{"id":32834,"date":"2021-06-13T11:02:18","date_gmt":"2021-06-12T23:02:18","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=32834"},"modified":"2021-06-13T11:02:18","modified_gmt":"2021-06-12T23:02:18","slug":"real-estate-agents-starve-amid-property-boom","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/real-estate-agents-starve-amid-property-boom\/","title":{"rendered":"Real estate agents starve amid property boom"},"content":{"rendered":"

PHOTO: Real estate agents<\/strong><\/p>\n

An interesting development is happening across Australia\u2019s real estate agencies.<\/p>\n

Despite Australia experiencing its strongest synchronised property boom in decades, real estate agencies are duking it out to secure the limited number of listings on offer.<\/p>\n

The situation has become\u00a0so extreme in Tasmania\u00a0that the Real Estate Institute of Tasmania is literally \u201cbegging\u201d agents not to discount their commission as they compete for scarce listings so as to avert a possible \u201crace to the bottom\u201d for the industry:<\/p>\n

\u201cIt\u2019s brutal. It\u2019s a matter of survival, there\u2019s no doubt about it,\u201d Harcourts Signature director Gary Quan said\u2026<\/strong><\/em><\/p>\n

He said some agents had not had a listing for three to four months.<\/strong><\/em><\/p>\n

\u201cThey prospect all day, make calls, it\u2019s quite demoralising,\u201d he said.<\/strong><\/em><\/p>\n

\u201cEveryone\u2019s prospecting madly trying to drum up business, talking to people, talking them into putting their property on the market, offering longer settlements.<\/strong><\/em><\/p>\n

\u201cIt\u2019s almost a race to the bottom particularly with commissions and agents out there offering very good deals in terms of free advertising, low commissions.\u201d<\/strong><\/em><\/p><\/blockquote>\n

My anecdotal experience is that listings have dried up immensely in my area (around Ashburton, Malvern East and Glen Iris in Melbourne). I have never seen so few for sale boards as the past six months. We are also regularly bombarded with calls and mail seeking out whether we are interested in selling.<\/p>\n

CoreLogic\u2019s listings data shows that while new listings have finally recovered (after falling badly behind average earlier this year), total listings remain around 30% below the five year average:<\/p>\n

\n

\"Property<\/a><\/p>\n

Total listings remain around 30% below average.<\/strong><\/p>\n<\/div>\n

For an industry that makes ends meet via turnover, this is bad news \u2013 even when prices are growing strongly.<\/p>\n

You know it is a strange market when a once-in-a-generation property price boom is met with starvation from real estate agents. I doubt few people are feeling any sympathy.<\/p>\n

READ MORE VIA MACRO BUSINESS<\/a><\/p>\n

WE DON\u2019T ROAST OUR BEANS UNTIL WE HAVE YOUR ORDER<\/span><\/h3>\n

\"Fergs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

PHOTO: Real estate agents An interesting development is happening acrossRead More →<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":32835,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478098521,478116424,478108952,478098519,478098535,478098513,478098784,478098787,478101853,478098579,478098510,478098514,478098511,478098705,478098533,478098828,478098921,478104932,478098738,478098509,478098727],"class_list":["entry","author-data123nz","post-32834","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australians","tag-australias-real-estate-agencies","tag-covid-19","tag-home-ownership","tag-house-prices","tag-property","tag-property-boom","tag-property-for-sale","tag-property-listings","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-agency","tag-real-estate-agent","tag-real-estate-agents","tag-real-estate-franchise","tag-real-estate-institute-of-tasmania","tag-real-estate-listings","tag-real-estate-news","tag-real-estate-offices"],"yoast_head":"\nReal estate agents starve amid property boom - 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