Friday, August 01, 2008

The Price is Right!

The Price is Right! Over quoting… Bait Advertising… these days are finally over!

On Monday the 28th June the Real Estate Industry Reform came into play - the biggest change our industry has seen for decades and one which was well overdue.

It’s in place to benefit you, the consumer, but in turn it will also develop the entire Real Estate body into a more straight forward and structured industry, which means we all win.

There are now strict legislative guidelines when it comes to marketing a property. Transparency and honesty are of key importance and pricing…well there is no flexibility, it just has to be right!

Up until now Sales Partners have always used comparative home sales to price property, this hasn’t changed. However some individuals in the industry used to choose to inflate or over quote prices, just to gain a listing, but now with the new legislation in place, there is no way this can happen.

Vendors, the ball is in your court more than ever. When placing a property on the market your Sales Partner will advise you of their estimate on the property, and then you have to make a decision on what price you’re willing to accept. The minimum price a property can be advertised at must be at a level that you as the seller is willing to accept. Changes to the quoted sale price must be in writing and penalties are significant if agents or owners attempt to work around this.
For buyers, this is fantastic news – finally you know that the price
is right!

Toop&Toop have a policy of providing buyers with a price on properties wherever possible, through a fixed price or range; however there will be times that property sellers may not wish or be able to do this despite the benefits.

Do not risk your property with an agency that is not serious about the legal implications of getting it wrong. When it comes to price, legislative compliance is paramount to Toop&Toop.
Anthony Toop, Managing Director <>

© Toop Real Estate Group

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