The first thing the agent murmured to my good morning greeting was ‘We are not going to auction. Are you able to bid on the property today because it will sell this afternoon or tomorrow” to which I replied, ‘Are you trying to cause panic and a stampede? Can I at least have a look at the property and get the contract of sale?’.
The contract came by email late afternoon followed by a phone call. ‘My solicitor did not have the chance to look at the contract’ I said. The agent protested ‘I have a solicitor on standby to exchange contracts in 30 minutes.’
How impressive was that to exchange contracts in 30 minutes!
Sure, the property sold, and at a hefty price, but it was not for my client. I sincerely hope the purchaser did their research on the impact of the major road works (curb, drainage, realignment, no parking) planned for the 100-meter-long street, and the 2 x 40-meter sewerage and stormwater drainage easement on the Sewerage diagram running through the property.
Another example – the agent was touting a rental return of approximately $400,000 pa gross on the glossy sales brochure. Months after the property did not sell, it is advertised for lease at $220,000pa gross.
The moral of the post is to keep calm and carry on, do your research, and without being panicked or stampeded by the real estate agents and their newfound FOMO tricks.