Real Estate Agents in Sydney

[Sleeky]

I felt happy with myself when we bought our apartment.

But tbh, there is not a lot of value in owning an apartment. They are just a commodity in Sydney because they are too easy to replicate and far too many new developments going up.

I see value in a home because you 'own' the land. And land is scarce in Sydney.

Too true

 

[Wahesh]

My wife and I have our own apartment and we've recently been looking to buy a house in Sydney.

I can say you are spot in in relation to the addition of 10-15% to whatever price the agent gives you as the 'guide'.

Some agents are honest and genuinely try to give you an accurate guide (and do so).

Other agents are absolute scum and intentionally under-quote by 20-25% with the express purpose of creating interest in the property and hopefully getting big crowds to the open house and auction which makes each interested party feel like they need to pay more to get the house.

I will have no sympathy when the market eventually turns and these same agents can't sell anything.

On the topic of Sydney prices, my impression is they are absolutely on the way back up again (unfortunately for me). In our area (9-10km from the CBD), $1.5m gets you a run down very old house. $1.8m will get you a decent house. $2m will get you a very nice family home on approx 550sqm.

They changed the laws a few years ago because agents were doing this to get greater interest in auctions. The problem though is something like this is hard to enforce.

I remember a few years ago (2015) before I bought my current house, I went to look at a house in a suburb 15km from the CDB. The real estate agent said he predicts $980,000. I made an offer of $1,150,000. The owners did not accept it.

Talk about under-praising... the house went for $1,325,000.

From that moment on, I had no respect for that guy and did not bother attending any of his open houses.

 

[Wahesh]

So you live around the Kingsgrove area? Lol

Away from the shops, Kingsgrove is a really great area to live in. The blocks are large, it's a nice, quiet suburb close to everything. The shopping area in recent years has been revived (has a Woolworths now and plenty of cafes) and all in all is a great place to raise a family. The only problem... you'll need a million dollars to build a nice 2 story home.

 

[Wahesh]

Agreed. Especially if you’re single or a couple without kids. Do this for 5 years (pending on market increase or not), get a valuation done and re-finance. Use the equity along with what you saved in those five years to put down a deposit for a property in Sydney.
Good luck mate

I actually had to put down my life savings in order to get my house (which is what I was aiming to do) just so I can keep on top of the mortgage in case job circumstances change.

 

[Wahesh]

The rental income from the house won’t cover your lease. It will only cover the majority of the mortgage. Still will be out of pocket year on year.

Well that's the thing. Houses in Newcastle are relatively cheap that if you can afford 1 apartment in Sydney, you can afford one house in Newcastle and put a deposit down for a second.

 

[NPC83]

Yes no doubt there are some dickheads out there but sometimes there are 2 sides too the story but as natboy says id be happy to help im an agent inbox me ill give you my mobile and we can discuss what to do ok

What area do you work in mate?

 

[Dawgfather]

They changed the laws a few years ago because agents were doing this to get greater interest in auctions. The problem though is something like this is hard to enforce.

I remember a few years ago (2015) before I bought my current house, I went to look at a house in a suburb 15km from the CDB. The real estate agent said he predicts $980,000. I made an offer of $1,150,000. The owners did not accept it.

Talk about under-praising... the house went for $1,325,000.

From that moment on, I had no respect for that guy and did not bother attending any of his open houses.

We were very interested in a house with an initial price guide of $1.6m.

1 week later he modified the guide to '$1.6m-$1.7m'

The house sold at Auction for $1.98m...

 

[Wahesh]

We were very interested in a house with an initial price guide of $1.6m.

1 week later he modified the guide to '$1.6m-$1.7m'

The house sold at Auction for $1.98m...

No surprise there. The higher the potential price, the higher the gap.

Next time you ask an agent for a price guide, let's say he says $1.5m, I'd then immediately turn to your wife and say (so he can hear you) - "So a realistic price guide is $1.7m - a bit out of our price range, let's cross this one off our list" - so he knows you can tell he's bullshitting you and lost a potential bidder.

 

[Dawgfather]

No surprise there. The higher the potential price, the higher the gap.

Next time you ask an agent for a price guide, let's say he says $1.5m, I'd then immediately turn to your wife and say (so he can hear you) - "So a realistic price guide is $1.7m - a bit out of our price range, let's cross this one off our list" - so he knows you can tell he's bullshitting you and lost a potential bidder.

Yeah absolutely man. When we first started looking at houses months ago I was so polite and respectful to agents.

When we start looking again in a few weeks I'm just going to treat it like a business transaction.

 

[Natboy]

Do you all think the “10%” laws on estimations have made much difference?
It seemed to work better at first but now it seems to have all changed to EOI and contact agent instead to work around it

 

[Wahesh]

Do you all think the “10%” laws on estimations have made much difference?
It seemed to work better at first but now it seems to have all changed to EOI and contact agent instead to work around it

If it comes to EOI, ask the agent what their price guide will be, then just add 15% on top.

 

[Natboy]

If it comes to EOI, ask the agent what their price guide will be, then just add 15% on top.

Spot on mate. I’m more so asking if you think the new legislation actually made any difference to stop agents under quoting but that sort of answers my question. Dodgy isn’t it

 

[Wahesh]

Yeah absolutely man. When we first started looking at houses months ago I was so polite and respectful to agents.

When we start looking again in a few weeks I'm just going to treat it like a business transaction.

That's all it is mate, don't buy into their sleaziness. I remember another house I was looking at was in the area I was searching for, however it was run-down and a big reno job - a headache I didn't want. But the agent himself was so polite and courteous and calling me beforehand to ensure that I was going to be attending. I couldn't attend but made an effort to get there just after the auction ended so I can speak to him. I pretty much apologise as I had other things on, but I also was honest and told him what I was after and the location. He said "sure, no problem."

The following Monday morning, I sent him an email just so he had me as a potential buyer if another house in the area came up, and also included a map of the area outlined in red so he can easily tell. He replied...

Hi Fred,
No worries.
Rgds, Frank

He couldn't even get my name right which comes up as the sender right in front of his eyes. He just picked a random name and referred to me as Fred. Another agent I started avoiding. I actually think these guys don't know the damage to their business caused by lying... they're just after a big pay day.

 

[Nano]

All about the commission what else lmao, I love how they say they are helping people get their dream homes and shit or that they are proud they sold much over the reserve man shut the fuck up we know you are after more money by making people pay big money for a home...

Also what is with all the real estate fucks plastering their faces and names over the signs and adverts lmao? No one cares who the fuck you are or what you look like, you are just a middle man who benefits from a big expense for people

 

[Wahesh]

Spot on mate. I’m more so asking if you think the new legislation actually made any difference to stop agents under quoting but that sort of answers my question. Dodgy isn’t it

Dodgy ask. It hasn't done anything to stop them from under quoting because there's no way of enforcing/proving it. They can say that the estimate is done based on recent market trends and demographics, but at the same time they can argue that there's no way to tell who will bid at auction and how much they're willing to spend. That's why I always add 15% on top.

 

[Wahesh]

All about the commission what else lmao, I love how they say they are helping people get their dream homes and shit or that they are proud they sold much over the reserve man shut the fuck up we know you are after more money by making people pay big money for a home...

Also what is with all the real estate fucks plastering their faces and names over the signs and adverts lmao? No one cares who the fuck you are or what you look like, you are just a middle man who benefits from a big expense for people

You know what I hate? At auction, the agents who stand next to you and pressure you to out-bid whoever just put a bid in. It's like... STFU... I know what my limit is, you don't.

 

[Nano]

You know what I hate? At auction, the agents who stand next to you and pressure you to out-bid whoever just put a bid in. It's like... STFU... I know what my limit is, you don't.

Fmd they are an annoying breed, also the whole “sold by” thing with their faces and names showing lmao

 

[Wahesh]

Fmd they are an annoying breed, also the whole “sold by” thing with their faces and names showing lmao

Yeah. The sold sticker is them self-promoting their business. Sometimes they're hilarious lol.

 

[Dawgfather]

Has anyone else seen instances of vendors installing their friends/family as covert bidders at auctions to try and send the price higher?

I know for a fact it happens, and my impression is that it happens more often than people realise.

 

[Wahesh]

Has anyone else seen instances of vendors installing their friends/family as covert bidders at auctions to try and send the price higher?

I know for a fact it happens, and my impression is that it happens more often than people realise.

Yep. A house in my area sold a few years ago. We were tipping it to sell at $1.3m. Opening bid from someone at the back... "$1.3m" - and that person never bid again and didn't look interested slightly in any further bid.