Getting pricing right on a property is always a juggling act at the best times & can be the bane of a purchasers search. We have all heard of horror stories of buyers paying hundreds of dollars to get a building & pest inspection & their conveyancer to look over the contract prior to bidding at an auction that sees the property not announced on the market until well over the guide & eventually sell for tens to hundreds of thousands of dollars above the quote.
The reason for these situations are varied & based on many factors, some agents notoriously quote property lower to garner interest, others aren’t experienced enough to actually value the property correctly & sometimes some homes just experience a huge amount of buyer attention & they can sell for an emotional price well above the logical price.
That being said our clients are advised on our valuation of the home they have interest in, only after we inspect the property physically, check the Statement Of Information (SOI) comparable sales listed or not listed by a number of agents. Make calls to other agents, nine times out of ten we will speak with an agent that pitched for the same listing & missed it & they will tell us what the vendors are really looking for. We also check our own software for the comparable sales we believe actually should have been used. Remember an agents job is to build interest & have buyers compete, most a very good at keeping us up to date along the way as to not waste ours or our clients time. Some others we know based on past experience will not & this is where the confusion comes in when trying to buy for yourself.
We will only take on an assignment to bid or negotiate on behalf of a client once doing this due diligence, on many occasions we have saved our clients the heartbreak of pursuing a home they were never in the hunt for based on their budget & either the buyer interest or the vendors expectations. Because we know that going to the wrong auction & seeing it sell for way over the quote whilst missing out on one that went to auction at the same time that was still suitable but our clients second choice sell within the budget is a terrible situation we never want to see our clients in. That’s why buyers engage us to ensure they have the very best chance within their budget to secure their new Abode.
