Status Updates

It’s not only social media, bbm & whatsapp that have status updates …….. Property buyers are having a tough time looking for property on the internet where the statuses of properties are not up to date. Although it is  probably the most popular form of advertising due to the low cost involved for agents, buyers are complaining about a lot of duplication (due to multi-listing) as well as outdated stock where the status of the listing hasn’t been changed / updated by the agent. What does all the different statuses mean to you as a buyer, browsing the internet for your next home, as I see it, and this view is not share by all in the industry ……..

1. On Market / For Sale:

This means that a property is still available and no current offers have been accepted.

2. Reduced:

Still available but price has been reduced …… same as above.

3. Pending:

This will show that there is a (or more that one) pending offer on the property. A Buyer has made an offer which was accepted by the Seller but there are still suspensive conditions that needs to be met, these are mostly to do with finance. The door is still open for another buyer to put in a back-up offer and depending on the finance conditions of the pending offer, the back-up offer might even be the one to go through if finance can be approved / confirmed before the pending offer. This can get complicated but any experienced agent should be able to guide buyers and sellers through this process …….. it all depends on the conditions of the first accepted offer.

4. Reserved:

This will show that a property is now theoretically SOLD, all suspensive conditions have been met and all parties have signed with the transferring attorney. All that now needs to happen is some clearances and paperwork, compliance certificates etc all need to be in place and then the deal can be lodged in the deeds office. Agents like to keep these properties on the website as marketing as not only buyers surf the net but also many sellers looking for agents to help them.

5. SOLD:

This is when registration has gone through, +/- 10 days after lodgement and all is done and completed. Strictly speaking this property need to be deleted of the website, but some also leave it for a while for the same reason as mentioned above.

The problem comes in when agents don’t change these statuses and this causes frustration with buyers surfing the net.

Price

 

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