Real estate agent - Auctioneer

Why auction theory won two American economists a Nobel Memorial Prize

Posted on October 19, 2020 by | 0 Comments
Why auction theory won two American economists a Nobel Memorial Prize. Think of what happens when you bid for a house at an auction. As a bidder you’re going to behave strategically, based on the available information, in competition with other bidders. You’ll take into consideration what you know about the house, but also what you believe other people know about the house. But what’s the best format for an auction? If you had to...

Continue Reading »

Believe it or not, property prices are set to rise!

Posted on October 13, 2020 by | 0 Comments
An expert on property and financial markets warns real estate Nervous Nellies that house prices are on the way up, not down! And how would you like to be an expert on auctions, so if you’re a seller, you pocket the best sum possible but if you’re a buyer, you pay the least possible? Auction-loving Aussies will be interested to know that this year’s Nobel Prize for Economics went to two US economists from Stanford...

Continue Reading »

Victorian election real estate dramas: Underquoting and “election stunts”

Posted on November 26, 2014 by | 0 Comments
An article by Jennifer Duke “In Victoria underquoting is endemic, rampant, it’s grubby, it’s misleading and deceptive and it’s a fraud on home buyers,” explained Rowe. “Consumer Affairs Victoria lacks the necessary laws and resources to police underquoting. Real estate agents enjoy the luxury of loop holes in the rules to bait home buyers into attending auctions which are outside their budget.  This frustrates buyers. Underquoting causes home buyers to waste their time, money and...

Continue Reading »

At Last A Brutally Honest Account of One Failed Auction

Posted on November 12, 2013 by | 3 Comments
While all property auctioneers, the vast majority of real estate agents and most newspaper property reporters sing the praises and extol the virtues of auctions for buyers and sellers alike, there are a few of us out here in real estate and conveyancing land who have our doubts. Fellow consumer advocate Neil Jenman has long argued that auctions get lower prices. Real estate trainer Gary Pittard recently demonstrated how it is impossible to guarantee the...

Continue Reading »

Buying Real Estate – Property investors are only human

Posted on October 30, 2013 by | 0 Comments
Interesting new research about the emotional drivers behind property purchases cements the undeniable reality that investors are just like everyone else – sometimes susceptible to thoughts that go against their better judgment. “I reckon another $10,000 will get this bad boy across the line,” the agent smiled, smoothing down his slick suit and nudging his Montblanc pen closer towards me. “Just write the new offer amount there and initial it, and I reckon it’ll be...

Continue Reading »

Underquoting – the auction system’s necessary evil

Posted on October 23, 2013 by | 4 Comments
Ever wondered why agents underquote? The simple answer is because it works. This may not be a popular view of underquoting and as frustrating as it may be, underquoting is a necessary evil in Melbourne’s auction system. Growth in property prices this year has highlighted the widespread practice of underquoting and the frustration of buyers who miss out when properties sell for much more than the advertised estimate. Ironically, the practice that frustrates buyers is...

Continue Reading »

Agent commission trap?

Posted on October 13, 2013 by | 0 Comments
Claudia Fiori knew selling her home would come at a cost, but drew the line at paying commission to an agent who, she claims, did nothing. Ms Fiori believes she was led into a trap of signing an exclusive contract with LJ Hooker’s Kathy Phillips when she put her Woodridge house up for sale. However, 36 hours after signing the contract Ms Fiori sacked Phillips. According to Ms Fiori Phillips allegedly agreed to terminate the contract. However,...

Continue Reading »

Understanding auction-speak

Posted on September 21, 2013 by | 0 Comments
Auction lingo is confusing potential buyers and putting them at a disadvantage, according to one buyers’ agent. Patrick Bright of EPS Property Search says buyers need to recognise the terminology used by auctioneers to understand the auction’s progress. “Like many professions, real estate has its own language and terminology that is often intimidating and confusing to outsiders.” Bright says the terminology is designed to elicit a response from potential buyers, but if they read between...

Continue Reading »