So you think under quoting only impacts buyers?
We recently sold a property in Riverview. Our clients were advised by their previous selling agent that they would get around $1,600,000 for their property. Not bad, but this price indication was AFTER the agent initially set expectations of a much higher price. It soon became apparent that the owners’ expectations had been reset very quickly by the agent after just a small number of potential buyers had seen the property.
That’s where we come in, not only did we exceed the first agent’s estimate, but we smashed it out of the park with another record price for a 3 bedroom home by delivering $160,000 above the previous agent’s price expectation.
My question is: How do agents get it so wrong when they are supposed to be part of one of the leading agencies in the local area?
In many of my blog postings on under quoting and seller conditioning, I’ve focused on the tail wagging the dog when it comes to who is setting the right expectation and who is the winner out of the transaction. In this simple case, if you were to put $160,000 on the table how long would it take to save that kind of money? In comparison, the agent’s commission would only be a difference of $1400 for a quick sale. Some agents should take the express elevator to hell for this kind of misconduct in their dealings by failing to deliver the best outcome for their clients.
Please read below for what our clients had to say:
14 Yallambee Road Riverview
“We had started our journey with another agent but the total experience consisted of them dampening our expectations.
Upon meeting Andrew and Samia they promised much and not only did they deliver, they exceeded our service and sale price expectations. They cheerfully undertook many of the small and difficult tasks and offered several excellent referrals for tradespeople to smooth the process. Their advice was always transparent, consistent and accurate.
Their conduct was always in good spirit and the resulting sale has concluded with our gratitude and friendship. If you are trying to decide which agent to use and have questions, feel free to ask Riverview Realty for our contact details.” Ian Irwin and Julie Haraksin.
Client Survey Results:
1) Did your experience with the sales team at Riverview Realty meet your expectations?
Response: Top Score – Much better
2) In regard to communication, transparency and trust – What was your overall agent engagement like with sales representatives at Riverview Realty?
Response: Top Score – Excellent
3) Overall Agency Rating – Were you satisfied with the team at Riverview Realty?
Response: Top Score – Extremely satisfied
4) How likely are you to recommend Riverview Realty to others?
Response: Top Score – Extremely likely
Andrew Bruce & Samia Malouf
Riverview Realty is a boutique agency focused on achieving the maximum price, with a client engagement that is above the industry standard. We call it the “Ultimate Experience” which forms part of our unique selling proposition.
Ph. 02 9420 0083, 59 Tambourine Bay Road, Riverview.
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In a conversation with Matthew Shalhoub of Sydney auctioneering company Under the Hammer today, Matthew commented that most good agents are now selling property prior to auction. Buyers are thinning out across all sectors – there’s no doubt that the reset button has been pushed and given past performance in a top of market cycle, there is usually a period of about 3-4 months of stabilisation. We then start to see consolidation again.
