REALas Australia’s most accurate property price predictions
REALas Australia’s most accurate property price predictions

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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Here’s what home buyers are saying:

 

 

 

 

 

 

 

 

 

  • property values

    The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of REALas.


5 Comments

  1. Dean Collins 5 years ago

    shame when you are searching on a property or a suburb that there is no way to tell if there is “content” on that property until you’ve clicked through…..

    I wish them the best but at the moment…..they should spend their 40k winning on populating more content as its very sparse for the examples that I looked for anyway…..

    • Author
      joshrowe 5 years ago

      Thank you for the feedback Dean,

      We are improving the web site and app. So your feedback is both timely and helpful. There are over 260,000 homes on the realAs.com site now. 80% of them have predictions. The number of predictions increases as more people contribute price information to the site.

  2. John Hayes 5 years ago

    I laughed at the email of today.
    Nothing like a misguided outburst of righteous indignation to promote negative publicity toward the so called hurt party and endanger publicity and support for yourselves
    Well done DM
    Please don’t quote me! I still need my stipend

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