{"id":10773,"date":"2017-03-19T07:00:16","date_gmt":"2017-03-18T20:00:16","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10773"},"modified":"2017-03-19T07:00:16","modified_gmt":"2017-03-18T20:00:16","slug":"too-much-information-is-not-good-meighan-hetherington","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/","title":{"rendered":"Too much information is not good – Meighan Hetherington"},"content":{"rendered":"

Buyers agent Meighan Hetherington<\/strong> takes an interesting look at the pros and cons of how technology has changed how agents, buyers and property sellers work and why too much information can be just as dangerous as too little.
\nTranscripts:<\/strong>
\nMeighan:<\/b>\u00a0 It does. And I think the other things that an agent will really bring to the table \u2013 and particularly a buyer\u2019s agent \u2013 is to look a little deeper than what\u2019s on the screen, and that\u2019s looking at is there overland flow that might affect the value of the property. Is it right next-door to an Energex transformer? All of these things will have an impact on the property. Is there a view? Could that view by impeded? All of these you cannot put into an algorithm unless that information has been input by somebody and it\u2019s used within the algorithm.
\nKevin:<\/b>\u00a0 Yes. Quite often someone will call an agent to come out to do \u2013 well, they think they\u2019re doing a valuation; they\u2019re doing an appraisal, the possibility of listing their property, mainly because they want to know what it\u2019s currently worth.
\nBut to think that an agent can walk in with five minutes\u2019 notice and come up with some kind of a reliable valuation of property, it\u2019s simply not going to happen. Valuers who train for years have to come out and they\u2019ll spend at least an hour and a half looking at the property, making notes about it, and then they\u2019ll do their research, a lot of which is ringing agents but looking up on some of these portals, as well.
\nMeighan:<\/b>\u00a0 You have to be realistic with what it is that an agent is providing. An agent is giving you an indication of what the average buyer in the current market, who\u2019s not under duress to purchase, would pay for a property. So a market appraisal, if you like, is what a willing seller would sell for if they\u2019re not under duress and a willing buyer would be prepared to pay not under duress. What I mean by duress is if there\u2019s a financial imperative for them to do something in a short timeframe.
\nAn agent is using their experience of talking to so many different buyers, taking buyers through different properties, listening to the objections that buyers have about certain things about properties \u2013 whether that might be room size or layout or aspect or orientation \u2013 and bringing all of that information together in their knowledge base \u2013 their head \u2013 and saying, \u201cWell, here\u2019s where I see the things that people will like. Here\u2019s where I see the things that people might have a problem with. Based on that and the other comparable sales, I think it\u2019s sort of in this range.\u201d
\nBut to ask an agent to walk into a property and in 10 minutes give you an idea of what it\u2019s worth, they have a bit of work to do after they see a property to be able to give that range.
\nKevin:<\/b>\u00a0 It\u2019s the hardest thing for an agent to do. I always went into it with a great amount of trepidation when I had to go and do an appraisal or a presentation of any kind. Once you get to the conversation about the price, it\u2019s always difficult and that\u2019s why many agents are actually accused of buying the listing, in other words, over-inflating the value. Because there are two things I do know, and that is that every seller wants more than their house is worth and every buyer wants to pay less than what it\u2019s worth. So you\u2019re always going to have that bit of a gap.
\nMeighan:<\/b>\u00a0 There\u2019s a fabulous cartoon about that, isn\u2019t there? Where the owner thinks their property is a mansion, the buyer thinks their property is a tent, and then the bank is there as well.
\nKevin:<\/b>\u00a0 And then the agent is sitting in the middle wringing his hands and wondering what the hell this is all about.
\nI did a search on a friend\u2019s property recently on one of these portals. I know what he wanted for it, and according to the valuation, it was something like a million dollars out.
\nMeighan:\u00a0<\/b>\u00a0Less than half by the look of it. Yes.
\nKevin:<\/b>\u00a0 It\u2019s actually worth, I think, what he wants for it because of the amount of work that he\u2019s done it, but it\u2019s lumped in with all the others in the area where the median is so low. I doubt that he\u2019ll get it, simply because he\u2019s probably over-capitalized, but it\u2019s worth every bit of what he wants, but he\u2019s just not going to get it.
\nMeighan:<\/b>\u00a0 Well, it\u2019s worth what the buyer is prepared to pay at the end of the day, and if there\u2019s not a buyer that sees the same value in it as he sees, then that is market value.
\nKevin:<\/b>\u00a0 These conversations that you have with agents about valuations, what\u2019s your opening gambit to an agent where you have a client who wants to buy this particular property but you know that it\u2019s overpriced but they really want to pay for it? How do you talk to the agent?
\nMeighan:<\/b>\u00a0 I talk about comparable sales. It\u2019s very important that I have a discussion with an agent around what has sold, where the comparables were superior and inferior, and then bring back to that agent the information that I would like them to have a discussion with the owner about.
\nAgents don\u2019t often set the price of properties; it\u2019s often the owners that set the price, and the agent\u2019s job then is to bring the market feedback. The agent can give them advice, but it\u2019s the owner\u2019s property and it\u2019s their prerogative. They can put whatever price they want.
\nI have always said my whole real estate career, asking price is irrelevant. What we want to know is what are the comparable sales? How does the property that we\u2019re interested in buying compare to those comparable sales? And how can I, as a buyer\u2019s agent, represent my buyer in the best way to get the lowest price that I can using that information?
\nKevin:<\/b>\u00a0 As always, Meighan, great talking to you. Thanks for your time.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Buyers agent Meighan Hetherington takes an interesting look at the pros and cons of how technology has changed how agents, buyers and property sellers work and why too much information can be just as dangerous as too little. Transcripts: Meighan:\u00a0 It does. And I think…<\/p>\n","protected":false},"author":176692471,"featured_media":10774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,36,22,25,27],"tags":[101],"class_list":["post-10773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nToo much information is not good - Meighan Hetherington - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Too much information is not good - Meighan Hetherington - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Buyers agent Meighan Hetherington takes an interesting look at the pros and cons of how technology has changed how agents, buyers and property sellers work and why too much information can be just as dangerous as too little. Transcripts: Meighan:\u00a0 It does. And I think...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-18T20:00:16+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Too much information is not good – Meighan Hetherington\",\"datePublished\":\"2017-03-18T20:00:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/\"},\"wordCount\":1087,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"podcast\"],\"articleSection\":[\"Kevin Turner\",\"Kevin's Update\",\"Latest Stories\",\"Property Investment\",\"Research\",\"Sponsored Channels\",\"Trends\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/\",\"url\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/\",\"name\":\"Too much information is not good - Meighan Hetherington - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2017-03-18T20:00:16+00:00\",\"author\":{\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/channels.realty.com.au\/realtytalk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Too much information is not good – Meighan Hetherington\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/#website\",\"url\":\"https:\/\/channels.realty.com.au\/realtytalk\/\",\"name\":\"Realty Talk\",\"description\":\"Your Trusted Voice For Property Investing. Anywhere, Anytime.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/channels.realty.com.au\/realtytalk\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d\",\"name\":\"rolanrush\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"caption\":\"rolanrush\"},\"url\":\"https:\/\/channels.realty.com.au\/realtytalk\/author\/rolanrush\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Too much information is not good - Meighan Hetherington - Realty Talk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/","og_locale":"en_US","og_type":"article","og_title":"Too much information is not good - Meighan Hetherington - Realty Talk","og_description":"Buyers agent Meighan Hetherington takes an interesting look at the pros and cons of how technology has changed how agents, buyers and property sellers work and why too much information can be just as dangerous as too little. Transcripts: Meighan:\u00a0 It does. And I think...","og_url":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/","og_site_name":"Realty Talk","article_published_time":"2017-03-18T20:00:16+00:00","author":"rolanrush","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rolanrush","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#article","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/"},"author":{"name":"rolanrush","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"headline":"Too much information is not good – Meighan Hetherington","datePublished":"2017-03-18T20:00:16+00:00","mainEntityOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/"},"wordCount":1087,"commentCount":0,"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#primaryimage"},"thumbnailUrl":"","keywords":["podcast"],"articleSection":["Kevin Turner","Kevin's Update","Latest Stories","Property Investment","Research","Sponsored Channels","Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/","url":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/","name":"Too much information is not good - Meighan Hetherington - Realty Talk","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#primaryimage"},"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#primaryimage"},"thumbnailUrl":"","datePublished":"2017-03-18T20:00:16+00:00","author":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"breadcrumb":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/channels.realty.com.au\/realtytalk\/too-much-information-is-not-good-meighan-hetherington\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/channels.realty.com.au\/realtytalk\/"},{"@type":"ListItem","position":2,"name":"Too much information is not good – Meighan Hetherington"}]},{"@type":"WebSite","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website","url":"https:\/\/channels.realty.com.au\/realtytalk\/","name":"Realty Talk","description":"Your Trusted Voice For Property Investing. Anywhere, Anytime.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/channels.realty.com.au\/realtytalk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d","name":"rolanrush","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","caption":"rolanrush"},"url":"https:\/\/channels.realty.com.au\/realtytalk\/author\/rolanrush\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/10773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/users\/176692471"}],"replies":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/comments?post=10773"}],"version-history":[{"count":0,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/10773\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/media?parent=10773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/categories?post=10773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/tags?post=10773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}