Real estate price lists?

[Hitcher]

The main reason is that real estate agents have got lazy.

Gone are the days when they had to work for a sale. Now most of the properties they sell are sold by auction or tender. This means that they only have to deal with cash buyers. Gone are the days of conditional sales when agents had to sweat on a daisy chain of related sale and purchase agreements.

Agents generally don't put values on properties because they aren't prepared to do the work to figure out what these properties are worth. But they still demand massive commissions that are based on the sale price of the property rather than the actual work they do. All of the "marketing" costs are borne by the vendor. Call me old fashioned but I don't think that that is fair or reasonable.

Dishonesty is rampant. Agents win business by overpromising. When they can't deliver a sale, it's the vendor's problem and up to them to reduce the asking price.

Property developers are even worse. But that's another rant entirely.

[Mom]

The market will determine the value of any property, that is a given. It takes a bit of work to actually stay in touch with the market, it probably costs a bit too. Schmoozing is always expensive, but so tax deductable

Most agents are too scared to be honest with their vendors (you are expecting too much), or worse are greedy enough to put an unrealistic price on a property to get a listing, knowing full well they are going to pitch it to a much lower paying market.

Going to auction will at least qualify any prospecive buyers accurately.

We are going through the motions at the moment, and have been really surprised at the standard of the agents we have met. No wonder they are all going hungry is all I can say...

[spanner spinner]

Easy fix for all this agravation, sell the bloody house yourself. It's easier than you think, talk to your lawyer to set up the paperwork then advertise it. If you do your advertising right people looking for a house will see it and come calling. We sold our place in auckland ourself can't see why an agent gets paid so much it was easier than selling motorbikes, there's even less paperwork.
I have also come across several useless agents, most seem to be either lazy or thick. There is the odd good one out there but they seem to be the exception. Bought the last two houses despite the agent all they did was stuff us around, they also knew nothing about the house they were selling except the address.
Yes no advertised price is all about lining the agents pocket, hoping for a silly offer so they get more commission. All it does piss me off and I won't even look at a house that I can't get a price for.
If you really want to piss the agent off and make them do some work offer $1 for your next house if they won't give you a price. Legally have to present all offers, they will tell you that they don't have to present our offer but they do! Make sure that you write on the offer that this is a start point your interested in the house and you want a counter offer from the seller, you usually then get a realistic price back.

[Brian d marge]

Frankly I think most people today are simply living in the shit world they've created for themselves.
Glad we're out of it.

that is more true than you realise !!!
Could it could be worse , i could have been married .....

Stephen

[avgas]

I am just quite blunt (and a little rude) with agents now.

Usually I find a house I am interested in, email agent "How much do they want for it?"

No response = fuck you, I will go elsewhere

"We are looking for market indication" = they get the following reply "CV of this property is $XXXXXX I am offering more than this, what do they want? Or should I go elsewhere?"

"The CV is $XXXX they are looking in $XXXX's" = my reply "Great, I will offer $X".........which is eventually negotiated to a middle ground.

However I do like the ones that respond:
"While the CV is only $XXXX, a recent valuation says the property is in the high $XXXXXX. Market feedback also corresponds that this value is accurate"
to which I reply
"That is a shame, looks like this market with its big fat cash settlement will have to look elsewhere where people are not dreaming - out of interest, how many offers in dreamland end in cash? Perhaps your market feedback is poorly done?"

[Jantar]

......
Going to auction will at least qualify any prospecive buyers accurately.......

This is something that agents will tell you, but auctions actually eliminate most potential buyers before they even start. I have never attended an auction when looking at property, and unlikely to do so in the future either. Two of the people I work with are into rental properties in a fairly big way, and neither of them will consider attending an auction when buying. In fact I don't know anyone who would buy at an auction.

Auctions just have far to much uncertainty about a final price and so it makes it very hard to do a full RoR analysis, and it generally isn't worth giving up half a day to find that a property is simply passed in because the vender's expectations are higher than the buyers who have done their sums are willing to pay.

Auctions are also a losing proposition for the seller, because even if the property does sell, it goes for the a single bid over the second highest price that could be obtained. This is usually much lower than highest price.

[Hitcher]

For what they charge, real estate agents should get two independent market valuations done, arrange an independent property inspection report, get a copy of the LIM from the local territorial authority and then put all that in a package that prospective buyers can peruse, without having to go to all that effort and expense themselves, often duplicating exactly the same efforts other potential buyers may also have done for the same property.

But that would require mental agility and a bit of effort. It would also suggest a commitment to customer service.

[D3ADLYTuna]

It would also mean that if they paid for all that shit, and the house never sold,
and the seller withdrew from the market despite the agent doing everything you have just suggested,
It would mean that the agent is out of pocket trying to sell your house, while you get free advertising,
decline all offers presented. withdraw the property from the market, relist it yourself and benefit from
the customers still wanting your property, free advertising, and knowing the names and details of any one
person that made an offer, oh and you dont have to pay the commission.

Seems like in that case it would just be a selfish buyer who wants everything in life for free.

I'm not saying this is the case. but imagine the good agents out there who get pissed around by
joe public con artist.

not ideal.

perhaps a rebate after the sale. but then how much effort are you going to get from an agent that knows when
they sell your property they give their money back to you.

Sure sell it yourself.

I looked on trademe in central and eastern today. of the 960 odd properties on the market.
35 were for sale by the owner.

I'd say there is a pretty good reason why that number is so small. and it has nothing to do with agents fees.

Do you do all your legal paperwork when you have no law degree and no knowledge of the shit you could end up in.
NO, you pay the professional who does that thing all day every day. Same for any profession. Its called an economy.

perhaps overseas stats might open your eyes.
Its not the commission the agents are charging, its the 65% over inflated housing prices. If you dont like the price you dont pay it.
In the end it all boils down to greed. you paid something and you think your entitled to make a profit on it just cause you owned it for a while
and why shouldnt the market have risen. Its the outliers that push up the price. oh and the government.

anyway.
Just thoughts.
pick it to pieces.
What would i know.

Its a pity this site doesnt have a thread to ask real estate questions and refer the "good" agents to all out there in the community.

Oh wait.
Nope,
Not anymore.

I wonder why.

[Her_C4]

My 2 cents worth

18 months ago decided to sell (Onehunga near Mt Smart Stadium)

Had the agent come round that'll be approx $18k for a house value over $400k

Had QV value the house which was a waste of money as we picked up ten mistakes & when I complained she sent me the word doc to correct!!! anyway she valued it at $430k same as GV. I had researched the area and thought it was worth $450-$460k. I listed for $465k

We went though 'Home Sell' only because I couldn't be ased with the sign & photos, total cost $1200. They list on there own site & trademe, had a number of phone calls prior to the first open home all from people who had seen it on trademe. Anyway had 2 offers on the first open home then by request picked up an older couple for a private viewing & they offered $462k which I greatfully accepted. All told took 2 days to sell, yes this is an exception but I would do again myself no worries.

cheers

I have 2 cents of own.

I have bought and sold more houses than I care to think about over the years and have always used agents (until the last house sale a couple of months ago). I believe that the majority of agents (ok, thats probably a bit much) are lazy and expect to sell properties without putting in the hard yards.

I decided that this previous house sale would be my responsibility in an effort to save time and money (and frustration) on getting someone else to do it.

For anyone interested, the steps I took follow.

1. Paid for an independent valuation
2. Thought about it (the numbers) and added a small contingency %
3. Took photos of house
4. Loaded photo's on TradeMe and completed ad - price negotiable and put value at figure arrived at in step 2 (unseen by potential buyers but places property in amongst those of similar value when 'sort' tool used).
5. Rung lawyer and asked for quote for processing sale (actually rang 2 and took the second one), and notified them that the house was for sale and they should expect a contract from a buyers solicitor 'at some time'
6. Answered phone next day and provided access to house for 3 potential buyers
7. Verbal offer made and potential buyer requested contract
8. Sent potential buyer to their own solicitor to complete contract/offer
9. Batted back and forth for 2 days
10. Accepted offer

Cost = valuation, trademe ad, solicitor.

BUT I should add that I live on my own and could easily accommodate a short notice visit from potential buyers.

[spanner spinner]

Do you do all your legal paperwork when you have no law degree and no knowledge of the shit you could end up in.
NO, you pay the professional who does that thing all day every day. Same for any profession. Its called an economy.


the agent dosen't do any of the legal paperwork, the lawer does all the paperwork all they do is fill in the spaces where it says sellers name, buyers name, price ect. If you took some notice at school you should be able to do this to. If you have done some "home work" (suse the pun) before putting you house on the market you will know what it is worth and any legal requirements that you will have to sort before selling it. The form is a standand NZ wide legal form that your lawer will give you to get the buyer to fill out, it's easy me and my fiancee did it when we sold our house in auckland. We got the price we wanted the buyer payed the price they wanted to and we both sayed money as we didn't pay agent fees and they didn't have to pay an inflated price to cover the cost of the fees. Most pople have been conned in to thinking that selling your house is some complicated process, it's not. The lawer sorts out all the "shit you could end up in". There are professional land agents who are worth the money but they seem to be the minority most that I have had the misfortune to deal with I would not class as professional.

[Berries]

Its a pity this site doesnt have a thread to ask real estate questions and refer the "good" agents to all out there in the community.

I get that kind of info from Target.

[D3ADLYTuna]

the agent dosen't do any of the legal paperwork, the lawer does all the paperwork all they do is fill in the spaces where it says sellers name, buyers name, price ect.

If you had paid any attention in school you might have understood what I actually said in my post instead of skim reading and assuming you're right.

I made no connection to the agent doing the 'legal' paper work. It was merely an analogy, if you know what that is.

On that note, people are clearly recognising that there are agents out there that are worth the money, they are just few and far between. I'm not disagreeing that there are useless people
in real estate who should not even have a job, nor that there are scum out there that are lazy or muck you around or rip you off.

I'm saying that "as in any profession" there is the right person for the job. Just because you know a little does not mean you know it all.
Granted, real estate is not a doctorate however if you need your property sold and you do not have the time or the energy to do it then you find a good agent and that person does it all for you while still
getting you the price you asked.

And according to current trademe statistics i would say 96-98% of people would rather the agent do it, for what ever reason.