Real Estate Agents

[artme]

What other "profession" 9 I use the word advisedly) has these priviedges:

• Free Stock
• Client pays for advertising
• Full enefits of the sale ??????

[_fly_]

They don't do anything anymore. I have been after a certain type of property for 5 years in Lakes Entrance. They don't even take your details to let you know when they get one that may suit. They are now supermarkets. We have stock pictures in the window, If you want one come in and buy it. No service at all. My parents have sold and purchased their last 3 homes privately. You don't need an agent, no need to give them a penny. All you need is a section 32 and an add in the paper.

[wheelinround]

Politicians

[Scribbly Gum]

To be fair to real estate agents - there are some that give all of them a bad name.
Real estate agencies provide a service that most people can't do for themselves. They try very hard to find a buyer for the property that you are selling, and they will do their best to find that dream property that you want to buy.
In every single case they have to try to get the ambitions of both the buyer and the seller to meet somewhere. If they do this then there is a sale.
The very hard part is in trying to get the two to meet.
Often the expectations of both - buyer and seller - are unrealistic.
It is a skilled agent who can facilitate this meeting.

The real estate market has been dismal over the last couple of years because there have been too many people who paid for their properties at the height of the boom and now need to sell it. And they cannot get what they paid for it.
Of course this must be the agent's fault.

I have a lot of time for good real estate agents - they have been faced with this dreadful market reality for the last two years - longer for some markets.
They are only paid from the commissions that their sales generate. Even those who are on a "salary" from their agencies have to reimburse the agency from the sales that they make. Some agents are on a commission only payment - no sales, no salary. Effectively they all are.

They work incredibly long hours, and get very little thanks for their efforts. Too many sellers blame the agents for not getting the price that they want - even if it was unrealistic to start with. Too many buyers blame the agent because they didn't get the bargain they were searching for.

On top of that - anyone with an agency has to wear all the costs of having an office, window advertising, clerical staff, insurances etc - whether or not sales are made.
One thing I will agree with, is that there are far too many real estate agents, and too may of these are non-professionals who think that selling real estate is easy.
These are the ones that give the genuine ones their undeserved bad name.

Just in case you were wondering - no I am not a real estate agent.

[damian]

I'm no fan of estate agents but:

Stock on consignment is common practice.

It used to be that advertising was part of their commission. Somewhere along the way they conned that out as a seperate cost. The thing that amazes me most is that they get the seller to pay to advertise the AGENT, not the property. Look in the classifieds at those big colour pics of the agents ugly mugs. Remarkable.

Anyone who has worked a counter jobs knows that dealing with the public is truely horrendous. This is a big part of why you get such awful people going into public roles like politics and real estate. If you haven't done that sort of work you truely would not believe the way some people behave.

I'd rather wade into a sewer...

I happen to have my land listed with a real estate who is atypical. Possibly not perfect by a real person rather than the plastic super salesperson you normally get. Good agents are rare but do exist.

[Cliff Rogers]

I am married to one.

Like all 'professions' they do have their share of slime balls & the slime balls are usually doing the dirty on other agents rather than the buyers/vendors.
There are a few who manage to burn a client because they are crook, but most of them who do that do so out of ignorance.

It makes it a pretty thankless job & not as easy as some people think.

As a computer tech, I certainly didn't have to study as hard or do so many 'weird' modules of training just to get a licence to do my job.

I also do not have any legal forms that have to be filled out & filled out correctly. (or risk loosing the sale/commission or getting fined)

I don't have to worry about getting a surprise visit & audits by the office of fair trading.

People in general do not like real estate agents so they tend to treat them very poorly.

As the spouse of a real estate agent, I have been on the end of some of that abuse from asreholes who think that they can ring an agent at home at any time of the day or night & expect the person who happens to answer the phone (me) to be able to tell them what they demand to know about a piece of property that is for or has just been sold.
As well as having no respect for the agent, most of them have absolutely no regard for privacy or the restraints that privacy laws put on non-disclosure of information &/or duty of care for property/processions for sale.

Most people are under the serious misapprehension that real estate agents do not work for their money.... if that were the case, we would have a lot more real estate agents than we currently do.

The ones that survive have to be good at their job if they are going to be there for the long haul.

They can have their job, the hours suck.

[_fly_]

I've also invited a few for a valuation. You know the little card that turns up in the letterbox. :we're in the area ...". You let them in and they walk around and then ask you what you want for it. I then take them to the door and say 'thanks, bye'. They wonder why... They are giving the valuation not asking me what I want for it. There are still enough rogues that are cheating people out of their homes when they say they want $X for it and the agent buys it roundabout (not meant to) when they know its worth twice as much. I have a house at the end of the street that has been for sale for 8 months. Its been thru 7 agents as well. They told the couple that they could get 650k if they sign up. Not in a pink fit is it worth that. Current agent has it listed for 540k and its still not sold. they will tell you anything to sign you up. They also take these on at a high price so they can show it to people and then show them the cheaper one around the corner. Makes the customer think they are getting a bargain, Around the corner for 100 thou less. They would have been selling used cars if they were not in this game. Last house I bought I put an offer in and of course someone else came later that day and put in a higher offer, what do I want to do they ask. I tell them OK, Bye. They ring back the day after telling me that the other peoples finance fell thru. LIARS. REMEMBER they are there for themselves first, the seller second and the customer buying is the MUG that must be conned.

[Cliff Rogers]

Very general & not all true.

You should avoid branding & lambasting a whole profession based on your bad experience.

You call them liars... the funny thing is, the old blokes have this saying "Buyers are liars"

[artme]

Ooooh I love stirring the possum!!

Suspected I would get replies from certain people. QED.

My wife was an agent but the firm closed down. Like Cliff I do know the rotten hours that are worked and the - sometimes - thankless task it is due to rudeness of buyers and vendors.

My main gripes at the moment concern:

• Agents deliberately driving down prices to get quick sale
• The idea that at an open house the policy is not to escort the potential buyers through the residence. This means that things don,t get explained fully AND it leaves a property owner vulnerable to theft.
• The lack of info on "For Sale" signs. Read Damien's post.

At the moment there is a drastic lack of rental places on the Gold Coast, according to the Gold Coast Bulletin. House building across Australia is almost at a standstill and yet we have a deficit of some 230 000 houses in the country according to som sources.

So why are prices so depressed.

[Greg Ward]

Aust prices especially in the cities are not depressed, they are 'static' but they need around a 30% fall to find their real value..... well that's my belief in any event.

As an aside, last night on the ABC news it was reported that Chinese house prices have fallen 30% in the past 6 months, with the comment "something similar to the fall that occurred across America several years ago'.

Don't think it can't happen here, let's hope it occurs gradually not in a bubble burst.
They only thing holding up house prices in the influx of migrants and the shortage of stock, and the reason stock is short is because govt regulations on infrastructure and green homes and local services have forced house construction and land costs up to stupid levels, so that most on normal wages can't afford to purchase without great effort and both partners working.

If it wasn't for the mining boom, they would be much lower already.
Greg

[_fly_]

Your right,
These are based on my and friends interactions with the profession.
I'm sure there are a few honest ones around.
But its a bit like honest car mechanics. Took me 34 years to find one of those I could trust.

Very general & not all true.

You should avoid branding & lambasting a whole profession based on your bad experience.

You call them liars... the funny thing is, the old blokes have this saying "Buyers are liars"

[rustynail]

Much of Europe shows little interest in the purchase of ones own home. The reasons are many and varied; unstable government, war, economic down turn, itinerant population, the list goes on. Many of these factors have, until now, been unknown in Australia. Things are starting to change. The good old 9% per annum increase in home value has become a thing of the past and the only thing holding the property market together is limited supply.
Having recently sold property,I am well aware of the different standards of professionalism displayed by different agents. Over a period of four years and four agents the sale was finally made at an acceptable price. Unfortunately my first choice of agent was killed in a farm accident not long into our contract. I have little doubt he had the goods to do the job. Then followed another two who showed little if any marketing skill whatsoever. Constant recommendation of price reduction was their major marketing tool. The final agent, who, I must point out, stepped up to the plate right at the worst of our recent real estate slump. New to the area and with no fanfare, he set about establishing new marketing programs and several new ideas for finding prospective buyers. I was impressed and after what had been a long and fruitless period, was not overly supprised when lookers started to become a bit thicker on the ground. Within three months the property was sold. At the asking price. Upon asking the buyer, after the sale was completed, what his reasoning had been he replied, "A good property and a good agent." I think he was right on the money.

[corbs]

When I was selling a house over west a few years ago, SWMBO and I went to find an agent to move the property. I was just wearing a pair of tracksuit pants and t-shirt, Lisa was dressed better. With the first few we met the first thing they asked us was if we were looking for places to rent. Their interest level increased significantly when we indicated we had a house to sell but then were upset when I told them they weren't going to get it due to their initial attitude towards us. The agent which got the house treated us with respect from the moment we walked in the door.

There are good ones and bad ones, the ones I don't like dont get my business

[_fly_]

I remember trying to buy a new car when I was 20 (30 years ago). All the dealer kept saying was go get a price and we'll beat it. He would not even give me the full RRP. I then started to tell him that even for 200 dollars more I'd rather buy it from the other guy. He told me I was crazy (not a good way to deal with a customer). I told him at least the other guy is decent enough to give me a price. Lets start talking about banks. I'm not keen on those either.

[artme]

With regard to your car buying experience _fly_, a recent acqaintance described real estate agents as "car salesmen without money".!