Pass In City

Saturday, August 31st, 2024

Posted Saturday. Inbox Monday. Best on Desktop

'Round the Auction Grounds

From Brighton to Canterbury to Malvern East we covered 7 auctions totalling $35 million for 7 pass-ins with 4 bidders in total. 3 have since sold after.

Malvern East, 5 Anderson Street: SOI: $5.0m-$5.5m Crowd: 32 Opening Bid: $5m vendor bid Passed in: $5m Bidderman: 0
Brighton, 21 Black St: SOI: $3.9m-$4.2m Crowd: 19 Opening Bid: $3.9m vendor bid Passed in: $3.9m Bidderman: 0
Brighton East, 43 Lucas Street SOI: $3.6m-$3.8m Crowd: 42 Opening Bid: $3.5m vendor bid Passed in: $3.6m Bidderman: 1
Hawthorn, 29 Shakespeare Grove SOI: $8m-$8.8m Crowd: 28 Opening Bid: $8.5m vendor bid Passed in: $8.5m Bidderman: 0
Canterbury, 7 Rubens Grove: SOI: $4.38m-$4.6m Crowd: 60 Opening: $4.4m VB Passed in: $4.5m VB Bidderman: 1
Malvern East, 4 Coppin Street Crowd: 56 Opening Bid: $3.85m VB Passed in: $3.9m Bidderman: 1
Deepdene, 8 Belmont Avenue: SOI: $6.3m-6.7 m Crowd: 72 Opening Bid: $6.3m VB Passed in: $6.36m Bidderman: 1

Melbourne's Top End Markets

Overall

Mal James 

Buy Sell Agent

0408 107 988   

mal@james.net.au

Stock was so low for $2m+ auctions today that we delayed the 100 Auction test for Spring 2024M3 by a week.

 

However, we still covered 7 big auctions today, resulting in 7 pass-ins with 3 selling after: Scott Patterson of Kay and Burton on Belmont at $6.5m, Kevin O’Brien of Jellis Craig on Coppin, and Stephen Smith of Marshall White on Lucas.

 

What does this mean?

 

  • At the Top End, little is jumping from the blocks as we start Spring.

 

  • Auctions—really? Is this the only way to sell homes? There was NO competition at any auctions today. None whatsoever. Granted, it forced a result in 3, but wow—not one auction had competition.

 

  • Strategy: When you are not bidding, or bidding against yourself, as were the bidders at Coppin, Belmont, and Lucas, what is your strategy as a buyer to manage risk and price?

 

Great photos and reports from Randall and Kathy. Thanks to Sim as well.

The Mistake Smart People Make

Being In Motion vs. Taking Action

This is a solid concept, highlighted by James Clear above and in Atomic Habits, and it’s exactly what we’re observing in the market now.

 

People are often busy, as our Collingwood coach Craig McRae puts it, “getting busy.” But getting or looking busy doesn’t always translate to meaningful results.  9th missing the 8.

 

Action isn’t necessarily about speed; sometimes, good buy sell campaigns run at a snail’s pace. Most times what matters is the action.

 

Agents are in motion when organising auction campaigns, taking numbers, and making calls. They are taking action when they consciously communicate to secure an offer for the seller they represent—listening to the buyer’s needs and asking the right questions to achieve a result that benefits both parties – that’s action. Brain-dead monologues/rote calls/running around looking important are motions!

 

Sellers are in motion when they consider listing their home due to family needs or debate a price reduction after six months without an offer. They take action when they authorise that price reduction.

 

Buyers are in motion, a form of procrastination, when they visit home after home, analysing options, and contemplating market fluctuations. They are taking action when they contact a mortgage broker, engage a buyer agent, make an offer, and ultimately purchase a home, beginning their journey to new happiness.

 

It’s a solid article, and to write any more here would only be motion — perhaps take action, and read it!

Apologies to Mr. Clear, add in pivot & do nothing

How did you find James’s article? Above, I have taken James’s simple graphic and butchered it by adding:

 

  • On the left is a blue circle representing a state of no motion and no action, where life remains tranquil regardless of market conditions and external noise. If your PPPs (Price, Position, Presentation) are strong enough, sometimes someone else’s action comes along and captures you at your best! It’s a smart way to live your life and enjoy your family.

 

Example: I have essentially lived in the same place for the last 33 years, transitioning from coupledom to raising kids, through divorce, to being single in older age, and having the kids return home at times to save (intergenerational living). I have done nothing, yet the home’s value, supported by good PPPs, has consistently increased by simply staying put and not taking action.

 

  • On the right is action—yes, but with an ear for feedback and the readiness to pivot if necessary. In this market, like a lemming, your actions or those of your agent could lead you off a cliff.

 

Example: Auctioning a C-Grader, which in the current market can be an overpriced  A-Grader.

 

I completely agree with the famous American coach John Wooden, who said, ‘Activity is not necessarily achievement,’ although perhaps he didn’t mean it this way. He likely meant that action is often better than mere motion.

 

However, as we grow wiser, we sometimes find that inaction is better than constant motion.

 

Sometimes, we can simply be without doing anything.

 

Sometimes the market is saying rest easy my friend and wait till another day (seller) or be brave and seize the opportunity  (buyer).

 

Ah, the days of no email, no phone, and a peaceful walk in the mountains.

Is your agent a Motioner or an Actioner?

Agent rings you every month for the last five years, and then you trust him/her with your house to sell, because they seem busy.

 

When your campaign starts they continue to call their other 200 prospects every month, pass you over to a junior agent as you are locked in, and only have time for a 10-minute appearance at the open houses (because they are so busy).

 

They don’t call the buyers unless the buyers have a house to sell – too busy.

 

Every time you ring, they call you back, but every time you ring, they never answer directly. They only have 4 minutes as they have a meeting, then another meeting, and then opens, none of which are about your home. Wow these guys are busy.

 

Then, they manage to squeeze you into their incredibly tight schedule for a 15-minute pre-auction meeting at their office to discuss your $8 million home which will be at 11am on Saturday with another auction tight in before and after. Gee I hope its not a pass-in.

 

Motioner or Actioner?

G’day, my name is Mal. I am following up on how you went at the open house on Mary St on Saturday. Oh, you didn’t like it? Do you have a house to sell? ….Hello, are you there? Motioner or Actioner?

 

Hi, my name is Mal. I was wondering if you had time to talk about your visit to Mary St on Saturday. Oh, you didn’t like it? Fair enough. Could I ask what you are looking for in a home? Perhaps I can suggest some off-market alternatives. Ok, thank you, those are good PPPs. I did notice when we chatted at Mary St that your wife spent a lot of time in the main bedroom. Ok, that’s a fair point. I could arrange a private inspection for your architect to see if they have a solution for that main bedroom issue, as Mary St represents better value than Bedford and Ransome, which you mentioned you are also considering. I have several times available later in the week. Could I follow up on Wednesday after you’ve spoken to your architect? Thank you, Peter. Motioner or Actioner?

Julie and Chris, let’s get it to auction as soon as we can. Here is the marketing schedule, the schedule for something else, and this schedule and that schedule—here’s all our marketing material. Yeah, it’s all the same, but I’ll give it to you anyway. We will beat anyone on commission. Your house is sooooo good; just sign here. You don’t need to worry about presentation; this house sells itself. I know I’ve had a lot of pass-ins, but the market is flying. The issues were with the sellers—they just wouldn’t listen. C’mon, Julie and Chris, let’s find out what your place is worth. Motioner or Actioner?

Motion Burnout, Action Mistakes & Empty Diaries

As a sidenote: Like any high-performing buyer or seller agent, I have suffered (and so have my clients) from burnout over the journey.

 

But I have discovered that burnout was more about my constant state of motion than any constant state of action—because when you can’t function well, your actions stop, but the motion doesn’t.

 

You learn to smell the roses again, stay positive, rediscover your purpose, and then your life—and after that, if it’s right for you, your work quality—returns.

 

You learn to be dickhead-free, swim in cold water (or some fitness challenge), and be clear on your standards so you can act rather than react—you learn that bushfires are for the CFA, not you.

 

Today, I am as “busy” as I have ever been, yet many days my diary is completely free. I avoid regular meetings, make no, none, zippo cold prospect calls (never have). The only work routines I have is my morning routine. I review and plan around my client list, not any prospect list; results and homes I will visit; and I write marketnews 30 or so times a year.

 

Everything else I try and do (work-wise) is action for clients or my business that I think will count. And as I carry them out, I still make mistakes. But I’ve learned to make micro mistakes if I possibly can, listen to feedback, and pivot or pause (hold the line, if it feels right).

 

A good life is good actions, rest, and reflection—more so than a constant state of motion.

And to those of us who make more and bigger mistakes at home than anyone else. Happy Fathers Day!