by Peter Mericka B.A., LL.B
Real Estate Lawyer
Qualified Practising Conveyancer Victoria
Director Lawyers Real Estate Pty Ltd
High-profile Melbourne real estate agent Ian Reid has copped some heavy criticism in the past over his Gazumping Clause and his Finance Clause. However, it seems that Ian Reid can be a straight-shooter when it comes to exposing his fellow estate agents.
Ian Reid of Ian Reid Vendor Advocacy has become well-known to Melbournians through his radio and television advertising, as well as notoriety resulting from the use of his Gazumping Clause and his Finance Clause.
However, as part of his move into the fixed-price real estate market, Ian Reid has fired a broadside into the real estate industry over the manner in which estate agents conduct property inspections.
In a stinging attack on the way estate agents operate, Ian Reid reveals:
“Industry feedback tells us that there’s a better way to sell real estate. The most common complaints we receive from buyers are that the agents don’t really know the properties they’re supposed to be selling, and that they make it so difficult to organise inspections. They’re so hard to reach in the first place, and then all they want you to do is attend an Open for Inspection, at a time that suits THEM! And from vendors, we hear constant complaints that agents don’t seem to be showing their homes properly (standing at the front door taking names and phone numbers is hardly showing a home’s benefits off, is it!) and they’re only too eager to recommend another home “just around the corner”. For a vendor who’s invested considerable money in attracting buyers to their home in the first place, that can be a very upsetting outcome.”
The move to fixed-fee real estate sales is inevitable, and new variations of the concept have been coming into the industry for some years now. I started it off with Lawyers Real Estate over 5 years ago, and estate agents were quick to pick up on it.
One of the key elements of fixed-fee real estate sales is the elimination of the most expensive and unnecessary variable in the real estate sale process, the estate agent’s escorted inspection.
Now, it’s one thing when a lawyer or a conveyancer tells consumers that there are problems with estate agent escorted inspections, but it’s quite another when a well established estate agent like Reid takes aim at his own industry! Let’s take a look at some more of Ian Reid’s observations about estate agents and inspections.