WHEN REAL ESTATE IS NOT AN EXACTING SCIENCE !!

WHEN REAL ESTATE IS NOT AN EXACTING SCIENCE !!

Confidence is the feeling you have before you fully understand a situation. In our case, confidence represents the real estate agents, and the situation equates to the property market. Nobody can deny that the 2004 property market has been a ‘cocktail of confusion’ and it has had some potent mixes thrown in. A war, threats of interest rate increases, an Olympics, a Federal election and the normal school holiday disruptions along the way. There were cries throughout the industry that “you must first be a believer if you would be an achiever”, and cries of praise to the “Governor of Moolah”, for leaving the rates alone !! The only problem is that for the first time in many years the property market remained in a “State of Confusion”, not to be confused with Bobby Dazzler’s “State of Decay”.

The property markets in 2004 were delivered on the perfect economic platform – a strong global economy, companies posting strong after tax profits and a booming resources sector, record low unemployment levels, and cheap money. To the surprise of many the most cursed market, that being the home unit market, has in all probability out-performed the house market, given the unprecedented volume of trade over the last eight or so years. In Sydney the latest figures released from the Real Estate Institute of Australia, identify that between June and September the median price of a home in Sydney fell by 3.1 per cent. However, over that period the “State of Confusion” was distracted by an ongoing war and spruikers suggesting likely Federal election dates. Because many believe that we reside in a society based on excuses, the minds of the property players were well and truly marinated in confusion.

So where do we go from here…….

The market has just metres to run before we lock the front doors for 2004, although we always leave the backdoor unlocked for those expats that drop in over the festive season. The markets will take a much deserved break, and re-align themselves for (hopefully) a property market in 2005 with less distractions. It would in all probability be best served if I refrain from using the word ‘confident’ for next year’s market, so I will suggest that we have faith in the up-coming market.

If you have been watching our Internet sales you will see that as each week goes by, our sales keep increasing despite the “State of Confusion”. This week we posted our 155th sale to a see the overall total sit at $269,490,500.00, so we need another $30,000,000 to reach our budget for 2004. The Internet has been the star performer in 2004, with recent statistics identifying the major sites continuing to enjoy record numbers of unique visitors. Our new website is running well behind schedule, so it looks like a 2005 launch, for our new look. The thought process behind the upgraded website is to continue to maximise sales, by constantly reviewing its performance which in our case is monitoring traffic and constantly increasing our subscriber sales. September for RWM was our record breaking month with 575,510 hits, October was 533,937 and in November we will be well over the magic 500,000 mark. Our strategy with the Internet is to set measurable goals so that we can further improve on our business development plans. This is exactly why stand alone agent websites continue to offer clients a much easier navigation to look at properties.

Again it can be confusing if you look at the record numbers of Internet visitors lately. Many obviously just wanted to look and not physically inspect the properties. Possibly the emphasis is on statistics, which probably suggests that this year, statistics collect facts, then draw their own confusions………… Cheers and clink ^__^

Retraction

On 2 and 8 October 2004 I wrote articles concerning the launch by Fairfax Publications Pty Limited of Domain East and also the pending launch of Just Listed magazine by Sensis. It has been brought to my attention and I accept that when comparing the cost of a page of advertising in the Domain East with the cost of a page of advertising in the Wentworth Courier it is relevant to take into account that Domain East is a newspaper publication whereas the Wentworth Courier is published on magazine quality paper and has a different “look and feel” to Domain East.

It has also been brought to my attention that it is unnecessary for the owners of Wentworth Courier to slash their prices in order to compete with the new publication since the 2 products are quite different in quality.

I acknowledge that the articles may have been misleading. I offer my sincerest apologies to the publishers of the Wentworth Courier and the Sydney Weekly Courier.

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