Peter Kelaher is the Director of Sydney's largest buyers Agency PK Property Search & Negotiators and has been buying property for his clients off Sydney's top Real Estate agents for 17 years now.
Peter says that the pressure that is applied to buyers, and selling vendors is over the top and not required. Most agents will tell you that they are educating their client to a realistic reserve and applying subdued pressure to the buyers to meet that reserve Kelaher says this is not correct as in the real estate industry the word educate, really means to crunch.
Kelaher's company PK Property Search & Negotiators a buyers agent who bids and negotiates on behalf of buyers recommends that buyers need to create a level playing field under those strenuous auction conditions, and that's why he introduced the Buyers Agents concept here nine years ago.
He says “buyers are just so vulnerable under auction conditions with most of them saying the whole thing becomes a maze of unreality and one complete blur.”
Kelaher says his company bought a property under the hammer at auction for nearly six million dollars for a london client in Vaucluse and the client said thank God you guys were there bidding on my behalf, as he indicated that the agents were ruthless here compared to London.
Kelaher also said that his client called up the next day to ask exactly what happened in the last five minutes of the auction because it was just all one big blur, and this guy had a professional bidding for him imagine if he was doing it himself.
Emotions run too high in an auction room and that's what selling agents play on. My tips for buyers would be just relax and take your time, and place bidding amounts that you are comfortable with not what the auctioneer and the agent want.
Don't be afraid to tell the agent to get out of your face, and to ask the auctioneer if the property is on the market. Be bold and confident and remember it's your money and also remember that the agent and the auctioneer will do anything in their power to get more off you because they work for the vendor. If you're not used to confrontation get a Buyers Agent who is, as they will save you a lot of stress and probably a lot of money on the day. For just $550.00 Pk Property will bid on your behalf at auction.call 99601066 today.