Other People’s Money
In an amazingly brazen Blog post, a Sydney real estate agent this week demonstrated why you should NEVER ask a real estate agent to bid for you at an auction.
“I always like to help buyers out when they are bidding at auction…..This buyer, I have to admit was easy….She just said yes to every bid I pulled out of the hat for her.”
To be honest I nearly choked on my lunch as I was reading it. This agent is boasting that she was able to manipulate a buyer to pay more and more without any regard for their needs to purchase at the best possible price. This is not representing the buyer, this is representing the seller and getting the buyer to pay as much as she can!
“But when you’re spending other people’s money what’s $10,000?”
This makes me feel physically ill. I will tell you what $10,000 is – it is extra stamp duty, it is extra interest on a loan, it is less money to spend on furnishings, less money for renovations and less money in the bank. It’s $10,000 and every dollar is important.
“I did try and make her bid against herself….”
Are you serious? Working for a buyer is an incredible responsibility. The faith that is placed in our work as professionals to represent our buyer’s best interests at all times is an honour, not a game.
What this agent did was misrepresent herself as being the buyer’s ally, when in fact she was working for the seller to get the highest price.
And here is where property buyers in Australia need to be very careful: a real estate agent is employed by the seller, to sell a property to any buyer who is willing to pay the highest price. There is nothing wrong with that, in fact it is their legal obligation. The problem arises if a real estate agent pretends to be working for the buyer.
Don’t get me wrong, there are a lot of very professional real estate agents out there. Agents who will make it very clear that they are working for the seller and what their role is. But unless you employ someone as your agent, pay them a fee and ensure they are completely independent from the seller, don’t let anyone bid for you.
“It’s always nice to hold another person (sic) credit card in your hand….”
The only way to ensure that your interests are being looked after is to engage an independent Buyer’s Agent to act in your best interests. Yes – it will cost you money but you will be 100% certain that we are working for you on auction day. And most importantly, rather than considering your money is like a ‘credit card’ we will treat your money as if it is our own.
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