Our Backyard – Anglesea

Welcome to Anglesea!

Real estate agents are again in the spotlight as consumer affairs highlight the issue of ‘underquoting’. What does this actually mean to buyers? Basically this refers to agents offering a property for sale with a price a vendor is not willing or agreed to sell at. Mainly this is relevant to Auction situations, however given a vendor does not reveal their reserve price until the day prior or day of an Auction it can be tricky for an agent. When an Auction Authority has been signed, the agent will have an estimated quote range which is documented. This range is where an agent believes the property should sell for. Price ranges of no more than 10% can be quoted for a property and again in an Auction situation it make sense to quote a range to give buyers an indication. I do like the Auction process as buyers dictate what a property is worth and what the market is willing to pay on the day.

With private sale, I have never really understood quoting a price range. When we buy any other goods or services we are given a quote or specific asking price. In an example if I was to purchase a new car I would be given a figure and yes mainly it is negotiable but at least I know what I’m dealing with. Of course there are scenarios where there are exceptions to the rule and yes I have quoted a range on a property before but generally I don’t like it and the feedback from buyers is that they don’t either. For properties that sit on the market for a long time they are generally ‘over quoted’ on price or have unmotivated vendors, meaning the desire to sell is not quite there for whatever reason. I usually think the top end of the price range is the vendors’ price and bottom end is the agent’s price!

There are many methods to selling a property and each have valid reasons to specify the sales process. Real estate is not a one size fits all, even the coastal market operates very differently to the Melbourne market. So in a nut shell what are the options?

  • Private Sale- specific asking price (or range)
  • Auction – where there are going to be multiple buyers for a special home or location
  • Expressions of Interest, Tender, By Set Date – Unique or rare / one off properties
  • Offers By (date) – it is interesting that from the research we have undertaken in Anglesea, close to 70% of properties that have an ‘offers by’ date, have not sold within the specified time. Again buyers not responding well to this method of sale.

It is crucial for agent’s reputation to act and behave in a manner that is completely transparent and respectful to both buyers and vendors. It really does upset me to hear awful stories where people have been misled intentionally, I certainly don’t like the negative press around our industry and whatever we can do to conduct business that delivers positive experiences is the way it should be.

This recent example out of NSW regarding photography not reflecting the property correctly received loads of press and a lot of social media feedback…… not great for the agent involved!

IS THIS PICTURE MISLEADING!

http://www.news.com.au/finance/real-estate/buying/this-pic-has-just-created-a-22000-headache-for-the-agent-and-vendor/news-story/51c76f364c8ad1cd34313ebba3bb7f05

If you have any feedback on how we operate or what you like and don’t like in the Anglesea market, I would love to hear from you as this only helps us get better at what we do!

Look forward to seeing you over the weekend at the open for inspections or any property by private appointment.

 

Regards

 

Kellie Saddington

Branch Manger

 

NEW LISTINGS

335 Elkington Road – Private Sale $1,050,000

https://www.realestateanglesea.com.au/2704149/

 

12 Allen Street – Private Sale $650,000

https://www.realestateanglesea.com.au/2672322/

 

OPEN FOR INSPECTION

SATURDAY 27TH FEBRUARY

335 Elkington Road  12:00pm – 12:30pm
30 Belton Street  1:00pm – 1:30pm
12 Allen Street  2:00pm – 2:30pm
54 Golf Links Road 3:00pm-3:30pm

SUNDAY 28TH FEBRUARY

335 Elkington Road  12:00pm – 12:30pm
50 Harvey Street 1:00pm-1:30pm
12 Allen Street  2:00pm – 2:30pm

For a list of our current properties for sale, please visit our website https://www.realestateanglesea.com.au/sales-list/ 

 

Kellie portrait -crop 2

IAN CROPPED2

 

 

 

 

 

 

Kellie Saddington                             Ian Lewtas
0488 980 994                                    0419 511 428

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