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Proptech Carpool – Buying Opportunities ft. Damien Cooley

March 19, 2019

Leading auctioneer Damien Cooley from Cooley Auctions talks: Challenges, Opportunities, Clearances Rates and Valuations for real estate in 2019.

Check out what Damien has to say about the year ahead in real estate.

Like our videos? Don’t forget to subscribe to our Proptech Carpool series here.

Here’s the transcript of the video:

2019 I've seen things have changed a lot over the last kind of 6 to 12
months definitely in Sydney. how are you seeing things playing out 2019. we're
really excited about 2019 we're gonna have a great team of auctioneers ready
to take on the market. there's no doubt that the markets are not as good as it was
there's been significant change in how many people are turning up to auctions
and bidding and competing I think that there will be a few more challenges
around for agents to be able to help owners understand the importance of
going to auction I think that there is a big misconception about only auctioning
in boom markets auctioning when the market is flying to to take advantage of
a huge buyer pool and competition whereas auction is so much more than
that it's about creating urgency around a sale it's it's about forcing the hand
of a buyer to make a decision it's about valuations live valuations on
property it's about making property more saleable in a shorter period of time
I really believe that it's the most effective way to get the best result for
the owner in the shortest period of time and also the most transparent way for a
purchaser to buy because they can see who they're competing against we feel
that the better agents in the industry will be doing more auctions
we feel that whilst auction clearance rates will come back and they have
we're seeing clearance rates right now hot in Sydney hovering around that forty
forty five percent mark we've just had our Sydney Metro clearance rate released
today for December at 34% that's a lowest auction clearance rate
that we've ever had in our business is that bad news I don't believe so I
believe that it's just a clearance rate if you looked at what the private treaty
clearance rate was for 28 days of the market it would be significantly less
than 34 percent yes so don't judge what the clearance rate is by whether you
should be going to auction or not. Judge the clearance rate by how the market is tracking.
auction is just a marketing strategy that we use to get the best result for
the owner in the shortest period of time so there will be challenges there will
be agents that leave the industry the market will be harder properties will be
more challenging to sell but I actually think that it's an exciting time for
good quality agents as I think that vendors will be attracted to good
quality agents as an agent in 2019 you'll need to be on your game you'll
need to know what to say when to say it and produce that sentence effectively at
the right time to get that buyer signing a contract when they need to and when you want
to close that deal yeah and I think that owners will be attracted to those
agents who can close deals in 2019. yeah good point. Damien Cooley thanks for
joining the proptech carpool with Soho. my pleasure. Thanks for having me
Soho
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