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Speaker 1: This is the fitting in with Kate Richie podcast.

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Speaker 2: Lords of Property about it quite a bit, and we

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Speaker 2: had a recently a real estate agent on who has

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Speaker 2: done very well in real estate, but he was just

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Speaker 2: sick of all the people hating on real estate agents.

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Speaker 3: You know, this is just to all the real estate

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Speaker 3: agent haters out there.

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Speaker 4: You don't know us.

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Speaker 3: It's as simple as that, you think we're overpaid. We

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Speaker 3: are the hardest working industry in the country. One off,

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Speaker 3: I've just finished three days of workshops, meeting with agents,

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Speaker 3: having dinner with the best show me an industry that

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Speaker 3: are committed at us, who still love their health and fitness,

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Speaker 3: and generally motivated and inspired people who always are looking

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Speaker 3: at getting better at their craft. We contribute to every community.

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Speaker 3: You know, We're available seven days a week for people

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Speaker 3: out there who want to buy and sell. So you know,

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Speaker 3: to anyone who's slags the real estate industry, you simply

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Speaker 3: don't know us. And if you think we're overpaid, you

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Speaker 3: come and try it. Do you come and do what

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Speaker 3: all my people and what my fellow realst agents do

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Speaker 3: out there. You couldn't do it if you tried, So

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Speaker 3: I say that with respect.

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Speaker 4: Well that's Oh, that's good to hear.

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Speaker 2: I mean when I heard that, I thought, you know what,

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Speaker 2: he's probably right. We're probably going over the top here article. Today,

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Speaker 2: Sydney's real estate agents are on notice. There are new

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Speaker 2: rules being proposed that would hit agents with three times

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Speaker 2: their sales commission for offering misleading price guides. The Men's

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Speaker 2: government planned reforms announced on Thursday, including mandated price guides

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Speaker 2: and all advertising and statement of information offered to buyers

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Speaker 2: backing the estimated sales price claims. Now, this is under

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Speaker 2: quoting everybody. And what they do is that they underquote,

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Speaker 2: then they take their two percent commission. So, like to

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Speaker 2: give you a bit of an idea, the penalty for

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Speaker 2: underquoting on a two million dollar house is that the

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Speaker 2: agent could get back one hundred and twenty thousand dollars. Right,

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Speaker 2: So they underquote the house, then it's sold for more,

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Speaker 2: then they get more money with their percentage.

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Speaker 1: Shouldn't there be a rule around over quoting to the owner? Yeah,

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Speaker 1: I see that the entire time. You know what, if

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Speaker 1: you get me on board as an agent, not only

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Speaker 1: will I drop it to one and a half from

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Speaker 1: two percent, but I reckon I can get you for

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Speaker 1: six hundred million dollars. Well that's it, and then you

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Speaker 1: get into the campaign. Hey mate, look, feedbacks come in.

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Speaker 1: It's about we're looking at about one and a half

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Speaker 1: million dollars.

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Speaker 2: Yeah, yeah, well we know this is but see this

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Speaker 2: is the thing. It's an industry that you don't know.

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Speaker 2: You can't believe a word that comes out of their mouth.

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Speaker 1: Well, lots of variables, aren't they.

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Speaker 2: Underquoting has become so right across Sydney that in a

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Speaker 2: call out to readers, the Sydney Morning Herald did this

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Speaker 2: and said, can you please send us your experiences.

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Speaker 4: The Cydney Morning Herald.

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Speaker 2: Surveyed nine thousand and one hundred people who replied about

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Speaker 2: their experience with misleading price guides. Really yeah, it's gone crazy,

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Speaker 2: like it is out of control.

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Speaker 1: Because there's another guy who floats around the Eastern suburbs.

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Speaker 1: I won't say his name, but he overquotes and in

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Speaker 1: saying that fits. If there's a house and it's worth

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Speaker 1: two million dollars, the general market might think it's worth

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Speaker 1: two million dollars, he'll say I think it's worth three, and.

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Speaker 4: He will say I can get you three.

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Speaker 1: But quite often that house he has a different formula,

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Speaker 1: and that house will sit on the market at three

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Speaker 1: million dollars for a year. Well, and it'll sell for

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Speaker 1: three million dollars, but it might take twelve months.

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Speaker 2: I had one one mistake that I had right. I

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Speaker 2: had a mate that I knew who was a real

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Speaker 2: estate agent. Right then I went with another guy in

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Speaker 2: the area. And I still remember this. There was two

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Speaker 2: real estate agents, one guy, like I said I knew,

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Speaker 2: and the other one was in the area. I went,

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Speaker 2: I'll just because quite both of them. One said, I'm

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Speaker 2: going to be honest with you. The mate said to me,

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Speaker 2: I'm going to be honest with you. I reckon, you'll

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Speaker 2: get about six hundred and ten thousand dollars for the house.

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Speaker 2: The other guy goes, mate, I could get you eight

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Speaker 2: hundred thousand dollars for this tomorrow.

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Speaker 4: So you get so you get excited. Whips of course,

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Speaker 4: and I'm like, oh, well, he's a.

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Speaker 2: Mate, but I'm going with this guy. I can get

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Speaker 2: me eight hundred No worries too easy. So I signed

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Speaker 2: with the other guy to get eight hundred thousand dollars.

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Speaker 2: A day later, I'm not joking, he said to me.

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Speaker 2: The market's changed, he said, he said, mate, market's changed.

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Speaker 2: I reckon, you're probably looking at around seven hundred thousand,

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Speaker 2: but I'm pretty confident I can get that for you.

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Speaker 4: A week later, he goes, it's you wouldn't believe it

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Speaker 4: in songe to get I'm sorry, I'm not reading any articles.

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Speaker 4: This is a week later, I ended up selling it

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Speaker 4: for six hundred and ten thousand and had to give

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Speaker 4: the commission to Pana to the now he told me

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Speaker 4: he was going to get eight hundred four.

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Speaker 1: I was so much at the market had change more

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Speaker 1: than you had your undings in a matter space of

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Speaker 1: a week.

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Speaker 4: A bugger it. I just checked it again. It's dropped,

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Speaker 4: still dropping.

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