9 things NOT to tell a real estate agent [In 2024]
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In this video we'll walk you through 9 things NOT to tell a real estate agent [In 2024].
The biggest mistake first home buyers make is giving real estate agents too much info. It literally cost a mate of mine $45,000 and if you stick around until the end of the video you’ll learn the 9 MASSIVE mistakes first home buyers are making, and what you can specifically do to avoid them.
00:00 9 things NOT to tell a real estate agent [In 2024]
00:20 Be Careful of What You Say
02:01 Keep your discussions to a minimum
03:37 Questions to ask the agent
07:13 Timeframes to keep in mind
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Geeze this guy packs in a lorry of value in his content. From a broker I was expecting a lot of flash and spin... But this guy is sincere. Thanks!
Thanks for watching NG!
This is my favourite vid so far, very useful tactics and counter questions.
Glad you enjoyed!
So true. Thank you for this.
You are so welcome, thanks for watching! Cheers, Nathan
All great advice, thanks.
Thanks for watching.
Thanks for this insights. Appreciate it👍🙏🏼💕
Thanks for watching Shanti!
Thanks so much for your tips!!!!!!
You are so welcome!
Really enjoy your videos
Glad you like them!thanks heaps
I love this channel and I'm so grateful for the information and education you provide. However, this whole buy a house in Australia thing is like you must study a diploma while becoming cunning and developing a master mind negotiator skills.The whole thing looks exhausting, it is like a constant battle in between the parties to see who makes the most out of the sale. I wonder if this is right. I don't think so, the process should be smooth and transparent but it is not. Sometimes I feel this system is so wrong. Thank you again for your channel, it is a real eye opener! Note: My opinion doesn't come from a place of hate or disrespect.
Hey Angela, its so true it can feel like a really complicated process especially given all the people involved, and how manual some of the processes are from signing paper contracts to searches done on the property. Keep researching and if we can help at all get in touch at huntergalloway.com.au cheers, Jayden.
Highly recommend this video for first time buyers. Wow, this man has common sense and really appreciate your honesty! ❤
Thanks so so much for watching!!!
Good info brother
Thanks Joseph!
The interstellar clip made me smile :D
Hahah, glad you liked it!
Awesome 🤩
Thanks 🤗
There’s some really helpful tips in this video.
I made the mistake of projecting too much interest in my first house.
The agent really played on that, and I paid more than I should have.
Thanks for sharing!
Omg!!!!!! This is cooler than nlp
Thanks for watching Ok Then
In America the realtor usually tries to help you get a LOWER price on the house you love. They don’t usually try to convince you to raise the offer unless they really don’t think you will get it otherwise
Thanks for sharing Lucas
It sounds like he’s speaking about the seller’s agent hosting the open house, not the buyer’s agent
Or they want more commission. Be ready for YOUR agent to lie about all the "interest."
Do you have a WRITTEN contract? No? Then you have nothing. Period.
I wasted $40,000 16 years ago exact same thing
Sorry to hear and thanks for sharing
1- what the bank approved you with 😂. With my own experience they don’t work for you - they hustle hard for the seller. I have a real estate agent now chasing my offer even though they declined it at first. I said next time listen...you might get somewhere 😂
Well said!
did you buy the property? possibly the seller/owner became more negotiable than what they initially were?
@@jacksalami9945 no, glad I didn’t but purchase somewhere else and happy with my decision
The funniest rule i think is - Never get over zealous and emotional when inspecting a house.
That's a great point, appreciate you sharing
Turn into an a**hole and announce what you find. "Rat/mouse cr*p in drawers..."
Great vid. When not letting the agent too much, is saying it's going to be an IP a problem?
Thanks Garen, no worries. That's a great question. I don't necessarily think that saying the property will be an investment is a bad thing, given you can say as an investor it ultimately comes down to the numbers. Less is always more though. Every negotiate is different though, so what might work on one scenario might not work on another.
Be interesting to hear what things not to do if you are selling
Thanks Geoff, appreciate the suggestion and will see what I can do here :)
Thanks Geoff for your suggestion recently, we've just uploaded a video based on your suggestion: czcams.com/video/6pGqSLhk2z4/video.html
@@MortgageBrokerAustralia Thanks for the video.
All of what Adam said makes sense.
What I was also after was understanding some of the things you should and shouldn't do or say to the agent.
Just as an agent listens for important snippets of information from a buyer, the same would apply to a seller.
And in a nervous market I would expect the agent to work harder to get competition to drive towards the best possible price - but that can also mean working on the seller to bring the parties together.
Many thanks
Thanks Geoff for the clarification and will see what I can do.
Hi there, could you do a video in how to purchase an investment property? Also it better to paid it off or just using the rent money to paid it off?
Thanks for the suggestion Sandra!
My partner has an horrible experience with agent, as a first time home owner, he get excited and put the offer, when seeing the house in evening time, I disliked the house, and we decided to pull out, Omg, the agent was rude, stated he will blacklist us in all real estate, my partner is still in shock. I don't know what to do, which is why I am playing this to cheer him up.
I'm sorry to hear about the negative experience your partner had with the real estate agent. Buying a home can be an emotional process, and it's important to work with professionals who are understanding and supportive. It's not uncommon for buyers to change their minds, especially first-time homebuyers, as they navigate the complex process.
Here are some steps you can take to address the situation and support your partner:
Communicate with the agent: It's essential to maintain open and honest communication with the real estate agent. Politely explain your concerns and reasons for deciding not to proceed with the offer. Keep in mind that agents should act professionally and respectfully, even when a deal falls through.
Seek advice from a real estate lawyer: If you have concerns about the legal implications of withdrawing your offer, consider consulting with a real estate lawyer. They can help you understand your rights and obligations in this situation and advise you on the best course of action.
Report unprofessional behavior: If the real estate agent's behavior was unprofessional or unethical, consider reporting the incident to their managing broker or the local real estate board. This can help ensure that future homebuyers do not encounter similar issues.
Find a new agent: If you're no longer comfortable working with the current agent, consider finding a new one who better aligns with your needs and values. Ask for recommendations from friends, family, or colleagues, and research online reviews to find a reputable and experienced professional.
Support your partner: It's crucial to offer emotional support and encouragement to your partner during this time. Remind them that buying a home is a significant decision, and it's okay to change your mind if the property isn't the right fit. Reassure them that you'll find a better-suited property together and that one negative experience doesn't define the entire home-buying process.
Educate yourselves: Use this experience as an opportunity to learn more about the home-buying process and what to expect when working with real estate agents. This knowledge will empower both of you to make more informed decisions and communicate effectively with professionals in the future.
Remember, buying a home is a significant investment, and it's essential to find a property that truly meets your needs and preferences. Don't be discouraged by one negative experience, and continue searching for the perfect home for both of you.
I would have said, "Bring it." And had their license by that afternoon. Meaning pulled PERIOD, not just "fired" from the brokerage co.
if property put online around 400k, so what i need do? this my first home buyer.. so what i need ask and how to offers?
Thanks Yeon, great question. We have a bunch of videos that might help. Also check out: www.huntergalloway.com.au/resources/
Great vid, but it seems in part a bit contradictory to some points in one of your other vids where you mention to add a sort of cover letter to an offer where you can add the 'personal touch' calling out things like "I'm newly married and I think this house would be great to raise a family". Is there a line you draw between what's considered too much info?
Absolutely, this is a really valid observation. Let me clarify this for you.
The strategy behind providing a personal touch with a "cover letter" is to appeal to the seller's emotions. If a seller feels connected to the potential buyer because they see their own past in the buyer or they believe the house will be well-loved and cherished, they might be more inclined to accept an offer even if it's not the highest. This works particularly well in private sale scenarios where the seller might feel a strong emotional connection to the property.
On the other hand, the information highlighted in the video is more about not giving away negotiation power to the real estate agent. The agent's primary goal is to get the best price for the seller (as this also often impacts their commission). If they sense eagerness or desperation, they can leverage that to push for a higher price.
Here's the line to walk:
What You Can Share:
Emotional Context: Sharing that you're newly married and envision raising a family in the house.
Appreciation for the Home: Expressing admiration for how well the house has been cared for or specific features you genuinely love.
What You Should Avoid Sharing:
Financial Information: Discussing your budget, how high you're willing to go, or any other details that give insight into your financial limits.
Desperation: Letting the agent know you're on a tight timeline or revealing you've been outbid multiple times before.
Too Much Emotional Attachment: It's one thing to appreciate a property, but expressing that you "must have it at any cost" can work against you in negotiations.
In essence, you can and should personalise your offer to appeal to the seller, but it's crucial to remain measured and strategic in how much information you divulge, especially to the agent. Remember, every piece of information has potential value in the negotiation process. Use it wisely!
@@MortgageBrokerAustralia thanks for the detailed response!
You're welcome!
Please note: in US, the sell agent HAS TO submit all offers. Even if they don't like them! ANY offers. Lowball or not.
Thanks for sharing!
here they have to present every offer tot their client, real estate agents dont get a say
doesn't work on new properties though.. the price is what it is..
That's a good point
They're ugly af and cheaply made. EXTREMELY cheaply made.
That’s why you build saves all the BS
Most of this doesn’t apply if you have your own agent
Yeah although it’s pretty uncommon in Australia for people to use a buyers agent.
@@MortgageBrokerAustralia
That’s weird, why is that?
@@TheDougSpot in Australia, sellers only pay the agent to sell their property. This means that the commission paid is typically between 1 - 3%. Whereas overseas, it's common for sellers to pay upwards of 6%. This then allows the commission to be split between a selling and buying agent. Here in Australia if you want a buyers agent you pay the fee yourself and is pretty uncommon for buyers to do this.
@@MortgageBrokerAustralia
It should be more commonly practiced though.
If there’s only the selling agent, then I would imagine that most buyers are overpaying.
The selling agent is looking out for the sellers best interest, not yours.
Having a competent buyers agent would save you much more than the 3% you’d have to pay
@@TheDougSpot last year buyers agent asked for 35k , no way
🧚🏻♂️❣️🌌
☺️
Hahha agents work for the seller lol. No they don't. They work for them selves
Thanks for watching Nick!
What if there is no price and the agent wont tell you?
Hi Mike. In some cases, the real estate may choose not to reveal the price expected for various reasons.
Here are a few steps you could take:
Research Recent Sales: Check out recent sales in the same area for similar types of properties. This can give you a ballpark figure of what the property might be worth.
Engage a Property Valuer: If you're serious about purchasing the property, consider hiring a property valuer to give you an accurate estimate of the property's worth. A professional valuer will examine the property, the area, and the current market conditions to provide a valuation.
Make an Offer: If you have an idea of what you're willing to pay for the property, you can make an offer. The real estate agent is obliged to pass on all offers to the seller.
Enquire Why Price Is Not Disclosed: Ask the agent why they aren't disclosing the price. Sometimes, it may be a marketing tactic to attract a wider range of potential buyers or to generate competition.
Legal Advice: If you believe that the agent is acting unethically by not disclosing the price, you could seek legal advice. In Australia, it is against the law for real estate agents to mislead buyers about the likely selling price of a property.
Remember, the selling price is often determined by a variety of factors such as market conditions, the seller's situation, and the attractiveness of the property itself. So, it's important to do your own research and due diligence before making any offer.