Press Releases

It's Real Estate Not Rugs a Million

20 June 2011

Commenting recently at an industry breakfast, Corporate Solutions Director, Jason Whiteman was asked about recent press statements claiming a 41% “Price Plunge in Coogee.* ” The story suggested that a “luxury 3 bedroom, three bathroom unit was originally on the market for $2.7 million.” Some 370 days later, the price had been “slashed” to $1.6 million.

The story went on to highlight the 10 most discounted homes in WA all of which had “dropped” between 26% and the reported Coogee property at 41%. Five further homes were identified across Australia with two WA homes
featuring.

“This type of headline makes our industry sound more like a rug and carpet chain.” Mr Whiteman said.

“It also provides a great example of the power of auction, and the potential an auction would provide to truly determine the market value of a property. In about 340 days less time than the Coogee experience.”

Mr Whiteman, one of Western Australia's most experienced auctioneers has long been an advocate of the auction process. Regularly asked to comment or provide training, Mr Whiteman remains consistent with his message. “By removing the seller influence, namely price, you can quickly determine likely market value.”

Of course the seller then simply has a decision to make as to whether they are selling or not. It remains inconceivable that any seller in their right mind would openly disagree with a marketplace for 370 days. The real opportunity for the premium price to be achieved has long since evaporated with time. With current trends still marching south, unnecessary time in the market will continue to cost sellers money.

For further comments Jason Whiteman can be contacted on 0411 495 013

* The Sunday Times Perth NOW. June 12th 2011. page 7


Auctions Are More Expensive? Choosing The Wrong Agent Will Prove Far More Expensive.

20 June 2011

Commenting recently at a real estate industry training workshop, Corporate Solutions Director and Licensed Auctioneer, Jason Whiteman, explained away recent media comments, suggesting property auction campaigns were likely to cost sellers on average $5000 to $10,000. With some sellers spending even more. Mr Whiteman suggested.

“It's a bit like discussing Sir Donald Bradman's test batting average as between 100 to 200 runs per innings. It's one or the other!” “Industry colleagues as a result often have a false notion of auctions and their costs and this perception is allowed to flourish in the seller market place.”

Later in his presentation he said.

“Look I've seen some amazing campaigns including full page national press, venues such as the Sydney Opera House and small feature films attracting millions of hits across viral internet campaigns. However auctions are within everyones reach.”

Mr Whiteman then detailed a recent campaign conducted on a modest Morley property. The campaign featured Saturday and Sunday colour press adverts, enhanced internet marketing using additional features available by the leading website portals, a letterbox campaign to neighboring properties, direct mail, eNewsletter, database marketing and a supporting SMS campaign. The total advertising bill on this property came to under $1,700.

The property attracted 47 inspections through 14 home opens, 1200 plus internet hits, 4 written offers were generated from $420,000 through to $480,000. 9 registered bidders turned up to auction night with a crowd of about 200 looking on. The property went on to sell for $491,000. All this took place within 3 weeks of marketing. The sellers where delighted with the outcome as were the buyers.*

He then compared this to a Noranda property that in October 2010 entered the market with an asking price from $365,000. The property recently, some 180 days later finally went under offer at $300,000.

“You just have to ask the question, how expensive a decision was that for that seller?”

For further comments Jason Whiteman can be contacted on 0411 495 013

* images of the above auction event held at the Galleria Shopping Centre Morley are available form the author by request


Auctions: Do They Rate In A Soft Market.

March 2011.

Commenting recently on articles published, lamenting the performance of property auctions being conducted across the Perth real estate market place. Corporate Solutions Director and Auctioneer Mr Jason Whiteman said.

"Recent press has painted property auctions into a corner." He went on to say, "the real key to property auctions is ensuring your chosen agent has sufficient skill and experience to run an auction campaign effectively."

Much has been made of recent headlines which expressed, "auctions were a poor choice for sellers." To date much of this chatter has been within the real estate industry. With only 3.3% of property sales being conducted by the auction method, talk is clearly not widespread across the seller spectrum.

Commenting further Mr Whiteman said. "The current headlines highlight a wider lack of understanding about auctions from within the industry itself. With auctions contributing such a small number of transactions this inevitably leads to a skill gap amongst the vast majority of agents."

The statistics year on year indicate a substantial growth of 22% in sellers embracing auctions to achieve their property sales outcomes. And they are typically achieving those outcomes over a much shorter timeframe than those opting for the more popular choice of advertising a price via the Private Treaty method.


Auctions Are More Expensive? Choosing The Wrong Agent Will Prove Far More Expensive.

March 2011.

Commenting recently at a real estate industry training workshop, Corporate Solutions Director and Licensed Auctioneer, Jason Whiteman, explained away recent media comments, suggesting property auction campaigns were likely to cost sellers on average $5000 to $10,000. With some sellers spending even more.

Mr Whiteman suggested, "itʼs a bit like discussing Sir Donald Bradmanʼs test batting average as between 100 to 200 runs per innings. Itʼs one or the other!" "Industry colleagues as a result often have a false notion of auctions and their costs and this perception is allowed to flourish in the seller market place."

Later in his presentation he said, "look Iʼve seen some amazing campaigns including full page national press, venues such as the Sydney Opera House and small feature films attracting millions of hits across viral internet campaigns. However auctions are within everyones reach."

Mr Whiteman then detailed a recent campaign conducted on a modest Morley property. The campaign featured Saturday and Sunday colour press adverts, enhanced internet marketing using additional features available by the leading website portals, a letterbox campaign to neighboring properties, direct mail, eNewsletter, database marketing and a supporting SMS campaign. The total advertising bill on this property came to under $1,700.

The property attracted 47 inspections through 14 home opens, 1200 plus internet hits, 4 written offers were generated from $420,000 through to $480,000. 9 registered bidders turned up to auction night with a crowd of about 200 looking on. The property went on to sell for $491,000. All this took place within 3 weeks of marketing. The sellers where delighted with the outcome as were the buyers.

He then compared this to a Noranda property that in October 2010 entered the market with an asking price from $365,000. The property last week, some 180 days later finally went under offer at $300,000. "You just have to ask the question, how expensive a decision was that for that seller?"


To Auction? Or Not To Auction? That Is the Question

March 2011.

This question was recently posed in the Perth press, with a number of industry insiders, all providing their insight into the role property auctions play in the Western Australian real estate market place.

At a recent industry conference, Corporate Solutions Director and Licensed Auctioneer, Jason Whiteman challenged the attending agents with his thoughts. Robust debate ensued which only highlighted the obvious skill gap amongst many existing real estate agents.

Mr Whiteman said, "to auction or not to auction might be the question, however itʼs useless if it never gets asked". Mr Whiteman went on to say, "with only 3.3% of sales in Perth being conducted by auction, the vast majority of agents clearly cannot be talking about or offering the option to their sellers." He went on to compare this with having a plumber turn up to do a major job at your home armed only with a hammer, or an electrician with just a set of wire cutters.

What was clear from Mr Whitemanʼs presentation was his passion and skill demonstrated within the auction space. He added,"itʼs the responsibility of agents to carry a full loaded tool box and provide legitimate options to sellers. We seek second opinions when making significant decisions in our lives, however most agents turn up with just a hammer when listing a property for sale. Sellers deserve more than this..."

Mr Whiteman then went on to detail the many benefits of conducting effective real estate auctions, citing written testimonials and introducing a number of successful auctioning agents from across Perth to share their valuable experience.

Contact Jason Whiteman