February 6, 2026 • 41 mins
Those in the market to buy a new home either know or will learn very quickly, that an agent is essential in the process.
Sure, we can search agency websites and windows ourselves, or scroll through OneRoof after work every day - but we're doing ourselves a disservice if we don't have an agent keeping an eye out for a place with the right metrics for us.
Here's the problem - these agents legally work for the seller.
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talks.
Speaker 2 (00:09):
I'd be whiskey.
Speaker 3 (00:13):
Not thinking to marble singing sween Home Alabama.
Speaker 2 (00:17):
Our summer lave.
Speaker 3 (00:24):
Singing sween Home Alabama.
Speaker 4 (00:29):
Gets wall up on the dark, watching the waves roll
off the back.
Speaker 3 (00:33):
She'll forever hold as fine side my soul.
Speaker 2 (00:39):
Yes, welcome back to the Weekend Collective. I'm Tim Beverage
and this is the one Ruffridio show is funny. Way
as I hear that sweet Home Alabama, I was thinking,
I wonder what real estate costs in Alabama. We should
probably give you the answer to that before the hour
is up. So it's fun looking around the states what
you can buy in different states, because your dollar and
if you pick the right area, goes a long way,
(00:59):
especially in Detroit. Anyway, we're not talking about that welcome,
but we want your cause on eight eighty ten eighty
and text nine two nine two, And what we're going
to dig into is look as anyone who's in the market,
you're looking to buy a new home or a second
home or whatever. And of course you learn very quickly
unless you're one in a million that does your own
sort of as your own agent. For selling your house.
(01:22):
But if you're buying, you're looking to buy you still,
you soon realize an agent is essential. Realistate agents are
a central part of the process. And so you know,
look you look at agency websites, you can scroll through
the one roof after work every day, but you might
be doing yourself a disservice if you don't contact or
have a friendly agent or two who help you with
(01:44):
your search. So you tell them what you want. You know,
they know what the metrics are. But there is a
little bit of a problem because those agents don't actually
work for you. They work for the seller. So how
to buyers work with agents or find agents they feel
they can trust who won't necessarily upsell them to the
benefit of the seller's wallet. And of how have you
(02:07):
involved yourself with agents when you have been the buyer,
Because from my understanding, there are plenty of good agents
who actually will work well for the buyer because you
know what, guess what you come to sell it, you
might actually go through that agent as well. But remember
they're not working for you. So how much did your
agent help you find your place or did you feel
(02:27):
like you were doing it all on your own? Give
us a call on No. Eight hundred and eighty ten
to eighty text nine two nine two and to help
us with this. He is resident economist at Op's Partners
and he's with us for the run Rufridio Show and
his name is Ed mckknight.
Speaker 3 (02:40):
Great to be here, Tim, How are you? Oh, we're
very good And I'm glad you did get a real
estate agent to come on and talk about this, because
I'll be they'll end up telling you for the exam
about how wonderful real estate agents are and the most
trustworthy people. But I think the truth is a lot
of New Zealanders, unfortunately, don't trust real estate agents. I
saw some very interesting stamps out of Australia actually showing
(03:00):
that real estate agents are one of the least trusted
professions around, about as trusted as politicians and local politicians actually,
So maybe that's a good ballpark for how the average
Joe feels out there.
Speaker 2 (03:13):
Yeah, because the reason, well one of the reasons that
I thought it was an interesting topic to discuss is
I've got a friend who's looking for a house and
you know, he's doing a lot of the leg work himself,
and I was having a chat with our guests last
week as managing director of hard Courts, and he said, look,
you know, there are plenty of agents who will work
well within I guess the problem is you maybe don't
tell them what your top spend is. That's that's actually
(03:37):
let's just deal with that. That's the first rule. Don't
tell him you've got seven hundred thousand dollars max.
Speaker 3 (03:43):
Yeah, and that's the most you're willing to pay for something,
because you might find pretty quickly that you're going to
be spending seven hundred thousand dollars. Look, the way I
think about it is you've got to understand that while
you might be paying the money to the seller, the
real estate agent does not work for you in any way,
shape or form. Now, having said that, they've still got
to give good customer service because they still want you
(04:04):
to buy the house of the person that they're specifically representing.
A bit like if I go into a shoe store,
I know that that person selling me the shoes they
don't work for me, but they want to give me
good customer service because they actually want me to buy
the shoes.
Speaker 2 (04:18):
Yes, but you might go in for one pair of
shoes and come out with three pairs of shoes, a
pair of slippers, and some jandles.
Speaker 3 (04:23):
Well, and that's where it is. But where I think
some people sometimes get frustrated is they have to negotiate
with an agent. And what you've got to understand is
when you're going through the process of buying a house,
a good real estate agent might be negotiating twenty five
or fifty sales a year, whereas you are probably only
going to do it once every seven years. And so
(04:44):
I think that's where Kiwis really want to understand, Well,
how do I go about negotiating with an agent, because
there are a lot of things that frustrate Kiwis when
you go to open homes and you realize the agent
won't tell you the price, and that it's hard to
get a figure out of them about how much the
vendor wants and those kinds of things.
Speaker 2 (05:00):
Right, Actually, I remember, I've never actually we bought our
house through tracking down our landlord behind the leaving agent's
back and making them an office. I've never dealt with
a real estate agent except when I was in Australia
and I started to look around, and it was back
in the times in Australia where they would say, you know,
starting level X amount of dollars, and actually, to be honest,
(05:21):
it was back in the days where you could buy
something basic for a couple hundred thousand or that's what
it would say. And I went to quite a few
auctions and it went for fifty percent more. And so
the only experience I had with the real estate agents,
we're going to one I was looking at and he
said starting point, you could probably look at this And
I said, hey, mate, I've been to several year auctions
and it's been a complete waste of time. Stop bsing me.
(05:43):
Is this within a ballpark? If I've got this amount
of money? He said, not anyone waste your time.
Speaker 3 (05:48):
Well, I really like that story to him, because sometimes
you do have to be a bit more firm with
the real estate agent.
Speaker 5 (05:55):
You know.
Speaker 3 (05:55):
I'll never forget when I was in a house when
we were just starting to look around in Auckland, I
just recently moved up. I go to an open home
and I think this house is really good. I'm not
quite in the position ready to buy it, but maybe
I will be in six months. So I rock up
to the real estate agent. I say, Lorraine, that was
really her name, Lorraine, what do you think this is
going to go for? And she said, well, it'll start
(06:16):
with a one. I said, Lorraine, I could have told
you that we're in Auckland. Can you be a bit
more specific? Low ones? And I was like, oh, gosh, anyway,
that house ended up going for one point seven million
dollars and so low, Yeah, that's right. Now. Maybe Lorraine
was a particularly good real estate agent and got lots
of buyers in there. But what this kind of shows
(06:39):
is there are a lot of times where it's quite
hard to get a price out of a real estate agent,
and so one of the things and when they say oh,
it might start with the one, be like, hey, I
need you to be a bit more specific. What are
similar homes going to? What have similar homes gone for?
I know you can't tell me exactly what this is
going to sell for because we're going to go to
an auction, but can you help me understand whether it's
(06:59):
worth turning up to the auction or not?
Speaker 2 (07:01):
So, actually, was it a different journey? I think if
I remember rightly, the first property you brought was an investment,
and you've only recently bought recently bought a family home.
Speaker 3 (07:10):
Yeah, Mcarey's five properties were actually investments and then and
then I bought the family home.
Speaker 2 (07:15):
Was it a different experience for you? And I mean,
did you have I don't want to did you have
a pet agent who you went to or agency or
did you the agents were relevant? You just simply looked
at the listings and just went from there.
Speaker 3 (07:30):
Yeah, it's actually quite funny, Tim, without being too self promotional.
I ended up gotta go. I ended up I ended
up buying through the company that I now own, OPA's Partners.
So there aren't that many buyers agents around in New
Zealand or or companies that are particularly buy a friendly.
There are a couple like if you're looking for your
own home in Auckland. Actually, David Seymour's fiance lady called
(07:55):
Alexandra Martelli owns accounty called Martalian Code. She is a
buyer's agent. So what she does is you rock up
to her and you say, I'm looking for this house,
and you've got to pay you for a service. Right.
It's not like she gets a cut of the transaction
because that would be illegal in New Zealand. But you
work with her and she will go and find you
that specific house. Works really well. If you're looking for
(08:17):
that forever home or maybe something you can renovate that
she can go out and look for.
Speaker 2 (08:20):
Will that also indicate I mean, I don't want to
be presumptuous, but I'm going to be presumptuous that if
you can, if you're getting a buyer's agent, then you
may be looking at You're not looking at entry level housing,
are you? You might be looking to you've got a
bit more money to spend.
Speaker 3 (08:34):
I think that's fair to say. I actually ended up
meeting Alexandra Mantelli before I found out that she was
going to get married to David Seymour, and I met
her at a property event and she did say, yeah,
I tend to focus more on the higher end homes.
But we don't have that many buyers agents in New Zealand.
If you go over to Australia, you might have seen
(08:55):
when you're over there, especially for investors, there are a
lot of specific buyers agents where you might pay them
fifteen twenty grand and they go out and they act
on your behalf finding those properties. Now, we don't really
have that in New Zealand. But you know, my company
Open's Partners, we're financial advisors and we help investors find
specifically new built properties. But that's how I bought my
(09:18):
first couple.
Speaker 2 (09:19):
So what about when it came to finding your family home?
Was that a different journey?
Speaker 3 (09:23):
Did you went straight on one roof, right, because that's where
if you are looking for a I mean, it wasn't
just one roof term there are a couple of other
pools too, But I was on one roof that's right,
and scrolling through the listings and looking at what you
are specifically looking for. Now, it was quite an interesting
journey because I kind of knew what I wanted, right.
(09:45):
I found a map of Auckland. I drew a big
red line around the suburbs that I said to my wife,
you can go and look at these suburbs, but I'm
not buying outside of these suburbs. Wow. And I put
it to work because she was the one who really
wanted the house anyway. Within a day, I had a
list of options.
Speaker 2 (10:01):
Was it was it within the circle?
Speaker 3 (10:03):
That was within the circle right? The Jacob line.
Speaker 2 (10:05):
That's a relationship test because you might have been I'm
just going to go slightly out and outside the circle.
Seeping notices.
Speaker 3 (10:11):
Now, well, the good thing is she's a good christ
Church girl, and so she she didn't she she didn't
know Auckland particularly well, right, and.
Speaker 2 (10:20):
Assay you were doing her a favor and simplifying it
for her.
Speaker 3 (10:23):
Well, I mean, I'm not sure if she'd quite say
that I was doing her a favor, but yes, Tim,
I was doing her a favor. And so then we
just start going out and looking at open homes and
narrowed down to what our two styles were, like, what
what could we agree upon?
Speaker 6 (10:39):
Now?
Speaker 3 (10:39):
I really wanted a character home. I wanted a four
bedroom character home within these kinds of suburbs because I
really like something that looks about old school if you're
going to live in it. I think my mum drilled
that into me. And what was quite useful is then
I did start calling up a different real estate agents
Tim as a buyer and saying, hey, look, I know
(10:59):
that there aren't any character homes available, And it ended
up being an ode arcade. Yeah, I know there's not
too many at the moment, but do you have any
coming online soon? Do you know any that might be
within the listing process that might very soon be listed
online that maybe I could take a look at or
make maybe make an off market offer, which means buying
(11:20):
the house before it actually goes on the market. So
that's one thing you can do to work with agents
if you are a buyer trying to find something that
you are specific about. But what you really want to
do in that situation is have some buying criteria around
this is the sort of property I'm looking for. This
is the ballpark budget I'd be happy with.
Speaker 2 (11:39):
Yeah, And Okay, let's say you're a first home buyer.
My friend's looking at christ Church and he's got a
rough budget or something. But I say, if your budget's
between five and seven six and seven hundred thousand, what
would you tell your What would you tell your agent?
Not your agent, an agent who's selling houses. I would
(12:01):
just say, look, we're entry level.
Speaker 6 (12:03):
Yeah.
Speaker 3 (12:03):
I wouldn't personally disclose a specific budget, right. What I'd
be wanting to draw out is, look, I know before
you talk, before you listed this property online, you had
a discussion with your seller about what they were interested in,
and I know that you looked at the market. You
did what's called a comparative market analysis, right, what's called
a CMA, because you legally have to in order to
(12:25):
in order to sell a house, you've got to tell
the vendor roughly what similar properties are selling for. So
you know the market better than me. Give me an indication.
Where do you think we're sitting with this, What would
be a bit low? What would be a bit high?
Because of course they don't.
Speaker 2 (12:38):
Or is this as a seller you're getting this or years.
Speaker 3 (12:40):
Of barm barra be having this sort of conversation with
a real estate agent, and I keep on asking till
I get a bit more of a straight answer. Now,
of course real estate agents they want to be careful
because they don't want to say to you, oh, to
this house, it's going to sell for six hundred and
fifty thousand dollars, and then it ends up selling for
six hundred and eighty and you're really annoyed because it
went for thirty grand more than the agent said. But
(13:00):
I think we all understand how.
Speaker 2 (13:01):
To give an agent that. But if he said six
to fifty and it went for nine one hundred, I'd
be like, I would never I would never darken his
doorway again.
Speaker 3 (13:09):
Yeah, but the difficulty here is that there'll be there'll
be someone who gets a b in there bonnet and
then makes a complaint to the real estate authority. So
they'll always talk in rangers. But I think we all
understand that, right they don't know what the exact price
is going to be, but they could say, look, we're
thinking about, you know, somewhere between six eighty and maybe
(13:29):
seven twenty. That'd be a good ballpark for this property.
Of course it could be higher, it could be.
Speaker 2 (13:34):
Lower, okay, And then you'd say, okay, Well, properties like this,
I'd be interested in hearing about a few more of
them would probably be a way of going. But don't
give them, don't give them a don't give them a
money a dollar amount.
Speaker 3 (13:45):
Yeah, what if similar properties there are that might be
coming to market around this level, because of course they
could go higher, they could go a little bit lower.
And I mean that comes to another topic that I
know you wanted to discuss a little later on around
well with asking prices. How much how much do you
offer below that asking? As much as I thought a
little as you, bloody wine.
Speaker 2 (14:06):
The reason that we've that story is that there's a
stat that's come out that's showing that the asking you know,
prices have been a bit you know, there's a certain
level where they've been underneath what people want for it.
But I guess you know, when somebody sets in asking
price as a seller, then you're not going to get
more for it than that.
Speaker 3 (14:26):
So I mean you might in some rear situation in
this market. You know, it'd be highly unusual in this market.
But what's interesting, I just want to say, if you
read an article online that says, oh, you know, the
average property in Auckland or christ which might be selling
for four percent under asking price, just be aware that's
not your starting price. If you see a property listed
(14:46):
for a million dollars asking price, that doesn't mean that
you govern and off a nine hundred and sixty thousand dollars.
That might be where you end up on average, but
you might start a bit lower than that because you
always know there's going to be a bit of back
and forth. Of course, it does depend a little bit
on the sale method, right. So if it's an asking
price where there's no deadline for where you've got to
(15:07):
get your offer, and yeah, you can go as low
as you really want. But if it's a deadline sale
right where everyone's going to be putting in their offers
by the thirty first of I'm trying to think about which,
But I was going to say thirty first of January,
but that's the past thirty first of March. Then you
might you might decide to go a little bit higher
or put in something a bit more competitive.
Speaker 2 (15:28):
I should mention that I was a bit vague about
around the stat on that, but there was data from
real estate from real estate dot Co and ZAD showing
a one point five percent dip in the average asking
price in January, and it confirmed that the gap between
what sellers are asking what buyers are willing to pay
a ps to be to be shrinking. So but of
(15:49):
course you know, the question is how much less than
the asking price are people paying? And I think that
that gap had got a bit bigger. So yeah, the
median discount that buyers paid on the original price was
an average of three point eight percent, So basically somebody's
asking in fact, is that a way you'd calculate the
(16:09):
value of a property if it was save for sale
for a million asking price, You just knock off four
percent and that's where you start, or you know, off
eight percent and end.
Speaker 3 (16:18):
Up that's where you want to end of course that
but that is on average as well, I mean people
often do that with cvs. So in Auckland right now,
the average property is selling three percent below CV. You know,
if you wanted to use that. Of course some will
be selling above CV and some will be much much
much lower than that. But if you're going to use
that as your ballpark, again, don't knock off three percent,
(16:40):
knock off ten and then go up to three.
Speaker 2 (16:42):
So we love, we love your calls on this. We're
talking about, you know, as a as a buyer, how
much did you rely on an agent knowing that as
a lot of people will forget if you are the buyer,
you know, I mean the agents are interfacing all the
times with buyers. They have the deal originally they've signed
up with the seller, but most of their contact they
(17:04):
are very good at dealing with buyers. But and that's
that's part of the catch. How do you approach dealing
with agents? And do you try and find an agent
or two who you rely on to find the property
for your dreams? Give us a call O eight one
hundred and eighty ten eighty text nine to nine till
we've got a bunch of text coming through. But if
you want to drunk the cue, you know the phone number.
We'd love to hear from you. My guest is Ed
(17:26):
mcknighty's resident economist at OPS Partners. Will be back in
just a moment. It's coming up to twenty four past
four News Talks. He'd be with Tim Beverage. We are
talking about finding an agent or working with agents when
you are the buyer, because they're not. And I'm not
talking about buyers agents. I'm talking about working with agents
and how do you go about that? My guest is
Ed McKnight taking your calls, John, Hello.
Speaker 5 (17:49):
Yeah, Hi. We bought a home a wee while ago.
We moved from Auklamb down to Marlborough and the sale
of our previous home went quite smooth because we dealt
with home transfer and everything went through absolutely awesome, great.
We had nothing but trouble getting the funds through, getting
everything done for our new place down here. It was
(18:11):
absolutely abysmal, to the stage where I was playing phone
tag with the lawyer, the bank and the real estate
agent all day every day, trying to get stuff done,
and they were blaming each other saying, oh, we haven't
received this paperwork, we haven't received this, we haven't received that.
In the end, I had to get them all on
(18:31):
a conference call, and I really went at the mail.
I told them that if we lost this property, I'd
be seeking damages. I was going to the three various
authorities and laying for more complaints. And I said, you know,
and I said, exactly what you guys. You guys do
this every week, We do this once twice, maybe three
times in a lifetime. Why am I telling you guys
(18:54):
how to do your job?
Speaker 2 (18:55):
So the issue was. The issue was with settlement of
the sale, where the agent and the lawyers, you know,
the process of selling it. You've got a price, a
con track. And it was everything after that that was.
Speaker 5 (19:08):
Even the agent was terrible. I mean, we come all
the way down, we flew down to Marlborough, we drove
out here. We never actually met the agent. We come
down here twice. We never actually actually met the agent.
We met his assistant, who was.
Speaker 2 (19:19):
A lovely elderly when you were buying.
Speaker 5 (19:22):
Yep, yep, the agent we never even saw. I don't
we give them pressonly didn't really give to her, you know.
And it ends up the airtual sellers of this place.
So actually the people we met walked us around and
all that we never even met the agent at all.
And then when it came to actually doing the deal,
when it come to doing the deal, when it come
(19:43):
to doing the deal, yeah, he didn't send paperwork through.
And then the lawyer was complaining, and the bank was complaining.
Everyone was complaining, point in front of each other, and
I said them, if we lose this deal, I'm going
to be seeking damages because you guys, because I've now said,
I've got all of the phone calls recorded, I've got
all your emails, you're blaming each other and it's and
it's just not it's not a deal complaining to.
Speaker 7 (20:05):
The low style John, but how stressful and John was
the issue here was the issue that you wanted to
buy this house, but you needed to get the funds
from the sale of your house up here in Auckland
so that you could settle on that property in Mulbur.
Speaker 3 (20:18):
Is that the issue we've got here?
Speaker 5 (20:19):
Yep, yep, that's it. And the thing is we'd already
sold Auckland, so the funds were there. They were waiting,
but the bank was waiting for confirmation to transfer the funds.
And the lawyer was saying he didn't he didn't receive
confirmation from the agent. The agents, they were all pointing
figures each other in the stupid triangle, and I was
running around. I was at work, trying trying to do
(20:39):
my regular job, and I'm on and off the phone
all day for days, trying to get this thing sorted,
and they're all give me a load of excuses. By
the time I've got them on a conferenceable call and
gave them a real good reven thread the heck out
of them, it was sorted pretty well that afternoon.
Speaker 3 (20:55):
And John, one thing that I'm really excited about, and
I'm quite proud of you for, is the power of
the complaint. Because if you are of real estate agentle
or earth you're more mortgage broke or any sort of
financial advisor, a lawyer, You've got an industry body or
with a set complaints process. There is a way to
make a complain about a real estate agent. There is
a way to make a complaint about a lawyer, mortgage broker,
(21:17):
any sort of financial advisor. And obviously it often can
cost those businesses money if you go and lay a
complaint with them, especially if they are a financial advisor.
I'm not too sure about real estate agents and obviously
they don't want to go through that process. But it's
important that we as consumers know what what the process
is if somebody or if it feels like somebody has
(21:39):
done us wrong.
Speaker 5 (21:41):
Yeah, yeah, so yeah. I also said I wasn't going
to know, only go them. If I lost the property,
I would be done to damages as well, and that
really stung them. I think that really, because that's sort
of opening.
Speaker 2 (21:55):
John, Where did the buck stop in the end? Who
do you know where? Where? At what point of the
process or who who ended up sorting it all out?
Speaker 5 (22:03):
I don't know. I'm assuming the real date agent because
he dropped the ball just for all the way through.
It looked like I said, he didn't want to didn't
want to meet with us. He didn't like he didn't
give a damn, which.
Speaker 2 (22:12):
Hang on, Can I just check which agent didn't want
to meet with you? Are you talking about the agent
who sold your house? Because we have you buying in
Marlbourne selling in Auckland. You've got lost.
Speaker 5 (22:22):
No, we've already we've already done the deal. It went
unconditional in Auckland. Everything was fine, the seller there was great,
we went through home transfer. I would go through home transfer.
I wouldn't go through another lawyer, and he was supposed
to be a professional mortgage sort of lawyer kind of guy.
It was to move down, to move down to Marlbourn
is buying buying a place in Marlbourne. You know, like
(22:45):
I said, the funds were there, there was. There was
more than twice as much funds as we needed to
buy this place.
Speaker 3 (22:50):
Yeah.
Speaker 2 (22:51):
Oh well did you all ended happily?
Speaker 8 (22:53):
Then?
Speaker 7 (22:53):
Did it?
Speaker 5 (22:55):
After a lot of jumping up and down in a
lot of stress? But yeah, I don't I don't know
if they want to deal with me again.
Speaker 3 (23:01):
Well not after you call up the major radio station
in the country and about them all, John, But good
old you mate.
Speaker 2 (23:07):
Yeah, thanks for your call. You know, I did get
a little lost there because I thought he was talking
about the settlement for the sale of his house.
Speaker 3 (23:15):
But then they really wanted he really wanted the property
down in Marlborough. And I think the main agent wasn't
actually at the open home. And this is something that
I think surprises a couple of people when you end
up going out and looking at homes, is that typically
good real estate agents might have a team working under them.
It might be three or four different people, and so
you might not actually meet the main agent. You might
(23:37):
meet their assistant with somebody working within their team.
Speaker 2 (23:40):
Okay, let's what should we take another call? Shall we fill? Hello?
Speaker 8 (23:45):
Oh?
Speaker 4 (23:46):
Good eight?
Speaker 5 (23:46):
How are you good things?
Speaker 6 (23:49):
Yeah?
Speaker 4 (23:49):
My story is a wee bit different than John's. Well,
I'll just say we funny thing for a starter is
like I went through a real estate agent with a
company and in the area that I ended up buying
my house. About twenty years ago. I went to the
real estate agent and the first and that I said,
and I said, Oh, I'm looking for a property. It
got such and such to spend. The guy said to me, Oh,
(24:10):
I know, mate, you'll never find anything in this area.
You must not even look. And then at work when
I was talking to people saying I'm thinking of buying
a house, and then somebody recommended a real estate agent
to me from the same company. Wow. I had a
wonderful experience. And I ended up buying the house and
exactly the area where the fellow told me. I knew
I would never get it, but she was wonderful. She would.
(24:32):
I hardly had to do anything. I had a carb,
a car, but she would come and pick me up
each day. She'd say, bring me up and say, oh,
I've been looking on the computer. You know, I've been
looking here and I've got something to care. I'll come
and get them. We'll go and have a look. And
I bided my time. She stuck with me. She didn't
seem to mind.
Speaker 2 (24:50):
Was she quite a new agent, because that sounds like
somebody is working hard to get maybe one of their
early deals was I don't.
Speaker 4 (24:59):
I don't think so. I don't. I don't think she
was a new agent. I think she was come quite
well experience in that. But I think it sounds like
maybe I just struck it lucky. It may be the
fact that she was recommended to me by a couple
of the fellows at work or one of the guys
at work, and I.
Speaker 3 (25:18):
Guess there really well. The other thing there that's making
me think is in all professions, there are good agents
and there are bad agents. There are ones that really
want to win your business. And there are some real
estate agents right that are a bit more lifestylists and
only want to work twenty hours a week, and so
if the deal is a bit difficult, they're not wanting
to go above and beyond and give that really good service.
But that's the same in all industries. And I think
(25:40):
it's really important that you share that story because I
remember speaking to somebody who was going to talk to
a mortgage advisor, and they went and they had a chat.
The mortgage advisor told them that there was no way
they were going to ever be able to get the
mortgage to buy the house. A couple of weeks later,
they go and talk to another mortgage advisor who ends
up helping them gets the deal across the line. They
went off and bought their first property, so it was
(26:01):
a good outcome for them. But it's not like all
real sad agents or all mortgage advisors are the same.
So if one person gives you an answer you don't like,
there's always another second opinion down the road, isn't there Fell.
Speaker 4 (26:14):
Yeah, yeah, absolutely, absolutely, don't be put off by that
year if someone gives you the bum flip, so to
speak with the bung Russians, don't be put off. And
just because I got the last laugh, you know, always thought,
oh I wish I could see this guy again and
say I got my house in the year you said,
I'd never have a chance to boying it. So yeah, yeah,
just yeah, someone could stop.
Speaker 3 (26:33):
Well it was twenty years ago, Phil, but you should
go online right now, find his email and let him know.
Speaker 2 (26:42):
Yeah, I mean yes, if you if you really wanted to,
you know, you.
Speaker 3 (26:46):
Got to stick it to them. They need to know.
Speaker 2 (26:50):
We would love love your calls on that. How do
you deal with agents when you are a buyer and
you know, do you try and foster a laship with one,
two or three of them and get them to do
the donkey work for you? Or how do you manage
that relationship knowing that they might be helping you but
they're actually working for their sellers. Actually, just before we
(27:13):
go to the break, there's one. Well, we got some
cynical text here, so as we often do, Hi, Tim,
We've learned the hard way that most real estate agents
are not working for the seller. They're working for themselves.
They pressure you to drop your price so they can
achieve a sale, a quick sale, and want to do
the least amount they can do to get paid and
move on. We initially went with a top agent and
(27:34):
a top firm, thinking we were going to achieve the
best result. When it became clear that they were not
putting the effort and we expected. We changed to a
small agency, owner operator agency, and she is working for us.
Just my two cents. Well, there's an example of one
not doing the job you want and another one that
is I guess, isn't it?
Speaker 3 (27:52):
Yeah, one hundred percent. I'll give you a quick status. Well,
did you know that a third of properties that come
to market end up withdrawing and don't get sold. So
if a real estate agent lists of property, there's only
about a two out of three chance that it is
going to get get sold in the current market. Now,
that could be for a number of reasons. You know, Yes,
maybe the agent might not be working particularly hard. But
sometimes sellers also have unrealistic expectations about what they're going
(28:15):
to get for their house and what they and people
might have requirements about what they need to sell their
house for for instance, if they've got a big mortgage
before they can move on.
Speaker 2 (28:22):
See, that's the tricky one. Actually, if you knew to
the market, you know, there are those sellers and you'll
be thinking, what am I missing here? This is quite expensive,
but I quite like the house, you know, And but
how do you work out that the Well, you've got
to do your research. Basically yourself, and you can't necessarily
on the agent because to tell you that, well, this
is probably a bit more than it's actually worth.
Speaker 3 (28:41):
Well, the way that I get around there, and I
think the only way to figure out how much a
house is worth is to look at previously sold properties. Now,
both One Roof and some other websites allow you to
look at what has sold in a specific area. You know,
I remember being twelve years old going to an open
going to an open home with my mum, and the
real estate agent said, Ali, this is my mum's name. Ali,
(29:03):
don't base what you want to sell your house on
what's listed online, based on what's sold. Now, the good
newsers these days is you can look at the prices
that actual properties have achieved on sites like One Roof
if you go to the sold section, so you can see, Okay,
what are people selling their houses for, not just what
are they listing them for, because those two are very differently.
Speaker 2 (29:24):
Often never the Twain shall meet. We'll be back in
just a moment. Oh eight hundred eighty ten eighty. It's
twenty one and a half minutes to five News Talks
heed B News Talk, said B. My guest is on
tim Beverage. My guest is Knight talking about working with
an agent to find you the house when you are
the buyer. Oh, eight hundred eighty ten eighty Grant. Hello, Okay,
Grant has gone to make hi stuff a cup of
tea and he's making his way to the phone. Now
(29:46):
just put you back to my producer to sort that out.
Let's do some texts. Obviously, miss time the ad break.
I've just got enough time to get a cup of
tea when we here's some texts here. Just bought a
house in Hamilton that an asking price of eight forty
nine thousand, So eight forty nine as a number. Four you,
five interested parties. We were told to put our best
within five days. Ended up at eight sixty five. Well, actually, I.
Speaker 3 (30:10):
Guess that's a good example of when it sounds about right.
You know, if you've got five people interested in the house,
you might have been asking for us of eight fifty
going up fifteen grand above. That's that's about right.
Speaker 2 (30:21):
Yeah.
Speaker 3 (30:21):
You know.
Speaker 2 (30:22):
The struggle I would have is I would want to know.
I would always want to feel I'm getting a bargain.
I'd hate to pay extra.
Speaker 3 (30:27):
Yeah, I think the only thing I'd just mentioned as well,
is although I went for eight sixty five, there's no
guarantee that that was the highest offer, right, because somebody
might have put in a higher offer, let's say, in this.
Speaker 2 (30:36):
Example, the sale of their own home.
Speaker 3 (30:38):
Yeah, Whereas if somebody else is saying, look, i'm a
cash buyer, here we go, I'll pay you the money,
I'll go unconditional tomorrow, you'll have the money in four weeks.
If those people selling that property in Hamilton had already
decided that they've bought somewhere else, they might be like, oh,
I don't want to wait for a conditional buyer. You know,
if you've got to say your house in two months,
I'm in no man's land for all of this time.
(30:59):
I'm going to take the person who is able to
go unconditional quickly paying me the cash in four weeks
so I can buy them this other house that I
have fallen in love with and can go unconditional on
that as well. And so it's a good example. You
always got to remember that that the best offer or
the offer that the seller tax is not always the
highest price. It's a combination of a good price, and
(31:20):
on top of that, some conditions that they need.
Speaker 2 (31:23):
Right, let's see if Grant is there now.
Speaker 6 (31:26):
Grant gooda, Hi, thank you for taking my call. I
just want to just I've bought and sold a number
of properties in New Zealand and dealt with a lot
of agents in New Zealand and in the UK, and
I wanted to spell the myth that the agent's working
(31:49):
for the vendor. Yeah, it's much much easier to get
the vended down than the buyer up because they've got
to finite They've got a finite budgets that they need
to get too, based on their bank approval or what
(32:09):
equity they have in the last sale they had. So
I don't I disagree completely that are the agent's working
for Defender.
Speaker 2 (32:22):
Well, technically technically that they are, I guess, but you're
saying and practically don't mean much.
Speaker 6 (32:32):
Well, practically it doesn't mean anything. In the UK, right,
the commission rates are about one point five and in
New Zealand they are about three on our rose two
point five three, and it's just absolutely no incentive. The
(32:53):
money that they get is in the one million.
Speaker 2 (32:57):
Yeah, it's so, whether it's whether it's one point one
million or nine hundred thousand even, They just want that
chunk of that general slice of money.
Speaker 6 (33:08):
Yes, so any sort of thirty grand, ten grand, even
a thousand dollars is worth nothing to them.
Speaker 3 (33:15):
Yeah, because if you get an extra ten get an
extra ten grand, it's three hundred dollars for the agent.
They might think, Yeah, but I just want the twenty
grand or the thirty grand that's already there with the
million dollars.
Speaker 2 (33:26):
I'm glad you've made that point, Grunt, because it's the
thought that I have sort of pondered myself actually that
if you are selling, all you want is you want
that sale so you can chalk up your twenty thirty,
forty thousand dollars fee, give or take a few hundred bucks.
Speaker 3 (33:38):
Well, there was a wonderful book called Free Economics, and
I've read this probably about fifteen years ago. They get
they quote a couple of different studies where they look
at real estate agents when they're selling houses versus selling
their own house. And what they found is that that
when a real estate agent is selling their own house,
they will leave it on the market a little bit longer.
(34:01):
And the reason for that is they will hold out
for the higher price. Now, an extra ten grand on
a client's house, there's going to be three hundred dollars
for you if you're selling your own house an extra
ten thousand dollars dollars and so you know, I think
makes it interesting.
Speaker 2 (34:17):
How did you approach selling your house through an agent?
Then when you because you said you bought and sold
of you.
Speaker 6 (34:25):
Well I locked it and said okay, okay, sorry, my
pim was talking about the dogs. So so my approach
was coming from the UK only three years ago. Was
firstly the commission that was wildly too high. I mean
(34:48):
it's one point five two percent max over there. And
then secondly they have a situation where there's a chain.
There's a chain, so there's no you don't sign on
a sale and purchase and it's you know it goes,
doesn't go unconditional. It's a handshake scenario. So where you
(35:08):
can you can back out or called the jumping in
the UK right up to a week before the settlement
and that doesn't exist in Scotland, exist in the UK
and it's split outdated. But the reality is people overpay
because of that aspect because they have to sit right.
(35:31):
But was here you you sign on the dote of line,
and you know, and the agent takes takes that money.
But my problem is that the agents aren't working for
the vendor.
Speaker 2 (35:47):
Yeah, I know, that's that's so sorry I clicked off.
Speaker 3 (35:49):
But earlier, Grant, there's one point that I just want
to add in there, Tym. We often say, oh, well,
the agents in New Zealand they take three percent. No no, no, no, no,
it's three percent plus GST. And people always forget about
that when they're thinking, Okay, so I'm going to say
house and we'll use the really easy numbers, million dollars,
three percent commission. Ok I'll pay them thirty grand. No, no, no,
(36:12):
thirty four and a half grand, because you've got to
think about the GSCN. There's a lot of money.
Speaker 2 (36:16):
Four and a half grand, yeah, worth thanking, yep, don't
forget Look, we got time to squeeze one more caller, Dave, Hello.
Speaker 8 (36:23):
Yeah, Hi, I'll be brief. Recent sale, the separation and
the sales process all went good in that until the
eventual diving up of the money. Probably was sold on
the Friday, and my wife got her money on the Wednesday,
(36:47):
and I didn't get mine until the Friday. And the
problem was the legal bunnies put my half of the
money into an account, which was totally wrong, and it
went up in the cloud for a day or two.
Speaker 3 (37:05):
But you got it back in the end, did you, Dave.
Speaker 8 (37:08):
I did, just like it gave me a bit of
grief for a day or two.
Speaker 3 (37:12):
Otherwise you're going to have to do what Phil was
talking about and start making complaints to the law society.
Speaker 2 (37:17):
Yeah, and hey, thanks for you call, Dave. Thanks for
sharing that with us. Where we'll be back in just
a moment. The one roof Property of the Week is next,
and I'm not sure if it reflects my producer's taste
and property. Possibly it does, with the exception of the
tennis court, but it is a magnificent looking country estate.
And we'll be back with the one roof Property of
(37:38):
the week and just a moment, it's coming up ten
minutes to five News Talks.
Speaker 1 (37:41):
He'd be the one roof property of the week on
the weekend collective.
Speaker 2 (37:47):
Yes, and the one roof Property of the week has
a couple of points of interest how to sell it?
It is a beautiful property, and look, I'm quite a
fan of the idea if I was to trade up
of having a bit of outdoor living. And when I
mean outdoor living, I mean you know, the entertainment area.
And it's got a lovely deck of patio area which
(38:10):
spans the whole front of the house with a beautiful
looking poll. And the address is forty four hardened Hardens Lane,
Perimo rem Or, north Shore City. It's six bedrooms, four bathrooms,
two car garage, big big land, a lot of mowing
to do. You'd need some sort of automatic tractor. I
think by the look of it. It's a land of
(38:31):
three point three hectares. The house itself three hundred and
twenty eight square meter, so it's a bigin built in
nineteen ninety. Estimated price four points it's an RV of
three million. Estimate is four point sixty six million. I
will confess ed that when I saw Perimo rim Or,
I thought, I thought, how far from the how far
(38:52):
from the prison? And look, it's just a hop, skip
and a jump. If you've got someone inside you could
you know, you could buy a nice daily It's about
a three kilometer drive and one kilometer from the prisoners.
The crow flies.
Speaker 3 (39:03):
So one thing I want to know is how do
you know exactly where all the prisons are in Auckland,
you're a regular visitor.
Speaker 2 (39:11):
No. I actually just did an area of view and
I saw this structure with all these different wings on it,
these instructions. It looks a bit prisonish and it was.
But don't let that put you off. It's a nice
looking house. What do you make of it?
Speaker 3 (39:25):
Ed, I think it's beautiful. I mean it's a big house.
I have a three hundred square meets yeah, and six bedrooms,
four bathrooms and some of those. I think it looks
like it's got a separate studio or like a little
bit of a guesthouse if you're having people over tennis court.
But one thing that I was thinking about is, like,
you know, four million dollars in Auckland, if you're buying
in remu area, you're probably getting a very nice house,
(39:48):
but you're not getting three hectares. So I wouldn't be
surprised if somebody who's getting a bit older thinking, oh,
you know what, I'm quite liking having these zoom and
teams meetings from home. Maybe I'll move out because if
there's no traffic, it's only about thirty minutes from the city.
Speaker 2 (40:01):
Well, you just take the footprint of the house three
hundred and eight three hundred and twenty eight square meters
and just plunk the house down with the pool and
the tennis court. Forget the rest in rem Or. What
are you looking at? Seven eight million more?
Speaker 3 (40:14):
Yeah? I was thinking six at six and above.
Speaker 2 (40:16):
Yeah, that would have been what it is. Well, that's
your expert eye. I'm quite pleased. I was only a
million dollars out from what you a million here and there?
Who cares? We no?
Speaker 3 (40:24):
You see? The thing is to us kiwis we love
going on like, Oh it's a Friday night, I'm having
a glass wine. What should I do? Let's go on
one roof filter results by the most expensive to the
least expensive, and see what the really rich people are buying.
Speaker 2 (40:39):
I've suddenly realized we forgot to find out what property
prices in Alabama where after we app in the show
with Sweet Home Alabama. Well, that might have to wait
till next time.
Speaker 3 (40:47):
Wait, I'm gurgling.
Speaker 2 (40:48):
Are you googling? I've got the music going, Go go, go, go,
go go one.
Speaker 3 (40:52):
Hundred and twenty nine thousand dollars American Well.
Speaker 2 (40:56):
So, or you can both spend four point sixty six
out in Perima Rima and you can leave any time
you want anyway. Thank you for listening. Everyone will be
back with the Parents Squad. Catherine Burkeett's next. Thanks to
Ed McKnight.
Speaker 3 (41:08):
Good to see you, Ed, great BM and we're going
to be.
Speaker 2 (41:11):
Talking about, well, you know, getting your kids ready for school,
but also when you've got a child who might need
some other educational needs, when's it time to consider a
different type of school as well. And we'll be talking
about that on the Parents Squad and also the Sports
Rap with Kobumrati now that the Winter Olympics will be
chatting about that among other things coming up next.
Speaker 1 (41:32):
For more from the Weekend Collective, listen live to News
Talk ZEDB weekends from three pm, or follow the podcast
on iHeartRadio
You're listening to the Weekend Collective podcast from News Talks.
Speaker 2 (00:09):
I'd be whiskey.
Speaker 3 (00:13):
Not thinking to marble singing sween Home Alabama.
Speaker 2 (00:17):
Our summer lave.
Speaker 3 (00:24):
Singing sween Home Alabama.
Speaker 4 (00:29):
Gets wall up on the dark, watching the waves roll
off the back.
Speaker 3 (00:33):
She'll forever hold as fine side my soul.
Speaker 2 (00:39):
Yes, welcome back to the Weekend Collective. I'm Tim Beverage
and this is the one Ruffridio show is funny. Way
as I hear that sweet Home Alabama, I was thinking,
I wonder what real estate costs in Alabama. We should
probably give you the answer to that before the hour
is up. So it's fun looking around the states what
you can buy in different states, because your dollar and
if you pick the right area, goes a long way,
(00:59):
especially in Detroit. Anyway, we're not talking about that welcome,
but we want your cause on eight eighty ten eighty
and text nine two nine two, And what we're going
to dig into is look as anyone who's in the market,
you're looking to buy a new home or a second
home or whatever. And of course you learn very quickly
unless you're one in a million that does your own
sort of as your own agent. For selling your house.
(01:22):
But if you're buying, you're looking to buy you still,
you soon realize an agent is essential. Realistate agents are
a central part of the process. And so you know,
look you look at agency websites, you can scroll through
the one roof after work every day, but you might
be doing yourself a disservice if you don't contact or
have a friendly agent or two who help you with
(01:44):
your search. So you tell them what you want. You know,
they know what the metrics are. But there is a
little bit of a problem because those agents don't actually
work for you. They work for the seller. So how
to buyers work with agents or find agents they feel
they can trust who won't necessarily upsell them to the
benefit of the seller's wallet. And of how have you
(02:07):
involved yourself with agents when you have been the buyer,
Because from my understanding, there are plenty of good agents
who actually will work well for the buyer because you
know what, guess what you come to sell it, you
might actually go through that agent as well. But remember
they're not working for you. So how much did your
agent help you find your place or did you feel
(02:27):
like you were doing it all on your own? Give
us a call on No. Eight hundred and eighty ten
to eighty text nine two nine two and to help
us with this. He is resident economist at Op's Partners
and he's with us for the run Rufridio Show and
his name is Ed mckknight.
Speaker 3 (02:40):
Great to be here, Tim, How are you? Oh, we're
very good And I'm glad you did get a real
estate agent to come on and talk about this, because
I'll be they'll end up telling you for the exam
about how wonderful real estate agents are and the most
trustworthy people. But I think the truth is a lot
of New Zealanders, unfortunately, don't trust real estate agents. I
saw some very interesting stamps out of Australia actually showing
(03:00):
that real estate agents are one of the least trusted
professions around, about as trusted as politicians and local politicians actually,
So maybe that's a good ballpark for how the average
Joe feels out there.
Speaker 2 (03:13):
Yeah, because the reason, well one of the reasons that
I thought it was an interesting topic to discuss is
I've got a friend who's looking for a house and
you know, he's doing a lot of the leg work himself,
and I was having a chat with our guests last
week as managing director of hard Courts, and he said, look,
you know, there are plenty of agents who will work
well within I guess the problem is you maybe don't
tell them what your top spend is. That's that's actually
(03:37):
let's just deal with that. That's the first rule. Don't
tell him you've got seven hundred thousand dollars max.
Speaker 3 (03:43):
Yeah, and that's the most you're willing to pay for something,
because you might find pretty quickly that you're going to
be spending seven hundred thousand dollars. Look, the way I
think about it is you've got to understand that while
you might be paying the money to the seller, the
real estate agent does not work for you in any way,
shape or form. Now, having said that, they've still got
to give good customer service because they still want you
(04:04):
to buy the house of the person that they're specifically representing.
A bit like if I go into a shoe store,
I know that that person selling me the shoes they
don't work for me, but they want to give me
good customer service because they actually want me to buy
the shoes.
Speaker 2 (04:18):
Yes, but you might go in for one pair of
shoes and come out with three pairs of shoes, a
pair of slippers, and some jandles.
Speaker 3 (04:23):
Well, and that's where it is. But where I think
some people sometimes get frustrated is they have to negotiate
with an agent. And what you've got to understand is
when you're going through the process of buying a house,
a good real estate agent might be negotiating twenty five
or fifty sales a year, whereas you are probably only
going to do it once every seven years. And so
(04:44):
I think that's where Kiwis really want to understand, Well,
how do I go about negotiating with an agent, because
there are a lot of things that frustrate Kiwis when
you go to open homes and you realize the agent
won't tell you the price, and that it's hard to
get a figure out of them about how much the
vendor wants and those kinds of things.
Speaker 2 (05:00):
Right, Actually, I remember, I've never actually we bought our
house through tracking down our landlord behind the leaving agent's
back and making them an office. I've never dealt with
a real estate agent except when I was in Australia
and I started to look around, and it was back
in the times in Australia where they would say, you know,
starting level X amount of dollars, and actually, to be honest,
(05:21):
it was back in the days where you could buy
something basic for a couple hundred thousand or that's what
it would say. And I went to quite a few
auctions and it went for fifty percent more. And so
the only experience I had with the real estate agents,
we're going to one I was looking at and he
said starting point, you could probably look at this And
I said, hey, mate, I've been to several year auctions
and it's been a complete waste of time. Stop bsing me.
(05:43):
Is this within a ballpark? If I've got this amount
of money? He said, not anyone waste your time.
Speaker 3 (05:48):
Well, I really like that story to him, because sometimes
you do have to be a bit more firm with
the real estate agent.
Speaker 5 (05:55):
You know.
Speaker 3 (05:55):
I'll never forget when I was in a house when
we were just starting to look around in Auckland, I
just recently moved up. I go to an open home
and I think this house is really good. I'm not
quite in the position ready to buy it, but maybe
I will be in six months. So I rock up
to the real estate agent. I say, Lorraine, that was
really her name, Lorraine, what do you think this is
going to go for? And she said, well, it'll start
(06:16):
with a one. I said, Lorraine, I could have told
you that we're in Auckland. Can you be a bit
more specific? Low ones? And I was like, oh, gosh, anyway,
that house ended up going for one point seven million
dollars and so low, Yeah, that's right. Now. Maybe Lorraine
was a particularly good real estate agent and got lots
of buyers in there. But what this kind of shows
(06:39):
is there are a lot of times where it's quite
hard to get a price out of a real estate agent,
and so one of the things and when they say oh,
it might start with the one, be like, hey, I
need you to be a bit more specific. What are
similar homes going to? What have similar homes gone for?
I know you can't tell me exactly what this is
going to sell for because we're going to go to
an auction, but can you help me understand whether it's
(06:59):
worth turning up to the auction or not?
Speaker 2 (07:01):
So, actually, was it a different journey? I think if
I remember rightly, the first property you brought was an investment,
and you've only recently bought recently bought a family home.
Speaker 3 (07:10):
Yeah, Mcarey's five properties were actually investments and then and
then I bought the family home.
Speaker 2 (07:15):
Was it a different experience for you? And I mean,
did you have I don't want to did you have
a pet agent who you went to or agency or
did you the agents were relevant? You just simply looked
at the listings and just went from there.
Speaker 3 (07:30):
Yeah, it's actually quite funny, Tim, without being too self promotional.
I ended up gotta go. I ended up I ended
up buying through the company that I now own, OPA's Partners.
So there aren't that many buyers agents around in New
Zealand or or companies that are particularly buy a friendly.
There are a couple like if you're looking for your
own home in Auckland. Actually, David Seymour's fiance lady called
(07:55):
Alexandra Martelli owns accounty called Martalian Code. She is a
buyer's agent. So what she does is you rock up
to her and you say, I'm looking for this house,
and you've got to pay you for a service. Right.
It's not like she gets a cut of the transaction
because that would be illegal in New Zealand. But you
work with her and she will go and find you
that specific house. Works really well. If you're looking for
(08:17):
that forever home or maybe something you can renovate that
she can go out and look for.
Speaker 2 (08:20):
Will that also indicate I mean, I don't want to
be presumptuous, but I'm going to be presumptuous that if
you can, if you're getting a buyer's agent, then you
may be looking at You're not looking at entry level housing,
are you? You might be looking to you've got a
bit more money to spend.
Speaker 3 (08:34):
I think that's fair to say. I actually ended up
meeting Alexandra Mantelli before I found out that she was
going to get married to David Seymour, and I met
her at a property event and she did say, yeah,
I tend to focus more on the higher end homes.
But we don't have that many buyers agents in New Zealand.
If you go over to Australia, you might have seen
(08:55):
when you're over there, especially for investors, there are a
lot of specific buyers agents where you might pay them
fifteen twenty grand and they go out and they act
on your behalf finding those properties. Now, we don't really
have that in New Zealand. But you know, my company
Open's Partners, we're financial advisors and we help investors find
specifically new built properties. But that's how I bought my
(09:18):
first couple.
Speaker 2 (09:19):
So what about when it came to finding your family home?
Was that a different journey?
Speaker 3 (09:23):
Did you went straight on one roof, right, because that's where
if you are looking for a I mean, it wasn't
just one roof term there are a couple of other
pools too, But I was on one roof that's right,
and scrolling through the listings and looking at what you
are specifically looking for. Now, it was quite an interesting
journey because I kind of knew what I wanted, right.
(09:45):
I found a map of Auckland. I drew a big
red line around the suburbs that I said to my wife,
you can go and look at these suburbs, but I'm
not buying outside of these suburbs. Wow. And I put
it to work because she was the one who really
wanted the house anyway. Within a day, I had a
list of options.
Speaker 2 (10:01):
Was it was it within the circle?
Speaker 3 (10:03):
That was within the circle right? The Jacob line.
Speaker 2 (10:05):
That's a relationship test because you might have been I'm
just going to go slightly out and outside the circle.
Seeping notices.
Speaker 3 (10:11):
Now, well, the good thing is she's a good christ
Church girl, and so she she didn't she she didn't
know Auckland particularly well, right, and.
Speaker 2 (10:20):
Assay you were doing her a favor and simplifying it
for her.
Speaker 3 (10:23):
Well, I mean, I'm not sure if she'd quite say
that I was doing her a favor, but yes, Tim,
I was doing her a favor. And so then we
just start going out and looking at open homes and
narrowed down to what our two styles were, like, what
what could we agree upon?
Speaker 6 (10:39):
Now?
Speaker 3 (10:39):
I really wanted a character home. I wanted a four
bedroom character home within these kinds of suburbs because I
really like something that looks about old school if you're
going to live in it. I think my mum drilled
that into me. And what was quite useful is then
I did start calling up a different real estate agents
Tim as a buyer and saying, hey, look, I know
(10:59):
that there aren't any character homes available, And it ended
up being an ode arcade. Yeah, I know there's not
too many at the moment, but do you have any
coming online soon? Do you know any that might be
within the listing process that might very soon be listed
online that maybe I could take a look at or
make maybe make an off market offer, which means buying
(11:20):
the house before it actually goes on the market. So
that's one thing you can do to work with agents
if you are a buyer trying to find something that
you are specific about. But what you really want to
do in that situation is have some buying criteria around
this is the sort of property I'm looking for. This
is the ballpark budget I'd be happy with.
Speaker 2 (11:39):
Yeah, And Okay, let's say you're a first home buyer.
My friend's looking at christ Church and he's got a
rough budget or something. But I say, if your budget's
between five and seven six and seven hundred thousand, what
would you tell your What would you tell your agent?
Not your agent, an agent who's selling houses. I would
(12:01):
just say, look, we're entry level.
Speaker 6 (12:03):
Yeah.
Speaker 3 (12:03):
I wouldn't personally disclose a specific budget, right. What I'd
be wanting to draw out is, look, I know before
you talk, before you listed this property online, you had
a discussion with your seller about what they were interested in,
and I know that you looked at the market. You
did what's called a comparative market analysis, right, what's called
a CMA, because you legally have to in order to
(12:25):
in order to sell a house, you've got to tell
the vendor roughly what similar properties are selling for. So
you know the market better than me. Give me an indication.
Where do you think we're sitting with this, What would
be a bit low? What would be a bit high?
Because of course they don't.
Speaker 2 (12:38):
Or is this as a seller you're getting this or years.
Speaker 3 (12:40):
Of barm barra be having this sort of conversation with
a real estate agent, and I keep on asking till
I get a bit more of a straight answer. Now,
of course real estate agents they want to be careful
because they don't want to say to you, oh, to
this house, it's going to sell for six hundred and
fifty thousand dollars, and then it ends up selling for
six hundred and eighty and you're really annoyed because it
went for thirty grand more than the agent said. But
(13:00):
I think we all understand how.
Speaker 2 (13:01):
To give an agent that. But if he said six
to fifty and it went for nine one hundred, I'd
be like, I would never I would never darken his
doorway again.
Speaker 3 (13:09):
Yeah, but the difficulty here is that there'll be there'll
be someone who gets a b in there bonnet and
then makes a complaint to the real estate authority. So
they'll always talk in rangers. But I think we all
understand that, right they don't know what the exact price
is going to be, but they could say, look, we're
thinking about, you know, somewhere between six eighty and maybe
(13:29):
seven twenty. That'd be a good ballpark for this property.
Of course it could be higher, it could be.
Speaker 2 (13:34):
Lower, okay, And then you'd say, okay, Well, properties like this,
I'd be interested in hearing about a few more of
them would probably be a way of going. But don't
give them, don't give them a don't give them a
money a dollar amount.
Speaker 3 (13:45):
Yeah, what if similar properties there are that might be
coming to market around this level, because of course they
could go higher, they could go a little bit lower.
And I mean that comes to another topic that I
know you wanted to discuss a little later on around
well with asking prices. How much how much do you
offer below that asking? As much as I thought a
little as you, bloody wine.
Speaker 2 (14:06):
The reason that we've that story is that there's a
stat that's come out that's showing that the asking you know,
prices have been a bit you know, there's a certain
level where they've been underneath what people want for it.
But I guess you know, when somebody sets in asking
price as a seller, then you're not going to get
more for it than that.
Speaker 3 (14:26):
So I mean you might in some rear situation in
this market. You know, it'd be highly unusual in this market.
But what's interesting, I just want to say, if you
read an article online that says, oh, you know, the
average property in Auckland or christ which might be selling
for four percent under asking price, just be aware that's
not your starting price. If you see a property listed
(14:46):
for a million dollars asking price, that doesn't mean that
you govern and off a nine hundred and sixty thousand dollars.
That might be where you end up on average, but
you might start a bit lower than that because you
always know there's going to be a bit of back
and forth. Of course, it does depend a little bit
on the sale method, right. So if it's an asking
price where there's no deadline for where you've got to
(15:07):
get your offer, and yeah, you can go as low
as you really want. But if it's a deadline sale
right where everyone's going to be putting in their offers
by the thirty first of I'm trying to think about which,
But I was going to say thirty first of January,
but that's the past thirty first of March. Then you
might you might decide to go a little bit higher
or put in something a bit more competitive.
Speaker 2 (15:28):
I should mention that I was a bit vague about
around the stat on that, but there was data from
real estate from real estate dot Co and ZAD showing
a one point five percent dip in the average asking
price in January, and it confirmed that the gap between
what sellers are asking what buyers are willing to pay
a ps to be to be shrinking. So but of
(15:49):
course you know, the question is how much less than
the asking price are people paying? And I think that
that gap had got a bit bigger. So yeah, the
median discount that buyers paid on the original price was
an average of three point eight percent, So basically somebody's
asking in fact, is that a way you'd calculate the
(16:09):
value of a property if it was save for sale
for a million asking price, You just knock off four
percent and that's where you start, or you know, off
eight percent and end.
Speaker 3 (16:18):
Up that's where you want to end of course that
but that is on average as well, I mean people
often do that with cvs. So in Auckland right now,
the average property is selling three percent below CV. You know,
if you wanted to use that. Of course some will
be selling above CV and some will be much much
much lower than that. But if you're going to use
that as your ballpark, again, don't knock off three percent,
(16:40):
knock off ten and then go up to three.
Speaker 2 (16:42):
So we love, we love your calls on this. We're
talking about, you know, as a as a buyer, how
much did you rely on an agent knowing that as
a lot of people will forget if you are the buyer,
you know, I mean the agents are interfacing all the
times with buyers. They have the deal originally they've signed
up with the seller, but most of their contact they
(17:04):
are very good at dealing with buyers. But and that's
that's part of the catch. How do you approach dealing
with agents? And do you try and find an agent
or two who you rely on to find the property
for your dreams? Give us a call O eight one
hundred and eighty ten eighty text nine to nine till
we've got a bunch of text coming through. But if
you want to drunk the cue, you know the phone number.
We'd love to hear from you. My guest is Ed
(17:26):
mcknighty's resident economist at OPS Partners. Will be back in
just a moment. It's coming up to twenty four past
four News Talks. He'd be with Tim Beverage. We are
talking about finding an agent or working with agents when
you are the buyer, because they're not. And I'm not
talking about buyers agents. I'm talking about working with agents
and how do you go about that? My guest is
Ed McKnight taking your calls, John, Hello.
Speaker 5 (17:49):
Yeah, Hi. We bought a home a wee while ago.
We moved from Auklamb down to Marlborough and the sale
of our previous home went quite smooth because we dealt
with home transfer and everything went through absolutely awesome, great.
We had nothing but trouble getting the funds through, getting
everything done for our new place down here. It was
(18:11):
absolutely abysmal, to the stage where I was playing phone
tag with the lawyer, the bank and the real estate
agent all day every day, trying to get stuff done,
and they were blaming each other saying, oh, we haven't
received this paperwork, we haven't received this, we haven't received that.
In the end, I had to get them all on
(18:31):
a conference call, and I really went at the mail.
I told them that if we lost this property, I'd
be seeking damages. I was going to the three various
authorities and laying for more complaints. And I said, you know,
and I said, exactly what you guys. You guys do
this every week, We do this once twice, maybe three
times in a lifetime. Why am I telling you guys
(18:54):
how to do your job?
Speaker 2 (18:55):
So the issue was. The issue was with settlement of
the sale, where the agent and the lawyers, you know,
the process of selling it. You've got a price, a
con track. And it was everything after that that was.
Speaker 5 (19:08):
Even the agent was terrible. I mean, we come all
the way down, we flew down to Marlborough, we drove
out here. We never actually met the agent. We come
down here twice. We never actually actually met the agent.
We met his assistant, who was.
Speaker 2 (19:19):
A lovely elderly when you were buying.
Speaker 5 (19:22):
Yep, yep, the agent we never even saw. I don't
we give them pressonly didn't really give to her, you know.
And it ends up the airtual sellers of this place.
So actually the people we met walked us around and
all that we never even met the agent at all.
And then when it came to actually doing the deal,
when it come to doing the deal, when it come
(19:43):
to doing the deal, yeah, he didn't send paperwork through.
And then the lawyer was complaining, and the bank was complaining.
Everyone was complaining, point in front of each other, and
I said them, if we lose this deal, I'm going
to be seeking damages because you guys, because I've now said,
I've got all of the phone calls recorded, I've got
all your emails, you're blaming each other and it's and
it's just not it's not a deal complaining to.
Speaker 7 (20:05):
The low style John, but how stressful and John was
the issue here was the issue that you wanted to
buy this house, but you needed to get the funds
from the sale of your house up here in Auckland
so that you could settle on that property in Mulbur.
Speaker 3 (20:18):
Is that the issue we've got here?
Speaker 5 (20:19):
Yep, yep, that's it. And the thing is we'd already
sold Auckland, so the funds were there. They were waiting,
but the bank was waiting for confirmation to transfer the funds.
And the lawyer was saying he didn't he didn't receive
confirmation from the agent. The agents, they were all pointing
figures each other in the stupid triangle, and I was
running around. I was at work, trying trying to do
(20:39):
my regular job, and I'm on and off the phone
all day for days, trying to get this thing sorted,
and they're all give me a load of excuses. By
the time I've got them on a conferenceable call and
gave them a real good reven thread the heck out
of them, it was sorted pretty well that afternoon.
Speaker 3 (20:55):
And John, one thing that I'm really excited about, and
I'm quite proud of you for, is the power of
the complaint. Because if you are of real estate agentle
or earth you're more mortgage broke or any sort of
financial advisor, a lawyer, You've got an industry body or
with a set complaints process. There is a way to
make a complain about a real estate agent. There is
a way to make a complaint about a lawyer, mortgage broker,
(21:17):
any sort of financial advisor. And obviously it often can
cost those businesses money if you go and lay a
complaint with them, especially if they are a financial advisor.
I'm not too sure about real estate agents and obviously
they don't want to go through that process. But it's
important that we as consumers know what what the process
is if somebody or if it feels like somebody has
(21:39):
done us wrong.
Speaker 5 (21:41):
Yeah, yeah, so yeah. I also said I wasn't going
to know, only go them. If I lost the property,
I would be done to damages as well, and that
really stung them. I think that really, because that's sort
of opening.
Speaker 2 (21:55):
John, Where did the buck stop in the end? Who
do you know where? Where? At what point of the
process or who who ended up sorting it all out?
Speaker 5 (22:03):
I don't know. I'm assuming the real date agent because
he dropped the ball just for all the way through.
It looked like I said, he didn't want to didn't
want to meet with us. He didn't like he didn't
give a damn, which.
Speaker 2 (22:12):
Hang on, Can I just check which agent didn't want
to meet with you? Are you talking about the agent
who sold your house? Because we have you buying in
Marlbourne selling in Auckland. You've got lost.
Speaker 5 (22:22):
No, we've already we've already done the deal. It went
unconditional in Auckland. Everything was fine, the seller there was great,
we went through home transfer. I would go through home transfer.
I wouldn't go through another lawyer, and he was supposed
to be a professional mortgage sort of lawyer kind of guy.
It was to move down, to move down to Marlbourn
is buying buying a place in Marlbourne. You know, like
(22:45):
I said, the funds were there, there was. There was
more than twice as much funds as we needed to
buy this place.
Speaker 3 (22:50):
Yeah.
Speaker 2 (22:51):
Oh well did you all ended happily?
Speaker 8 (22:53):
Then?
Speaker 7 (22:53):
Did it?
Speaker 5 (22:55):
After a lot of jumping up and down in a
lot of stress? But yeah, I don't I don't know
if they want to deal with me again.
Speaker 3 (23:01):
Well not after you call up the major radio station
in the country and about them all, John, But good
old you mate.
Speaker 2 (23:07):
Yeah, thanks for your call. You know, I did get
a little lost there because I thought he was talking
about the settlement for the sale of his house.
Speaker 3 (23:15):
But then they really wanted he really wanted the property
down in Marlborough. And I think the main agent wasn't
actually at the open home. And this is something that
I think surprises a couple of people when you end
up going out and looking at homes, is that typically
good real estate agents might have a team working under them.
It might be three or four different people, and so
you might not actually meet the main agent. You might
(23:37):
meet their assistant with somebody working within their team.
Speaker 2 (23:40):
Okay, let's what should we take another call? Shall we fill? Hello?
Speaker 8 (23:45):
Oh?
Speaker 4 (23:46):
Good eight?
Speaker 5 (23:46):
How are you good things?
Speaker 6 (23:49):
Yeah?
Speaker 4 (23:49):
My story is a wee bit different than John's. Well,
I'll just say we funny thing for a starter is
like I went through a real estate agent with a
company and in the area that I ended up buying
my house. About twenty years ago. I went to the
real estate agent and the first and that I said,
and I said, Oh, I'm looking for a property. It
got such and such to spend. The guy said to me, Oh,
(24:10):
I know, mate, you'll never find anything in this area.
You must not even look. And then at work when
I was talking to people saying I'm thinking of buying
a house, and then somebody recommended a real estate agent
to me from the same company. Wow. I had a
wonderful experience. And I ended up buying the house and
exactly the area where the fellow told me. I knew
I would never get it, but she was wonderful. She would.
(24:32):
I hardly had to do anything. I had a carb,
a car, but she would come and pick me up
each day. She'd say, bring me up and say, oh,
I've been looking on the computer. You know, I've been
looking here and I've got something to care. I'll come
and get them. We'll go and have a look. And
I bided my time. She stuck with me. She didn't
seem to mind.
Speaker 2 (24:50):
Was she quite a new agent, because that sounds like
somebody is working hard to get maybe one of their
early deals was I don't.
Speaker 4 (24:59):
I don't think so. I don't. I don't think she
was a new agent. I think she was come quite
well experience in that. But I think it sounds like
maybe I just struck it lucky. It may be the
fact that she was recommended to me by a couple
of the fellows at work or one of the guys
at work, and I.
Speaker 3 (25:18):
Guess there really well. The other thing there that's making
me think is in all professions, there are good agents
and there are bad agents. There are ones that really
want to win your business. And there are some real
estate agents right that are a bit more lifestylists and
only want to work twenty hours a week, and so
if the deal is a bit difficult, they're not wanting
to go above and beyond and give that really good service.
But that's the same in all industries. And I think
(25:40):
it's really important that you share that story because I
remember speaking to somebody who was going to talk to
a mortgage advisor, and they went and they had a chat.
The mortgage advisor told them that there was no way
they were going to ever be able to get the
mortgage to buy the house. A couple of weeks later,
they go and talk to another mortgage advisor who ends
up helping them gets the deal across the line. They
went off and bought their first property, so it was
(26:01):
a good outcome for them. But it's not like all
real sad agents or all mortgage advisors are the same.
So if one person gives you an answer you don't like,
there's always another second opinion down the road, isn't there Fell.
Speaker 4 (26:14):
Yeah, yeah, absolutely, absolutely, don't be put off by that
year if someone gives you the bum flip, so to
speak with the bung Russians, don't be put off. And
just because I got the last laugh, you know, always thought,
oh I wish I could see this guy again and
say I got my house in the year you said,
I'd never have a chance to boying it. So yeah, yeah,
just yeah, someone could stop.
Speaker 3 (26:33):
Well it was twenty years ago, Phil, but you should
go online right now, find his email and let him know.
Speaker 2 (26:42):
Yeah, I mean yes, if you if you really wanted to,
you know, you.
Speaker 3 (26:46):
Got to stick it to them. They need to know.
Speaker 2 (26:50):
We would love love your calls on that. How do
you deal with agents when you are a buyer and
you know, do you try and foster a laship with one,
two or three of them and get them to do
the donkey work for you? Or how do you manage
that relationship knowing that they might be helping you but
they're actually working for their sellers. Actually, just before we
(27:13):
go to the break, there's one. Well, we got some
cynical text here, so as we often do, Hi, Tim,
We've learned the hard way that most real estate agents
are not working for the seller. They're working for themselves.
They pressure you to drop your price so they can
achieve a sale, a quick sale, and want to do
the least amount they can do to get paid and
move on. We initially went with a top agent and
(27:34):
a top firm, thinking we were going to achieve the
best result. When it became clear that they were not
putting the effort and we expected. We changed to a
small agency, owner operator agency, and she is working for us.
Just my two cents. Well, there's an example of one
not doing the job you want and another one that
is I guess, isn't it?
Speaker 3 (27:52):
Yeah, one hundred percent. I'll give you a quick status. Well,
did you know that a third of properties that come
to market end up withdrawing and don't get sold. So
if a real estate agent lists of property, there's only
about a two out of three chance that it is
going to get get sold in the current market. Now,
that could be for a number of reasons. You know, Yes,
maybe the agent might not be working particularly hard. But
sometimes sellers also have unrealistic expectations about what they're going
(28:15):
to get for their house and what they and people
might have requirements about what they need to sell their
house for for instance, if they've got a big mortgage
before they can move on.
Speaker 2 (28:22):
See, that's the tricky one. Actually, if you knew to
the market, you know, there are those sellers and you'll
be thinking, what am I missing here? This is quite expensive,
but I quite like the house, you know, And but
how do you work out that the Well, you've got
to do your research. Basically yourself, and you can't necessarily
on the agent because to tell you that, well, this
is probably a bit more than it's actually worth.
Speaker 3 (28:41):
Well, the way that I get around there, and I
think the only way to figure out how much a
house is worth is to look at previously sold properties. Now,
both One Roof and some other websites allow you to
look at what has sold in a specific area. You know,
I remember being twelve years old going to an open
going to an open home with my mum, and the
real estate agent said, Ali, this is my mum's name. Ali,
(29:03):
don't base what you want to sell your house on
what's listed online, based on what's sold. Now, the good
newsers these days is you can look at the prices
that actual properties have achieved on sites like One Roof
if you go to the sold section, so you can see, Okay,
what are people selling their houses for, not just what
are they listing them for, because those two are very differently.
Speaker 2 (29:24):
Often never the Twain shall meet. We'll be back in
just a moment. Oh eight hundred eighty ten eighty. It's
twenty one and a half minutes to five News Talks
heed B News Talk, said B. My guest is on
tim Beverage. My guest is Knight talking about working with
an agent to find you the house when you are
the buyer. Oh, eight hundred eighty ten eighty Grant. Hello, Okay,
Grant has gone to make hi stuff a cup of
tea and he's making his way to the phone. Now
(29:46):
just put you back to my producer to sort that out.
Let's do some texts. Obviously, miss time the ad break.
I've just got enough time to get a cup of
tea when we here's some texts here. Just bought a
house in Hamilton that an asking price of eight forty
nine thousand, So eight forty nine as a number. Four you,
five interested parties. We were told to put our best
within five days. Ended up at eight sixty five. Well, actually, I.
Speaker 3 (30:10):
Guess that's a good example of when it sounds about right.
You know, if you've got five people interested in the house,
you might have been asking for us of eight fifty
going up fifteen grand above. That's that's about right.
Speaker 2 (30:21):
Yeah.
Speaker 3 (30:21):
You know.
Speaker 2 (30:22):
The struggle I would have is I would want to know.
I would always want to feel I'm getting a bargain.
I'd hate to pay extra.
Speaker 3 (30:27):
Yeah, I think the only thing I'd just mentioned as well,
is although I went for eight sixty five, there's no
guarantee that that was the highest offer, right, because somebody
might have put in a higher offer, let's say, in this.
Speaker 2 (30:36):
Example, the sale of their own home.
Speaker 3 (30:38):
Yeah, Whereas if somebody else is saying, look, i'm a
cash buyer, here we go, I'll pay you the money,
I'll go unconditional tomorrow, you'll have the money in four weeks.
If those people selling that property in Hamilton had already
decided that they've bought somewhere else, they might be like, oh,
I don't want to wait for a conditional buyer. You know,
if you've got to say your house in two months,
I'm in no man's land for all of this time.
(30:59):
I'm going to take the person who is able to
go unconditional quickly paying me the cash in four weeks
so I can buy them this other house that I
have fallen in love with and can go unconditional on
that as well. And so it's a good example. You
always got to remember that that the best offer or
the offer that the seller tax is not always the
highest price. It's a combination of a good price, and
(31:20):
on top of that, some conditions that they need.
Speaker 2 (31:23):
Right, let's see if Grant is there now.
Speaker 6 (31:26):
Grant gooda, Hi, thank you for taking my call. I
just want to just I've bought and sold a number
of properties in New Zealand and dealt with a lot
of agents in New Zealand and in the UK, and
I wanted to spell the myth that the agent's working
(31:49):
for the vendor. Yeah, it's much much easier to get
the vended down than the buyer up because they've got
to finite They've got a finite budgets that they need
to get too, based on their bank approval or what
(32:09):
equity they have in the last sale they had. So
I don't I disagree completely that are the agent's working
for Defender.
Speaker 2 (32:22):
Well, technically technically that they are, I guess, but you're
saying and practically don't mean much.
Speaker 6 (32:32):
Well, practically it doesn't mean anything. In the UK, right,
the commission rates are about one point five and in
New Zealand they are about three on our rose two
point five three, and it's just absolutely no incentive. The
(32:53):
money that they get is in the one million.
Speaker 2 (32:57):
Yeah, it's so, whether it's whether it's one point one
million or nine hundred thousand even, They just want that
chunk of that general slice of money.
Speaker 6 (33:08):
Yes, so any sort of thirty grand, ten grand, even
a thousand dollars is worth nothing to them.
Speaker 3 (33:15):
Yeah, because if you get an extra ten get an
extra ten grand, it's three hundred dollars for the agent.
They might think, Yeah, but I just want the twenty
grand or the thirty grand that's already there with the
million dollars.
Speaker 2 (33:26):
I'm glad you've made that point, Grunt, because it's the
thought that I have sort of pondered myself actually that
if you are selling, all you want is you want
that sale so you can chalk up your twenty thirty,
forty thousand dollars fee, give or take a few hundred bucks.
Speaker 3 (33:38):
Well, there was a wonderful book called Free Economics, and
I've read this probably about fifteen years ago. They get
they quote a couple of different studies where they look
at real estate agents when they're selling houses versus selling
their own house. And what they found is that that
when a real estate agent is selling their own house,
they will leave it on the market a little bit longer.
(34:01):
And the reason for that is they will hold out
for the higher price. Now, an extra ten grand on
a client's house, there's going to be three hundred dollars
for you if you're selling your own house an extra
ten thousand dollars dollars and so you know, I think
makes it interesting.
Speaker 2 (34:17):
How did you approach selling your house through an agent?
Then when you because you said you bought and sold
of you.
Speaker 6 (34:25):
Well I locked it and said okay, okay, sorry, my
pim was talking about the dogs. So so my approach
was coming from the UK only three years ago. Was
firstly the commission that was wildly too high. I mean
(34:48):
it's one point five two percent max over there. And
then secondly they have a situation where there's a chain.
There's a chain, so there's no you don't sign on
a sale and purchase and it's you know it goes,
doesn't go unconditional. It's a handshake scenario. So where you
(35:08):
can you can back out or called the jumping in
the UK right up to a week before the settlement
and that doesn't exist in Scotland, exist in the UK
and it's split outdated. But the reality is people overpay
because of that aspect because they have to sit right.
(35:31):
But was here you you sign on the dote of line,
and you know, and the agent takes takes that money.
But my problem is that the agents aren't working for
the vendor.
Speaker 2 (35:47):
Yeah, I know, that's that's so sorry I clicked off.
Speaker 3 (35:49):
But earlier, Grant, there's one point that I just want
to add in there, Tym. We often say, oh, well,
the agents in New Zealand they take three percent. No no, no, no, no,
it's three percent plus GST. And people always forget about
that when they're thinking, Okay, so I'm going to say
house and we'll use the really easy numbers, million dollars,
three percent commission. Ok I'll pay them thirty grand. No, no, no,
(36:12):
thirty four and a half grand, because you've got to
think about the GSCN. There's a lot of money.
Speaker 2 (36:16):
Four and a half grand, yeah, worth thanking, yep, don't
forget Look, we got time to squeeze one more caller, Dave, Hello.
Speaker 8 (36:23):
Yeah, Hi, I'll be brief. Recent sale, the separation and
the sales process all went good in that until the
eventual diving up of the money. Probably was sold on
the Friday, and my wife got her money on the Wednesday,
(36:47):
and I didn't get mine until the Friday. And the
problem was the legal bunnies put my half of the
money into an account, which was totally wrong, and it
went up in the cloud for a day or two.
Speaker 3 (37:05):
But you got it back in the end, did you, Dave.
Speaker 8 (37:08):
I did, just like it gave me a bit of
grief for a day or two.
Speaker 3 (37:12):
Otherwise you're going to have to do what Phil was
talking about and start making complaints to the law society.
Speaker 2 (37:17):
Yeah, and hey, thanks for you call, Dave. Thanks for
sharing that with us. Where we'll be back in just
a moment. The one roof Property of the Week is next,
and I'm not sure if it reflects my producer's taste
and property. Possibly it does, with the exception of the
tennis court, but it is a magnificent looking country estate.
And we'll be back with the one roof Property of
(37:38):
the week and just a moment, it's coming up ten
minutes to five News Talks.
Speaker 1 (37:41):
He'd be the one roof property of the week on
the weekend collective.
Speaker 2 (37:47):
Yes, and the one roof Property of the week has
a couple of points of interest how to sell it?
It is a beautiful property, and look, I'm quite a
fan of the idea if I was to trade up
of having a bit of outdoor living. And when I
mean outdoor living, I mean you know, the entertainment area.
And it's got a lovely deck of patio area which
(38:10):
spans the whole front of the house with a beautiful
looking poll. And the address is forty four hardened Hardens Lane,
Perimo rem Or, north Shore City. It's six bedrooms, four bathrooms,
two car garage, big big land, a lot of mowing
to do. You'd need some sort of automatic tractor. I
think by the look of it. It's a land of
(38:31):
three point three hectares. The house itself three hundred and
twenty eight square meter, so it's a bigin built in
nineteen ninety. Estimated price four points it's an RV of
three million. Estimate is four point sixty six million. I
will confess ed that when I saw Perimo rim Or,
I thought, I thought, how far from the how far
(38:52):
from the prison? And look, it's just a hop, skip
and a jump. If you've got someone inside you could
you know, you could buy a nice daily It's about
a three kilometer drive and one kilometer from the prisoners.
The crow flies.
Speaker 3 (39:03):
So one thing I want to know is how do
you know exactly where all the prisons are in Auckland,
you're a regular visitor.
Speaker 2 (39:11):
No. I actually just did an area of view and
I saw this structure with all these different wings on it,
these instructions. It looks a bit prisonish and it was.
But don't let that put you off. It's a nice
looking house. What do you make of it?
Speaker 3 (39:25):
Ed, I think it's beautiful. I mean it's a big house.
I have a three hundred square meets yeah, and six bedrooms,
four bathrooms and some of those. I think it looks
like it's got a separate studio or like a little
bit of a guesthouse if you're having people over tennis court.
But one thing that I was thinking about is, like,
you know, four million dollars in Auckland, if you're buying
in remu area, you're probably getting a very nice house,
(39:48):
but you're not getting three hectares. So I wouldn't be
surprised if somebody who's getting a bit older thinking, oh,
you know what, I'm quite liking having these zoom and
teams meetings from home. Maybe I'll move out because if
there's no traffic, it's only about thirty minutes from the city.
Speaker 2 (40:01):
Well, you just take the footprint of the house three
hundred and eight three hundred and twenty eight square meters
and just plunk the house down with the pool and
the tennis court. Forget the rest in rem Or. What
are you looking at? Seven eight million more?
Speaker 3 (40:14):
Yeah? I was thinking six at six and above.
Speaker 2 (40:16):
Yeah, that would have been what it is. Well, that's
your expert eye. I'm quite pleased. I was only a
million dollars out from what you a million here and there?
Who cares? We no?
Speaker 3 (40:24):
You see? The thing is to us kiwis we love
going on like, Oh it's a Friday night, I'm having
a glass wine. What should I do? Let's go on
one roof filter results by the most expensive to the
least expensive, and see what the really rich people are buying.
Speaker 2 (40:39):
I've suddenly realized we forgot to find out what property
prices in Alabama where after we app in the show
with Sweet Home Alabama. Well, that might have to wait
till next time.
Speaker 3 (40:47):
Wait, I'm gurgling.
Speaker 2 (40:48):
Are you googling? I've got the music going, Go go, go, go,
go go one.
Speaker 3 (40:52):
Hundred and twenty nine thousand dollars American Well.
Speaker 2 (40:56):
So, or you can both spend four point sixty six
out in Perima Rima and you can leave any time
you want anyway. Thank you for listening. Everyone will be
back with the Parents Squad. Catherine Burkeett's next. Thanks to
Ed McKnight.
Speaker 3 (41:08):
Good to see you, Ed, great BM and we're going
to be.
Speaker 2 (41:11):
Talking about, well, you know, getting your kids ready for school,
but also when you've got a child who might need
some other educational needs, when's it time to consider a
different type of school as well. And we'll be talking
about that on the Parents Squad and also the Sports
Rap with Kobumrati now that the Winter Olympics will be
chatting about that among other things coming up next.
Speaker 1 (41:32):
For more from the Weekend Collective, listen live to News
Talk ZEDB weekends from three pm, or follow the podcast
on iHeartRadio
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