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As our environment is constantly changing, there is a lot to know in order to stay ahead. As owners of an innovative real estate brokerage in Toronto (North America's largest real estate board) Katie and Daniel Steinfeld also work daily with a whole lot of people who are looking for that edge to separate themselves from the pack. This podcast cuts through the noise. No gimmicks, no 12 step programs, no magic pill. It's real talk and useful content to dive into the topics that matter in today's real estate market. It's time to Level Up.
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Thursday Nov 11, 2021
Thursday Nov 11, 2021
SOLD OVER ASKING. Over the past several years, this term has become a pretty useless statement in Canadian real estate. It's a strategy that works for many high demand areas - underprice a home to generate as much interest as possible and sell the home for 'over asking'. However, for a real estate agent to brag about the results of this strategy isn't something we should be promoting.
Underpricing can result in a lot of confusion - especially when a home is priced considerably lower than its value. It's not uncommon to see a home priced at $599,000 that receives 25 offers (a large majority of which are likely from buyers who don't have the budget to offer a price in line with value) and sells for $300,000 over asking. This hasn't only caused confusion but it's also caused buyers and their agents to change their search parameters to only look at properties that are priced considerably lower than a buyer's budget. It's a practice that, in our opinion, has gotten out of control and in this week's Level Up episode, we are chatting to Jinsi Tan and Matthew Myers from New South Wales Fair Trading about the rule their industry has in place to stop the practice of underpricing (or underquoting) to provide more transparency and certainty in their market.
Jinsi and Matthew talk about why the rule came into effect, how it works and the repercussions agents face should they be caught underpricing a home. It's an interesting discussion that highlights the opportunities our own industry could consider to curb a practice that has caused a lot of confusion and frustration to Canadian consumers.
We hope you enjoy the conversation and feel free to reach out to us or comment with your own thoughts. We'd love to hear your perspective!
For more information about New South Wales Fair Trading visit their website at: https://www.fairtrading.nsw.gov.au/
Continue the conversation by following us on Instagram (@levelupforrealtors) or by joining our Level Up Facebook Community: www.facebook.com/groups/levelupforrealtors
Thanks for listening!
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