{"id":21244,"date":"2018-05-27T01:00:15","date_gmt":"2018-05-26T15:00:15","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=21244"},"modified":"2018-05-27T01:00:15","modified_gmt":"2018-05-26T15:00:15","slug":"murky-behaviour-of-agents-darren-piper","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/murky-behaviour-of-agents-darren-piper\/","title":{"rendered":"Murky behaviour of agents \u2013 Darren Piper"},"content":{"rendered":"

Darren Piper<\/strong> is sounding a note of caution about a possible downturn in the market and the fact that this is bringing out some pretty murky \u2013 his words \u2013 behaviour on behalf of some real estate agents. We find out what they are.<\/p>\n

Transcript:<\/strong><\/p>\n

Kevin:<\/strong>\u00a0 One buyer\u2019s agent is sounding a note of caution about a possible downturn in the market and the fact that this is bringing out some pretty murky \u2013 his words \u2013 behavior on behalf of some real estate agents. Joining me from Universal Buyers Agents is Darren Piper.<\/p>\n

Good day, Darren.<\/p>\n

Darren:<\/strong>\u00a0 How are you, mate?<\/p>\n

Kevin:<\/strong>\u00a0 Very good, thank you. Darren, you\u2019re a bit concerned about some of the murky world of pricing tricks. Tell me what\u2019s happening.<\/p>\n

Darren:<\/strong>\u00a0 Yes. What we\u2019re seeing in the market at the moment is more agents putting stock to market on the major portals without pricing on. So, what\u2019s happening is it\u2019s starting to confuse the buyers even more with methods like \u201cby negotiation,\u201d \u201cfor sale\u201d, obviously \u201cauction\u201d is a pretty standard one.<\/p>\n

What\u2019s happening is the buyers who are actively looking to purchase are getting confused with where actually value or price points lie within the market.<\/p>\n

Kevin:<\/strong>\u00a0 Always when you see agents do that, it\u2019s always an indication to me, anyway, that the seller is probably are asking too much.<\/p>\n

Darren:<\/strong>\u00a0 It\u2019s a very interesting topic at the moment. The other one that we\u2019re seeing is \u201coffers over,\u201d but it doesn\u2019t mean that the vendor\u2019s expectation is necessarily close to that, so to speak. So, it just goes to show the importance of doing your due diligence.<\/p>\n

Kevin:<\/strong>\u00a0 Absolutely. That\u2019s probably one of the things that we should cover for buyers, too, is that if they\u2019re not real sure, they should get a valuation done.<\/p>\n

Darren:<\/strong>\u00a0 Yes, that\u2019s exactly right, or even look at getting a buyer\u2019s agent on their side or a professional of some sort to guide them through the transaction and let them know where value lies so that they don\u2019t over-pay, because in this market, in the market conditions at the moment, it is very easy to over-pay, and unfortunately, we are seeing that.<\/p>\n

Kevin:<\/strong>\u00a0 Of course, the Office of Fair Trading really clamped down on this fairly heavily. They don\u2019t like that practice. And I think they actually scrutinize a lot of agents, don\u2019t they?<\/p>\n

Darren:<\/strong>\u00a0 Yeah, they do. Unfortunately, it has been happening far too often, in my opinion. There was an agent recently that was fined for similar tactics, if you will. So, yes, it is happening out there, unfortunately.<\/p>\n

Kevin:<\/strong>\u00a0 It\u2019s been clouded a little bit further too by the fact that auctions don\u2019t have prices on them, and that\u2019s clearly been a debate that\u2019s raged even between the states. You were in New South Wales. The McGrath Organization were in favor of price ranging. Whereas in Queensland, it\u2019s actually been banned.<\/p>\n

Darren:<\/strong>\u00a0 Yes, that\u2019s exactly right. Queensland is the only state that the agents can\u2019t quote a figure when their particular property is going to auction. So, going back to my earlier comment, it does make it hard for buyers to understand not only where the expectations of that particular vendor are but where it sits from a price point. So, they\u2019re really just going to do their homework and be comfortable with what they\u2019re paying.<\/p>\n

Kevin:<\/strong>\u00a0 Is it any value at all, when you\u2019re talking to an agent and they have a price range on it, to try and get a handle from them as to what would be acceptable?<\/p>\n

Darren:<\/strong>\u00a0 Yes. I think the same thing is a lot of people get caught up in pricing. It probably sounds like a funny comment to make, but what I mean is a property might be listed, whether it\u2019s a price range or \u201coffers over,\u201d whenever we sign a client, I always say to them, \u201cThe way we approach it is the pricing that is on the property publicly is secondary for us. First and foremost, it\u2019s about understanding where we see value in it.\u201d<\/p>\n

Then that comes back to just really doing your homework, looking at comparable properties, square meter rates, understanding the vendor\u2019s motivation, and then putting a plan in place to purchase it within those goalposts.<\/p>\n

Kevin:<\/strong>\u00a0 One of the things we recommend when people go to auction is that they set themselves a limit and then make sure they don\u2019t exceed it no matter what happens, because when you become emotionally involved, that\u2019s when you run the risk of over-paying.<\/p>\n

Darren:<\/strong>\u00a0 Yes, most certainly. There\u2019s no doubt about it. Emotion is that the highest driver when it comes to price point. Especially in auction conditions where it\u2019s tense on the day, there is a lot of pressure, you\u2019re there, you\u2019re bidding in front of everyone, so you can put your hand up one or two more times and you\u2019ve paid another $25,000, $50,000, or $70,000 in some cases.<\/p>\n

Kevin:<\/strong>\u00a0 Your comment, too, about a downturn in the market, Darren, is that actually what you\u2019re seeing?<\/p>\n

Darren:<\/strong>\u00a0 We\u2019re seeing a bit of a correction. From a downturn point of view or lack of inquiry point of view, we\u2019re seeing buyers actively looking to purchase but anything that has \u201cby negotiation\u201d on it or even \u201cauction,\u201d they\u2019re not even making inquiry on it, which is an interesting conversation in itself.<\/p>\n

I recently had a client who had been looking for a number of months. There was a property on the market that had no price on it, and they completely ruled it out because they thought it was going to be out of their range.<\/p>\n

Kevin:<\/strong>\u00a0 Darren, great talking to you. Thank you so much for your insight. Darren Piper is a buyer\u2019s agent.<\/p>\n

Darren:<\/strong>\u00a0 Thanks, Kevin. Bye-bye.<\/p>\n","protected":false},"excerpt":{"rendered":"

Darren Piper is sounding a note of caution about a possible downturn in the market and the fact that this is bringing out some pretty murky \u2013 his words \u2013 behaviour on behalf of some real estate agents. We find out what they are. 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