LACK OF UNDERSTANDING CONCERNS PROPERTY EXPERTS

18th January 2007

Recent research revealing more than a third of buyers did not know the real estate agent was working for the seller has some industry experts concerned.

The NSW Office of Fair Trading report also found that only one in ten buyers research the buying process before stepping into the market.

Property Wizards Buyers' Agency's Liz Sterzel said it was worrying that, despite the recent property boom, people still did not understand crucial information about buying a home.

"These NSW findings are a good indication of how buyers perceive the market, which is concerning as there is a clear gap between people's confidence in what they know and their actual knowledge when it comes to buying property," she said.

Those surveyed reported around 75 per cent confidence in their knowledge of the buying process, but when questioned, their real knowledge fell short of that total and, in some cases, was well below.

"Without a good understanding of the buying process, there are many hidden traps buyers can fall into," said Ms Sterzel.

"And with the figures showing most buyers don't understand the real estate agent is working for the seller, there is a very real chance they could pay too much for their investment.

"Buyers need to kick-start the process by doing careful research or sitting down with a buying expert who can remove common obstacles and represent their best interests in the buying process."

For more information, please contact
Mr Trevor Dunkley
Director
Property Wizards
trevor@propertywizards.com.au
Tel: (08) 9381 7450