John McGrath's blog of 12 April 2010, responding to a question about underquoting, says:
"Hey Sonja, I agree, it's a pet hate of mine too. Guides should reflect the Agent's opinion and the Vendor's expectation. I hope it wasn’t a sale connected with our firm but if it was please let me know so I can look at it right away. John McGrath."
John, you should check out the 14 Allerton sale last month. Quote price $900,000, sale price $1,117,000, 24% over guide! Yet a comparable house next door sold a year ago for $1,116,000 so luckily for Wayne this one sold below market price.
While you are at it, John, check out all the other recent Wayne Vaughan sales:
8 Dennistone Rd Eastwood 20% over guide.
17 Railway Ave Eastwood 19% over guide.
55 Eastview Ave N Ryde 19% over guide.
74 Ray Road Epping 14% over guide.
24 Angus Avenue Epping 12% over guide.
He almost got 1/17 Pinner Close N Epping right, only 9% over guide.
Wayne is in good company though, Betty Ockerlander of Better Homes clocked up:
41 Stanley Rd Epping 18% over guide.
30 Surrey St Epping 17% over guide.
28 Cecil St Dennistone E 16% over guide.
Come on, OFT, protect the buyers. Let's see some prosecutions to stamp out this pernicious practice. Unfortunately the maximum fine is only $22,000, which is less than the commission, but the OFT can take away the licence of repeat offenders.
Wayne is now being investigated by OFT, so will have to be careful not to sell any of his present under-quoted listings for the correct market price, or he could lose his licence. An interesting problem for an agent, trying to persuade buyers to settle below market price!
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And despite the underquoting laws bought in this year he and Teena are still at it bigtime! Just a quick list at a handful of examples of what they've sold so far 2016 and the discrepancies between quoted guides and sold prices:
ReplyDelete35B Epping Rd quoted $1.25-1.375m SOLD $1.55m
58 Valley Rd Epping quoted $1.3-1.425m SOLD $1.51m
2 Chelmsford Ave quoted $2.1-2.3m SOLD $2.5m
14 Kirkham Cheltenham quoted $2.15-2.35m
SOLD $2.65m
He really doesn't know his patch, after all this time does he? He'd actually be the LAST selling agent I'd get as he just cannot get it right, despite ALL THE YEARS OF EXPERIENCE in these suburbs.... come on OFT- investigate Wayne and show the public that you care about underquoting and realistic price estimations on listing agreements. The public are sick and tired of being treated like this!