Booming market brings new buyer complaints

By ANNE GIBSON

The flourishing real estate business is producing new types of complaints about real estate agents and deals.

Gordon Meyer, professional standards manager for the Real Estate Institute, says complaints are being made about many issues, but particularly:

* Properties being sold and 24 hours later resold for between $30,000 and $40,000 more - in one case, resold by a conditional purchaser.

* Buyers finding their offer has not been presented to the vendor because the agent waited for other offers to come in, or chose one out of several to present to a vendor.

* Buyers not being told of other interest in a property for sale, or not being given proper advice on the need to make their best offer.

* Offers being presented and accepted by vendors within hours of a property being listed, even though other buyers had expressed an interest through another salesperson - deals are being done so fast that there is often not time to get the offer on paper before the property is sold.

* Buyers simply unable to get their foot in the door - complaining they are unable to inspect a property with an agent because another buyer and agent were at the property, resulting in a missed opportunity to make an offer.

Meyer said the healthy state of the market was producing a different type of complaint, often to do with buyers losing out on even being able to make an offer on a property.

"Members should be considering auction or tender as appropriate methods of sale, ensuring all the interested buyers get to inspect and be given an even opportunely to purchase," he said, adding that it looked bad when properties sold within hours for an inflated price.

"Our industry does not look good when this happens. Agents should protect themselves by formally advising their opinion of market value."