Yes definitely something I need to learn more about. If you could email me or dm any recommendations on where to start, I’d really appreciate it 🙏

Thanks mate! Looking forward to the hustle 💪💪

Auctions are slowly making their way back. Jan is a little bit light. I’ve been doing some business planning with the down time and I’ll be sharing a video shortly with an overview of the plans I’ve got for 2025 🤙

Happy new year mate! Hope you had a good bit of time off and relaxation. 2025 content in the works now - stay tuned! 🤙

Probably one of the best built houses in the suburb 👌

Thanks mate! Not in real estate throughout the week. I work in banking throughout the week. So not too far off 🤙

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The building industry is tough at the moment. Builders have to protect their bottom line by reducing costs either by lower quality materials, less subcontracting, and not overpaying for land. Compared to a home owner buying to renovate and live in, a builder looking to flip a home will offer much less in order to aim for a profitable flip.

@ianshi_auctioneer agree thanks for sharing those insights Ian!

My pleasure! 🙌

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Thank you so much! It’s a big effort to keep the vlogs going, but comments like these keep me committed. Thank you again 🙌

It was incredible! The team did such a great job drumming up interest throughout the auction campaign. Big props to Varun and the rest of the team and Multimillion Group 👌

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Not a reupload, but the auction was a while ago. It was one of the auctions on my vlog from a few weeks ago

My pleasure 🙏

Thank you so much! Glad that its helpful for you. I’m planning more educational content for 2025, so please let me know what other information is helpful to you 🙏

Officially - Underquoting is illegal in VIC. You can report instances of this to Consumer Affairs, but its important to understand the exact definition of underquoting. The issue is that it’s a very broad definition which makes it very difficult to enforce. The practical answer is that owners want more than the market, its advertised at their price range and no one shows up to inspections. So we have to lower the price to demonstrate to the owners where buyers see value in the property (start attending inspections). However, sellers can choose to set their reserve price wherever they like, which means that they can set it at an unobtainable price despite the agent/auctioneers recommendation based on the data gathered throughout the auction campaign.

@@ianshi_auctioneer Thank you!

@@onioni111111 underquoting for some (not all) is a form of advertising, when people come to the property and they find out its above their budget, the few agents at the auction will say “oh by the way, we have a property that’s within your budget” and they will show a property they have for sale that is within budget.

Underquoting for some is also an easy way out of properly managing their vendor's expectations around price and the selling process. That being said, I have a couple of friends in the buying process who very quickly recognise which agents play these kinds of games and are on high alert when dealing with the same agent in the future.

@ianshi_auctioneer Thanks for the additional insights Ian 👍

Good question! My answer to that is that the sellers often expect a price higher than the market is willing to pay. The auction process also helps to align sellers to the market, so often they will be able to see this in how the bidding unfolds prior to the property being announced on the market. Also, sellers have their own personal and financial situations, which may influence their decision-making outside of market factors.

@@ianshi_auctioneer Thank you. Makes perfect sense. 👍

My pleasure 🙌

That would be awesome 🤩

Different suburbs attract different demographics. The suburbs that attract wealthier demographics will sell for more. Within each suburb, some properties are more desirable than others. E.g number of bedrooms/bathrooms, size of the land and yard, school zones etc are factors that influence desirability

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Nothing is binding until the contract is signed. There will be a lot of confusion, agents will want him to sign the contract and he’ll have a lot of explaining to do. If he signs the contract, he may have to forfeit his deposit.

Good point, I’ll have to be more mindful of that

I know what you mean. I’m looking out for better alternatives, but nothing yet. Had a look at the meta ray ban glasses, but record time limit is 3 min.

Highest bidder’s settlement terms were too long and couldn’t come to a happy medium. The underbidder went with a 30 day settlement. We got lucky with this one that the underbidders stuck around.

@@ianshi_auctioneer Indeed, glad you were able to close the sale! Win-win for everyone.Thanks for sharing :)

Everyone happy in the end. Any time! Thanks for taking an interest 🙌

Cheers man 🙏 Thanks for watching until the end 🙌🙌

Yessir! 🫡 Thanks for taking the time to watch and share your thoughts 🙏 More to come 💪

Owner did a great job with the build and design 👏

Thanks mate - really appreciate you taking the time to let me know! 🙏

@@ianshi_auctioneer thanks bro. Also, how do u stay fit and energised despite doing a lot of auctions including in the weekends.

All part of the job. You gotta show up and do the job you were hired to do, otherwise you’ll lose business to your competitors. Same is true in reverse - if I show up in a big way to all my auctions, other auctioneers will need to start pulling up their socks 🤙

@@ianshi_auctioneer yep. Do you also workout like go to the gym?

@@jayr807 Nope, not gym for me. But the occasional game of ping pong gives me a good pump

I’ve had the same happen at one of my auctions too! Guy regrets his bid and it was the bid that put the property on the market. He gets in his car and just drives off. Nothing that we can legally do to make him sign the contract, but agents will chase you down and do anything they can to make you put pen to paper. Unfortunately, if you’re not well-educated in this process, you can easily be taken advantage of when you make mistakes like this.

Thank you! And thank you for coming back week after week 🙌

The price is more about the location and value of the land. If this home was in the inner suburbs of Melbourne it’d easily achieve a similar price to your expectations. Manor lakes is on the outskirts of Melbourne, almost in regional Victoria, so it’s not the most desirable location. You certainly get a good $/sqm out of this home though.

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Best outdoor area I’ve seen. Great home all around!

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Cheers man! Appreciate it 🙏🙏

Cheers mate! 🙏🙏

Thanks heaps, I appreciate it 🤙

We need rate cuts!

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Off market now 🤙

Melb is in trouble. We need rate cuts badly!

AI is a scam 🤷‍♂️

Interesting 🤔

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Yessir! 💪

@@ianshi_auctioneer @lllchironexlll don’t forget the AU$103,806 on top of that the VIC stamp duty fee

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