Wednesday, October 31, 2007
The reality is that real estate agents are one of the highest paid consultants in any industry, yet the entry requirements are so low and the training reality is that very few people ever fail once enrolled in the course. The "pass everyone" mentality is continuing to see hundreds of people enter the industry - most really should not be there. I have listened to the education plans of both major parties and while they are both touting to increase spending on education there appears to be little focus on improving or completely restructuring the training requirements for real estate and other professions which are in desperate need of an overhaul. Marquette Turner is a fierce opponent of the "increase places" education revolution that seems to be the centrepiece of what we are hearing. Simply increasing the number of places does not improve systems that are clearly failing and in need of immediate attention.
It was only yesterday when I was told of a real estate agent in Newcastle offering a potential purchaser part of his commission if he were to buy a house from him. This sort of person should not be in the industry and is a perfect example of why a formal, tertiary level qualification is so desperately needed at Bachelor level as part of the process of cleaning up the real estate industry. More places in existing training programs where standards are low and almost everyone is guaranteed to pass is just not the answer. Let's hope our politicians are listening. This is something that Marquette Turner is working diligently towards. Michael Marquette
Monday, October 29, 2007
The focus of the world has been on increasing the awareness for the need to conserve our precious resources and yet both individuals and businesses in our local areas continue to proliferate tonnes of unsolicited as their main source of marketing. This is especially true for real estate agents and Marquette Turner Estate Agents has taken a stand against this ever increasing pile of junk by banning "Do you want to sell?" letters and focussing on environmentally friendly communication - namely the internet and email.
November 7 is the day when the Reserve Bank of
Steve Keen, Associate Professor of Economics at the
''At 160 per cent of GDP we are now faced with the highest level of private debt in the nation's history - twice what applied during the Great Depression, and one and a half times the previous record, which was set during the
''This is the biggest [credit] bubble we have ever had. Interest payments alone are now consuming 15.5 cents in every dollar of household disposable income.''Michael Marquette
Saturday, October 27, 2007
Clients and Customers – What’s the Difference?
As a buyer of a property, have you ever felt totally ignored by the sales agent? Have you put in an offer for a property, been advised by the agent that it would be accepted and then told you have missed out because someone else has offered more than you? Does this sound familiar? There is one explanation for this. Real estate agents work with clients and customers, but fail to recognise that in this industry there can often appear a distinct difference.
The legal definition of a “client” in the world of property is the person who has signed a written contract with the estate agent and who will be paying the fee for service once the property has sold. In other words, the vendor or seller of the property is the person with whom the estate agent has a written contract or Agency Agreement with and therefore is the person the agent will receive their commission from.
Customers or buyers do not have a written agreement with the estate agent, (unless it is with a Buyers Agent – which is a totally separate agreement) and therefore do not pay any fees to the agent when the sale is transacted. To some agents, this means the vendor is treated with the utmost respect and courtesy, at the expense of the buyer.
Unfortunately many real estate agents lose sight that buyers of properties may well become vendors of properties. Not to mention the lost opportunity to have business referred because of outstanding service.
Thankfully times have changed. Marquette Turner recognises that true customer service is of the major factors both clients and customers seek. Real estate is a service industry after all, and should be no different to the major airlines, etc, in seeking to provide a service that is second to none.
Telephone: 1300 737 778
Thursday, October 25, 2007
We have both youth and experience on our side. We have a hunger, boundless enthusiasm and Entrepreneurialism that quite easily makes us stand-out from the local agent that has little desire or interest in looking beyond "getting a listing, getting a buyer, and getting a commission". They have no incentive to do anything more, which ultimately means that the customer's and clients that are unfortunate enough to come in touch with them will rarely receive an experience that is outstanding.
This is one of the significant reasons that makes Marquette Turner so unique. We are in a position to look to the long-term, which means that our immediate actions, as well as those in the near and distant future are always in the best-interests of everyone.
Both Michael Marquette and myself are constantly looking at other industries to see how we can "do things better". You only have to see some of the huge press coverage that our unique Concierge service received in the national and local press to see how we really are trying to raise the bar in a service industry that is renowned for offering, at best, a very average service experience.
The Marquette Turner team is excited at any opportunity to demonstrate what sets us apart from "traditional agents". Thus whether you're a tenant, vendor, buyer, or just someone that is interested in learning more about real estate, please feel free to contact any of us. Call 1300 737 778 or visit www.marquetteturner.com.au
You can even Skype us on Marquette Turner and Marquette Turner1! Simon Turner
Thursday, October 11, 2007
As is always the case with property, make sure you are looking at your long-term goals, and never be unaware of economic factors, regardless of how “novice” you may rate yourself in such issues.
Think of a worst-case-scenario: don’t try to relate to your comfort zone now, relate to issues that may make your like somewhat more difficult.
Remember, the more equity you have in the property you are buying the more comfortable position you are in. This will allow you to weather booms and busts, and all investment cycles.
Listen to your head and think of the long-term. And of course, never be afraid to ask Marquette Turner for a little bit of guidance. Our team are always available to offer our assistance and thoughts (real estate or not!) but remember that it’s always better to ask the question than regret it down the track.
Simon Turner, Marquette Turner
Monday, October 8, 2007
Well, here's my thoughts:
The top end of the market is booming with multi-million dollar sales for Sydney Harbourfront homes continuing to set new records with Point Piper continuing to be the stand out piece of Sydney real estate.
Prices in Sydney's west are continuing to struggle with buyer demand lower than supply. The biggest problem facing vendors in Sydney's west is that many real estate agents are suggesting prices that are way too high in order to "buy a listing".
The term " buy a listing" refers to agents suggesting inflated prices for homes, dishonestly trying to create hope of achieving a higher price to win the listing by convincing the home owner that the impossible is actually achievable. Vendors really need to beware of this practice and should insist on evidence to support any suggestion of a price outcome.
I guess the best way of looking at housing prices at the moment is that suburbs of high demand around the harbour and beaches are pushing forward and looking stable and positive. Suburbs that have been traditionally less popular are proving tough going when it comes to sales, however, a sensible and well thought out sales strategy will result in a successful sale. Huge opportunities exist for cashed up buyers who can buy into suburbs like Lakemba which I believe is a Sydney real estate hot spot.
Be realistic with your pricing and sales strategies and choose the agent that proves his or her ability to attract buyers to your home and negotiate the highest price possible every time. Ask to see their qualifications and do not accept that they have been agents for many years as proof of their ability. The largest sales office, the largest sales team or the closest office all mean very little in the internet age and with around 80% of homes being purchased by buyers searching on the net your agent needs to prove that they will and can maximise your sales price.
Look at companies like Google to see that the oldest isn't necessarily the best. Always choose an agent who shows a real point of difference - at Marquette Turner you can expect a proven strategey every time.
Saturday, October 6, 2007
The real issue here is what are the facts when spending money with real estate agents? Are they really looking to sell your home for the highest price possible and will their marketing suggestions make any difference? At Marquette Turner we have examined the issues associated with marketing in enormous detail and the reality is very different to that put to vendors by agents with little knowledge regarding marketing - which is in most cases your biggest asset. The fee you pay to real estate agents in Sydney, Melbourne and throughout Australia is one of the largest professional fees you will ever pay! - usually more than you will pay to your Solicitor or Doctor.
The best research has been done in the United States by the National Association of Realtors who examined how buyers found homes between 2004 and 2006. The internet is becoming more and more important in the lives of all Australians and the results of their research cast enormous doubt over the effectiveness of newspaper real estate advertisements. Most agents would suggest advertising in glossy newspapers like the Wentworth Courier and Mosman Daily in Sydney costing up to $3500 per page each week of any marketing campaign. The research from the USA sugggests that less than 5% of properties are purchased by buyers who found their home in a newspaper. The research indicates that almost 80% of all homes sold are found by buyers searching on the internet.
I guess the most important consideration when looking to find the agent to sell your home is what evidence they can show you to substantiate their suggested marketing campaign. What statistics can they offer from independent sources to support their claims and what formal qualifications do they have in negotiation? These questions if answered well will make the process of choosing an agent an easy process and will ensure that you save thousands of dollars in wasted marketing money. You will also achieve the highest price possible by ensuring your agent has formal qualifications in real estate negotiation - maximising your net result.
Whilst everyone's personal circumstances obviously vary, and with the price of real estate in capital cities these days, it is certainly an important question.
Whilst there is not a simple answer, here's a useful link that can help you decide whether you would you be better off, financially, if you rented and invested instead.
Try moving the investment return assumption up and down to see what a difference it makes. See www.yourmortgage.com.au/calculators/rent-vs-buy
Thursday, October 4, 2007
So, could it be better to buy "the best house in the worst street" or perhaps even "the best house in the best street"?
Whatever your thoughts on this subject, we'd love to hear them.
The benefits of education of the property industry to our clients is smart business.
For companies that provide excellent products and services, the most knowledgeable clients are the best clients. The reason is simple. The more our clients know about our industry, the more they appreciate the services provided.
Thus, whether your interest is in buying, renting, strata, investing or just general knowledge, we cannot over-emphasise the importance of being well informed.