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Agents guffaw, buyers fume

Agents guffaw, buyers fume
November 5, 2014 Josh Rowe

Enzo Raimondo the CEO of the Real Estate Institute of Victoria has come out with all guns blazing and is now limping around on bullet ridden feet.

An article published in the trade publication Real Estate Business Online did not seek realAs’ view nor publish our comments.  So here’s the conversation we didn’t have, on behalf of you – the home buyers.

REB: “Underquoting app earns industry ridicule”

realAs: Well they would say that.  “Underquoting earns buyers’ rage” is our preferred headline.

REB: “Claims a new smartphone app can prove agents are guilty of underquoting within the Victorian market has been met with little more than guffaws by the real estate industry”

realAs: Agents guffaw while home buyers waste time and money, and suffer heartache.

REB: “Chief executive officer of the Real Estate Institute of Victoria Enzo Raimondo said he is not sure how such an application would work, apart from being a semi-predictive tool based on past sales.”

realAs:  Chief executive officer doesn’t understand how the realAs algorithm works – so it mustn’t !?  The realAs prediction accuracy speaks for itself.  If only Enzo would accept our invitation for a demonstration, the REIV and real estate agents would be better informed.

REB: “To stamp out any examples of underquoting you need to know what the reserve is on the day … ”

realAs: Great idea!  When can home buyers expect to see reserve prices published in advance of auctions?

REB: “Underquoting is brought about by giving price guides, estimates and an agent’s opinion, which when it is then far exceeded in the competitive environment of auction, can leave buyers disgruntled if the agent has eluded (sic) to what price they think the property is worth.”

realAs: Pesky home buyers. People tend to get a little irritated when underquoting happens week after week, month after month, year after year.

realAs: The publisher chose to censor our comment.  What is the point of a public agent quote if the private vendor reserve is in another universe?

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