Market Comment – Monday 27th January 2009

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We are looking forward to an early start to the autumn selling season. There are now quite a few properties scheduled for auction on February 14. This is substantially earlier than usual. We are still inundated with enquiries from first home buyers and investors wanting to enter the market place as it is a very attractive time to be cashed up and buying property.

For the second week in a row Enzo Raimondo, head of the Real Estate Institute of Victoria, is trying to educate property buyers about selling agents responsibilities. In Saturday’s Herald Sun Mr Raimondo explains that the agent’s first responsibility is to their client, THE VENDOR. He goes further to say;

“Given the responsibilities of the agent, they will do whatever they can within the bounds of the law to negotiate the highest possible price for their client”

In exactly the same way the selling agent must put their client first a Buyer Advocate, or Buyer Agent, must put their client first, THE PURCHASER. If a purchaser is using a competent, licensed and experienced Buying Agent, then they will be in a far better position, both from the data collection, assessment capabilities and also the negotiation of the property. In addition to the assessment and negotiation assistance, Buyers will be comfortable having a trusted advisor to lean on in an abnormally stressful time.

If you are in the market to purchase a property you must get professional help. To attempt to assess or negotiate a property on your own in the current market would be similar to representing yourself in a lawsuit when your opposition is a Queens Counsel.

Buyer advocates must be licensed Real Estate agents and registered with the Business Licensing Authority. Any member of the public can access an online list of Licensed Real Estate Agents maintained by the Victorian Government – https://online.justice.vic.gov.au/cav/bla-search-criteria?mode=E

If you are considering purchasing a property please call us for a no obligation meeting. We can explain many things you may or may not already be aware of.

Ian James

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About the author

Ian has been operating his own businesses for more than 25 years. During this time the self taught lessons of building the business, dealing with staff, suppliers, clients and economic woes have been invaluable. Ian is a fully licensed Real estate Agent, a member of the REIV and registered with the Business Licensing Authority.

Buying property is not just sticking up your hand and outbidding your rival. It is an emotional, fiscal and psychological decision that needs to be planned and well executed. Ian is usually involved in over three hundred property negotiations per year; ranging from the $250,000 first unit purchase for a young couple to multiple million dollar residential developments. Ian's business background and endless numbers of negotiations make him one of the industry's leading negotiators.

Ian is married with two adult children, living in Patterson Lakes. He is a keen fisherman when weather and business allows the time.

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