Big issue in a rising property market
With the Brisbane property market heating up and investors trying to get in before it's too late, sellers in Queensland's capital should be set to get the best prices, but this isn't always happening.
Blogger: Zoran Solano, Hot Property Specialists
In a rising Brisbane market, with agents rushing around between open homes and exchanging contracts back in the office, we’re noticing that something is falling between the cracks, and it’s a big something!
Firsthand we’re seeing some agents accepting the first buyer offer so they can scoot off to their next client. Not the best service they could be providing to their sellers.
Now there are truly some fantastic selling agents in Brisbane doing their best for their clients, but I’m noticing that now, in a hot market, they’re talking, walking and dealing a lot faster.
Recently I attended an open home on behalf of a client. I wasn’t even given the chance to place an offer, despite wanting to. Here’s what happened.
Thursday last week the property hit the market. I attempted to contact the agent but only reached their receptionist.
I attempted to lock in an inspection opportunity prior to the weekend, Friday 2pm was suggested.
The agent said to call him the following day to confirm the appointment so I did, via his receptionist. But despite leaving a message, I didn’t hear back from her.
Two hours later still no response, so I called again, only to be told the owner doesn’t have approved access to the property, and that I need to wait until the open home on the weekend.
Saturday comes around and I inspect the property on my client’s behalf, only to find that neither of the two listing agents were present. Instead there was an assistant present who knew nothing about the property.
At the completion of the open home I asked the agency representative when they would like offers presented. Did they want them today or were they going to wait until Monday?
I was eventually told that Monday would be fine to submit the offer.
Monday morning comes around and I contact the agent to discuss submitting an offer. I am told that the sellers had accepted an offer on Saturday afternoon and the property was under contract.
I objected and told the agent that I was ready to submit an offer at the open home but was told to wait until Monday. There was a soft apology and that was it.
I then approached the sellers explaining the situation. I established that the agent was being paid a full commission to undertake what clearly was a poor job of obtaining that best offer from the market at that time.
The sellers were disgusted that an agent, who they had appointed to sell their home, had not only ‘under’ sold the property but had not given all buyers a chance to submit an offer for the sellers consideration.
If you’re looking for Brisbane property, it pays to understand exactly what’s happening in this fast-moving market. And to not be afraid to voice any concerns of unethical selling agent behaviour.
About Zoran Solano
Zoran Solano is the office manager and senior buyers’ agent at Hot Property Specialists Buyers Agency. With five years under his belt as buyers’ agent, this young gun is recognised as one of Brisbane's leading agents in buyer representation.
Known for his independence and keen eye Zoran is the competitive edge buyers need when purchasing homes or investment properties.
Zoran is also an active member of the Real Estate Buyers Agent Association (REBAA), an organisation that upholds legal and ethical buyers’ agent practice.
For more information please call 07 3847 9430 or find "hot property specialists" on facebook.
www.hotpropertyspecialists.com.au