| Episode: | E160 |
| Show Title: | On or In the Market |
| Cast: | Aaron Horne, Patrick Berry, & John McGregor |
| Show Length: | 27 minutes 11 seconds |
The Property Pod is back and this week, the team gets into a discussion over the terms ‘on the market’ or ‘in the market’ and how a decision on pricing your property correctly could be the determining factor on whether it is a successful campaign or just one that will sit idly by.
Listen in and let us know what you think.
EPISODE TRANSCRIPT
Patrick Berry
It’s only worth what someone’s prepared to pay and you are prepared to accept. And that changes every day. Like today, it could be 500; February, if interest rates come down, it might be 550.
[intro music]
Aaron Horne
All right, guys! Welcome back to the Property Pod, your weekly engagement into real estate here in the Hobart marketplace. I’m your host, Aaron Horne. And it’s been a while between episodes. We apologise that we haven’t been at the mikes. There’s been a few, I guess, health related issues that have halted me from being in. But school holidays, people have been away.
Aaron Horne
We’ve made it back in the studio. So welcome back to The Property Pod. I’m here with real estate agents, John McGregor and Patrick Berry. Welcome back, boys.
John McGregor
Thank you. Welcome back.
Patrick Berry
We’re back.
Aaron Horne
Here. Yes, it’s been rough. It’s been quite a little clip of time here. I had a pregnant partner with vertigo who we were trying to navigate through and then boys getting sick and other boys falling off benches. And so it’s been it’s been a red hot minute in a row. It’s beenalright. Be a parent, they say.
Patrick Berry
And you’re the glue that holds this team together… [laughter]
Aaron Horne
It well, I appreciate you guys are waiting around for me and not sending out some rogue recordings, but.
Patrick Berry
We looked at replacing you, but it was just too hard.
Aaron Horne
Too difficult. Fair enough. Yeah.
John McGregor
Now we got you back.
Aaron Horne
It’s like when Paul Walker left the Pacific for a in life. Did he?
John McGregor
Yeah.
Aaron Horne
No, that’s a rough draught.
Patrick Berry
No.
John McGregor
Jeremy Clarkson got kicked off there.
Aaron Horne
There you go, exactly. You’re the James my and Richard Hammond. Yeah, they got me brought around. We were talking supercars before the show, so. Yeah, that works. We’re right in the heat of things. What’s been happening in the world of real estate, what’s going on out there?
Patrick Berry
It’s been an interesting 30 days. That’s just probably the best way to put it, I reckon. Market was definitely cooled off over those winter sort of month. It’s been a little bit on the quieter side, but I think the signs that it’s starting to pick back up a little bit, fuel that’s coming through.
John McGregor
The one that was interesting is that the Big Four releasing their forecasts for changes of interest rates?
Aaron Horne
Yes, I think I.
John McGregor
Saw we like to expect it an adjustment whether or not that’s that actually happens, who knows. But yeah.
Patrick Berry
Yeah. Project put out an article actually last night referencing that and they’re predicting by January, February, March next year we’ll start to see the cash rate come down and interest rates come down. So NAB and CBA are predicting as low as 3% by sort of January, February next year.
John McGregor
Which so with with that information, then what would that mean for people that they’re going to be like, well, I get in now and pay the high interest rates so that I’m not in more competition or deal. Did I wait until that’s like more affordable, which would be really interesting to see what’s playing on people’s minds and looking to buy now?
Patrick Berry
Well, it’s exactly right. It depends how you look at it, because some people are suggesting now is the perfect time to get in because, you know, let’s buy why there’s not as many people. Yep, yeah. But do you think, you know, 2% drop is going to be enough for it to boom back up. I guess time will tell you.
Aaron Horne
Yeah, it’s it’s an interesting idea as you say, because as soon as John mentioned, like February sort of thing, I’m like, okay, so you got to just buy you time out until February and then you can start playing the game again. But then again, if you’re thinking forward, you’re like, Oh no, I beat the rush and I get in and out debt, pay a little extra premium on the interest until it drops down.
Aaron Horne
So yeah, depending on how you play the game, it.
Patrick Berry
It’s so interesting when you look at this graph, I don’t know if you’ve had a look at the jump, but we’ll get you a copy. I’m going to put into the notes.
Aaron Horne
Pop it up.
Patrick Berry
It’s just like straight up. Yeah. And then write down same. And then it’s just so unique because like if you look back over the years, it’s just been such a constant sort of level. Yeah. And then it’s just this extreme rise and now it’s almost predicting almost somewhat of an extreme drop to a degree.
John McGregor
Well we it goes to show that the that short term medicine you could say during after COVID, we just we need to make people to start spending money. Yeah. Yeah. Is that necessarily a good thing because there’s oh, it’s just.
Patrick Berry
Bubbled this problem to.
John McGregor
Now there’s always pain that has to you know, the pain resurfaces. You know.
Aaron Horne
I guess it’s a tricky thing as well as like as each time the interest rates were rising, it was like, come on, we’ve got to have reached the top now. Like, it’s got to have like worked itself out. There would have to be algorithms and things in place where they know, like now we’ve got to keep writing this out this little bit longer before we start heading down the mountain.
Patrick Berry
So one of the things I was can’t remember was the mistake bank CEO. I think it was my mistake and I was talking to Yeah, don’t quote me on it, but well, you’re.
Aaron Horne
On a podcast, so we will be quoting.
Patrick Berry
Well, I’ll talk to a CEO of a bank recently got a Tasmanian bank, but I can’t remember which one it was. And he was basically saying that the reason why the interest rates haven’t worked, like the increases haven’t curbed spending, is because while they were dropping all those years dramatically, the people that own homes in that length of time, yeah, they didn’t actually drop their repayments, they left the repayments at the same level.
Patrick Berry
Yep. Even though the interest rates were going down. So sort.
Aaron Horne
Of paying more off the.
Patrick Berry
Principal. So they actually built up a bit of a buffer. So over the last year, while it’s been rising dramatically, a lot of people actually had 18, 20 months worth of buffer in them. So their spending habits didn’t have to change because all they were doing was absorbing that that extra principal that paid.
John McGregor
Off, getting more equity in the.
Patrick Berry
House. So he said to me that the biggest thing that he notices if interest rates are working or not is on a Friday or a Saturday night, how many restaurants are full when he goes out? So if they’re still driving down the street and every restaurant is full, yeah, yeah. It means there’s more pain coming because there’s too many people that have expendable cash to be able to go out still and enjoy.
Patrick Berry
Yeah, it means it hasn’t done its job yet. And he thinks that the biggest problem that we had was for so long it kept going down, but people were able to just.
Aaron Horne
Continue the safety net into their own, which.
Patrick Berry
Is great. That’s what people should be doing. Yeah, but it means that the people that have been really suffering are the ones that bought over the last 24, 36 months. Yeah. They’re the ones that have really struggled. Yeah. They didn’t have that safety net or that buffer to be able to absorb that, that increase. Yeah.
John McGregor
Yeah. Just it’s generally those people that at the beginning of their, you know, wealth building journey, not those at the end. Yeah. Then now it’s just like I know it sounds pessimistic. The idea of the wealth gap element that does make sense in some degree. Yeah, it’s.
Patrick Berry
It’s sort of anything from that 2017 mark onwards, people that bought before were pretty good. But again, yeah, after that, they’re the ones that were struggling a bit more.
John McGregor
Yeah, absolutely. Oh, look at, you know, like with I started with two mortgages at the minute. Like that’s really painful just because the, the timing, you know, so, um, but so any relief that’ll happen over the next couple of years will make a big difference just on those, those weekly changes to like day to day. Yeah. Yeah. Over the course of, you know, 12 months when you tend to get budgets.
John McGregor
So yeah, well I welcome any relief that’s still in. I thought I had, I guess is it people will always just, um, you know, assume that things are bad when when prices aren’t going up, generally speaking, because it’s that time, oh, the market’s tank and everything’s going bad. It’s like just because the people’s assets are, you know, losing somewhat value.
John McGregor
So it’s an odd idea sometimes where if it’s not going up, it’s not good, you know? But is it necessarily, I guess, from us as an agent’s perspective and a transactional one? For me, I’m more I’m also interested in what’s moving in the market. Yeah. Okay. Because as a, as a practitioner, I know it sounds selfish, but we, we, our, our business is built on transactions, not on wealth growth in that respect.
Aaron Horne
Yeah, sure.
John McGregor
So because obviously our business is only going to get paid when we sell sales, not necessarily if people make money, you know, and I don’t know that that’s not meant to make me sound greedy or.
Patrick Berry
I think I’m I think what you’re trying to get at is people need to probably know that it doesn’t matter if your property is increasing in value. If you buy and sell in the same market, all you’re doing is stepping sideways.
John McGregor
Yeah, that’s so that.
Patrick Berry
Allows you to like people need to understand that, you know, if you want to look at it, yes, your property has dropped by 20 or 30% over the last eight months. No denying, but any house that you buy.
Aaron Horne
Would have dropped the same.
John McGregor
Amount. Yeah.
Patrick Berry
So it doesn’t really have that big effect. So you just need to remind yourself of that, that, you know, if you still need to sell because you need different circumstances with family or different things happening, then as long as you buy and sell in the same market, you’re fine. Yeah. People that get stuck are the ones that sell in the good markets out in sell in like a market like now, but then rent for 1218 months and don’t buy until it’s too late in the market and they’ve lost that opportunity.
Patrick Berry
So that’s what I think you just need to be careful of if you’re selling is just buy and sell in the same market. Yeah, yeah. You know, sell what’s good and buy what’s cheaper can get away. Then you do really well. But you know, you have to crystal ball that and that’s a hard one to do.
John McGregor
Very few people think like that because they knew what to do, but they told me, just get lucky.
Patrick Berry
Yeah, exactly.
Aaron Horne
Well, you guys were kind of talking about that. It it got me thinking I was working through some collateral during this week for for as or in yourself and for the company, though there was this section in it about being like on the market or in the market now that you guys were kept talking about, you know, you’re in this market or in that market, you have to kind of break down this on the market.
Aaron Horne
And in the market idea for me, like there was these cool little graphs that were kind of saying how much interest you’d get. And I was like, I’d love to the boys to tell me more about this.
John McGregor
So how I reference that is I use it as a dartboard. So imagine that you can throw a dot on a dartboard and hit the boundary and you get no points.
Aaron Horne
Which sounds pretty standard every time I’ve played darts with you.
John McGregor
Yeah, exactly. Yeah. I never win, but I’m on the board, so I got the board. Did you get any points now? So the thing is, is that you could list your let’s just assume a property’s worth 500 grand. It’ll sell for that every day of the week. Yeah, you could put it on the market and advertise it for a million bucks.
John McGregor
And it’s like, what? You know, it’s advertised at twice its value. No one’s going to nibble because they’re looking at their house going, Man, he’s insane.
Patrick Berry
Did you say nipple on nipple? I like.
Aaron Horne
Nipples. Four days.
John McGregor
The. So you’re on the market, you’re advertising it.
Patrick Berry
But no one’s interested. No one’s.
John McGregor
Interested. Yeah. So so you keep using that dartboard analogy and then you throw the dart and he hits the bullseye. So that’s where you get your 50 points in darts. I think that’s right. Is it when if you’re.
Patrick Berry
Telling the story, I know you reference this before you bring them up.
John McGregor
But if I just took away the dartboard and the points, so if you use the double points but the thing is in is it then okay, you throw the dart hits the bullseye so that in the referencing that is the to be in the market. Well that means okay we assume this house is worth 5000. It’s going to sell for that every day of the week.
John McGregor
It’s advertised to $500,000. And so therefore, everyone that’s looking is going, okay, that’s a good bye. Let’s enquire, let’s grab it. So that’s the reference to say it’s in the market, it’s in the price point and the presentation where the buyers are have it in how they they’re actually going to buy it. So that’s a thing where if you advertise to high, yes, you’re in the market.
John McGregor
So yes, you’re on the market. It’s being advertised, but it’s not going to sell.
Patrick Berry
Like I say, hypothetically, we’re in the middle of the dartboard. Yeah. So, you know, we’re not quite in the market and we’re not too far over. So what happens in that scenario?
John McGregor
Well, I would say, as if you are relying exclusively on just advertising on a website, hoping that someone’s going to nibble, probably not going to happen. But you can that’s when the skill or, you know, working with a sales agent can help because look, okay, we now come and have a look at this one anyway because it may just be outside your budget or it might be a little bit above and the same room for negotiation there.
Patrick Berry
So it could result in showing that lead to nothing as well. To a degree though, if you just that little bit too high. So that’s the way to get it sold is to be right there in the price that people are in.
Aaron Horne
That’s right. So the little the example that was in this collateral that you guys were putting together, that I was looking through these graphs, basically, you had kind of plus 10% over market value and the graph was bare, it was naked, it was like you’d thrown the dot and it had landed in the beer on the other side of the room.
Aaron Horne
No, no interest, no people coming to look at the property. So your $500,000 property has been priced above 10% over what the market value of it is. Yeah. And it is getting a zero interest in that range. Then on the next graph was 5 to 10% above market value and the there was a little graph that was saying yet you might get some market interest but no offers.
Aaron Horne
Am I like on the right track. Like I’m.
Patrick Berry
Yeah. So that’s exactly what John’s describing. Yeah. Is that, you know, you get people look at it, you might get some people come to the open because they’re like, Oh, let’s go have a look at it. But they have no intention of paying that price for it. So one of two things is going to happen. They’re going to, you know, walk away and say that person is dreaming, not going to get that far, or they might lowball you with a lower offer to where they think in the market is.
Aaron Horne
Okay. Yep.
Patrick Berry
Or, you know, it might just be a situation where John’s describing where we have to massage the two buyer and the the seller together. So, you know, they don’t necessarily enquire about that property because it is too dear and they like, well, that’s not right. But John’s been a great agent. He convinces them You should really look at this.
Patrick Berry
I think it’s going to take the boxes. Yeah, but it might just mean that little bit of massaging to, to get them to accept 5% over what the market value is. Yep. And then the window is like, oh well I can probably live with that 5% over and then we end up with the happy medium between.
John McGregor
The two and you’re able to bring it to a deal together.
Patrick Berry
So stuff does happen in that 5 to 10% range, but it’s a lot less.
Aaron Horne
And so yeah, the other, the other factor on this graph was kind of like a time axis sort of thing. So it was like you might be getting the interest in this time. So I guess it depends on how quickly you want to sell it. You could set it 5 to 10% above if you’ve got time. Is that.
John McGregor
Well, that’s that’s the there’s a time. There’s a price.
Aaron Horne
There’s a process of time. I’ve heard that.
John McGregor
One. Yeah. Yeah. So and that’s the idea. Well, okay, it’s not worth what you’re asking for, which is you’re advertising for 10% above the market today. If you’ve got 3 to 5 years to wait, cool, you’ll probably eventually get that. But if you want to shift in the next 30 days, this is the price where the market is right now.
Aaron Horne
Yeah, yeah. I guess I didn’t think about shifting markets and what we were talking about before. Like things might be changing, so your price could be worth you could be right in the market with the right price today. But come February when the interest rates change.
John McGregor
Not there.
Aaron Horne
Anymore. Not there anymore. You’re you bought moved.
John McGregor
Yeah. Yeah, absolutely. Okay. Yeah.
Patrick Berry
And that’s the problem with pricing. It’s only worth what someone’s prepared to pay and you are prepared to accept. And that changes every day.
John McGregor
Absolutely.
Patrick Berry
Like today, it could be 500 February if interest rates come down, it might be 550. Yeah, but we don’t know that.
Aaron Horne
And so that’s why it always pays to kind of if you get an appraisal and you don’t list straight away update, update your appraisal or find out like if you are checking back in six months later, it’s not you could find a different result.
Patrick Berry
And the beauty is people get scared by appraisals like, you know, oh, I don’t want to sit down with the agent. They’re going to try and make me list the home for sale, like pay upfront and say, Look, you came to my house six months ago, I just want to get an updated price. Haven’t done anything more to it.
Patrick Berry
Most agents, they don’t want to waste their time ever. So they’re probably happy to say, Are you happy with me? Just to do some online research? And then I can give you an idea via email or over the phone.
Aaron Horne
I was going to say I’ve got an even easier way. You don’t even have to talk to the agent. Yeah, go to our website. Go to four, one four. Accommodate you. There’s like a big banner on the front says, What is my property worth? Your address in.
John McGregor
Down.
Aaron Horne
Pat’s looking at me like, Yeah.
Patrick Berry
And then I’m thinking, We promise we won’t spend that much like you. You might get a few emails from us, but it is a service that is really good on our site. It looks you an idea, but don’t take it.
Aaron Horne
As I was going to have, I was going to say it’s not like the full jacket, but it gives you an idea of like, oh, I thought we were sitting in this area and that’s using up to date data that’s coming through. So it’s not like six months ago or six months ago, if you checked, it could be like, I wonder if things have moved.
Patrick Berry
So the important thing about our website, if you use our autofill tool is you’ll see there is a confidence metre there. Imagine it as a red to green line. So red orange green line. Yep. If the metre is sort of at full pelt round all the way up to the top of green. Yep. Then it must be highly confident that that’s what you’re going to get for that price.
Patrick Berry
And the reason it can be confident is there’s been some recent sales close by that are very similar in size, quality style. Yeah. So it’s got reference points to say yes, this home should sell.
Aaron Horne
For confident that this is what market.
Patrick Berry
There. It’s orange or red. Then don’t take a lot of value in that report. Okay. So it’s still good to give you a ballpark, but you really need someone like John myself or one of the team members to come and confirm it for you because all it’s doing is giving you an idea. Yep. So if you don’t get green, it’s good for a reference point but don’t like, you know, base all your financial decisions.
Patrick Berry
Well, it’s.
John McGregor
I had an email from a guy who I met when he did work experience with me for a week, and he’s always stayed contact about his house at his mum’s house and he’s looking to buy another one. And he was using the one of those desktop reports as an idea of trying to gauge value on it. And I said exactly what you described then.
John McGregor
Is it be careful not to place too much stock in it because there’s a it can vary in a big way. And we’ve got a case study for that, which was that company in America, Zillow, where they had a they had a, um, basically a trading platform. Yeah. You could, they would buy your house based off the, the data with the intention that in the.
Patrick Berry
Statement Zestimate now showed.
John McGregor
They lost billions. Because the thing is about real estate is it’s such a, you know, it’s not like the red book with cars where it’s much easier to probably fluctuate those small details. Yeah, you know value in real estate gets measured down to that brought to the street level, right to the front door. So when it was, when they just relied on those those data that those data reports to try and build in this platform like they got they got smashed.
Patrick Berry
So yeah, the one we use key takeaways to know is like if you haven’t sold the house for ten, 20 years, it’s probably going to spit out a pretty inaccurate report because it knows nothing about the house. Yeah, yeah. But if you bought it in the last 5 to 8 years, there’s a pretty good chance that it has already recorded information from last time you sold it.
Patrick Berry
So, yeah. How many bids, how many bathrooms? It’s got all the past photos of what your house look like. It knows how big your properties because US agents, when we sold it to you, we put all that information online to, to help sell it. So it kept all that information. Yeah.
Aaron Horne
Okay, use.
Patrick Berry
That information to figure out.
Aaron Horne
A price. So you’ve done your renovations and stuff. So use my house, for example.
Patrick Berry
So it would.
Aaron Horne
Have changed a.
Patrick Berry
Terrible idea. Yeah, because it’s not going to know the extra work you’ve done to the room. It’s only going to know at that moment in time.
Aaron Horne
That it’s a three bedroom home 2017.
Patrick Berry
Aaron Horne
Patrick Berry
So it’s only going to know what you had at that point in time, and it’s going to use what the house looked like then and compare it to homes today. Yeah, that match that same.
John McGregor
Well it happened with me personally like with mine the what the property it said 5000 on the desktop report but it obviously we’d done renovation so once we’d had the value of visit the property within it was 580.
Patrick Berry
It must must’ve been good renovations John. That’s right. You must be a good man on the tools.
John McGregor
I’m good at not doing that.
Patrick Berry
That’s why it’s five.
Aaron Horne
He’s got good. He’s got good people in his corner.
John McGregor
Maybe that’s the thing. If I was too exclusive or exclusively rely on that report, well, in theory, I’d be undervaluing the property. But now, if we were to ever sell again, it’ll have all those, all those factors taken into it, you know, um, so that, but are that they’re useful, they’re good to start conversations too. And we send the man on a daily basis that thing will and people will quickly determine whether or not it’s you know, we’ll hear back very quickly whether or not it’s actually any good for them.
Patrick Berry
Yeah, I’ve had some people tell me what I’ve sent them through, what they really think about.
John McGregor
Exactly.
Patrick Berry
Yeah. And I always preface it in the email. This is just an estimation by third party supplier. This is not my opinion.
John McGregor
Yeah, it’s their opinion. I’ll make sure I include a link to who they are.
Patrick Berry
Yeah. So but yeah, obviously that that is a bit of danger because it is on our side. It does look like it’s from us. Yeah, but it is not. It’s from CoreLogic, which is a very reputable data company. That’s why they chose to.
Aaron Horne
Patrick Berry
They can only tell you what they know about you.
Aaron Horne
Yes. Yes. And, and I guess, like, if you were seriously looking at upselling. Yep. It might be a good starting off point to find out a pricing guide and then yeah, pick up that phone or you will probably get an email if you’ve put your address in because.
Patrick Berry
Martin and Shaun Love to advertise their footie tipping competition to the database.
Aaron Horne
Is selling well. Yeah, well, the one thing I want to cover off this before we finished on the in the market on the market everything was there was a good bit of of wording in there. That was the opinion. The market may not be kind, but it’s never wrong. We all.
Patrick Berry
Say we will.
Aaron Horne
Know.
Patrick Berry
A sentence.
Aaron Horne
Yeah, we will know if. Sorry. Let me say that again. The opinion of the market might not be calm, but it’s never wrong. We will know if you have got it right because the market will show up and put offers on your property. So I just thought straight away it was like people could be cranky, that they’re like, Well, how come it’s not selling and it’s compelling.
Patrick Berry
I don’t know what kind of open.
Aaron Horne
Homes I Well, the advice was this is where you’re in the market. This is where you’re right in it, not just on it. The market is always right at that stage because six months from now, it could be.
John McGregor
Completely.
Aaron Horne
Completely shut.
John McGregor
Well well, the thing is that we can’t twist people’s arms to make someone do something that they don’t want to do very simply so you can’t force a buyer to pay more than what they want and you can’t force yourself to accept less than they need to.
Patrick Berry
Yeah, I think what I’ve found over the years is that I will pitch a price to a potential seller and it might be 500,000. Let’s keep using that scenario. Yeah, sell it tells me straightaway. Oh well I wouldn’t sell it for anything under 550. And as an agent you’ve got a pivot point there, you’ve got a decision to make.
Patrick Berry
You either agree with the seller and say, Well, yes, we can trial it and see how we go. As long as you fully explain to them that, you know, it may not happen or you can basically walk away and let someone else take that on because there will be an agent that will just agree with you. Yeah, sure.
Patrick Berry
Yes. I think the key thing is whenever I’m faced with that is I’m always happy to agree with the purchaser, with the vendor, because sometimes we’re wrong. Sometimes we we can only figure out what we think it’s worth. Like other people have different opinions, but I always make it clear to them that at the end of the day, we need to listen to the feedback and listen to the data.
Patrick Berry
Yeah, sure. So if we run one or two open homes and it doesn’t work out, we need to have it make the decision to adjust the price to meet the market. We need to make the decision of looking at a different pathway. Is it, you know, what are you trying to achieve? Is it now the right time to sell?
Patrick Berry
Is it something we rent for a while? Is it you know, we need to look at plan B and Plan C, but it’s very important that that statement is 100% correct. Yeah. What you need to understand is that we don’t go out there and we don’t come to you to lie to you and just agree with you. We will happily try anything.
Patrick Berry
And I’m sure you’ve achieved the best result for you. Yeah, but we always or I know John and I do. We always make it very clear to somebody that, you know, our research and our data suggests this and we’re happy to try that for you.
Aaron Horne
Yeah, I’m sure there be plenty of people out there who like to put their boots in and be like, oh well I bloody try and charge more and get more for it so that they get extra commission and and all that kind of hoo ha. But like you’re saying like you could. Yeah. All right. Yeah. We’ll put on for 550 if it doesn’t sell, no one’s getting paid.
Aaron Horne
Yeah.
Patrick Berry
We don’t want to waste time on a property that.
Aaron Horne
Isn’t going to sell, so there’s no use putting a crazy ask price on it.
Patrick Berry
I think it’s a window. You need to remember we only get paid if we sell the property. Yeah. And the last thing that any agent wants to do is spend months on end trying to sell a home that’s not priced correctly. Yeah, because we’re doing a lot of work and it is a lot of work. People think we just sit around and do nothing, but we do.
Patrick Berry
It’s a lot of work for nothing until we get that successful result so well.
John McGregor
And I had an appraiser yesterday and he said, Oh, look, would you you know, if you if you sell it quickly, will you reduce your commission? I said, Well, no, because we get paid by the results, not the time it takes to get that result. Because sometimes you’ll have a property. They’ve got up to 40 plus inspections at the moment.
John McGregor
But there was another one where we just saw in the paper transacted, you know, the listing authority and the contract at the same time. Yeah, but I like the analogy was I got this from an artist actually, and I think he was a graphic designer at the time. And when he’d negotiate with companies where they’d say, Well, but it only took you 5 minutes to do that logo.
John McGregor
I don’t want to pay you that. I don’t want to pay a fee is like, well, yeah, but it took me 20 years to be able to get to that level. Recognition. Yeah, yeah. You want it in such a short space time there, he said. Okay, no worries. Would you like us just to wait three months and then I’ll deliver you the exact same photos so you feel like you’ve got your value.
Aaron Horne
Out of it? Not bad.
John McGregor
You know, this is like, Oh, well, how about you pay the fee and we move on?
Aaron Horne
Yeah, yeah. But I’m on it.
Patrick Berry
And I get tons. Oh, he’s got a story.
Aaron Horne
He’s got crack. That’s why we have.
John McGregor
Him, I guess, you know. But I think people always forget they’ve got the choice to say no, you know, and that can always go in a different direction.
Patrick Berry
Yeah, that’s exactly right. You’ve got to do what’s best for you. And I think the best decision anybody can make when they make the decision to sell is find the agent that they feel the most comfortable with. Yes. You’re going to know that person straight away. Yeah. It doesn’t matter what brand the agent works for or what marketing they offer.
Patrick Berry
I think the most important thing you can take away is that the person you choose is the one that you connect with and you believe what they’re telling you. Like. To me, that’s the most important.
Aaron Horne
I love that. I think that’s a great button to end on. Mm. Beautiful boys. Well, it was good to be back in the studio. It’s been a red hot minute. Yeah, man, I.
John McGregor
Your face.
Aaron Horne
It’s good to be back. It’s good to be back. My face is adorned with this district b beanie that I got yesterday from Tory. What a, I love it. What a guy. He stuck at me and I came in. I said I’d love a coffee, mate. Yeah, yeah. And he said, You should take a beanie, too. I think I will.
Patrick Berry
Do you know that it warm the hot the coffee but this is all in the head.
Aaron Horne
If only he said that, I would have thought to. Alright, boys shout out to everyone out there listening like chefs? It’s called all those things that we never tell you to do. This has been The Property Pod.
Patrick Berry
See you later, guys!
Aaron Horne
Bye!
[extro & disclaimer]
