Sold a property about a year ago by private deal ie no agent used.Came to an agreed price and was able to share saving on real estate fees to both our benefits. Happy seller and happy buyer, the best deal of all.
As a Kiwi, I’d appreciate it if people like Dan did speak up about our real estate industry, and I’m certain others would too. This no price on listings has only become a trend over the past 5-10 years. It’s a scam
The fact is that the Real Estate Agent works for the Vendor. Their job is to get the best price for the Vendor. There are industry regulations that require agents to make honest disclosures and avoid misrepresentation. Agents are required to be licensed and if they breach industry ethics they may have their license revoked.
Get a LIM before you buy, gives you knowledge and bargaining power if anything needs council final approval. Builders report too, here they are really mainly about its structural info. Roof leaks?, Piling and under house quality, Windows jammed? Floor quality? Wiring? Insulation?, HWCylinder age, Fireplace? Soundness of building etc.
Real estate agents have gotten very lazy and arrogant here in New Zealand since the house prices skyrocketed and houses were selling in a few hours and everyone wanted to buy. Before that it would take months and sometimes even years to sell a house. They stopped giving prices because prices could increase day by day. You used to get a good deal, but every man and his dog got in to real estate selling.
Thank you for such an amazing video, and Dan - you were such a treat! Great tip about negotiating! I do remember buying my first house back before the big increase (in the 90s), and the agent coming back to me saying that the offer was insulting. At least then I had the sense to say "well, we have to eat, so that's what it is - take it or leave it". They took it.
Thank you, Liz and Brian, for this very informative vlog.👍 Also, a big thank you to Dan for sharing your great approach to real estate and congratulations on acquiring your first house in NZ.👌 It's fascinating how different the house-buying process is in NZ. I wish there were regulations in place that required all listings to have a price attached. I'm unsure why some houses are listed without prices. Personally, we prefer listings with prices as it helps us make informed decisions. Even with a listed price, there's room for negotiation and multiple offers, which can reduce stress for both buyers and sellers. Wishing you all the best! 💖💖
What a lovely man Dan is! Excellent insights into his personal belief of family over $. Must have been hard nonetheless, leaving a good career and everything you know to go ½ way around the world so they could be near their kids and grandkids. And through the hard couple of years we’ve all experienced lately too. Great interview guys.
As a California resident and being accustomed to a difficult real estate market, I have been shocked a bit by the differences in the two styles. For reference, when I sold my place the realtor the same one that was so amazing when we bought it) underpriced it by about 20% because “thats how you get interest” and we weren’t happy. The comps showed us it was worth a LOT more, but then we realized that volume is what they work on here-they’d rather lose a few thousand (because it’s not their money) and their % is about another $2000-$3000 for every hundred thousand we get, so they’d rather show it for one weekend and close right away on ANY offer rather than let it sit on the market for two weeks and have to do work. There are only so many agents and they’d rather close on 50 houses in one weekend than get an extra $2-3k on maybe 15 houses. The math revealed it to me. I wish this guy were available to help me buy a place when I get to NZ!
Real Estate agents usually estimate the price on how much the other houses are selling in the area. You can Google the address and check other houses with the same features.
Thanks for this great informational video! Another reason and bonus for those who have not yet joined the Itsadrama/Slack team! Dan & Sheri are amazing people and a great addition to New Zealand! LOL...everyone wants to be Dan!! 😂 Thanks again for sharing this information!
So true, Randy and Suze! Everyone needs a Dan in their life 🥰 Did I also mention the need for a couple of Canadians (one half) in their life too? We love you both so very much 🥰🇨🇦🇳🇿
Thanks for the tips, Dan. It has been recommended to me to get a "valuator" to get a fair price. In addition to a "builders" report to see if they find anything structurally wrong. Also, recommended to do both of these processes BEFORE an offer is made. Then have a real estate "lawyer" to do all the paperwork, including the offer. I am currently going through this process.
Hi Sherree, just saw this video. I'm a 40 year old Kiwi. Re valuations: if you get it valued with no purchase price on the sale and purchase agreement, this technique may work, so long as you get a good valuer. If you have already signed the sale and purchase agreement with the purchase price on it, then the valuation will almost always come in, with exactly the same value as the purchase price, or if you have a 'good deal' it will come in very slightly higher than the purchase price. Only if the deal is super bad, will the valuation come in lower than what your sale and purchase agreement says, so you can't get the deal. When the valuation is required for loan application purposes, the valuer is going to give the same value as what is accepted between the parties, to essentially 'protect the valuer's position', so the valuation can be a rather costly exercise to have on paper what you already knew beforehand.
That advice about not thinking of it as your 'forever home' is something a lot of kiwis like me need to hear - I invested way too much heart and soul into the process, and I know I could have made better decisions. In the end, despite my rose tinted glasses at the time, it won't be my forever home. A lot of us gen xers were still brought up in just one family home our whole childhood, and I envy my friends that moving comes easy to - I settle and 'dig in' - and it's not a very good mentality (especially now I'm trying to get rid of all my crap 😅)!
Agents fees to seller are generally about 3.5%, not 5%, also there is an acute shortage of residential property in NZ so properties will go up in price, plus an agents obligation is to the seller, and while they are not allowed to tell lies about a property their obligation is to do the best thing for the seller of a property
Omg incredibly useful video especially for first time buyers, what a wealth of information. Really good people who do their job properly are hard to find! Thank you 👏
I arrived from UK in November on a parent visa. I was looking to live in or around Christchurch. The 'living in New Zealand for 12 months regulation' was easily overcome at cost of $2000. Decision was made within ten days. At 77, waiting another year would have been daunting, but really easily overcome, having sold in UK, a thousand pounds was well worth it. In UK estate agents seemed to do very little, but they seem much more involved with the process over in NZ.. Conversely Uk solicitors take on everything in UK but keep you in the dark in my experience. In NZ it has seemed that I have been expected to be much more involved getting the building report and LIM (Land information memorandum) Who owns the land ? Earthquake risk and history ? that sort of thing. All very different to my UK experience. I paid my deposit a couple of days ago and will move into my new home in January. I did loads of online research into house prices even before my residence visa was approved. An estimate guide price is now usually shown. I suspect the Auckland experience may be different.
Does NZ have a buyers additional small insurance program covering used appliances for usually a year, on a property? It is usually very affordable in the US, and sometimes a seller may offer to purchase it for the buyer as a negotiating point.
The No price listing was not a thing before the early 00's, Somehow "price speculation for overseas" made the no price pay with "feeling" a normal thing. Not to begrudge anyone coming here. It just a side effect for people wanting to hitch their bandwagon to the will of people wanting to move here. That not so true if it not one of the main centres "i.e Auckland Wellington Christchurch" well the more Northern it is the more "sun". Well i know it more of the less summer and winter is not so cold and windy. Queenstown tho is like a billionaire playground. That may be another thing that drawers people of all types here, with in the rough size of the UK you have the biosphere of the grater USA sunk down to NZ a 2hr flight/ 1-2 day drive to get anywhere you want.
What is a slack group, please? I’m needing an education because I’m a bit clueless about this (okay, a lot clueless…honestly…though I’m in need of some guidance!)
As a vendor on a rising market you don't know what your house is worth. The market value will be found at auction. On a falling market there is more incentive to put a price.
As a potential buyer, i refuse to look at anything that is advertised as an "Auction",just screams "greed" to me. I don't have to move,i won't be rushed and while i would like to move up a step or 2,i like where I am.
I'm looking for a famous UA-camr from New Zealand or Australia to share my disastrous story that I can't even say anything I've been through in New Zealand.
Sold a property about a year ago by private deal ie no agent used.Came to an agreed price and was able to share saving on real estate fees to both our benefits. Happy seller and happy buyer, the best deal of all.
Perfect!! Thanks for sharing! 😃
As a Kiwi, I’d appreciate it if people like Dan did speak up about our real estate industry, and I’m certain others would too. This no price on listings has only become a trend over the past 5-10 years. It’s a scam
Thank you for sharing your thoughts and joining us this week, we appreciate having you with us! 😊
Business opportunity for Dan?.. It's time to shake up the NZ realty....Yep, and I'm a kiwi.
Go do your thing, Dan.👍
Agreed! And also please teach me how to offer less when I buy something cash off FB Marletplace, Dan!...😂 Liz x
The fact is that the Real Estate Agent works for the Vendor. Their job is to get the best price for the Vendor. There are industry regulations that require agents to make honest disclosures and avoid misrepresentation. Agents are required to be licensed and if they breach industry ethics they may have their license revoked.
Get a LIM before you buy, gives you knowledge and bargaining power if anything needs council final approval. Builders report too, here they are really mainly about its structural info. Roof leaks?, Piling and under house quality, Windows jammed? Floor quality? Wiring? Insulation?, HWCylinder age, Fireplace? Soundness of building etc.
Couldn’t agree more with Dan re NZ real estate agents and the whole process of buying a home. Good to hear from him.
Thank you so much for watching and for being with us! Have a lovely week, Dan, Liz and Brian 😊
Real estate agents have gotten very lazy and arrogant here in New Zealand since the house prices skyrocketed and houses were selling in a few hours and everyone wanted to buy. Before that it would take months and sometimes even years to sell a house. They stopped giving prices because prices could increase day by day. You used to get a good deal, but every man and his dog got in to real estate selling.
Thank you for sharing, Ivy! 😊
Honestly, if the dog was sweet I would be such an easy mark…
Thank you for such an amazing video, and Dan - you were such a treat! Great tip about negotiating! I do remember buying my first house back before the big increase (in the 90s), and the agent coming back to me saying that the offer was insulting. At least then I had the sense to say "well, we have to eat, so that's what it is - take it or leave it". They took it.
Glad it was helpful Trudi, thank you!
Thank you, Liz and Brian, for this very informative vlog.👍 Also, a big thank you to Dan for sharing your great approach to real estate and congratulations on acquiring your first house in NZ.👌
It's fascinating how different the house-buying process is in NZ. I wish there were regulations in place that required all listings to have a price attached. I'm unsure why some houses are listed without prices.
Personally, we prefer listings with prices as it helps us make informed decisions. Even with a listed price, there's room for negotiation and multiple offers, which can reduce stress for both buyers and sellers.
Wishing you all the best! 💖💖
So glad you enjoyed it, Renata! Dan is a a true gent and a pleasure to chat with ❤️
@@ItsaDrama 💖thinking of you 💖
What a lovely man Dan is!
Excellent insights into his personal belief of family over $. Must have been hard nonetheless, leaving a good career and everything you know to go ½ way around the world so they could be near their kids and grandkids. And through the hard couple of years we’ve all experienced lately too. Great interview guys.
Thank you so much! We are thrilled that you enjoyed it! And yes...Dan is a true gem (and now he's ours!! 😂🇳🇿)
As a California resident and being accustomed to a difficult real estate market, I have been shocked a bit by the differences in the two styles. For reference, when I sold my place the realtor the same one that was so amazing when we bought it) underpriced it by about 20% because “thats how you get interest” and we weren’t happy. The comps showed us it was worth a LOT more, but then we realized that volume is what they work on here-they’d rather lose a few thousand (because it’s not their money) and their % is about another $2000-$3000 for every hundred thousand we get, so they’d rather show it for one weekend and close right away on ANY offer rather than let it sit on the market for two weeks and have to do work. There are only so many agents and they’d rather close on 50 houses in one weekend than get an extra $2-3k on maybe 15 houses. The math revealed it to me. I wish this guy were available to help me buy a place when I get to NZ!
Be prepared for the price shock mate! NZ houses and Oz too, both way overpriced.
Thank you for sharing, that's super helpful! And yes...we too would love to have Dan standing by when we buy anything!! 😂
Real Estate agents usually estimate the price on how much the other houses are selling in the area. You can Google the address and check other houses with the same features.
Yep real estate agents in NZ are only out for commission and they are very lazy
Thanks for this great informational video! Another reason and bonus for those who have not yet joined the Itsadrama/Slack team! Dan & Sheri are amazing people and a great addition to New Zealand! LOL...everyone wants to be Dan!! 😂 Thanks again for sharing this information!
So true, Randy and Suze! Everyone needs a Dan in their life 🥰 Did I also mention the need for a couple of Canadians (one half) in their life too? We love you both so very much 🥰🇨🇦🇳🇿
Thanks for the tips, Dan. It has been recommended to me to get a "valuator" to get a fair price. In addition to a "builders" report to see if they find anything structurally wrong. Also, recommended to do both of these processes BEFORE an offer is made. Then have a real estate "lawyer" to do all the paperwork, including the offer. I am currently going through this process.
We are glad you founds it helpful! Thank you for your comment!
Hi Sherree, just saw this video. I'm a 40 year old Kiwi. Re valuations: if you get it valued with no purchase price on the sale and purchase agreement, this technique may work, so long as you get a good valuer. If you have already signed the sale and purchase agreement with the purchase price on it, then the valuation will almost always come in, with exactly the same value as the purchase price, or if you have a 'good deal' it will come in very slightly higher than the purchase price. Only if the deal is super bad, will the valuation come in lower than what your sale and purchase agreement says, so you can't get the deal. When the valuation is required for loan application purposes, the valuer is going to give the same value as what is accepted between the parties, to essentially 'protect the valuer's position', so the valuation can be a rather costly exercise to have on paper what you already knew beforehand.
Wow, two business opportunities, land scaping, and realty consultations.😂😂Go Dan!👍
Yay!! Dan's the man! 🥳😂
Great to see another expat NZ UA-camr!
Lovely to meet you, Simon! Thank you for saying hi! 😃
@@ItsaDrama Yes great to meet you too! I really love this youtube thing!
That advice about not thinking of it as your 'forever home' is something a lot of kiwis like me need to hear - I invested way too much heart and soul into the process, and I know I could have made better decisions. In the end, despite my rose tinted glasses at the time, it won't be my forever home. A lot of us gen xers were still brought up in just one family home our whole childhood, and I envy my friends that moving comes easy to - I settle and 'dig in' - and it's not a very good mentality (especially now I'm trying to get rid of all my crap 😅)!
So need to watch this again thanks Dan
So glad you enjoyed it, Daniel and that it was helpful! Dan is a real gem 😃
Agents fees to seller are generally about 3.5%, not 5%, also there is an acute shortage of residential property in NZ so properties will go up in price, plus an agents obligation is to the seller, and while they are not allowed to tell lies about a property their obligation is to do the best thing for the seller of a property
Thank you for sharing your thoughts, Frances! We appreciate you very much 😊
Agent fees in the US are 6.5%!
@@moirapettifr7127Yes, they may be 6.5% but that is usually split between the buyer’s agent and the seller’s agent.
Dan is the best guest speaker so far, thank you
Omg incredibly useful video especially for first time buyers, what a wealth of information. Really good people who do their job properly are hard to find! Thank you 👏
A conveyancer in the UK is a lawyer who specialises in property law but they are still a qualified lawyer
Thank you for clearing that up! Have a great Easter weekend 😃
I arrived from UK in November on a parent visa. I was looking to live in or around Christchurch. The 'living in New Zealand for 12 months regulation' was easily overcome at cost of $2000. Decision was made within ten days. At 77, waiting another year would have been daunting, but really easily overcome, having sold in UK, a thousand pounds was well worth it. In UK estate agents seemed to do very little, but they seem much more involved with the process over in NZ.. Conversely Uk solicitors take on everything in UK but keep you in the dark in my experience. In NZ it has seemed that I have been expected to be much more involved getting the building report and LIM (Land information memorandum) Who owns the land ? Earthquake risk and history ? that sort of thing. All very different to my UK experience. I paid my deposit a couple of days ago and will move into my new home in January. I did loads of online research into house prices even before my residence visa was approved. An estimate guide price is now usually shown. I suspect the Auckland experience may be different.
Real estate agents are as trustworthy as used-car salesmen and women.
Thanks for your thoughts Robert (nothing wrong with Del Boy I say...😂)
Hyacinth x
@@ItsaDrama It amazes me how helpful estate agents are to buyers in the US. I've always assumed they put sellers first.
Does NZ have a buyers additional small insurance program covering used appliances for usually a year, on a property? It is usually very affordable in the US, and sometimes a seller may offer to purchase it for the buyer as a negotiating point.
The No price listing was not a thing before the early 00's, Somehow "price speculation for overseas" made the no price pay with "feeling" a normal thing. Not to begrudge anyone coming here. It just a side effect for people wanting to hitch their bandwagon to the will of people wanting to move here. That not so true if it not one of the main centres "i.e Auckland Wellington Christchurch" well the more Northern it is the more "sun". Well i know it more of the less summer and winter is not so cold and windy. Queenstown tho is like a billionaire playground. That may be another thing that drawers people of all types here, with in the rough size of the UK you have the biosphere of the grater USA sunk down to NZ a 2hr flight/ 1-2 day drive to get anywhere you want.
Thank you so much for watching and for being with us! We appreciate you taking the time to share! Have a lovely week!😊
What is a slack group, please? I’m needing an education because I’m a bit clueless about this (okay, a lot clueless…honestly…though I’m in need of some guidance!)
The Slack group is a where we house our paid moving to New Zealand community. Slack is a communication platform. Hope this answers your question! 😃
@@ItsaDrama Yes, it does-thanks very much! 🙂
As a vendor on a rising market you don't know what your house is worth. The market value will be found at auction. On a falling market there is more incentive to put a price.
As a potential buyer, i refuse to look at anything that is advertised as an "Auction",just screams "greed" to me. I don't have to move,i won't be rushed and while i would like to move up a step or 2,i like where I am.
Good old Honest Dan, I would buy a wigwam from him. !!!
Dan 👍🏻
Buyer know what he wants , do you own research and you know the value . If you paid too much , you are studip
I'm looking for a famous UA-camr from New Zealand or Australia to share my disastrous story that I can't even say anything I've been through in New Zealand.
😂