they don't know what it is "worth" until the hammer comes down. Then we know!
I strongly disagree with the estate agent being called a profession
unless you refer to the oldest.
By all mains look after your clients with self interest, but don't call yourselves professionals which has connotations of community interest above self.
Jan 8th 2013, 9:19 am
#85
Lost in BE Cyberspace
Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,249
Re: Estate Agents Stingy With Info
Auctions
Nationally there were 1,539 dwellings sold by auction in November representing 20.7% of all sales, up from 909 sales in November 2011 representing 15.1% of all sales. This is a new national record for the percentage of sales by auction and beats the previous high of 20.2% reached last month.
Auction sales in Auckland also reached a new record with more than 38.8% of all sales in the region in November sold by auction, or more than 1,130 sales.
Transactions in Auckland again dominated the auction market, representing 73.7% of the national total of auction sales. 38.8% of all dwelling sales in Auckland were by this method in November; this was up strongly from the 27.0% of sales by auction in November 2011. Sales by auction in Waikato/Bay Of Plenty accounted for 10.3% of the national total, Canterbury/Westland accounted for 7.7% of the national total, and all other regions combined accounted for the remaining 8.3% of auction sales in November 2012.
Nationally there were 1,539 dwellings sold by auction in November representing 20.7% of all sales, up from 909 sales in November 2011 representing 15.1% of all sales. This is a new national record for the percentage of sales by auction and beats the previous high of 20.2% reached last month.
Auction sales in Auckland also reached a new record with more than 38.8% of all sales in the region in November sold by auction, or more than 1,130 sales.
Transactions in Auckland again dominated the auction market, representing 73.7% of the national total of auction sales. 38.8% of all dwelling sales in Auckland were by this method in November; this was up strongly from the 27.0% of sales by auction in November 2011. Sales by auction in Waikato/Bay Of Plenty accounted for 10.3% of the national total, Canterbury/Westland accounted for 7.7% of the national total, and all other regions combined accounted for the remaining 8.3% of auction sales in November 2012.
Jan 8th 2013, 10:35 am
#86
Forum Regular
Joined: Oct 2012
Location: Auckland (originally from UK)
Posts: 87
Re: Estate Agents Stingy With Info
Doesn't take much to google the REINZ month data and it is well reported in the media due to the national obsession wth house prices.
I recall the item I saw on TV said that there was a lot of hype from certain agents around auction sales and that his was proving to be self-fulfilling and the most lucrative option for the agents.
I recall the item I saw on TV said that there was a lot of hype from certain agents around auction sales and that his was proving to be self-fulfilling and the most lucrative option for the agents.
Jan 9th 2013, 5:47 am
#88
Lost in BE Cyberspace
Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,249
Re: Estate Agents Stingy With Info
If you think they lied and want to take issue with it, I suggest you take it to the Broadcasting standards people.
http://tvnz.co.nz/national-news/auct...xperts-5205833
Jan 9th 2013, 6:17 am
#89
221b Baker Street
Joined: Jun 2010
Location: Miles from anywhere, Victoria, Australia.
Posts: 14,125
Re: Estate Agents Stingy With Info
http://www.nzherald.co.nz/business/n...ectid=10853204
Near the bottom of the page:
A new national record was also set for the highest percentage of sales by auction, at 21 per cent. In Auckland, almost 39 per cent of sales were by auction.
But newspapers also get it wrong I suppose.
Near the bottom of the page:
A new national record was also set for the highest percentage of sales by auction, at 21 per cent. In Auckland, almost 39 per cent of sales were by auction.
But newspapers also get it wrong I suppose.
