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

Two Real Estate Agents Beat realAs

Two Real Estate Agents Beat realAs
June 25, 2015 Josh Rowe

Two Real Estate Agents Beat realAs

The primary role of a real estate agent is to help a home buyer and a home seller reach an agreement on a selling price.  Experienced real estate agents are able to accurately quote what a home will sell for, regardless of whether the property market is rising, falling or flat.

Real estate agents which accurately quote home prices demonstrate honest and ethical behaviour.

Inaccurate quoting of home prices leads to frustration for home buyers which wastes their time, money and breaks their hearts on homes which were never truthfully in their budget.

realAs.com – a web site by buyers and for buyers – reveals the latest leader board of the most accurate real estate agencies in Victoria and New South Wales.

This represents a positive step for home buyers, home sellers and the real estate industry for increased transparency of data.

Whether people are buying or selling a home, there is a high level of faith placed in the real estate agent to accurately communicate price information. realAs.com raises the bar, publicly, so that real estate agents are exposed to a new level of scrutiny.  Accurate real estate agents now have a quantitative measure to differentiate themselves from their competitors within the industry.

Some real estate agents have described realAs as “dangerous”, “unreliable” and “incredibly misleading”.  These qualitative comments (not facts) don’t pass muster when we present the quantitative facts.

Over time, home buyers and sellers will look to realAs.com to assess the credibility of real estate industry participants, in much the same way that tourists use TripAdvisor to choose an appropriate restaurant based on quantitative and qualitative variables that matter to them (such as price, service quality, location, etc).

Here are the Top 10 most accurate real estate agencies for Victoria and New South Wales, plus the corresponding realAs.com prediction accuracy – some real estate agencies were more accurate than realAs.com !

realAs.com aims to improve the availability of real estate information for home buyers to reduce the time they spend finding their next home.

NSW AUCTIONS Sold Price vs Agent Quote Sold Price vs realAs.com
1 Ray White – Callala Bay / Culburra 5.8% 2.1%
2 McGrath – Byron Bay 5.9% 7.2%
3 BresicWhitney – Darlinghurst 8.0% 7.4%
4 BresicWhitney – Balmain 8.5% 4.4%
5 McGrath – Ballina 12.7% 5.6%
6 BresicWhitney – Hunters Hill 14.5% 9.5%
7 McGrath – Lane Cove 14.6% 5.7%
8 McGrath – Hornsby 15.1% 5.3%
9 McGrath – Neutral Bay 16.1% 5.3%
10 McGrath – South Hurstville 17.0% 4.7%
Source: realAs.com April 2015

 

VIC AUCTIONS Sold Price vs Agent Quote Sold Price vs realAs.com
1 Barlow McEwan Tribe First National – Altona 11.2% 9.0%
2 Alexkarbon Real Estate – North Melbourne 11.4% 16.1%
3 Village Real Estate – Seddon 12.0% 5.0%
4 Brad Teal – Coburg 12.5% 8.9%
5 Barry Plant – Craigieburn 12.6% 9.8%
6 Barry Plant – Taylors Lakes 12.8% 4.6%
7 Nelson Alexander – Brunswick 13.0% 6.3%
8 Greg Hocking Elly Partners – Williamstown 13.4% 7.4%
9 Biggin & Scott – St Kilda 14.1% 3.4%
10 Considine Real Estate – Strathmore 14.2% 5.6%
Source: realAs.com April 2015

PS Did you spot the two real estate agents which beat realAs?

With respect to the survey:

  • it is for auctions in April 2015
  • from Victoria and New South Wales
  • only real estate agencies with 4 or more publicly available quotes and auction results were included
  • the “Sold Price vs Agent Quote” is the average percentage difference between the sold price and the public agency quote
  • the “Sold Price vs realAs.com” is the average percentage difference between the sold price and the realAs.com prediction

 

 

  • 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.


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2 Comments

  1. Jape 4 years ago

    Interesting to see an agency that did rather badly (and grumpily) in last month’s results has done rather well this month. Have they been inspired to lift their game? Will they inspire others? Here’s hoping.

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