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6 Comments

  1. Carole Knight
    November 10, 2021 @ 10:58 am

    Great article.
    Do you think ‘The Block’ attracts a premium as does ‘Grand Designs’ houses?

    Do an article on ‘Phantom bidders’. In my letterbox was a letter from a local agent, ‘Andy and Susan are cashed up buyers lookings for a 5 bed house’. I am quite sure if I signed up with this agent, Andy and Susan would disappear, but of course the agent has another listing.

    Reply

  2. Owen
    November 10, 2021 @ 11:35 am

    Excellent article Neil, you are so so right. I have a house to sell that needs significant renovation but it is a very unique and special property. I asked the agent how would she go about selling it.

    She said 3 week open house and then auction.

    I paused and said……………no what you have just given me is a marketing campaign, not a process of how you would go about selling it.

    Reply

  3. Paris Yves Read
    November 10, 2021 @ 12:18 pm

    Thanks Neil for that great logical information- it makes a lot of sense- appreciate all your time explaining all this with so many examples!

    Reply

  4. Peter Davison
    November 10, 2021 @ 12:31 pm

    Hi Neil,
    A friend recently wanted to sell her home in Chester Hill, NSW. Her agent wanted to go to auction but she took your advice and fixed a price that did ‘frightened’ the agent. The agent said $850,000 at best, she wanted $875,000. She had a few lookers and one person offered her $800,000, which she refused. In the end she got her asking price. As you advised, if it had gone to auction to original buyer would have only had to outbid the $800,000 offer and my friend would have sold her home for a much cheaper price.

    Thank you for the advice, worked a treat.

    Reply

  5. Alex D
    November 10, 2021 @ 12:59 pm

    I wouldn’t dispute Neil’s article, just pointing out that The Block is probably not the best example, since people get caught up in the whole stupid “reality”/celebrity thing which distorts reality. If they want to pay above odds for hastily and sometimes shoddily put together reno, that’s their business.
    Hoever, my experience around me was the same about agents putting pressure on sellers to put a low-ball reserve on. I saw agents working those poor people over, giving weird and contradictory reasons why they should have a lower reserve. Supposedly, when a low reserve is reached and it’s announced that the property is on the market, it really gets the bidders juice flowing and it will result in a higher winning bid. Wha…?
    So in the end, when the finishing bid is low and finishes on or near the reserve, the agent was “right” with teh price expectation. If the bid goes much higher, than of course, tehy were “right again”. Just look at the price! Clever agent! Open the bubbly!
    Of course, poor buyers will never know what the top bidder was really prepared to pay…

    Reply

  6. Paul Fletcher
    November 10, 2021 @ 9:42 pm

    Thank you, Neil. I believe that is one of your best articles. (I did not watch ANY of The Block).
    I have watched sales (including within my family and friends, to whom I offered your wisdom) reflect all of which you have spoken.
    I googled Michael Kies and, without doubt I believe you are right; listening to the google results and from his agency’s advertisements on the radio.
    I recently had an agent ring me and, effectively, go through Michael’s spiel. I gave the agent time and we parted with mutual respect.
    Thanks Again.

    Reply

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