| Mistake #11: Auction | E-mail | |
 Thousands of consumers are being cheated. The greatest myth with auctions is that they are "the best way to sell". This is not true. Auctions are one of the worst ways to sell your home, no matter what area you are in or no matter what the market conditions are like. AUCTIONS GET LOWER PRICES. Agents are the big winners with auctions. Consumers are the big losers, because they are so easily caught by the deceit and the tricks. One of the greatest tricks is the "reserve" price. Agents will say that homes often sell above reserve. But the reserve is your lowest price. It is the minimum you will accept, under pressure. Auctions involve extreme pressure to sellers - "crunching" them to accept whatever price is offered at the auction. Agents are taught to use auctions to "condition sellers". The Real Estate Institute of Australia published a book describing auctions as "the fastest and best conditioning method" Very few people, other than agents, understand the scale of auction fraud. As one lawyer commented, "The auction system is just one gigantic scam and everyone in the industry, other than consumers, seems to be in on it." Your solution: THE BEST ADVICE IS DON'T AUCTION. However, if you can't resist the sales spiel, at least insist that you pay nothing unless your home is sold at the price you want. And do not fall for the "dummy bidding" trick. Agents may say that dummy bidding helps you to get the price up. They also say it is only done below the reserve price. But if agents started the bidding at the reserve price, there would be no need for dummy bidding. The reason bidding starts below your reserve price is that many agents intend to "crunch" you under extreme pressure to lower your reserve price. If auction agents were compelled by law to offer guarantees to consumers, the typical auction system would cease to exist. Don't let auctions into your life. |
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We wish to especially thank Peter FitzGerald Real Estate for the courteous and efficient way that they marketed and sold our property and for their attention to detail. We would have no hesitation in recommending Jason Hines and Lisa Fitzgerald to any future sellers. Sean & Alison Pollard - Unanderra |
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From our first meeting with Lisa FitzGerald some years ago, our experience with Peter FitzGerald Real Estate has been positive and problem free. Lisa found tenants for our unit in Keira Street, Wollongong, and as a rental agent Peter Fitzgerald Real Estate made the landlord experience smooth and stress free on our point. Sucessful tenants were found and they also proved to be fine occupaints and Peter FitzGerald Real Estate were capable, efficient and 'on the ball' managers. When it came time to sell the unit we of course wanted Peter FitzGerald Real Estate's Jason Hines to handle the sale. Again Jason was supurb and the buyers were found and our full price was paid and agreed to. Jason again was an excellent agent, throughly professional and efficient. Our unit was sold within a few weeks. My wife and I only wish that Peter FitzGerald Real Estate had been discovered sooner. Pat & Deidre Greene - Wollongong |
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