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Underquoting Causes Inefficiency and Stress

Underquoting Causes Inefficiency and Stress
September 16, 2014 Josh Rowe

Underquoting Causes Inefficiency and Stress

5 weeks ago I launched realAs – backed by a smart group of investors and an amazing team.

Price quotes for real estate in Australia vary widely depending on whether the home is for auction or private sale.

For auctions, underquoting is rife in many areas. Underquoting is when an agent indicates a price that a property will sell for, but it is well short of the market and the owner’s expectations.

Underquoting causes inefficiency and stress for property buyers.

For example, property buyers new to the market must trudge through multiple open for inspections using up their valuable time, to only discover on auction day that the real selling price was way higher than what they were prepared to pay.

Before I took on the role of CEO of realAs, I spoke with many property buyers who were sick of the wasted effort from researching properties they were never in the market for. It’s heart breaking and stressful.

realAs brings transparency through accurate property price predictions.

Good real estate agents will rejoice. Other real estate agents will ignore or attack us.

Here are a couple of examples from the weekend.

38 Jones St Ryde NSW 2112
Agent Quote: $1,000,000 = 25% off sold price
realAs Prediction: $1,167,000 = 7% off sold price
Sold Price: $1,250,000

17 Brougham St, Richmond VIC 3121
Agent Quote: $750,000 = 19% off new private sale price
realAs Prediction: $879,000 = 2% off new private sale price
Passed in, now listed for private sale: $895,000

Grab realAs to get our predictions (over 160,000 properties) here – http://realas.co/getRealAs

 

Josh Rowe, CEO realAs.com

 

 

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