{"id":5696,"date":"2015-09-11T12:00:27","date_gmt":"2015-09-11T02:00:27","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5696"},"modified":"2015-09-11T12:00:27","modified_gmt":"2015-09-11T02:00:27","slug":"why-agents-underquote-property-prices-uk-property-market-what-is-apra-doing-6-habits-of-successful-investors-what-do-you-think-about-real-estate-agents","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/why-agents-underquote-property-prices-uk-property-market-what-is-apra-doing-6-habits-of-successful-investors-what-do-you-think-about-real-estate-agents\/","title":{"rendered":"Why agents underquote property prices | UK Property Market | What is APRA doing | 6 Habits of successful investors | What do you think about real estate agents"},"content":{"rendered":"

 
\nShannon Davis<\/strong> has just returned from the UK and reflects on how differently real estate transactions are conducted there and what opportunities exist for investors.
\nOur finance expert, Andrew Mirams<\/strong><\/a>, has been looking into the impact of the new APRA rules on investors and we ask Andrew if APRA\u2019s grip on the banks is too tight.
\nMichael Yardney<\/strong><\/a> looks at why agents underquote property prices and how to beat them at their own game.
\nJane Slack-Smith<\/strong> shares the 6 things she has found successful investors do and in a two part interview we catch up with the author of a report on what you really think about agents.
\n <\/p>\n

Transcripts:<\/h4>\n

Michael Yardney<\/a><\/h3>\n

Kevin<\/b>:\u00a0 My chat this week with Michael Yardney will apply to buyers in every market except Queensland, and why? That will become obvious to you in just a moment.
\nHi, Michael.
\nMichael<\/b>:\u00a0 Hello, Kevin.
\nKevin<\/b>:\u00a0 Michael, the topic for this week is about underquoting on property prices. Particularly this relates to auction, Michael.
\nMichael<\/b>:\u00a0 Kevin, I\u2019ve been to a lot of auctions where the properties have sold for hundreds of thousands of dollars more than the agents have quoted, and I know that\u2019s certainly disappointed many perspective buyers who\u2019ve missed out at auction, sometimes being misled by the agent\u2019s quoting range.
\nKevin<\/b>:\u00a0 It’s difficult \u2013 isn’t it \u2013 because agents are not valuers, yet they\u2019re expected by buyers to give them an indication \u2013 probably fairly so, too \u2013 about where the bidding will start or where it might finish.
\nMichael<\/b>:\u00a0 That\u2019s true. I think we should, first of all, say that most agents are not being dishonest. There are two elements to it. Definitely, there are some people who do try to lure a large crowd to the auction by quoting on the low end of the range. But it’s important to draw the distinction between underquoting and the situation where competitive bidding results in a sale price way above what the vendors reserve was. Boy, have I seen a lot of those, as well.
\nKevin<\/b>:\u00a0 Yes. That use to be a saying, \u201cFeed the greed.\u201d Get the buyers there, give them a low indication. All we want to do is just get the buyers there.
\nMichael<\/b>:\u00a0 \u201cQuote it low, watch it go. Quote it high, watch it die.\u201d
\nKevin<\/b>:\u00a0 That\u2019s exactly right. Those sorts of things are fairly well embedded in the industry. But I think the culture nowadays, Michael, is that agents are a lot more understanding that they have to be very transparent.
\nMichael<\/b>:\u00a0 Kevin, it\u2019s illegal to underquote. But let\u2019s remember that the auction process is designed to extract the maximum price for a property by bringing together a group of potential purchasers in a competitive environment. I\u2019m still regularly surprised how high an emotional buyer will push prices just in their eagerness to get it. I genuinely believe an auction is a good way to sell many properties.
\nKevin<\/b>:\u00a0 I said at the opening that it would apply to a buyer in every state except Queensland. The reason being is that in Queensland, the agents simply cannot quote a figure; they can only give competitive market analysis, which is an indication of what is sold in the area, which seems to me, Michael, to be abundantly a much fairer situation.
\nMichael<\/b>:\u00a0 I agree with you, Kevin. I agree. But the system happens here. There\u2019s an owner who\u2019s thinking of selling a property, so he asks a number of agents to tell him what they think his property is worth. Of course, the vendor is inclined to go with the agent who gives them the highest price, who quotes them the highest price.
\nThat\u2019s not necessarily the right way to do things. But I know some agents are a little bit generous in this appraisal. They quote a highish price, but during the marketing campaign, they put a lower price bracket there, hoping \u2013 over time \u2013 to get the eventual selling price close to what the vendor hopes for.
\nUnfortunately, the estate agent is in a difficult position. He\u2019s a broker between the vendor, who naturally wants a top price, and the purchaser, who doesn\u2019t want to pay too much, so during the auction campaign, they\u2019re walking this tightrope, not being able to disclose the vendor\u2019s real reserve price, while buyers understandably keep their cards close to their chest also, and they don\u2019t honestly tell the agent exactly how much they\u2019re prepared to pay, either.
\nKevin<\/b>:\u00a0 There\u2019s a pretty simple solution from both sides, I think, and that is that the seller should always get a valuation done, maybe an independent valuation, and buyers should really do their own homework and have that ceiling limit.
\nMichael<\/b>:\u00a0 Very much so. Currently what\u2019s happening is the regulators are getting into stop underquoting. As you said a minute ago, real estate is a state-based law, but in general, selling agents are prohibited from quoting below the vendor\u2019s reserve price and also below what the agent\u2019s estimated selling range is, and they should have a pretty good indication, as you say, Kevin.
\nKevin<\/b>:\u00a0 Yes. Quite often, though, reserves are changed, even changed midway through the auction, so it\u2019s very difficult for an agent when they\u2019ve been told they can\u2019t quote below the reserve because that reserve could quite easily change.
\nMichael<\/b>:\u00a0 Kevin, often the reserve is only finalized the day or two before the auction. You\u2019re 100% right. They will often have an idea, and that\u2019s modified during the marketing campaign based on market feedback. Definitely, I\u2019ve seen that it happen at auction, as well, where it goes up or goes down.
\nBut there are a couple of ways that potential buyers can handle these price guides that are given out.
\nKevin<\/b>:\u00a0 What are they, Michael?
\nMichael<\/b>:\u00a0 I think the first thing is it’s important to be aware that underquoting does take place. Now, I\u2019m not justifying it, Kevin; I\u2019m just saying since it occurs, it makes sense to have a pragmatic approach to it.
\nThe next one is to do what you just said a moment ago, Kevin, and that\u2019s to do your due diligence regarding the property\u2019s value and the maximum you\u2019re prepared to pay. Research the Internet, attend auctions, speak with a variety of agents. Monitor auction results \u2013not asking prices, not quoted ranges, but exactly what\u2019s been sold. Then be realistic. Use the agent\u2019s estimate as a guide only, knowing that it\u2019s likely to sell considerably above that.
\nI guess I\u2019m biased, but I\u2019d also say level the playing field. Consider engaging the services of an independent buyer\u2019s agent because these professionals have, first of all, got access to all the sales data, and they\u2019re able to analyze it and interpret it, which is probably more important, too, and they can also negotiate on your behalf.
\nOften, Kevin, a buyer\u2019s agent can speak to an agent, professional to professional, and they can go behind the curtain and see exactly what the vendor wants and what other people are saying that they\u2019re prepared to offer so that you can put a good negotiating strategy at the auction day.
\nKevin<\/b>:\u00a0 Yes. Nice plug there, Michael. I would have been disappointed if you didn’t give yourself a plug. But let me just even it out a little bit by saying that buyers need to realize that the selling agent is working for the seller.
\nMichael<\/b>:\u00a0 Totally.
\nKevin<\/b>:\u00a0 If you really do want to level the playing field, that\u2019s a great way to do it if you don’t feel confident about bidding at an auction yourself. I just thought I\u2019d put that in because I think as an independent player, using a buyer\u2019s agent is actually a very good idea.
\nMichael<\/b>:\u00a0 Thanks, Kevin.
\nKevin<\/b>:\u00a0 That\u2019s all right. I won\u2019t ask you to comment anymore, Michael. Thank you for joining us. Michael Yardney from Metropole Property Strategists. Thanks, mate.
\nMichael<\/b>:\u00a0 My pleasure, Kevin.
\n <\/p>\n

Kylie Davis Part 1<\/h3>\n

Kevin<\/b>:\u00a0 I was really interested to read some research that was released during the week by CoreLogic RP Data. Market research company Roy Morgan has been polling Australians about the trustworthiness of different professions since 1975. Real estate agents really haven\u2019t rated all that well over the years. I guess it\u2019s painting a different picture. The 2015 results are out. I\u2019m talking now to Kylie Davis who is the head of Real Estate Solutions at CoreLogic.
\nKylie, thanks for your time.
\nKylie:<\/b>\u00a0 Thanks very much, Kevin. Great to be here.
\nKevin:<\/b>\u00a0 I was really interested to go through some of these results. Let\u2019s deal with a few of them. Let\u2019s have a look at the first one. We always talk about how important it is for people when they\u2019re selling their property to call in more than one agent. But I notice that 38% of people only call in one. Is that, do you think, because agents are getting better at marketing themselves?
\nKylie<\/b>:\u00a0 I think there are a couple of things sitting behind that number. My initial reaction was, \u201cGee, that\u2019s a lot of people who are playing a bit of Russian Roulette with how they go,\u201d but what\u2019s behind it is that the people who only call in one agent have usually done a couple of behaviors before they call in that one agent.
\nThey will have probably seen an agent successfully sell a local property. They will have been to a couple of open for inspections or they will have checked out the market and seen an agent in action and been impressed by how he or she managed that process or how they interacted with them.
\nEspecially what those people who are only seeing one agent are doing in most cases is they\u2019re also doing a lot of online research. They\u2019re looking at the agent\u2019s website, finding out how that agent behaves and how they present properties and what their process and structure is. They\u2019re doing a lot of offline research. Then they\u2019re meeting the agent and interviewing them to confirm what they\u2019ve seen is good to go.
\nKevin<\/b>:\u00a0 The big drive in the industry is about becoming someone\u2019s agent before they actually need one. That probably is the end result of that type of activity.
\nInteresting there, picking up on a point that you made about how much research sellers do. They use the Internet but only 3% of vendors are influenced by social media. It\u2019s obviously not having as much of an impact as I thought it would have.
\nKylie<\/b>:\u00a0 We were a bit surprised by that. We thought that there would be more. I think that there are a couple of things at play in that space. Unless you socially know an agent because they\u2019re a friend or you know them through acquaintances, you\u2019re not going to friend them until you are in that space where you want to buy or sell.
\nI think, too, a lot of agents do social media really poorly. Posting on Twitter, \u201cI have a new house for sale,\u201d or \u201cHere\u2019s a new house for sale,\u201d is the most boring thing and no one wants to follow that. That kind behavior in that social space isn\u2019t working as a way of attracting either vendors or buyers.
\nKevin<\/b>:\u00a0 What were the big things that were attracting them? What did you find out there?
\nKylie<\/b>:\u00a0 Overwhelmingly, one of the key influences is seeing the agent perform successfully for somebody else. What that told us was that the take out for real estate agents is that every open for inspection is an audition for every potential new customer you might ever have.
\nIn fact, when you go into an open house, even if you\u2019re just kicking the tires or checking out a neighbor\u2019s home, the way that an agent treats you during that process is going to make you decide that they\u2019re worth thinking about if you ever come to use them again or whether you just dismiss them on sight, pretty much.
\nKevin<\/b>:\u00a0 Obviously, potential sellers are doing a lot more homework than I think agents realize. You make a good point there about how they perform at an open house, how they\u2019re going to be judged by that performance, and how they\u2019re going to be followed up because it\u2019s like an audition.
\nKylie<\/b>:\u00a0 It is. It\u2019s completely an audition. You have to be on from day one. A lot of real estate agents, I think they segment in their mind, \u201cI\u2019m just trying to sell this house now so that has nothing to do with my next prospect. That\u2019s a completely different behavior.\u201d In fact, what the research shows that they\u2019re really intrinsically linked.
\nKevin<\/b>:\u00a0 Was there a difference in performance or the way they\u2019re assessed between male and female agents?
\nKylie<\/b>:\u00a0 There was and there wasn\u2019t. We asked our survey respondents\u2026 And all of our survey respondents were people who had sold a home recently. I think that\u2019s a really important differentiator.
\nWhile Roy Morgan was asking the community at large, \u201cWhat do you think of agents?\u201d what we wanted to understand was people who are actually paying to use an agent in selling their home, what was their experience like in dealing with that agent and how good, bad, or indifferent was it?
\nWe asked our survey respondents if their agent was male or female, but that was all we asked. Then we basically did a whole lot of research into what the behaviors were that made an agent amazing, all right, or poor, and then we broke that down by sex. That was how we got to it. We weren\u2019t asking anyone to judge whether their male agent was better or worse than their female agent.
\nWhat came out of that, though, was that there were four or five key behaviors that an agent does or doesn\u2019t do that will determine if they are excellent, okay, or not great.
\nKevin<\/b>:\u00a0 We\u2019ll come back a little bit later in the show and tell you what those key findings were. One of the other findings we\u2019ll discuss later in the show, too, is why so many consumers lose confidence in their agent during the selling process.
\nKylie Davis, back again with us a little bit later in the show.
\n <\/p>\n

Andrew Mirams<\/a><\/h3>\n

Kevin<\/b>:\u00a0 There is a lot of talk at present about what APRA is currently doing \u2013 the prudential authority \u2013 in terms of putting the screws on the banks and maybe restricting lending to investors. Let\u2019s find out if those APRA restrictions are having any impact and, if so, what impact are they having?
\nAndrew Mirams from Intuitive Finance has been looking at this. Hi, Andrew.
\nAndrew:<\/b>\u00a0 Good day, Kevin. How are you?
\nKevin:<\/b>\u00a0 Well, thank you. Andrew, tell us firstly, what is APRA doing? Can we have a look at what, if any, the impact is?
\nAndrew<\/b>:\u00a0 Firstly, APRA is the Australian Prudential Regulatory Authority, and they are charged with looking across the banking sector, making sure the banks are lending in a good manner, they have enough capital to meet all their requirements, etc. Over the course of the last year or so, they\u2019ve had some concerns about the amount of investment lending that has been growing.
\nYou and I both know that the share market has its ups and downs, and if there are not as many opportunities for superannuation and people to put that in, they\u2019ll gravitate back to property which is an Australian favorite. It just appears that with low interest rates and the markets moving quite well in Melbourne and Sydney that APRA is a bit concerned that the weightings of investors and owner-occupiers have got a bit out of hand.
\nThey have just recently started to put a few little measures in place to try and cool the markets and maybe restrict some of the lending practices from some of their lenders to investors.
\nKevin<\/b>:\u00a0 What are you seeing? Is it having an impact at all?
\nAndrew<\/b>:\u00a0 Well, it is and it isn\u2019t. The first thing that the banks did and the best way to raise capital is to raise your interest rates, so the first thing that everyone noticed was that people, all of a sudden, were paying a little bit more. To an owner-occupier, that\u2019s a concern.
\nWe\u2019ve done a previous interview about this. Would higher interest rates to investors actually have an impact? My opinion then, as it still is now, is investors will invest on the back of what their end goal is and the wealth creation that property gives them. The fact that they have to pay 0.2%, 0.3%, or maybe 0.4% more than what their home might be at the moment isn\u2019t really a great prohibiter. They\u2019re still in an all-time record low interest rate environment.
\nIt\u2019s not going to stop them because that\u2019s still tax deductible. If anything, it\u2019s giving them a greater tax deduction to still hold that property. Good markets still have their wealth creation happening.
\nThe other thing we are seeing is that some of the lenders that were really specifically involved in investment lending, some of the tweaks they\u2019ve made with their servicing capacities and their ability to lend to investors have really been wound back.
\nI would argue there is probably a little bit of unintended consequence here because some of your niche players and your strong investment lenders have had to really pull back. They\u2019re reporting their numbers are down by up to 40% on inflows, on applications, so it\u2019s had an impact here. If investors are still in the market, what it\u2019s actually done is it means that now the major banks are actually benefiting from that.
\nI\u2019m not sure they\u2019ve quite got the tweaks right, and I\u2019ve said this to you previously. I do agree with a lot of the measures they\u2019ve implemented, but maybe not all of them.
\nKevin<\/b>:\u00a0 The one thing we do want is a healthy banking situation in Australia. We don\u2019t want to see a repeat of what happened in America. We\u2019re certainly not headed down that path, I wouldn\u2019t have thought.
\nAndrew<\/b>:\u00a0 No. Our banks are rated in the top ten in the world, our Big Four. What Australia has done is, through the lessons of the recession we had to have in the 1980s and 1990s and the ups and downs, Australians are pretty good learners. I think our regulators in the past have done a pretty good job at implementing legislation and responsible lending practices and making sure clients can afford them. Our banks are pretty good at that.
\nAt the end of the day, the banks make money by lending money and holding it on deposit, so they want to continue to go with those practices, but there has to be a balance to all of that. That\u2019s where we\u2019ve recently seen the banks coming out with some capital raisings and things like that to make sure they\u2019re holding enough capital, that if anything was to go wrong, they\u2019re well protected.
\nKevin:<\/b>\u00a0 Always good talking to you. Andrew Mirams from Intuitive Finance. Andrew, thank you so much for your time.
\nAndrew:<\/b>\u00a0 A pleasure, Kevin. Thank you.
\n <\/p>\n

Jane Slack-Smith<\/h3>\n

Kevin<\/b>:\u00a0 By now, you will have received your first video in the Ultimate Guide to Renovation video series with Jane Slack-Smith. Jane joins me.
\nHi, Jane.
\nJane:<\/b>\u00a0 Hey, Kevin.
\nKevin:<\/b>\u00a0 To get more information about this fantastic program, use the link on the homepage at Real Estate Talk. Click on that link and you\u2019ll get all the information you need.
\nIn that first video, Jane, you\u2019re walking through a property. I know that you\u2019ve been dealing with a lot of very successful renovators and investors over the years. What have you found are the common traits that stand out when you\u2019re talking to them?
\nJane<\/b>:\u00a0 I have actually distilled it down to six common traits, Kevin. The first one is that successful investors think long-term. They\u2019re not thinking about this current deal, the property they\u2019re looking at at the moment and opportunities. They\u2019re always looking long-term to their long-term goals and then looking at a property with the goggles on that say, \u201cHow is this going to get me to my long-term goal?\u201d They\u2019re very long-term in their approach to investing.
\nKevin<\/b>:\u00a0 They don\u2019t take any short-term views. What else?
\nJane<\/b>:\u00a0 They don\u2019t make emotional decisions. They\u2019re not going to walk in and fall in love with a spa bath. They\u2019re going to, once again, look at the property, sum it up, and see \u201cDoes it fit the demographic? Is it right for the area? Is it right for their goals and their strategy to achieve what they want to achieve?\u201d So no emotional purchase decisions.
\nKevin<\/b>:\u00a0 I suppose when you take that emotion out, you can remain calm, focused, and pretty steadfast, too.
\nJane<\/b>:\u00a0 Absolutely, and it gives you a clarity. If you\u2019re always assessing everything you do against \u201cIs this going to get me to my goal?\u201d it becomes very clear if a property is going to be an emotional decision, which leads me to number three.
\nI see that successful investors don\u2019t let fear stop them. They look at the numbers and they know that investment is about the numbers and getting it right. They look at the long term in achieving those numbers, but they don\u2019t stop and get worried about \u201cAre they doing the right thing?\u201d because they\u2019re very clear on what they\u2019re trying to do.
\nKevin<\/b>:\u00a0 That\u2019s because they have a plan and a strategy, isn\u2019t it?
\nJane<\/b>:\u00a0 Absolutely. I talk, obviously, to hundreds of investors every year, and I\u2019m always assessing what people are doing right and what they\u2019re doing wrong. Really, it\u2019s just getting the fundamentals right.
\nIt\u2019s some of the simplest things like buying in the right area and understanding how the property has to be right for that market. We talk about demographics, but what we\u2019re really talking about is \u201cWho is going to buy or rent this property?\u201d and \u201cDoes the property I look at satisfy that need?\u201d
\nKevin<\/b>:\u00a0 What about paying the price? Are they always looking for a bargain?
\nJane<\/b>:\u00a0 Not always. Often, successful investors, maybe they\u2019ve done their assessment and they find that there might be some zoning changes, and they\u2019re happy to pay a little bit over market, but the difference between experienced investors and inexperienced investors is that experienced investors know that they\u2019re doing it and inexperienced investors don\u2019t know they\u2019re doing it. Often, they actually are paying over the market.
\nKevin<\/b>:\u00a0 They do seem to have an air of confidence about them, too, backed up by the fact that they know what they\u2019re talking about and they\u2019ve done their research.
\nJane<\/b>:\u00a0 Which brings me to number six on the successful investor tips. What I see successful investors do, the number one thing is they educate themselves. If I had to say the best investment in property investing education that you can make, it\u2019s educating yourself so that you know what to do, when to do it, and how to assess if there is a deal there or not.
\nKevin<\/b>:\u00a0 Also part of what we\u2019re talking about here is they have a plan and a strategy. Part of that would be getting the right finance in place.
\nJane<\/b>:\u00a0 Absolutely. They have to be prepared. I speak to people every week who have found the deal of the century and because they weren\u2019t ready with their finance, it fell over. It\u2019s about being ready to act when you need to act, as well.
\nKevin<\/b>:\u00a0 Great advice. You can follow the success trail that\u2019s being laid down by Jane and her team, The Ultimate Guide to Renovation: The Video Series. We\u2019ve had two already, Jane.
\nJane<\/b>:\u00a0 That\u2019s right.
\nKevin<\/b>:\u00a0 What\u2019s coming up in the future? How many are there in the series?
\nJane<\/b>:\u00a0 The big reveal in Video 3 is the end result of the renovation that we do in Video 2. In Video 1, we would had just gone through and inspected the property and seen what we could have done. At the end of Video 3, you get to see all the beautiful renovation done.
\nKevin<\/b>:\u00a0 Make sure you don\u2019t miss it. There is a link on the homepage of Real Estate Talk. Click on that link right now and you can get all the information.
\nJane, thanks for talking to us. We\u2019ll catch you again soon.
\nJane:<\/b>\u00a0 Okay. Bye, Kevin.
\n <\/p>\n

Shannon Davis<\/h3>\n

Kevin<\/b>:\u00a0 Shannon Davis is a buyer\u2019s agent in Brisbane, a regular on our show. Shannon has just come back from the UK.
\nShannon, thanks for your time.
\nShannon<\/b>:\u00a0 No worries, Kevin.
\nKevin<\/b>:\u00a0 I want to ask you this morning in the show just the differences you have noticed with how agents perform in Australia as compared to the UK. What are the big differences in the industry?
\nShannon<\/b>:\u00a0 I think there are a lot of differences to look at. It\u2019s more of a salaried approach with bonuses in the UK. There\u2019s a lot more in-office time, I tended to see in my time spent in offices there, so fewer open homes and fewer one-on-one interactions, but more hitting the phones and pieces of paper and listings and qualifying that inquiry.
\nKevin<\/b>:\u00a0 In Australia, the big trend right now is building your database and building relationships. That description you\u2019ve just given me doesn\u2019t lead me to believe that that\u2019s actually the business model in the UK.
\nShannon<\/b>:\u00a0 Yes. I think they want lifelong fans and clients. There\u2019s a lot more chain sales, which leads to a buyer becoming another sale because you can sell the vendor\u2019s property then. But in the main, there\u2019s some dominance of portals, as well. Zoopla and Rightmove tend to be the big ones in the UK that have the market share. But you can see some rumblings around about more direct websites getting from the vendor to the buyer, as well.
\nKevin<\/b>:\u00a0 Digital disruption is not new \u2013we\u2019re seeing it in Australia \u2013 but is it more acute in the UK right now? In other words, are the portals carving straight through to the buyer and the seller and almost cutting the agent out?
\nShannon<\/b>:\u00a0 Yes, I think so. But the UK tends to be a more complicated sale because of the amount of chain sales, as well, so I don\u2019t think it will lend itself to that artificial intelligence. I think there will need to be a person at arm\u2019s length to coordinate the sale, and I think that will continue for a while to come. But in saying that, there are plenty of entrepreneurs putting money into this space, and it\u2019s something we need to be aware of.
\nKevin<\/b>:\u00a0 Yes. I notice in the UK, too, a number of agents I\u2019ve spoken to over there have told us that the agents are becoming a lot more hyper-local. They\u2019re really getting into their own very small niche markets. Did you notice that, as well?
\nShannon<\/b>:\u00a0 Definitely, and community engagement, like a lot of fetes and council community meetings and things like that. They really are hyping up that involvement. I think print is still in favor, as well, especially in the local publications.
\nKevin<\/b>:\u00a0 Yes. If they\u2019re going to go hyper-local, then it makes sense to be in those smaller local publications.
\nShannon<\/b>:\u00a0 Yes, and I think they\u2019re dealing with a more time-poor consumers \u2013 long commutes and long hours and having to get the most efficiencies out of that.
\nKevin<\/b>:\u00a0 Interesting stuff. Shannon Davis, thank you very much. Shannon, of course, a buyer\u2019s agent from Metropole Properties. He\u2019s based in Brisbane, and they are all around Australia. Thanks for your time.
\nShannon<\/b>:\u00a0 No worries, Kevin. Any time.
\n <\/p>\n

Kylie Davis Part 2<\/h3>\n

Kevin<\/b>:\u00a0 Perceptions of Real Estate Agents<\/i> \u2013 what you really think about real estate agents \u2013 is a study that has just recently been released by CoreLogic following some research done by Roy Morgan Research. I was talking earlier in the show to the head of Real Estate Solutions at CoreLogic, Kylie Davis, about the report. We left the conversation at this point.
\nKylie<\/b>:\u00a0 There were four or five key behaviors that an agent does or doesn\u2019t do that will determine if they are excellent, okay, or not great. Those four or five behaviors are things like providing regular feedback. They\u2019re all communication and empathy-based \u2013 they\u2019re around providing regular feedback, following up on leads, negotiating strongly and handling the process and managing the expectations of the vendors in a really positive and proactive way.
\nWhat came out of that is that the female agents were inevitably stronger in it than a lot of the male agents. They, overwhelmingly, were more excellent at it. Maybe that\u2019s rooted in that whole stereotype that women are better at the softer skills than guys are, but that\u2019s what came out.
\nKevin<\/b>:\u00a0 You call them softer skills. I call them communication skills and empathy. The two words you use \u2013 communication and empathy \u2013 are really what it comes down to. I think a lot of males are probably too quick in the conversation, whereas females get a lot more in touch with the feelings or the emotions.
\nKylie<\/b>:\u00a0 What we took out of that is don\u2019t hire an agent just because they\u2019re a woman; that\u2019s not going to mean that they\u2019re better at this sort of stuff. What it means is really look at the importance of these key behavioral traits and find an agent who is good at that regardless of what sex they are. It\u2019s possible that they are more likely to be female, but not necessarily. Look for an agent who is warm, is human, who you enjoy sitting down with\u2026
\nKevin<\/b>:\u00a0 \u2026Who you can relate to.
\nKylie<\/b>:\u00a0 \u2026Who you can really relate to, and who you feel is going to do the right thing by you and that you can see from their website and from the way they run their business, is a good, strong way to run their business.
\nI think one of the issues consumers have when they\u2019re trying to choose an agent is that it always tends to be a bit like speed dating. You combine that idea that you\u2019re selling the most important asset and valuable asset you have with that whole speed dating element of \u201cGosh, I have to find an agent really quickly.\u201d That\u2019s always a recipe for a bit of a disaster.
\nWhat the insights showed us was that taking the time to get to know someone, seeing someone in action, finding out if they run a good business, if they\u2019re a decent human being, all of those things will really help ensure that your experience with your agent and selling your home is a very positive one as opposed to just ordinary or disastrous.
\nKevin<\/b>:\u00a0 I\u2019m talking to Kylie Davis, head of Real Estate Solutions at CoreLogic. This is the Perceptions of Real Estate Agents<\/i> report that has just been released. Kylie, how important is years of experience?
\nKylie<\/b>:\u00a0 It\u2019s a bit of a two-edged sword, we found. Most of our respondents had around the ten-year experience mark, but a lot of the people who we surveyed \u2013 and we asked for comments the whole way through the survey \u2013 those people who have been in the industry ten years or more, if you think about what the market has done over the last decade, have had some great times and have had some bad times.
\nThe fact that an agent has a lot of experience might mean that they\u2019re a little bit jaded. Again, it comes down to \u201cWhat are their human skills like? What\u2019s their EQ \u2013 rather than their IQ \u2013 like as an agent?\u201d
\nWe also had a lot of agents who had very young or inexperienced agents who did a brilliant job. The reason those agents did a brilliant job is because they weren\u2019t burdened by the sheer volume of what\u2019s happened in the past and carrying all that with them. They were very enthusiastic and they were very keen to connect with their clients and get those clients a great result. The fact that they didn\u2019t have a huge amount of experience meant that they were working so much harder for that client.
\nKevin<\/b>:\u00a0 One of the most incredible findings for me in the whole survey was the fact that there is a decline in confidence that consumers have in their real estate agents that they experience as they go through that sale process. Can we have a quick look at that?
\nKylie<\/b>:\u00a0 This was one of the really key insights that came out of it. We asked the survey respondents a lot of questions and asked them for a lot of feedback around what happened. What came out of that is that at the beginning of the process, when you\u2019ve just signed up, you have just decided that you\u2019re going to use an agent and you\u2019re really excited and enthusiastic about what the process is going to be.
\n58% of those that we surveyed said that they were confident that their agent was going to do a great job just before the sales process began, just after they had signed up. What happened then, though, was that during the process, that number dropped to 50% in the middle of the sale process, so 8% of people suddenly weren\u2019t feeling that confident about their agent anymore. Most of those people were becoming dubious about how their agent was going.
\nBy the end of the process, after the sale had gone through, only 41% were confident and happy that their agent had handled the process exactly the way that they were expecting at the beginning of the whole thing.
\nWhen we delved deeper into those numbers, what we found was that, again, communication, empathy, doing what you said you would do, all of those things are completely behind that fall off of confidence.
\nAt the beginning of the process, the agent has said, \u201cYes, I\u2019m going to call you after every open for inspection. I\u2019m going to report back on what the feedback is. I\u2019m going to do all these things to make you feel secure.\u201d Agents who did not do that completely lost people during the process.
\nThe whole discussion around \u201cYou told me at the beginning that my house was worth $500,000. Now you\u2019re trying to get me to take an offer of $360,000. What happened?\u201d That\u2019s not so much a play at the moment while the market\u2019s hot. But agents who are out of communication with their clients or avoiding communication with their clients, who are not proactive about informing them every step of the way, engaging with them, and understanding where their heads are at during the process, lose the confidence of their clients very, very quickly.
\nThe reason that\u2019s important or terrible for agents is that those people then don\u2019t recommend those agents, and as we discussed at the beginning, recommendations by people or seeing an agent do a great job is the most important way for an agent to get new business.
\nKevin<\/b>:\u00a0 There were certainly some fabulous lessons in here for agents, but I can tell you equally, great lessons for anyone who is looking at maybe selling or buying a property, too. It\u2019s a great report. It\u2019s put out by CoreLogic RP Data. It\u2019s called Perceptions of Real Estate Agents<\/i>.
\nWe\u2019re going to make that available on our website. Have a look for the link. Have a look for this interview that I\u2019ve just done with Kylie, and we\u2019ll have it attached to that, as well.
\nKylie David, head of Real Estate Solutions at CoreLogic, thank you so much for your time.
\nKylie:<\/b>\u00a0 Thanks, Kevin. It\u2019s been great.<\/p>\n","protected":false},"excerpt":{"rendered":"

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