{"id":22398,"date":"2018-09-09T01:00:09","date_gmt":"2018-09-08T15:00:09","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=22398"},"modified":"2018-09-09T01:00:09","modified_gmt":"2018-09-08T15:00:09","slug":"90-of-sellers-have-unrealistic-price-expectations-justin-nickerson","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/90-of-sellers-have-unrealistic-price-expectations-justin-nickerson\/","title":{"rendered":"90% of sellers have unrealistic price expectations \u2013 Justin Nickerson"},"content":{"rendered":"<p>Nine out of ten property sellers have unrealistic price expectations. That is fair enough because everyone has a right to want to get the best price but ace auctioneer <strong>Justin Nickerson<\/strong> points out that emotion can get in the way of a sale.<\/p>\n<p><strong>Transcript:<\/strong><\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>Well, the release that I read, I\u2019ve got to say, didn\u2019t really surprise me. It talks about nine out of ten vendors have unrealistic price expectations. Now, let me put this into perspective before I bring you to our guest to talk to about this. You know, there\u2019s a saying in the industry that \u2014 and rightly so, too \u2014 that every seller deserves to get a premium price for their properties. So their expectation is fair enough. It\u2019s meant to be fairly high, but is there too high? Is the expectation too high, and can it become difficult for them to do it?<\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>I\u2019m going to talk about this to Justin Nickerson, who is a spokesperson for Gavl, who brought this research out.<\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>G\u2019day Justin, how you doing?<\/p>\n<p><strong>Justin N.:\u00a0<\/strong>Hey Kevin, how are you doing?<\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>Good mate. Sorry about that intro, but it really wasn\u2019t a surprise to me, you know, 92% of agents think that sellers have unrealistic sales price expectations. That\u2019s their privilege though, Justin isn\u2019t it?<\/p>\n<p><strong>Justin N.:\u00a0<\/strong>Yeah, absolutely. Well they\u2019re the one holding the cards, so if they want to decide that the market doesn\u2019t match their expectations for their property, then they\u2019re inclined to do that and hang on to it, but I think, always, that the sellers do have an expectation that their property\u2019s worth a certain amount. I think the data that Gavl have got off the back of the survey just sort of reaffirms that, and in some cases the market might match that, and in other cases the market doesn\u2019t quite get there.<\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>Mm-hmm. You\u2019ve only got to look at some of the online third-party sites that purport to tell you what your property\u2019s worth. You can go to three of those, and get three different estimates. I mean there is no one price for any property. It\u2019s really what someone\u2019s prepared to pay for it.<\/p>\n<p><strong>Justin N.:\u00a0<\/strong>Yeah, it\u2019s the oldest clich\u00e9 in real estate, isn\u2019t it? But probably one of the truest, I think, because I think the hardest part about it, Kevin, is that emotion is the primary driver behind a property purchase, and how do you price emotion? It\u2019s an unpriceable thing. What something is worth because of a view or because of a location is different to every single person that goes through it, so to stand there and say, \u201cWell it\u2019s got to be worth X,\u201d or, \u201cIt has to be worth Y,\u201d it just doesn\u2019t quite match up with that unpriceable element.<\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>Justin, the research also said that agents felt that the seller\u2019s expectation sometimes exceeded the market by as much as $50,000.<\/p>\n<p><strong>Justin N.:\u00a0<\/strong>Yeah, and I guess that\u2019s all scalable on the properties too, Kevin. If you\u2019re talking multiple-million dollar properties, $50,000, although it\u2019s a lot of money to you and I, is not a lot in the scheme of things, of that sale, but if you\u2019re talking an investment unit, perhaps, or a home on the fringes that maybe in the 300s, 50 grand is an awful lot of money. It can be as much as 15 or 20% of the sale price, so I think that is all a little bit keeping within the scale of what it is there, but the analysis that Gavl have done has certainly shown that it\u2019s a pretty common theme across all types of properties.<\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>Surely that\u2019s the role of the agent though, isn\u2019t it? To get the seller to see reality, to get them to \u2026 well almost accept the unacceptable. If we can accept the fact that most sellers have a higher expectation than what their property\u2019s really worth, the role of the agent becomes critical in helping them to accept the unacceptable, pretty much.<\/p>\n<p><strong>Justin N.:\u00a0<\/strong>Yeah, you\u2019re 100% right, and I think the unenviable task that agents face is, on the other side of that they\u2019ve got a buyer who doesn\u2019t want to pay what it\u2019s worth, either, so they\u2019re probably trying to burn the candle at both ends by getting both the seller to understand that they\u2019re expectations might be optimistic, and trying to talk to the buyer and say, \u201cLook, your expectation of what you\u2019re going to buy the property for is also optimistic, but in the opposite direction, and then trying to meet them in the middle, is how the deal gets done, I suppose.<\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>Right Justin, we\u2019ll leave it there, mate. I know you\u2019re very, very busy. Weekends, of course. Big auction weekend this weekend, for you?<\/p>\n<p><strong>Justin N.:\u00a0<\/strong>Yeah, yeah got quite a few, both on Saturday and Sunday, so hopefully a few good results ready for us across the weekend.<\/p>\n<p><strong>Kevin Turner:\u00a0<\/strong>Thanks Justin. Justin Nickerson there, from Gavl \u2026 spokesperson for Gavl. Thanks for your time, mate. Good calling on the weekend, too.<\/p>\n<p><strong>Justin N.:\u00a0<\/strong>A absolute pleasure, Kevin. All the best.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nine out of ten property sellers have unrealistic price expectations. That is fair enough because everyone has a right to want to get the best price but ace auctioneer Justin Nickerson points out that emotion can get in the way of a sale. Transcript: Kevin&#8230;<\/p>\n","protected":false},"author":176692473,"featured_media":22525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,36,22,25,27],"tags":[101],"class_list":["post-22398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","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":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>90% of sellers have unrealistic price expectations \u2013 Justin Nickerson - 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\/90-of-sellers-have-unrealistic-price-expectations-justin-nickerson\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"90% of sellers have unrealistic price expectations \u2013 Justin Nickerson - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Nine out of ten property sellers have unrealistic price expectations. That is fair enough because everyone has a right to want to get the best price but ace auctioneer Justin Nickerson points out that emotion can get in the way of a sale. 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