As agents we are expected to give advice on the potential selling price of properties for sale by Auction and Private Treaty. Most of the time there is an ongoing conversation between the buyers looking at a property and the sales agent. This conversation normally reflects the level of interest in the property and the expectation of the seller around price.
Recently, the NSW Government has introduced new laws to clarify price guides for consumers. From 2016 any advertising or promotion of residential property will have to be substantiated by evidence of comparable sales and market opinion. As consumers we are generally educated around the markets we are researching or looking to buy in.
What this means for agents is that the price used to advertise the property will have to reflect the estimated price on the agency agreement and the estimate must be justified by the similar sales in the neighbourhood. Sounds like a good idea. Actually, nothing has changed for good agents. At Bevans we have been publishing our comparable sales for years and are more than happy to educate our clients on the current market. Where you need to be careful is when you deal with an agent who says “I don’t know”. There is no need for mystery in real estate. Communication is the key to an open market, wherever that market takes us.
For more information on these changes, talk to one of our agents.
by Will Soeterboek on 11 December 2015
Filed under People