Buyers: Get quote in writing
A real estate agent writes: "I am in full agreement that the deceptive practice of 'bait pricing' still goes on. There have been recent changes in the Real Estate Agents Authority rules of conduct saying 'a licensee must not mislead customers as to the price expectations of the client'. If a buyer therefore attends an open home and a salesperson indicates a much lower figure to the buyer on a property, just to entice them to be a crowd filler on the auction day, they might well have a justifiable complaint against that salesperson for any costs that were incurred due to the misrepresentation. I would make a note of the agent's name and the price level they were quoting. Get them to write and sign on their business card the amount they are quoting. Then a buyer will be more likely to get an accurate idea of the actual selling price the vendor is expecting. Buyers don't want to waste their money, their time (or the seller's time) competing at an auction that they have no chance of winning. If an agent is not willing to confirm their quoted price in writing, ask them why not, if they were happy to say it. If a buyer then finds out the reserve and the quoted sale range are far above what they were told, then get the complaint in and seek compensation for money unnecessarily spent on builders' reports, LIMs, valuations, lawyers' fees and maybe even lost time off work."
More dad jokes
1. When I got in his way, my old dad used to say, "You're taking up valuable land, they should pull you down and build a pub."
2. When I did something wrong, dad would say, "About as much use as an ashtray on a motorbike."
