SELLERS – BEWARE THE HOG AGENTS THE MYTH OF CHOOSING A “BIG AGENCY”

Posted on July 12, 2016 by | 4 Comments
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“You can’t sell a secret.” This is a line given by thousands of agents to thousands of home-sellers in order to persuade sellers to splash out more and more money advertising their homes. The theory goes that the more places you advertise your home, the more buyers you reach.

Of course, anyone who knows anything about basic marketing knows that such reasoning is nonsense because most buyers look in several places during their search for a home.

The main purpose of real estate advertising (and all agents know this because it’s one of the first things they are taught in ‘agent kindergarten’) is to increase the profile of the real estate agent – and, in these days of the “celebrity salesperson” to increase the profile of the salesperson.

Agents who tell sellers that advertising their homes at huge expense is necessary are either incompetent or dishonest. Most (probably about 90 percent) of the money spent by sellers advertising their homes is totally wasted. It’s a monumental rip-off. And don’t expect the newspapers or the on-line real estate portals to say anything about this massive rip-off because they are the ones profiting from it – to the tune of tens of millions of dollars.

But things get worse.

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4 Comments

  • Sharlie Hammond says:

    I have approached Core Logic ( Realestate.com.au) requesting that advertising history on our property be removed from about 5-6 years ago.It was not the right time to sell as the market was flat and even more so in our seaside town which is about an hour from Perth. We left it on the market for far too long and now that history is affecting the value of our property as Agents compare how long it was on the market for and didn’t sell.
    Last year we gave it to an Agent to sell as he” had a Buyer”and although our contract with him was for 8 weeks, he continued to keep advertising it on the website and in the local paper even after several phone calls from us requesting otherwise. It was the middle of winter and not a good time sell.
    When i approached Core Logic, they were extremely rude and said it is public information and they would not remove it from their records.
    I queried whether they had that right under the Freedom of Information Act as I had never signed any document to say that they could use this information. They said I would have agreed when I signed the Selling Agreement with the Agent. I am not aware that there is any documentation on any Real Estate Forms advising that this information will be used.
    Core Logic is a private company and make a fortune out of the Real Estate Industry, the Agency subscribes to them in order to receive all the sales and Advertising history of properties and this is how they do their appraisals without leaving the office. All information is not always accurate and there is no understanding of why a property did not sell or sold too cheaply, yet this is a decisive factor in putting a value on one’s home.
    Can You advise what and if I can do anything about this?

    • Peter Mericka says:

      There is probably something is some fine-print in an agreement that you “signed” by clicking an “OK” button somewhere that gives them ownership or rights over anything that you upload.

  • Sharlie Hammond says:

    I am not aware that there is any fine print on the Selling Agreement which we signed with an Agent to say that Core Logic or any third party would use our sales history. As far as we were concerned, it was an agreement between ourselves and the Real Estate Agency to sell our property.

    • Peter Mericka says:

      Yes, but if your agreement with the estate agent allows them to provide your information to a third party for promotional purposes etc you may have authorised the agent to give this permission on your behalf. You need to go through the agency agreement very carefully (they have all sorts of little nasties in them).

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