To Steve Minnikin
State Member for Chatsworth, Millennium Drv, Carindale QLD 4152
Price Guide Legislation For Auctions
As our local State representative for Queensland, I would like to ask for your help in preventing a ridiculous piece of legislation being passed in State Parliament very soon.
The proposed legislation relates to agents and auctioneers not being able to give price guides to prospective buyers. We can be fined heavily if we do. Auctioneers will also be prevented from announcing that a property has reached reserve price and is ‘on the market and will be sold’.
As a local real estate agent and auctioneer, I and a huge number of my colleagues strongly object to this legislation and our reasons are very simple. I have asked hundreds of buyers lately who have come to my open homes and auctions what they think of the suggested legislation and they are annoyed and frustrated. Everyone has the same view; ‘All we want is a rough guide, is the property in the $400,000s, or $500,000s. We don’t want to waste our time on a property that is out of our price range.’
As a well respected and successful real estate agent and auctioneer, I take great pride in being transparent, helpful and honest. Unlike some agents who try and lure as many buyers to an auction as possible, even if they are not in the right price range, I like to give my buyers an honest guide of where a property is likely to sell. This could be as simple as ‘low to mid $700,000s’, or ‘mid to high $400,000s’. This allows buyers to decide if the property is in their price range.
If an agent does not give a buyer a price guide, buyers regard the agent as being secretive, underhanded, or a bit of a smart arse! Our industry needs to be more honest, helpful and transparent to buyers and sellers.
I know most politicians are confused that the legislation was proposed by our own industry representative – the REIQ. Unfortunately the REIQ is quite often out of touch with its members and not representative of what its members really want. This does create a quandary for politicians.
I hope this simple feedback helps you understand that this legislation would set our industry back years as far as building some honesty and credibility in the community. Let’s move forward, not backwards in the best interest of the buyers and sellers in the Queensland property market.
I have asked some of my colleagues in our office to join with me and sign this letter to highlight to you the concern your local constituents have on this issue.
Remax United Vision