November 23, 2024 • 39 mins
Fixed price offers are common after a home fails to sell at auction - is it possible that the method of sale can either draw in the attention of buyers, or put them off completely?
Property commentator Ashley Church joins to discuss whether there is anything sellers can to to make an easier sale.
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks.
Speaker 2 (00:09):
I'd be I'll tell you what we are going to
talk about, and we want your calls on eight hundred
eighty ten eighty in text on nine two nine two,
because it's the time for you to participate as well,
in conjunction with our guest. Now, there are there are
different methods going around obviously all the time. When you
come to buy and sell your property. You can choose
to give it together for an auction. You can choose
(00:31):
to just have a fixed price sale or tender or
just the sort of asking price, and people go back
and forth on that, and often the start the way
you sell your house possibly is dictated by how hot
the market is, because I remember back in the days
when the market just seem to be rock and unrolling
all the time, that it would be almost a no brainer.
(00:55):
I was always surprised when I'd see people actually list
their price. But there are also methods of sales that
turn buyers off. So how did you sell your house
and did you were you happy with the method that
you used? But also if you're a buyer, is there
a type of is there a method of sale that
(01:15):
either one attracts you because you're comfortable with that sort
of process and you like it. An example might be
there are people who love people naming a price, saying, look,
this is for sale, the asking prices I know, five
hundred thousand or a million or whatever, and you like
it because it gives you something to work with, Whereas
I think for me, there's a method of sale called
(01:36):
tender where you basically put in your best offer. And
I must say, I kind of think if there was
another property to look at, then that would be that
would be a turn off for me with the tender.
So what is the method of selling that you're attracted
to as either a buyer or a seller? And I
(01:56):
think we've got Ashley on now as should we got
you there?
Speaker 3 (02:00):
Oh, been here the whole time I have?
Speaker 2 (02:02):
Do you go, oh, that's right. Sorry, we just had
a little bit of a under shoot. Hey, you've bought
and sold a few houses?
Speaker 3 (02:08):
Yeah?
Speaker 2 (02:09):
Have you used different sale methods?
Speaker 3 (02:12):
I have, and I have my preferred ones, I guess
like everybody does so for me, And it's probably also
a reflection of how I prove while I'm looking forward,
I'm looking to buy a property I like the idea
of having a range. But this is sort of a
range between such and such and such and such, which
is represented by real estate agents in different different ways.
(02:34):
Some of them will talk about buyers price over or
buyers off or over.
Speaker 2 (02:39):
Are you talking as a seller or a buyer here.
Speaker 3 (02:41):
Well, I'm talking about both because for me they're the
same thing. So whether I'm buying, whether I'm selling, I
generally want to have some idea of what the range
is so that people have got some sort of indication.
There's a range of reasons real estate agents when they're
selling don't do that because they're in a kind they're
kind of in a conflicted position because on the one hand,
they want to get as many people as possible to
come through and have a look at the place. On
(03:02):
the other hand, they want to maximize the price that
they can get for their their vendor. And what they
don't want to do is miss out on that somebody
who's going to come along and pay, you know, one
hundred grand over the odds because they love the place
so so this which is why so while it's frustrating
for us when we're buying, that's why they do it.
They're they're they're on the one hand, they want to
get you to come and have a look. On the
other hand, they don't want to sort of constrain themselves
(03:25):
to to something which may not be as much as
you might otherwise have been prepared to pay. But for me,
if I'm if I'm selling, generally, I would probably want
to give some sort of indication. Keeping in mind, for
based on what I just said, I'd still want so
I'd still want there to be enough flexibility in what
the agent did to take account of somebody who might
(03:45):
be prepared to pay a bit more if I'm buying.
One of my pet hates is is those sites that
give no indication whatsoever what the prices of the property.
Speaker 2 (03:54):
Actually, I'm so relieved to hear you say that because
I I mean, I guess so you're a you're an
experienced property investor and participant in the market, and because
the argument obviously sometimes against what you've just said. A
real estate agent would say, well, if serious bars will
get a handle on what a property's worth, but I
do like to know what the expectations.
Speaker 3 (04:15):
Are, and you know that's that's a silly comment. And
to be honest, if somebody says that they're in anexperienced agent,
because it's actually not true. But there is one caveat
to what I just said, and that is that in
theory and all this stuff's good in theory. In theory,
all of the major search engines a one roof and
its competitors. When you go in and have a look,
(04:37):
you fill out certain search criteria, of which one is
likely to be the price range that you're looking at.
So in theory, if it shows you a property, that
property is within that price range. So that's the theory.
So even though it doesn't tell you what it is,
in theory, it should be within the range that you
actually gave to the search engine. The problem I've got
with that, though, is I think from time to time
those search engines expand that range a little bit. So
(04:59):
although you might have said, you know, eight hundred to
a million, it will show you properties at one point
one on one point too, because it thinks, you know,
we all lie and we've actually got a little bit
more flexibility to spend more than we said we would.
So so that the theory doesn't necessarily meet the reality.
Speaker 2 (05:15):
And what circumstances have you or would you go by auction?
Speaker 3 (05:20):
So I have a love hate relationship with actions and auctions,
So in real estate agents will have me for saying this,
and every time I do you probably get complaints from
some of them. I think real estate agents are a
fantastic tool and a hot market, so when the market's
going really.
Speaker 2 (05:33):
Well, sorry auctions, Yes, sorry, what did I say? You said?
Real estate agents are good on a hot.
Speaker 3 (05:41):
When when the market's going really well, and options are
good because the whole point of an auction is to
maximize competition. It's to get all the people that are
interested in and get one of them to pay the
most possible. And the way you do that is by
having them in a room where're hearing other people offering
other amounts and they can decide whether or not they can.
Speaker 2 (05:57):
Pay more than that.
Speaker 3 (05:59):
So in a hot market where things are going really well,
in auction and theory should actually be a really good
tool because it maximizes the you to get the best
price possible from the people who are there prepared to
actually buy your property. In a flat market or a
declining market, I think they're a dog. And the reason
I think they are a dog is because the I've
always seen their sole purpose as being an opportunity for
(06:19):
the real estate agent basically to whack you around the
head and get your expectations of what the price the
property is going to be down, by which I mean
you go into that room, there's only one person there.
They may or may not be prepared to put an
off a forward that that offer could be two hundred
grand less than your expectations. The agent then goes comes
back to you and says, well, look, the market's spoken,
therefore that's what the property's worth. And so I've always
(06:40):
been quite cynical about the use of them in a
flat market. Having said that, I've actually had an experience
in the last twelve months where, and obviously it's been
a flat market, where I did sell a property and
there was only one buyer and they were actually able
to maximize it, not because there was competition in the
room on the day, but because the fact that they
had that person in the room meant that they then
had something that they could follow up afterward and eventually
(07:02):
get a deal out of. So there are circumstances when
they can work. But I'm much more cynical about them
in flat markets than i am in hot markets.
Speaker 2 (07:09):
Yeah, but we have had In the course of the
one Roufradier show, we have had auctioneers on and the
argument is like, well, if you are looking to sell
your house, then you will find out where the market
is at. But I tend to agree with you that
they are Yeah, that I tend to agree with you
as a non expert, But if somebody has had a
lot of conversations about it, at least that the vibe
I get is that they're a great tool for real
(07:31):
estate agents to put pressure on the seller to go
ahead with something and therefore realize their commission. And isn't
that very cynical because they might be real estate agents
listening going I don't like what you've said there, but
I just feel like that, yeah.
Speaker 3 (07:44):
And to be fair, I mean it implies a little
real estate agents are cynical and all they're out there
to do is beat their client down, which is not true.
Sometimes it's about basically creating some sort of reality. So
you might have somebody who remembers it the property in
twenty twenty one was worth one point five and it's
now worth one point one, and they need some sort
of reality check to actually make very clear to them
that that change and it's value has taken place, and
an auctions are great to do that. There are other
(08:06):
ways to achieve it, So you know, it's not always
used for cynical purposes, but I think sometimes it is,
particularly by perhaps new or lazy agents.
Speaker 2 (08:15):
What are the circumstances tender? That's the one I don't understand.
I mean, I think I've seen tenders when there's a
property where people maybe don't want the sort of high
profile auction type of thing, and the property is incredibly
expensive and they're just looking for, you know, people who
have got the money to make a serious offer in
(08:35):
a way, you go but tend anyway. That's my very crude,
very crude and simplistic take on tenders. But I just
don't understand why anyone will go for a tender.
Speaker 3 (08:45):
Well, there are circumstances where tenders work. I suppose the
cynicism I've got about tenders, and I'm going to contradict
this in a second, because I do work.
Speaker 2 (08:53):
I love it when you disagree with yourself, because.
Speaker 3 (08:55):
It's at least the cynicism I've got about them is
that tenders, by nature, if you think about where you
use tenders and other areas of life other than real estate.
They tend to be a way of reducing the price
and getting the price down. And in fact, the exact
reality of that is that if you bid on a
property at tender, and this is one of the good
(09:16):
things about it, it gives you the opportunity to put
a cheeky price in that you may not put or
may not be accepted by an agent if you will
putting that to them face to face. So, for example,
in theory, a real estate agent is supposed to present
every offer to a client, but if you win with
a really cheeky offer, a client will find a way
of dissuading you from putting that offer on paper because
(09:37):
they'll say that it's unfair of the client and they're
not going to present it. Whereas with a tender you
can do that cheeky offer and it may well be
that the client accepts it. So on those circumstances it
has some value to a buyer, but not necessarily to
the purchaser. The flip side of that is that's a
quick way of getting a sort of an indication of
(09:57):
where the market's at on a particular day, So rather
than waiting around for a long period of time when
the market's slow. A tender forces people to say, okay,
if I'm going to by it, this is what I'm
prepared to spend. So it does get a decision much
more quickly than you might expect in a market otherwise.
Speaker 2 (10:11):
Are there, okay, are there methods of sale that are
more applicable to different circumstances. So you've mentioned the obvious
one obviously is in a hot market, you know you've
got a lot of interest there, then probably why wouldn't
you go for an auction because you get everyone in
the same room and you're going to squeeze them through
everything sent you can get. But for instance, if you
are in straightened circumstances, it's or the soft market, or
(10:35):
you're desperate to sell, but you don't want to sell
for you know, some people are selling it a loss
these days. I think ten percent of the property sales
are at a loss. What would your advice be under
those sort of circumstances.
Speaker 3 (10:48):
Oh, so, relative to what you just said. So in
a hot market, generally you can't go too far past
an auction. It's just a maximizing competition and getting people
into a room. So when the market's going you know,
gang busters get into an auction room and see what's
your cheap, probably get a bit more than you might
have through any other method in a flat market or
a market that's only just starting to climb again. I
(11:10):
tend to be led a little bit like that by
the advice of the agent, because it's not just different
methods at work. It's also different methods work in different areas.
So it's stranger as it might sound. There are different
ways that sell that work in some areas and not others.
And so you know, we're tender. We just talked about
tender or buyers and quarry those and I can't give
you specific examples, but I know there's parts of the
country where and it's probably because you've got two or
(11:32):
three agents who've used them really effectively for a long time,
but they just become kind of like the default, and
whereas there'll be other methods that you might use in
another part of the country that won't work at all.
So I tend to be led by the agent and
sort of maximize their advice on how to do those things.
There is also an element of what's in fashion, and
by which I mean that there are methods of selling
(11:52):
now that didn't exist five years ago.
Speaker 2 (11:55):
What are they? Because I come up off the top
of my head with a few basic ways of selling.
You've got tender, You've got by negotiation, You've got asking price,
which is negotiation.
Speaker 4 (12:05):
Quarry.
Speaker 3 (12:06):
Ye, there's a arrange them. I haven't got a list
of them in front of me. There's probably about ten
of them if you had them all up and and
although to be fear of those ten, probably some of
them are different words to describe the same thing. So
when you actually get down to the real basics, there's probably.
Speaker 2 (12:18):
Ah the other one. Actually, we're going to go to
a call in a second. We've got some calls coming in.
But deadline sale as well well.
Speaker 3 (12:24):
A deadline sale is not much different to a tender,
to be honest, because of it effectively it does the
same thing. A deadline sale is basically a way of saying,
you've got to get your offer in by such on
such a date. The only difference between the deadline sale
and a tender is a tender is basically a closed
sealed envelope arrangement, whereas a deadline sales basically just getting
your offer in on time. But the principle is the
same in terms of getting somebody to the market within
(12:45):
a specified time period.
Speaker 2 (12:47):
Okay, we're going to take some calls on this. How
should you sell your house? And are there different methods
of auction for different types of market? And it has actually suggested.
I do remember when I was in Australia, and I
can't remember which town was which that there was. I
think there was a predilection for auctions in one town
that I was in, and then in another place it
was all sort of sale by private treaty or asking price.
(13:09):
And there are regional differences because it's just what people
are used to. So we want your cause on this
eight hundred and eighty ten eighty how should you buy
or sell your house? Also you can throw in are
there tactics you use as a seller or a buyer
to make sure it gets done? Not just the method
of sale, but for instance, you get the aggressive buyer
who goes listen, I'll give you an extra hundred thousand
dollars on your asking price. And it's current till five
(13:30):
o'clock in the afternoon. I don't know if you really
want to get the deal done. Eight hundred eighty ten
eighty is the number right, let's get into it, Tony High.
Speaker 4 (13:40):
Good afternoon, Joable. I just want to make a quick option.
I think a lot of the time they're a great
way to get exposure for property. But really in theory
you're supposed to almost have the money and the bank
buy or really because you have to be a cash
and conditionable fly to even certain Now, I've been to
(14:02):
a lot of options and quite often they don't actually
waste the boundersploy it. Sometimes buyers can actually negotiate well
after the option if they if they can, you know,
basically put it up. We're a subject for finance. So
I just made the small point about auctions. I think
there waiting good exposure, especially in these doops that they've
(14:27):
seen laking in Auckland where you get a lot of
the deals putting against themselves. There's been a few out
manu Era I think once the other day, and all
those sort of areas do I stay they were quite
well and that as well as well as desirable.
Speaker 2 (14:41):
Are you what's your preferred actually to Tony, by the way,
your receptions kind of marginal. If you've got an idea then,
because it's amazing how much of the difference when I
say to people switch is and they goes out there
and I go ahead, amazingly, what's your preferred method of sale,
Tony or buying?
Speaker 4 (14:59):
Well, I've always basically put it an asking price, and
that's actually what I want from I don't get off.
And I was in a situation once I made then
said they wanted more, so I walked away with the
whole deal, you know. Yeah, the decisive.
Speaker 2 (15:21):
Just sorry, just dropping out of it there to actually
jump in there to.
Speaker 3 (15:27):
Pick up on on on a comment Tony made which
I should have made earlier, because he's quite right, and
I'm I'm kind of familiar with these figures for the
Auckland market. They might be different for the rest of
the country. A somebody from the Auckland might want to
ran correct the stuff I'm wrong, but yeah, he's quite
right with the clearance rates. On clearance rates being how
many sell is, I think currently it's sort of a third.
Don't about a third seal it option and the other
(15:48):
third sell after the option, So which is interesting because
because it means that the action itself isn't necessarily where
you're going to sell the property, but it's going to
give you to use Tony's word that exposure, which is
actually going to get you a sale beyond it. The
other point you made, which is an interesting one, is
with regard to having to have your money pre arranged.
And so the technically is correct, but often first time
(16:09):
buyers in particular, we'll say to an agent, look, I
want to buy, we haven't got our finance arrange, and
often the agent will say, will look, come along anyway.
And the reason they'll do that because I know that
there's a chance that that's going to be passed in
at the auction, but there's an opportunity to purchase later
on where you can still get your pre approval in place.
So he's technically correct, but there are circumstances where that's
a little bit different.
Speaker 2 (16:30):
Actually, I think we sometimes you can be in danger
of having a crack at real estate agents, but it's
always worth remembering that they are working for the seller
as well. And that's just something that I think because
you know, obviously, I think good real estate agents treat
both buyers and sellers well because guess what, that buyer
is going to come back as a seller one day,
(16:50):
and you want their business, don't you, So.
Speaker 3 (16:53):
You're right it is a truism to say they're working
for the seller. I think it's probably a little bit
too blunt though in terms of the reality, I think
there is as you say, is that there is sort
of a bit of a flux there and so they
do tend to try and do the beast buy. Certainly
the good ones try to do the best by both parties.
Speaker 2 (17:07):
Well, yeah, I think they work. You could say that
more generously, they work for the buy when it comes
to finding them a property. But in terms of if
you've got a particular price you're prepared to go for
you and you want to keep that to yourself, then
you should keep it to yourself and not share it
with your best mate the real estate agent. Be like,
funnily enough, we've just found nut to do a deal
(17:29):
for just that price. Anyway, Yeah, anyway, we actually we
need to take a break. Weook take a moment and
come back. We're with Ashley Church. How have you sold
your home? Did you regret it? What method is the
one to go for? Do you think? And at the
moment we are talking in the context of maybe a
softer market than it has been anticipated, But it's the
(17:49):
big question for anyone who's getting in the who's wanting
to buy or sell our houses? The methods of sale
that either attract or repel you O eight one hundred
and eighty ten eighty twenty six Past four News Talks
at b with Tim Beveris. We're talking about the method
of sale. My guest is Ashley Church on us the
One Roof radio show, Don't Forget Properly. The week will
be coming up around ten to five. But let's take
(18:10):
your calls on how you sell your house.
Speaker 5 (18:12):
Peter get A, a friend of mine, asked me his advice.
His condition was no expense, not brochures, no sign and
I was most to put it on Facebook market place
for the price and sold it.
Speaker 6 (18:27):
Yeah.
Speaker 5 (18:28):
People say, tell your neighbors that you're thinking selling, They
might know someone.
Speaker 2 (18:33):
I selling and avoiding the costs of sale.
Speaker 5 (18:37):
Yeah, yeah, well you never know, and then doing it
yourself you sort of get the feedback. And doing open homes,
I think it's critical. Some people might just drive past
to see and needs short hope open homes. I don't
like those ideas at all. And someone said when they
had difficultly selling something, they just did a permanent sign
(18:59):
out open home. All the time, and eventually they sold it.
Speaker 2 (19:04):
Did you do you sell property that way or to
use an agent.
Speaker 5 (19:08):
I've only sold property with an agent, but I had
one agent where I could sell privately and the person
buying privately would only go up if the agents buyer
went up. So if the competition like an optional or whatever,
you know, it's sometimes useful, but I think agents with
(19:30):
their networks, Like I bought a property that I had
no idea it was on the market, and the agent
and this thing he said, I said, oh what, It
gave me the address and I said, okay, when can
I and he said ah, an hour before the option,
which is tomorrow. I said okay, and I bought it
an option.
Speaker 2 (19:51):
And yeah again Yeah. Now I'll bring an Ashley Church
on this. I always think selling on your own is
sounds like a bit of Ashley, a little bit of
a false economy.
Speaker 3 (20:04):
Yeah, there was there was probably a time in my
life where I would have probably been more of a
fan of it. I've never tried it, but I think
when I was younger, it's probably something I would have
considered giving a go if the circumstances had arisen. I
think as I've got older and I've recognized that the
value that a real estate agent a good real estate agent,
because they're not all good, but that a good real
estate agent brings to the sale process. I've come to
(20:28):
realize that it's it's pretty much the only way to go.
It's the you know, it's the old axiom about fall
in his client when you're talking.
Speaker 2 (20:34):
About lot's a it's a lawyer who acts for himself
has a full for a client.
Speaker 3 (20:40):
Yes, to be fair, I think the same thing probably
applies here. That doesn't guarantee you always find a good agent,
but when you do find a good one, I think
you come away feeling pretty good about the transaction.
Speaker 2 (20:50):
Okay, hey, thanks for your call, Peter. Actually I've I've
just got a little bit of a problem with my
phone box here, so I need to correct it. I've
just got a technical issue, so just bear with me
for one second while I read start everything. But while
we're doing that, Ashley, Yeah, what do you think of
(21:11):
aggressive offers by buyers when they set you know, because
they're trying to take the narrative maybe depending on whether
they think that there might be other interests, and they're
trying to negate that. What do you even have done
time limited offers or this offer is. I mean a
lot of offers actually are time limited, and I think
for a private treaty, but really aggressive ones like you know,
(21:33):
I'll offer you an extra fifty grand on you're asking
price if you do the deal by five o'clock today.
Speaker 3 (21:38):
Yeah, I mean, I think it's a legitimate tactic if
somebody particularly wants a property, particularly when there's competition. Because again,
in a flat market, you probably don't need to do
that because there's not going to be a lot of
competition around. But in a hot market where there's competition,
then then that's one way of securing a cell where
you might otherways have to go through a long process
of actually haggling over price. One of the things I
(22:00):
always find interesting you watch those British shows on buying
and selling property, et cetera, and the Brits seem to
think that, you know, sort of an extra two thousand
pounds as being really cheeky, you know, whereas here at
the deal get sort of ten or fifteen or twenty
or sometimes more so. So you know, it's all relative,
(22:23):
and it's not something I've seen a lot, but I've
seen it from time to time where somebody really wants
it and they'll just sort of put their foot down
and say, okay, well I'll offer that, but you've got
to do it by such and such a time, all
than all the deals off the table.
Speaker 2 (22:33):
Okay, right, let's take some more calls. Susan, Hello, Thanks.
Speaker 7 (22:37):
How are you good?
Speaker 2 (22:38):
Thanks?
Speaker 7 (22:39):
I'm so real estate in Wellington for over twenty years,
and I tell you the best way you can buy
is an option because you end up only having to
pay a little bit more than the top that the
person behind you can afford. And as far as tenders
(23:01):
are concerned, I've had a difference of one hundred and
sixty thousand dollars from one tender to the one that was,
you know, the highest behind them. So I think to sell,
you get the most with a tender, and when you
and when you buy, you know that you know you're
paying as little as it possibly tense if you buy
(23:24):
at auction.
Speaker 3 (23:25):
I would agree with both of those comments, Susan. I
think you're absolutely right.
Speaker 2 (23:29):
But I guess an auction is it's a bit more
hated though, isn't it, Susan. I mean, is there?
Speaker 3 (23:37):
But you're thinking about it from the from the seller's perspective, Tim,
I think, what's what Susan's staying? Is it for the buyer? Basically,
you know.
Speaker 7 (23:43):
That's it. And the thing is also that it's easier
for for a an agent to do an auction than
it is a tender because people come to you, they
have no idea what they can afford or what they
want to you know, what they the price should be
and all of that. So it really is up to
(24:04):
them what it's work to them, and it's much more
difficult to deal with that than to get everybody in
the room.
Speaker 3 (24:10):
And it's interesting, and Susan will probably may not want
to agree with us if you're still selling. But there's
an xiom in real estate from they're talking about buyers
being liars and by which they may.
Speaker 8 (24:26):
They can believe.
Speaker 2 (24:28):
Hang on, Susan, hang on, come in a second, let
them finish the sentence.
Speaker 3 (24:31):
So so where the buyers will say, look, this is
my limits and then blow and behold when it comes
to auction, they pull another couple of hundred thousand out
of their head. So it's so it's you know, and
it's so it's frustrating. I guess from an agent's perspective,
because on the one hand, they're looking in this range,
and then when they actually.
Speaker 2 (24:46):
To be to be fair just before, Susan, it's probably
frustrating for the buyers that they've had to pay another
couple hundred thousand. Susan. Yes, where you go.
Speaker 7 (24:56):
You know everybody else, the real estate agent, what do
they want? Why are they selling? They tell you what
they can afford. Everyone lies to the real estate age,
and so the buyers lie, the sellers lie. So when
people were asking me, I'm retired now, But when people
were asking me, I said, I don't know. I'm just
the real estate agent. No one tells me the truth,
(25:16):
and they laugh because it's the truth.
Speaker 2 (25:19):
I think to be fair to everyone, Susan, I think
that people really hurt that that's their limit and they've
set their limit, but then the facts change and they
revisit it and then make themselves lies in a way.
You know what I mean.
Speaker 7 (25:31):
You're absolutely right. It depends on how much they want
the place, and also what market it is. If there's
a whole bunch of houses and you're just looking for
a three bedroom house and you can have your choice,
that's one thing. But if you zero in on a
house that you really want and it's unique and all
of that, then you'll pay as much as you can.
(25:53):
And you're never, ever, unless you're absolutely nuts, tell anybody
how much your limit is.
Speaker 2 (26:00):
No, exactly, no, keeping yourself. Hey, Susan, just quickly, would
you would? How do you if you're a seller personally?
Is do you have a flat rule on the way
you like to sell or does it depend on the market?
Speaker 7 (26:13):
I would I would probably do a tender, which is
a lot more difficult for the agent. But I've seen
those envelopes open and there are some companies that open
them before the tender, which is a no no. But
when you sit down and you start opening those envelopes
in front of the vendor's it could be like Christmas
or someone's funeral, but you just never know.
Speaker 2 (26:37):
Actually, does sound quite exciting the way you describe it,
that's right. Yeah, good on you.
Speaker 7 (26:40):
Thanks. It's fun and it's a negotiation that's fun anyway.
Speaker 2 (26:45):
Yeah, thanks very much for life. Yeah, opening those envelopes,
I don't even really know how it because you're not
supposed to open them, are you? Until the tender closes?
That's right, because that's pretty strict rules about around that. Hey,
look listen, we're going to be back in just a moment.
I one hundred and eighty ten eighty. Which method of
sale do you prefer? Or does that depend on the
market and the locale and all that sort of stuff.
(27:06):
We're talking about that because it's a big decision for
buyers and sellers as to what sort of properties how
they want to sell. But if you're a buyer, you
may avoid properties that are selling by certain methods. Give
us a call eight one hundred and eighty ten eighty.
We be back with Sarah in just a moment. News
Talk sa'd b. Yes, welcome back to the one with
radio show talking about methods to sell or buy and
my guest is Ashley Church. That's carrying on with the
(27:26):
call Sarah. Hello, Hello, how are you good? Thanks?
Speaker 7 (27:30):
Good?
Speaker 2 (27:31):
Hey.
Speaker 9 (27:31):
I sold in the latest housing boom I think was
three odd years ago and I felt by option, which
i'd never been to, the FloraNT was really amazing, I did,
you know, really well, and that was exciting. I had
to sell. My husband has passed away quite young, and
I did buy again in that same market by option.
(27:52):
Here's here's the character and you probably know I'm wanting
to buy again now and sell, and all the houses
seem to be advertised for option.
Speaker 5 (28:04):
Option.
Speaker 9 (28:05):
Sure, you know, they lose a lot of customers because
for somebody like me, locking I can't go to an
option because I'm not kidding. So you know, all the
money in the bank, you have to bypass all those
sales of those houses. So I know you know that.
But that's just a thing. That's quite because some of
(28:26):
the houses are quite nice. But unless you do it
the other way round, Yeah.
Speaker 2 (28:31):
The horror selling, I'm buying you that that is a
tricky equation itself. Ashley Sarah.
Speaker 3 (28:36):
It is actually possible to even if a property is
listed for option, it's actually possible to put it in
an offer and have it accepted beforehand. Now, some agencies
or some agents, and this always frustrates me, will tell
you they can't do that because it's the law. That's
complete nonsense. It might be the policy of I've got
nothing to do with the law. It's just a marketing technique,
so you can you know, often they'll say no, no,
(28:59):
the client wants to go through option, and the client's
entitled to do that. But sometimes the client might say, well,
what's the offer, and if it's a reasonable offer, they
might say we'll forego the option, will just go ahead.
So just because it says by option doesn't necessarily mean that.
Speaker 9 (29:11):
It's all right. Okay, yeah, because I'm sitting here locking
and it's been my homework to really find it has
and I'm just firepassing all the options, and haw coorts
particularly do option, so that's quite I just sort of
must them all together.
Speaker 3 (29:29):
I really need to stress, Sarah. If you ring an
agent and they say no, no, we can't do that,
it's the law. That is simply not true. It's not
the law, it's just the policy of that agency, so
they can do whatever the a client wants.
Speaker 2 (29:41):
In fact, there's nothing to stop there's nothing to stop
you presenting an offer anyway and just say here it
is so anyway.
Speaker 9 (29:47):
But no, oh that's really good. I might try. It's
been a few I really actually like, so I say,
oh wow, no, yeah, yeah, anyway, thanks Sarah, Yeah, thank you, okay,
bye bye.
Speaker 2 (29:58):
Actually, the whole thing about selling to buy and everything,
the timing of these things, it is quite a headache
for people, isn't it.
Speaker 3 (30:04):
It is? And I mean the whole industry is designed
from a real estate agency's perspective. The whole industry is
designed to create agency. So that's where all this stuff
comes from. If you understand that, you kind of understand
all these various different techniques. They're trying to get people
to make a decision now, and that's easy to do
in a hot mark, and it's not so easy to
do when things out's quite.
Speaker 2 (30:21):
So all right, Ben, Hello, gay guys, how are you good?
Speaker 6 (30:27):
Hey? So, just timing two things just to come out
of that. So I was just wanted to make communes
a bit of private selling. But just for the record,
my mine's being Keen. I'm a former real estate agent
from Hawk's Bay. Just to clarify on that pre auction offer.
So if the if the campaign is for sale by auction,
(30:48):
and it says unless sole prior, that means that an
agent Keen present an offer, but it must be done
under auction conditions. So effectively, they would bring the auction forward.
They would call interest amongst any of the the you know,
the agent's buyers and see if anyone would come to
(31:10):
the auction. If that happens, the auction would proceed under
auction conditions, but that it cannot be an offer made
on a standard terms and condition or by private treaty. Okay,
So that's the that's the technical side of it. But
the good news is is what I think you're looking for,
(31:31):
if this is where the private sale thing comes in,
is that I've got a brand and Hawke's Bay that
we've tested over the last five years, which is a
hybrid online auction process with the service bridges to get
between a private sale and what a real estate agency does. Now,
(31:54):
if you're can to imagine a trade the auction but
designed for property, that's what our service provides. So that
means people like people like Sue who need to make
a conditional offer and the person that is cash and
unconditional can compete for the property and a transparent online process.
(32:19):
We have a dollar value of the bid is displayed
in the public listing, but you won't see conditions. So again,
in that situation, you have like a team of conditions,
but transparency of an option. Okay, Okay, So that's the
good news, and there's even more news better news, but
about bringing the cost to sell down. Now, we would
(32:39):
love to advertise on one roof and bring our listenings
on that platform. Would be amazing.
Speaker 2 (32:46):
Well, you Ben, you'd have to call our people after
ours really, so we can't use your call to make
a pitch on it. But it sounds like an interesting idea.
So you should talk to get in touch with Nz
and me and talk to the people at One Roof
because it might be into something interesting to have a
chat about. Any comments, Serioushley.
Speaker 3 (33:01):
No, I would have said just exactly what you did.
Speaker 2 (33:06):
It is twelve and a half minutes to five, Chris, Hello.
Speaker 8 (33:13):
Just on your best myths of transacting property. From my
United experience, I think the best methods that they are
really any that don't involve real estate agents?
Speaker 6 (33:24):
Yeah? Why Yeah?
Speaker 8 (33:27):
From my experience, I don't really add a whole lot
of value. Like I've owned bought three properties and here
it had won and sold three and of those transactions
I had real estate agents involved twice, and as I say,
they don't really add a lot of value. The last
time I sold the house myself, I had a big
house in the hills and cashmi across Church and the
minute I put it on the market myself, I was
bombarded by real estate agents. I text emails, people tuning
(33:50):
up at my doorstep all the time to tell me
the risks I'm taking, Chris, and.
Speaker 2 (33:55):
Just a question of getting the right real estate agent,
or do you.
Speaker 3 (33:59):
I'd go further too, though, and I'd say that Chris,
with all doue respect to you, it sounds like you're
somebody capable of doing that, which is great and kudos
to you. But for every one of you, there's fifty
people who couldn't do that and simply wouldn't be for
the same reason. They couldn't do their own plumbing or this,
but they're not Sparky's at a whole range of other stuff,
and you need to use professionals. So I think what
you're really saying is it's worked for you. Good on you,
well done. I wouldn't take there as general advice for everyone.
Speaker 8 (34:24):
I honestly, personally, I don't really agree. I don't think
that it's that that difficult or whiskey selling your own property.
Speaker 2 (34:32):
Well, if you've got a good understanding for the market
and what you want. I guess Chris, and that sometimes
things that seem easy to one person can be quite
complex for another. I actually also, to be honest, Ashley, I,
as a buyer, would be suspicious of someone who's selling
it themselves and I don't know why, but I would
(34:54):
prefer to go with something which is part of the
sort of real estate market and real estate agents.
Speaker 3 (34:59):
And intermediately, I actually think we've got the best of
both here in New Zealand because you've got the one
person who x between both parties. I mean, you're going
to the States and some other parts of the world
and they have a buyer's agent and a seller's agent
and it just gets really messy. So so I think,
you know, it works pretty well here. We've got one
person who transit, who covers the transaction, and they're covered
by a whole lot of legislation which that they have
(35:20):
to comply with. I think, I think we're pretty lucky.
Speaker 2 (35:22):
Yeah, good stuff. But you know, Chris, if you've made
it work for you, then good on you. Then you
might have felt you've saved some money. But then again,
maybe you would have got even more bombarded with office
if you've been with an agent who knows anyway, Look,
the one roof properly of the week is next. It's
ten to five Newstalk, said.
Speaker 1 (35:38):
B the one roof property of the week on the
weekend Collective.
Speaker 2 (35:44):
Yes, welcome back to the show. My guestsd Ashley Church. Yes,
the one roof property of the week is it is
in Have Plenty. It's fifty nine d Western Avenue. You
can go and look it up on the one roof
dot co dot nz website. It's it's not it's not
what you'd call cheap. You might say for six million
bucks it's not bad because for six million you get
(36:06):
six bedrooms and you get six bathrooms, so maybe that's
a million dollars a bedroom. But it is a beautiful property.
A triple layer se ceedar roof, shingles, copper spouting expanse
of double blazed windows, creating what's described as a stately
yet welcoming atmosphere. The thing that grabs me about it
is it's got a swimming pool, the photos of which
(36:28):
make the swimming pool look absolutely gorgeous, and a tennis court.
And I was thinking, what are the things actually, actually
you'll have had a look at it. What are the
things about the property that would make you more interested
than you might otherwise be looking at property? Does the
swimming pool do it for you?
Speaker 3 (36:44):
Yea would, And it actually felt very familiar, I have
to say it did. The swimming pool and also the view,
the outlook of.
Speaker 8 (36:51):
It, it was.
Speaker 3 (36:52):
It's just kind a very sort of open, sort of
scenic perspective to it. But that was a lovely place.
Speaker 2 (36:59):
When you say familiar, is it because it's like the
house you live in.
Speaker 3 (37:02):
It's not unlike really, oh goodness, didn't this didn't cost
anything like that. But yeah, it's just a similar set
of a plant home.
Speaker 2 (37:09):
It does seem like one of those places that it's
surrounded by. I think there's a golf course within view
of it, and it's on Ockero anyway, but it does
look like the sort of property where if you you'd
want to host people all the time. It's listen, come
down to my country state, bring your tennis racket, bring
your togs, bring the snags or stick them on the barbie.
That's pretty good.
Speaker 3 (37:28):
Imagine you'd imagine Donald Trump living there.
Speaker 2 (37:32):
Really doesn't quite strike me as a Mara laga. Probably
a bit ice. That's an interesting take, but you know,
and it's surrounded with you know, fruit nuts and vines
and all that does look quite gorgeous. So if you
want to go and check it out, going to the
one roof a website One roof dot curd a en
Z and you can look for the property which is
fifty nine d Western Avenue in ok.
Speaker 3 (37:54):
So.
Speaker 2 (37:55):
Yeah, beautiful and as I say, every week, taking a
look at a gorgeous propertly like that, it's almost like
having just a five minute holiday anyway, Actually just quickly
before we wrap the show up, with about a minute
to go. So the OCR announcement will be this week.
What are you anticipating it'll.
Speaker 3 (38:10):
Drop by point five on Thursday? I think most of
the banks I see, the Benz and a couple of
others have already factored in most of that into their rates,
So I wouldn't expect any further drops or any major
further drops. But it's a really good trend. It's an
indication of what's to come, and there'll be more going
into twenty twenty five, and we'll get back I think
(38:31):
I've said to you in the past that we should
get back down to retail rats of about four points
five percent. I still stand by there.
Speaker 2 (38:36):
Do you think that if they dropped it even further
that then wouldn't be inclined to do it because it
might be just a little bit too triggering as a
dramatic drop in the effort and that's.
Speaker 3 (38:45):
Always the conflict that the Reserve Bank Governor's got. It's
the conflict between wanting to get us out of this
pain that we've been in over the last two or
three years without getting us to a point where we
suddenly all go silly again and start's been to too
much on houses. So that's not just in relation to this,
that's the conflict that he faced all the time.
Speaker 2 (39:02):
Excellent. Hey, thanks so much for your time, Ashley. We'll
look forward to next time and I really appreciate you
joining us. You can check out the podcast Weekend Collective.
We'll be back with the Parents squad As next.
Speaker 1 (39:11):
For more from the Weekend Collective. Listen live to News
Talks It be weekends from three pm, or follow the
podcast on iHeartRadio
You're listening to the Weekend Collective podcast from News Talks.
Speaker 2 (00:09):
I'd be I'll tell you what we are going to
talk about, and we want your calls on eight hundred
eighty ten eighty in text on nine two nine two,
because it's the time for you to participate as well,
in conjunction with our guest. Now, there are there are
different methods going around obviously all the time. When you
come to buy and sell your property. You can choose
to give it together for an auction. You can choose
(00:31):
to just have a fixed price sale or tender or
just the sort of asking price, and people go back
and forth on that, and often the start the way
you sell your house possibly is dictated by how hot
the market is, because I remember back in the days
when the market just seem to be rock and unrolling
all the time, that it would be almost a no brainer.
(00:55):
I was always surprised when I'd see people actually list
their price. But there are also methods of sales that
turn buyers off. So how did you sell your house
and did you were you happy with the method that
you used? But also if you're a buyer, is there
a type of is there a method of sale that
(01:15):
either one attracts you because you're comfortable with that sort
of process and you like it. An example might be
there are people who love people naming a price, saying, look,
this is for sale, the asking prices I know, five
hundred thousand or a million or whatever, and you like
it because it gives you something to work with, Whereas
I think for me, there's a method of sale called
(01:36):
tender where you basically put in your best offer. And
I must say, I kind of think if there was
another property to look at, then that would be that
would be a turn off for me with the tender.
So what is the method of selling that you're attracted
to as either a buyer or a seller? And I
(01:56):
think we've got Ashley on now as should we got
you there?
Speaker 3 (02:00):
Oh, been here the whole time I have?
Speaker 2 (02:02):
Do you go, oh, that's right. Sorry, we just had
a little bit of a under shoot. Hey, you've bought
and sold a few houses?
Speaker 3 (02:08):
Yeah?
Speaker 2 (02:09):
Have you used different sale methods?
Speaker 3 (02:12):
I have, and I have my preferred ones, I guess
like everybody does so for me, And it's probably also
a reflection of how I prove while I'm looking forward,
I'm looking to buy a property I like the idea
of having a range. But this is sort of a
range between such and such and such and such, which
is represented by real estate agents in different different ways.
(02:34):
Some of them will talk about buyers price over or
buyers off or over.
Speaker 2 (02:39):
Are you talking as a seller or a buyer here.
Speaker 3 (02:41):
Well, I'm talking about both because for me they're the
same thing. So whether I'm buying, whether I'm selling, I
generally want to have some idea of what the range
is so that people have got some sort of indication.
There's a range of reasons real estate agents when they're
selling don't do that because they're in a kind they're
kind of in a conflicted position because on the one hand,
they want to get as many people as possible to
come through and have a look at the place. On
(03:02):
the other hand, they want to maximize the price that
they can get for their their vendor. And what they
don't want to do is miss out on that somebody
who's going to come along and pay, you know, one
hundred grand over the odds because they love the place
so so this which is why so while it's frustrating
for us when we're buying, that's why they do it.
They're they're they're on the one hand, they want to
get you to come and have a look. On the
other hand, they don't want to sort of constrain themselves
(03:25):
to to something which may not be as much as
you might otherwise have been prepared to pay. But for me,
if I'm if I'm selling, generally, I would probably want
to give some sort of indication. Keeping in mind, for
based on what I just said, I'd still want so
I'd still want there to be enough flexibility in what
the agent did to take account of somebody who might
(03:45):
be prepared to pay a bit more if I'm buying.
One of my pet hates is is those sites that
give no indication whatsoever what the prices of the property.
Speaker 2 (03:54):
Actually, I'm so relieved to hear you say that because
I I mean, I guess so you're a you're an
experienced property investor and participant in the market, and because
the argument obviously sometimes against what you've just said. A
real estate agent would say, well, if serious bars will
get a handle on what a property's worth, but I
do like to know what the expectations.
Speaker 3 (04:15):
Are, and you know that's that's a silly comment. And
to be honest, if somebody says that they're in anexperienced agent,
because it's actually not true. But there is one caveat
to what I just said, and that is that in
theory and all this stuff's good in theory. In theory,
all of the major search engines a one roof and
its competitors. When you go in and have a look,
(04:37):
you fill out certain search criteria, of which one is
likely to be the price range that you're looking at.
So in theory, if it shows you a property, that
property is within that price range. So that's the theory.
So even though it doesn't tell you what it is,
in theory, it should be within the range that you
actually gave to the search engine. The problem I've got
with that, though, is I think from time to time
those search engines expand that range a little bit. So
(04:59):
although you might have said, you know, eight hundred to
a million, it will show you properties at one point
one on one point too, because it thinks, you know,
we all lie and we've actually got a little bit
more flexibility to spend more than we said we would.
So so that the theory doesn't necessarily meet the reality.
Speaker 2 (05:15):
And what circumstances have you or would you go by auction?
Speaker 3 (05:20):
So I have a love hate relationship with actions and auctions,
So in real estate agents will have me for saying this,
and every time I do you probably get complaints from
some of them. I think real estate agents are a
fantastic tool and a hot market, so when the market's
going really.
Speaker 2 (05:33):
Well, sorry auctions, Yes, sorry, what did I say? You said?
Real estate agents are good on a hot.
Speaker 3 (05:41):
When when the market's going really well, and options are
good because the whole point of an auction is to
maximize competition. It's to get all the people that are
interested in and get one of them to pay the
most possible. And the way you do that is by
having them in a room where're hearing other people offering
other amounts and they can decide whether or not they can.
Speaker 2 (05:57):
Pay more than that.
Speaker 3 (05:59):
So in a hot market where things are going really well,
in auction and theory should actually be a really good
tool because it maximizes the you to get the best
price possible from the people who are there prepared to
actually buy your property. In a flat market or a
declining market, I think they're a dog. And the reason
I think they are a dog is because the I've
always seen their sole purpose as being an opportunity for
(06:19):
the real estate agent basically to whack you around the
head and get your expectations of what the price the
property is going to be down, by which I mean
you go into that room, there's only one person there.
They may or may not be prepared to put an
off a forward that that offer could be two hundred
grand less than your expectations. The agent then goes comes
back to you and says, well, look, the market's spoken,
therefore that's what the property's worth. And so I've always
(06:40):
been quite cynical about the use of them in a
flat market. Having said that, I've actually had an experience
in the last twelve months where, and obviously it's been
a flat market, where I did sell a property and
there was only one buyer and they were actually able
to maximize it, not because there was competition in the
room on the day, but because the fact that they
had that person in the room meant that they then
had something that they could follow up afterward and eventually
(07:02):
get a deal out of. So there are circumstances when
they can work. But I'm much more cynical about them
in flat markets than i am in hot markets.
Speaker 2 (07:09):
Yeah, but we have had In the course of the
one Roufradier show, we have had auctioneers on and the
argument is like, well, if you are looking to sell
your house, then you will find out where the market
is at. But I tend to agree with you that
they are Yeah, that I tend to agree with you
as a non expert, But if somebody has had a
lot of conversations about it, at least that the vibe
I get is that they're a great tool for real
(07:31):
estate agents to put pressure on the seller to go
ahead with something and therefore realize their commission. And isn't
that very cynical because they might be real estate agents
listening going I don't like what you've said there, but
I just feel like that, yeah.
Speaker 3 (07:44):
And to be fair, I mean it implies a little
real estate agents are cynical and all they're out there
to do is beat their client down, which is not true.
Sometimes it's about basically creating some sort of reality. So
you might have somebody who remembers it the property in
twenty twenty one was worth one point five and it's
now worth one point one, and they need some sort
of reality check to actually make very clear to them
that that change and it's value has taken place, and
an auctions are great to do that. There are other
(08:06):
ways to achieve it, So you know, it's not always
used for cynical purposes, but I think sometimes it is,
particularly by perhaps new or lazy agents.
Speaker 2 (08:15):
What are the circumstances tender? That's the one I don't understand.
I mean, I think I've seen tenders when there's a
property where people maybe don't want the sort of high
profile auction type of thing, and the property is incredibly
expensive and they're just looking for, you know, people who
have got the money to make a serious offer in
(08:35):
a way, you go but tend anyway. That's my very crude,
very crude and simplistic take on tenders. But I just
don't understand why anyone will go for a tender.
Speaker 3 (08:45):
Well, there are circumstances where tenders work. I suppose the
cynicism I've got about tenders, and I'm going to contradict
this in a second, because I do work.
Speaker 2 (08:53):
I love it when you disagree with yourself, because.
Speaker 3 (08:55):
It's at least the cynicism I've got about them is
that tenders, by nature, if you think about where you
use tenders and other areas of life other than real estate.
They tend to be a way of reducing the price
and getting the price down. And in fact, the exact
reality of that is that if you bid on a
property at tender, and this is one of the good
(09:16):
things about it, it gives you the opportunity to put
a cheeky price in that you may not put or
may not be accepted by an agent if you will
putting that to them face to face. So, for example,
in theory, a real estate agent is supposed to present
every offer to a client, but if you win with
a really cheeky offer, a client will find a way
of dissuading you from putting that offer on paper because
(09:37):
they'll say that it's unfair of the client and they're
not going to present it. Whereas with a tender you
can do that cheeky offer and it may well be
that the client accepts it. So on those circumstances it
has some value to a buyer, but not necessarily to
the purchaser. The flip side of that is that's a
quick way of getting a sort of an indication of
(09:57):
where the market's at on a particular day, So rather
than waiting around for a long period of time when
the market's slow. A tender forces people to say, okay,
if I'm going to by it, this is what I'm
prepared to spend. So it does get a decision much
more quickly than you might expect in a market otherwise.
Speaker 2 (10:11):
Are there, okay, are there methods of sale that are
more applicable to different circumstances. So you've mentioned the obvious
one obviously is in a hot market, you know you've
got a lot of interest there, then probably why wouldn't
you go for an auction because you get everyone in
the same room and you're going to squeeze them through
everything sent you can get. But for instance, if you
are in straightened circumstances, it's or the soft market, or
(10:35):
you're desperate to sell, but you don't want to sell
for you know, some people are selling it a loss
these days. I think ten percent of the property sales
are at a loss. What would your advice be under
those sort of circumstances.
Speaker 3 (10:48):
Oh, so, relative to what you just said. So in
a hot market, generally you can't go too far past
an auction. It's just a maximizing competition and getting people
into a room. So when the market's going you know,
gang busters get into an auction room and see what's
your cheap, probably get a bit more than you might
have through any other method in a flat market or
a market that's only just starting to climb again. I
(11:10):
tend to be led a little bit like that by
the advice of the agent, because it's not just different
methods at work. It's also different methods work in different areas.
So it's stranger as it might sound. There are different
ways that sell that work in some areas and not others.
And so you know, we're tender. We just talked about
tender or buyers and quarry those and I can't give
you specific examples, but I know there's parts of the
country where and it's probably because you've got two or
(11:32):
three agents who've used them really effectively for a long time,
but they just become kind of like the default, and
whereas there'll be other methods that you might use in
another part of the country that won't work at all.
So I tend to be led by the agent and
sort of maximize their advice on how to do those things.
There is also an element of what's in fashion, and
by which I mean that there are methods of selling
(11:52):
now that didn't exist five years ago.
Speaker 2 (11:55):
What are they? Because I come up off the top
of my head with a few basic ways of selling.
You've got tender, You've got by negotiation, You've got asking price,
which is negotiation.
Speaker 4 (12:05):
Quarry.
Speaker 3 (12:06):
Ye, there's a arrange them. I haven't got a list
of them in front of me. There's probably about ten
of them if you had them all up and and
although to be fear of those ten, probably some of
them are different words to describe the same thing. So
when you actually get down to the real basics, there's probably.
Speaker 2 (12:18):
Ah the other one. Actually, we're going to go to
a call in a second. We've got some calls coming in.
But deadline sale as well well.
Speaker 3 (12:24):
A deadline sale is not much different to a tender,
to be honest, because of it effectively it does the
same thing. A deadline sale is basically a way of saying,
you've got to get your offer in by such on
such a date. The only difference between the deadline sale
and a tender is a tender is basically a closed
sealed envelope arrangement, whereas a deadline sales basically just getting
your offer in on time. But the principle is the
same in terms of getting somebody to the market within
(12:45):
a specified time period.
Speaker 2 (12:47):
Okay, we're going to take some calls on this. How
should you sell your house? And are there different methods
of auction for different types of market? And it has actually suggested.
I do remember when I was in Australia, and I
can't remember which town was which that there was. I
think there was a predilection for auctions in one town
that I was in, and then in another place it
was all sort of sale by private treaty or asking price.
(13:09):
And there are regional differences because it's just what people
are used to. So we want your cause on this
eight hundred and eighty ten eighty how should you buy
or sell your house? Also you can throw in are
there tactics you use as a seller or a buyer
to make sure it gets done? Not just the method
of sale, but for instance, you get the aggressive buyer
who goes listen, I'll give you an extra hundred thousand
dollars on your asking price. And it's current till five
(13:30):
o'clock in the afternoon. I don't know if you really
want to get the deal done. Eight hundred eighty ten
eighty is the number right, let's get into it, Tony High.
Speaker 4 (13:40):
Good afternoon, Joable. I just want to make a quick option.
I think a lot of the time they're a great
way to get exposure for property. But really in theory
you're supposed to almost have the money and the bank
buy or really because you have to be a cash
and conditionable fly to even certain Now, I've been to
(14:02):
a lot of options and quite often they don't actually
waste the boundersploy it. Sometimes buyers can actually negotiate well
after the option if they if they can, you know,
basically put it up. We're a subject for finance. So
I just made the small point about auctions. I think
there waiting good exposure, especially in these doops that they've
(14:27):
seen laking in Auckland where you get a lot of
the deals putting against themselves. There's been a few out
manu Era I think once the other day, and all
those sort of areas do I stay they were quite
well and that as well as well as desirable.
Speaker 2 (14:41):
Are you what's your preferred actually to Tony, by the way,
your receptions kind of marginal. If you've got an idea then,
because it's amazing how much of the difference when I
say to people switch is and they goes out there
and I go ahead, amazingly, what's your preferred method of sale,
Tony or buying?
Speaker 4 (14:59):
Well, I've always basically put it an asking price, and
that's actually what I want from I don't get off.
And I was in a situation once I made then
said they wanted more, so I walked away with the
whole deal, you know. Yeah, the decisive.
Speaker 2 (15:21):
Just sorry, just dropping out of it there to actually
jump in there to.
Speaker 3 (15:27):
Pick up on on on a comment Tony made which
I should have made earlier, because he's quite right, and
I'm I'm kind of familiar with these figures for the
Auckland market. They might be different for the rest of
the country. A somebody from the Auckland might want to
ran correct the stuff I'm wrong, but yeah, he's quite
right with the clearance rates. On clearance rates being how
many sell is, I think currently it's sort of a third.
Don't about a third seal it option and the other
(15:48):
third sell after the option, So which is interesting because
because it means that the action itself isn't necessarily where
you're going to sell the property, but it's going to
give you to use Tony's word that exposure, which is
actually going to get you a sale beyond it. The
other point you made, which is an interesting one, is
with regard to having to have your money pre arranged.
And so the technically is correct, but often first time
(16:09):
buyers in particular, we'll say to an agent, look, I
want to buy, we haven't got our finance arrange, and
often the agent will say, will look, come along anyway.
And the reason they'll do that because I know that
there's a chance that that's going to be passed in
at the auction, but there's an opportunity to purchase later
on where you can still get your pre approval in place.
So he's technically correct, but there are circumstances where that's
a little bit different.
Speaker 2 (16:30):
Actually, I think we sometimes you can be in danger
of having a crack at real estate agents, but it's
always worth remembering that they are working for the seller
as well. And that's just something that I think because
you know, obviously, I think good real estate agents treat
both buyers and sellers well because guess what, that buyer
is going to come back as a seller one day,
(16:50):
and you want their business, don't you, So.
Speaker 3 (16:53):
You're right it is a truism to say they're working
for the seller. I think it's probably a little bit
too blunt though in terms of the reality, I think
there is as you say, is that there is sort
of a bit of a flux there and so they
do tend to try and do the beast buy. Certainly
the good ones try to do the best by both parties.
Speaker 2 (17:07):
Well, yeah, I think they work. You could say that
more generously, they work for the buy when it comes
to finding them a property. But in terms of if
you've got a particular price you're prepared to go for
you and you want to keep that to yourself, then
you should keep it to yourself and not share it
with your best mate the real estate agent. Be like,
funnily enough, we've just found nut to do a deal
(17:29):
for just that price. Anyway, Yeah, anyway, we actually we
need to take a break. Weook take a moment and
come back. We're with Ashley Church. How have you sold
your home? Did you regret it? What method is the
one to go for? Do you think? And at the
moment we are talking in the context of maybe a
softer market than it has been anticipated, But it's the
(17:49):
big question for anyone who's getting in the who's wanting
to buy or sell our houses? The methods of sale
that either attract or repel you O eight one hundred
and eighty ten eighty twenty six Past four News Talks
at b with Tim Beveris. We're talking about the method
of sale. My guest is Ashley Church on us the
One Roof radio show, Don't Forget Properly. The week will
be coming up around ten to five. But let's take
(18:10):
your calls on how you sell your house.
Speaker 5 (18:12):
Peter get A, a friend of mine, asked me his advice.
His condition was no expense, not brochures, no sign and
I was most to put it on Facebook market place
for the price and sold it.
Speaker 6 (18:27):
Yeah.
Speaker 5 (18:28):
People say, tell your neighbors that you're thinking selling, They
might know someone.
Speaker 2 (18:33):
I selling and avoiding the costs of sale.
Speaker 5 (18:37):
Yeah, yeah, well you never know, and then doing it
yourself you sort of get the feedback. And doing open homes,
I think it's critical. Some people might just drive past
to see and needs short hope open homes. I don't
like those ideas at all. And someone said when they
had difficultly selling something, they just did a permanent sign
(18:59):
out open home. All the time, and eventually they sold it.
Speaker 2 (19:04):
Did you do you sell property that way or to
use an agent.
Speaker 5 (19:08):
I've only sold property with an agent, but I had
one agent where I could sell privately and the person
buying privately would only go up if the agents buyer
went up. So if the competition like an optional or whatever,
you know, it's sometimes useful, but I think agents with
(19:30):
their networks, Like I bought a property that I had
no idea it was on the market, and the agent
and this thing he said, I said, oh what, It
gave me the address and I said, okay, when can
I and he said ah, an hour before the option,
which is tomorrow. I said okay, and I bought it
an option.
Speaker 2 (19:51):
And yeah again Yeah. Now I'll bring an Ashley Church
on this. I always think selling on your own is
sounds like a bit of Ashley, a little bit of
a false economy.
Speaker 3 (20:04):
Yeah, there was there was probably a time in my
life where I would have probably been more of a
fan of it. I've never tried it, but I think
when I was younger, it's probably something I would have
considered giving a go if the circumstances had arisen. I
think as I've got older and I've recognized that the
value that a real estate agent a good real estate agent,
because they're not all good, but that a good real
estate agent brings to the sale process. I've come to
(20:28):
realize that it's it's pretty much the only way to go.
It's the you know, it's the old axiom about fall
in his client when you're talking.
Speaker 2 (20:34):
About lot's a it's a lawyer who acts for himself
has a full for a client.
Speaker 3 (20:40):
Yes, to be fair, I think the same thing probably
applies here. That doesn't guarantee you always find a good agent,
but when you do find a good one, I think
you come away feeling pretty good about the transaction.
Speaker 2 (20:50):
Okay, hey, thanks for your call, Peter. Actually I've I've
just got a little bit of a problem with my
phone box here, so I need to correct it. I've
just got a technical issue, so just bear with me
for one second while I read start everything. But while
we're doing that, Ashley, Yeah, what do you think of
(21:11):
aggressive offers by buyers when they set you know, because
they're trying to take the narrative maybe depending on whether
they think that there might be other interests, and they're
trying to negate that. What do you even have done
time limited offers or this offer is. I mean a
lot of offers actually are time limited, and I think
for a private treaty, but really aggressive ones like you know,
(21:33):
I'll offer you an extra fifty grand on you're asking
price if you do the deal by five o'clock today.
Speaker 3 (21:38):
Yeah, I mean, I think it's a legitimate tactic if
somebody particularly wants a property, particularly when there's competition. Because again,
in a flat market, you probably don't need to do
that because there's not going to be a lot of
competition around. But in a hot market where there's competition,
then then that's one way of securing a cell where
you might otherways have to go through a long process
of actually haggling over price. One of the things I
(22:00):
always find interesting you watch those British shows on buying
and selling property, et cetera, and the Brits seem to
think that, you know, sort of an extra two thousand
pounds as being really cheeky, you know, whereas here at
the deal get sort of ten or fifteen or twenty
or sometimes more so. So you know, it's all relative,
(22:23):
and it's not something I've seen a lot, but I've
seen it from time to time where somebody really wants
it and they'll just sort of put their foot down
and say, okay, well I'll offer that, but you've got
to do it by such and such a time, all
than all the deals off the table.
Speaker 2 (22:33):
Okay, right, let's take some more calls. Susan, Hello, Thanks.
Speaker 7 (22:37):
How are you good?
Speaker 2 (22:38):
Thanks?
Speaker 7 (22:39):
I'm so real estate in Wellington for over twenty years,
and I tell you the best way you can buy
is an option because you end up only having to
pay a little bit more than the top that the
person behind you can afford. And as far as tenders
(23:01):
are concerned, I've had a difference of one hundred and
sixty thousand dollars from one tender to the one that was,
you know, the highest behind them. So I think to sell,
you get the most with a tender, and when you
and when you buy, you know that you know you're
paying as little as it possibly tense if you buy
(23:24):
at auction.
Speaker 3 (23:25):
I would agree with both of those comments, Susan. I
think you're absolutely right.
Speaker 2 (23:29):
But I guess an auction is it's a bit more
hated though, isn't it, Susan. I mean, is there?
Speaker 3 (23:37):
But you're thinking about it from the from the seller's perspective, Tim,
I think, what's what Susan's staying? Is it for the buyer? Basically,
you know.
Speaker 7 (23:43):
That's it. And the thing is also that it's easier
for for a an agent to do an auction than
it is a tender because people come to you, they
have no idea what they can afford or what they
want to you know, what they the price should be
and all of that. So it really is up to
(24:04):
them what it's work to them, and it's much more
difficult to deal with that than to get everybody in
the room.
Speaker 3 (24:10):
And it's interesting, and Susan will probably may not want
to agree with us if you're still selling. But there's
an xiom in real estate from they're talking about buyers
being liars and by which they may.
Speaker 8 (24:26):
They can believe.
Speaker 2 (24:28):
Hang on, Susan, hang on, come in a second, let
them finish the sentence.
Speaker 3 (24:31):
So so where the buyers will say, look, this is
my limits and then blow and behold when it comes
to auction, they pull another couple of hundred thousand out
of their head. So it's so it's you know, and
it's so it's frustrating. I guess from an agent's perspective,
because on the one hand, they're looking in this range,
and then when they actually.
Speaker 2 (24:46):
To be to be fair just before, Susan, it's probably
frustrating for the buyers that they've had to pay another
couple hundred thousand. Susan. Yes, where you go.
Speaker 7 (24:56):
You know everybody else, the real estate agent, what do
they want? Why are they selling? They tell you what
they can afford. Everyone lies to the real estate age,
and so the buyers lie, the sellers lie. So when
people were asking me, I'm retired now, But when people
were asking me, I said, I don't know. I'm just
the real estate agent. No one tells me the truth,
(25:16):
and they laugh because it's the truth.
Speaker 2 (25:19):
I think to be fair to everyone, Susan, I think
that people really hurt that that's their limit and they've
set their limit, but then the facts change and they
revisit it and then make themselves lies in a way.
You know what I mean.
Speaker 7 (25:31):
You're absolutely right. It depends on how much they want
the place, and also what market it is. If there's
a whole bunch of houses and you're just looking for
a three bedroom house and you can have your choice,
that's one thing. But if you zero in on a
house that you really want and it's unique and all
of that, then you'll pay as much as you can.
(25:53):
And you're never, ever, unless you're absolutely nuts, tell anybody
how much your limit is.
Speaker 2 (26:00):
No, exactly, no, keeping yourself. Hey, Susan, just quickly, would
you would? How do you if you're a seller personally?
Is do you have a flat rule on the way
you like to sell or does it depend on the market?
Speaker 7 (26:13):
I would I would probably do a tender, which is
a lot more difficult for the agent. But I've seen
those envelopes open and there are some companies that open
them before the tender, which is a no no. But
when you sit down and you start opening those envelopes
in front of the vendor's it could be like Christmas
or someone's funeral, but you just never know.
Speaker 2 (26:37):
Actually, does sound quite exciting the way you describe it,
that's right. Yeah, good on you.
Speaker 7 (26:40):
Thanks. It's fun and it's a negotiation that's fun anyway.
Speaker 2 (26:45):
Yeah, thanks very much for life. Yeah, opening those envelopes,
I don't even really know how it because you're not
supposed to open them, are you? Until the tender closes?
That's right, because that's pretty strict rules about around that. Hey,
look listen, we're going to be back in just a moment.
I one hundred and eighty ten eighty. Which method of
sale do you prefer? Or does that depend on the
market and the locale and all that sort of stuff.
(27:06):
We're talking about that because it's a big decision for
buyers and sellers as to what sort of properties how
they want to sell. But if you're a buyer, you
may avoid properties that are selling by certain methods. Give
us a call eight one hundred and eighty ten eighty.
We be back with Sarah in just a moment. News
Talk sa'd b. Yes, welcome back to the one with
radio show talking about methods to sell or buy and
my guest is Ashley Church. That's carrying on with the
(27:26):
call Sarah. Hello, Hello, how are you good? Thanks?
Speaker 7 (27:30):
Good?
Speaker 2 (27:31):
Hey.
Speaker 9 (27:31):
I sold in the latest housing boom I think was
three odd years ago and I felt by option, which
i'd never been to, the FloraNT was really amazing, I did,
you know, really well, and that was exciting. I had
to sell. My husband has passed away quite young, and
I did buy again in that same market by option.
(27:52):
Here's here's the character and you probably know I'm wanting
to buy again now and sell, and all the houses
seem to be advertised for option.
Speaker 5 (28:04):
Option.
Speaker 9 (28:05):
Sure, you know, they lose a lot of customers because
for somebody like me, locking I can't go to an
option because I'm not kidding. So you know, all the
money in the bank, you have to bypass all those
sales of those houses. So I know you know that.
But that's just a thing. That's quite because some of
(28:26):
the houses are quite nice. But unless you do it
the other way round, Yeah.
Speaker 2 (28:31):
The horror selling, I'm buying you that that is a
tricky equation itself. Ashley Sarah.
Speaker 3 (28:36):
It is actually possible to even if a property is
listed for option, it's actually possible to put it in
an offer and have it accepted beforehand. Now, some agencies
or some agents, and this always frustrates me, will tell
you they can't do that because it's the law. That's
complete nonsense. It might be the policy of I've got
nothing to do with the law. It's just a marketing technique,
so you can you know, often they'll say no, no,
(28:59):
the client wants to go through option, and the client's
entitled to do that. But sometimes the client might say, well,
what's the offer, and if it's a reasonable offer, they
might say we'll forego the option, will just go ahead.
So just because it says by option doesn't necessarily mean that.
Speaker 9 (29:11):
It's all right. Okay, yeah, because I'm sitting here locking
and it's been my homework to really find it has
and I'm just firepassing all the options, and haw coorts
particularly do option, so that's quite I just sort of
must them all together.
Speaker 3 (29:29):
I really need to stress, Sarah. If you ring an
agent and they say no, no, we can't do that,
it's the law. That is simply not true. It's not
the law, it's just the policy of that agency, so
they can do whatever the a client wants.
Speaker 2 (29:41):
In fact, there's nothing to stop there's nothing to stop
you presenting an offer anyway and just say here it
is so anyway.
Speaker 9 (29:47):
But no, oh that's really good. I might try. It's
been a few I really actually like, so I say,
oh wow, no, yeah, yeah, anyway, thanks Sarah, Yeah, thank you, okay,
bye bye.
Speaker 2 (29:58):
Actually, the whole thing about selling to buy and everything,
the timing of these things, it is quite a headache
for people, isn't it.
Speaker 3 (30:04):
It is? And I mean the whole industry is designed
from a real estate agency's perspective. The whole industry is
designed to create agency. So that's where all this stuff
comes from. If you understand that, you kind of understand
all these various different techniques. They're trying to get people
to make a decision now, and that's easy to do
in a hot mark, and it's not so easy to
do when things out's quite.
Speaker 2 (30:21):
So all right, Ben, Hello, gay guys, how are you good?
Speaker 6 (30:27):
Hey? So, just timing two things just to come out
of that. So I was just wanted to make communes
a bit of private selling. But just for the record,
my mine's being Keen. I'm a former real estate agent
from Hawk's Bay. Just to clarify on that pre auction offer.
So if the if the campaign is for sale by auction,
(30:48):
and it says unless sole prior, that means that an
agent Keen present an offer, but it must be done
under auction conditions. So effectively, they would bring the auction forward.
They would call interest amongst any of the the you know,
the agent's buyers and see if anyone would come to
(31:10):
the auction. If that happens, the auction would proceed under
auction conditions, but that it cannot be an offer made
on a standard terms and condition or by private treaty. Okay,
So that's the that's the technical side of it. But
the good news is is what I think you're looking for,
(31:31):
if this is where the private sale thing comes in,
is that I've got a brand and Hawke's Bay that
we've tested over the last five years, which is a
hybrid online auction process with the service bridges to get
between a private sale and what a real estate agency does. Now,
(31:54):
if you're can to imagine a trade the auction but
designed for property, that's what our service provides. So that
means people like people like Sue who need to make
a conditional offer and the person that is cash and
unconditional can compete for the property and a transparent online process.
(32:19):
We have a dollar value of the bid is displayed
in the public listing, but you won't see conditions. So again,
in that situation, you have like a team of conditions,
but transparency of an option. Okay, Okay, So that's the
good news, and there's even more news better news, but
about bringing the cost to sell down. Now, we would
(32:39):
love to advertise on one roof and bring our listenings
on that platform. Would be amazing.
Speaker 2 (32:46):
Well, you Ben, you'd have to call our people after
ours really, so we can't use your call to make
a pitch on it. But it sounds like an interesting idea.
So you should talk to get in touch with Nz
and me and talk to the people at One Roof
because it might be into something interesting to have a
chat about. Any comments, Serioushley.
Speaker 3 (33:01):
No, I would have said just exactly what you did.
Speaker 2 (33:06):
It is twelve and a half minutes to five, Chris, Hello.
Speaker 8 (33:13):
Just on your best myths of transacting property. From my
United experience, I think the best methods that they are
really any that don't involve real estate agents?
Speaker 6 (33:24):
Yeah? Why Yeah?
Speaker 8 (33:27):
From my experience, I don't really add a whole lot
of value. Like I've owned bought three properties and here
it had won and sold three and of those transactions
I had real estate agents involved twice, and as I say,
they don't really add a lot of value. The last
time I sold the house myself, I had a big
house in the hills and cashmi across Church and the
minute I put it on the market myself, I was
bombarded by real estate agents. I text emails, people tuning
(33:50):
up at my doorstep all the time to tell me
the risks I'm taking, Chris, and.
Speaker 2 (33:55):
Just a question of getting the right real estate agent,
or do you.
Speaker 3 (33:59):
I'd go further too, though, and I'd say that Chris,
with all doue respect to you, it sounds like you're
somebody capable of doing that, which is great and kudos
to you. But for every one of you, there's fifty
people who couldn't do that and simply wouldn't be for
the same reason. They couldn't do their own plumbing or this,
but they're not Sparky's at a whole range of other stuff,
and you need to use professionals. So I think what
you're really saying is it's worked for you. Good on you,
well done. I wouldn't take there as general advice for everyone.
Speaker 8 (34:24):
I honestly, personally, I don't really agree. I don't think
that it's that that difficult or whiskey selling your own property.
Speaker 2 (34:32):
Well, if you've got a good understanding for the market
and what you want. I guess Chris, and that sometimes
things that seem easy to one person can be quite
complex for another. I actually also, to be honest, Ashley, I,
as a buyer, would be suspicious of someone who's selling
it themselves and I don't know why, but I would
(34:54):
prefer to go with something which is part of the
sort of real estate market and real estate agents.
Speaker 3 (34:59):
And intermediately, I actually think we've got the best of
both here in New Zealand because you've got the one
person who x between both parties. I mean, you're going
to the States and some other parts of the world
and they have a buyer's agent and a seller's agent
and it just gets really messy. So so I think,
you know, it works pretty well here. We've got one
person who transit, who covers the transaction, and they're covered
by a whole lot of legislation which that they have
(35:20):
to comply with. I think, I think we're pretty lucky.
Speaker 2 (35:22):
Yeah, good stuff. But you know, Chris, if you've made
it work for you, then good on you. Then you
might have felt you've saved some money. But then again,
maybe you would have got even more bombarded with office
if you've been with an agent who knows anyway, Look,
the one roof properly of the week is next. It's
ten to five Newstalk, said.
Speaker 1 (35:38):
B the one roof property of the week on the
weekend Collective.
Speaker 2 (35:44):
Yes, welcome back to the show. My guestsd Ashley Church. Yes,
the one roof property of the week is it is
in Have Plenty. It's fifty nine d Western Avenue. You
can go and look it up on the one roof
dot co dot nz website. It's it's not it's not
what you'd call cheap. You might say for six million
bucks it's not bad because for six million you get
(36:06):
six bedrooms and you get six bathrooms, so maybe that's
a million dollars a bedroom. But it is a beautiful property.
A triple layer se ceedar roof, shingles, copper spouting expanse
of double blazed windows, creating what's described as a stately
yet welcoming atmosphere. The thing that grabs me about it
is it's got a swimming pool, the photos of which
(36:28):
make the swimming pool look absolutely gorgeous, and a tennis court.
And I was thinking, what are the things actually, actually
you'll have had a look at it. What are the
things about the property that would make you more interested
than you might otherwise be looking at property? Does the
swimming pool do it for you?
Speaker 3 (36:44):
Yea would, And it actually felt very familiar, I have
to say it did. The swimming pool and also the view,
the outlook of.
Speaker 8 (36:51):
It, it was.
Speaker 3 (36:52):
It's just kind a very sort of open, sort of
scenic perspective to it. But that was a lovely place.
Speaker 2 (36:59):
When you say familiar, is it because it's like the
house you live in.
Speaker 3 (37:02):
It's not unlike really, oh goodness, didn't this didn't cost
anything like that. But yeah, it's just a similar set
of a plant home.
Speaker 2 (37:09):
It does seem like one of those places that it's
surrounded by. I think there's a golf course within view
of it, and it's on Ockero anyway, but it does
look like the sort of property where if you you'd
want to host people all the time. It's listen, come
down to my country state, bring your tennis racket, bring
your togs, bring the snags or stick them on the barbie.
That's pretty good.
Speaker 3 (37:28):
Imagine you'd imagine Donald Trump living there.
Speaker 2 (37:32):
Really doesn't quite strike me as a Mara laga. Probably
a bit ice. That's an interesting take, but you know,
and it's surrounded with you know, fruit nuts and vines
and all that does look quite gorgeous. So if you
want to go and check it out, going to the
one roof a website One roof dot curd a en
Z and you can look for the property which is
fifty nine d Western Avenue in ok.
Speaker 3 (37:54):
So.
Speaker 2 (37:55):
Yeah, beautiful and as I say, every week, taking a
look at a gorgeous propertly like that, it's almost like
having just a five minute holiday anyway, Actually just quickly
before we wrap the show up, with about a minute
to go. So the OCR announcement will be this week.
What are you anticipating it'll.
Speaker 3 (38:10):
Drop by point five on Thursday? I think most of
the banks I see, the Benz and a couple of
others have already factored in most of that into their rates,
So I wouldn't expect any further drops or any major
further drops. But it's a really good trend. It's an
indication of what's to come, and there'll be more going
into twenty twenty five, and we'll get back I think
(38:31):
I've said to you in the past that we should
get back down to retail rats of about four points
five percent. I still stand by there.
Speaker 2 (38:36):
Do you think that if they dropped it even further
that then wouldn't be inclined to do it because it
might be just a little bit too triggering as a
dramatic drop in the effort and that's.
Speaker 3 (38:45):
Always the conflict that the Reserve Bank Governor's got. It's
the conflict between wanting to get us out of this
pain that we've been in over the last two or
three years without getting us to a point where we
suddenly all go silly again and start's been to too
much on houses. So that's not just in relation to this,
that's the conflict that he faced all the time.
Speaker 2 (39:02):
Excellent. Hey, thanks so much for your time, Ashley. We'll
look forward to next time and I really appreciate you
joining us. You can check out the podcast Weekend Collective.
We'll be back with the Parents squad As next.
Speaker 1 (39:11):
For more from the Weekend Collective. Listen live to News
Talks It be weekends from three pm, or follow the
podcast on iHeartRadio
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