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Price transparency holds no. 2 Qld agent in good stead

By Malavika Santhebennur
09 July 2024 | 13 minute read
Alex Jordan reb

Alex Jordan said providing price guides for his listed properties had been pivotal to his success.

The Brisbane-based sales agent at McGrath Estate Agents secured second place in the REB Top 50 Agents Queensland 2024 ranking after selling 145 properties during the 2023 calendar year.

He also climbed five spots between last year and this year in the Top 100 Agents 2024 ranking to number 14.

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Speaking to REB about his accomplishments, Jordan said his methods for listing and selling a property had benefited his clients and his agency.

Jordan provides a price guide or reference point for almost all his listed properties, which he said is more effective than hiding the price.

At the same time, he stressed that he employs strategies that do not limit the final outcome during the sale of the property.

“I think prospective buyers get frustrated any time you hide the price from them because they can’t see what the vendors’ expectations are. This typically leads to them making lowball offers because they’re worried about paying too much,” Jordan remarked.

Indeed, the annual REA Group Property Seeker survey of over 6,000 buyers in 2023 revealed that property listings without pricing information topped their list of frustrations when they were searching for and purchasing a property.

Almost three quarters (72 per cent) of buyers skip over listed properties that do not include a price, while 52 per cent of vendors said they would switch agents if their current agent refused to disclose pricing.

Moreover, majority of buyers (83 per cent) said they tend to prioritise properties with a price when taking action, while only 35 per cent said they always enquire even if the price is not disclosed.

“Being very transparent with the market and the buyer and giving them the information is critical,” Jordan said.

“I believe this approach has helped us get more opportunities and form better relationships with buyers. They’re more comfortable and open with us than they would be if we weren’t upfront about price and other details about the property.”

Another factor that has contributed to Jordan’s results is his knowledge on construction, zoning and design, and how each plays a role in boosting a property’s appeal.

Jordan urged all agents to equip themselves with this knowledge to become a trusted adviser for vendors and buyers.

“Agents who want to excel must have a good understanding of all facets of this industry, such as pricing, land subdivision, trends in the construction industry including costs, architecture, design and buyer demand,” he said.

“Offering accurate advice to a builder, developer, or a client who is doing a new project or renovation can bolster their sale price and bottom line. Moreover, the community would want to partner with you because they feel they can benefit from your knowledge and experience.”

Jordan pushed new agents to become students of real estate and absorb information so they can add value by conducting “intelligent and informative” conversations with clients.

In 2023, Jordan largely sold houses in Brisbane’s inner western suburbs for an average sale price of between $2 million and $3 million. REB data showed that his overall average sale price of houses and apartments was $1.94 million.

Jordan’s sales transactions increased in 2023 compared to 2022, but the total value of sold properties dipped by 3.1 per cent to $281.5 million, according to the REB figures.

He explained that this was partly because his agency sold more apartments in 2023 compared to previous years, and expanded to the outer suburbs of Brisbane.

“We’ve branched out in our geographical focus area further away from the city. This increased the volume of sales but decreased the value of each sale,” Jordan said.

Noting that it was a commercial decision to broaden the agency’s geographical focus, Jordan said this would remain a natural growth strategy for the business in the future.

“When you’ve got dominant market share in your target areas, the best way to grow further is to expand geographically,” he concluded.

Click below to view the full REB rankings and reports:

REB Top 50 Agents Queensland 2024
REB Top 100 Agents 2024

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