How To Decipher A Property Advertisement
Assuming, even as an ulterior motive that real estate agents may have a role other than promoting sales could be a very inaccurate appreciation of the reality in the field, this probably explains why they are committed mostly to focusing on the Property’s finest features, using affirmative descriptions that don’t always match up.
Be that as it may, there is a law principle of ‘caveat emptor’ in common law, which means ‘let the buyer beware’. Bearing all these in mind, it is understandable why some adverts are actually ludicrous.
A coastal Queensland property, recently listed for almost $900.000, offered ‘a rare opportunity’ with ‘endless possibilities’. ‘The property holds very strong bones and really is the perfect black canvas’ according to the advertisement.
It may be a liveable home/property or probably the owners made it part of the way through renovations before running out of money. Whatever the case, this property in all likelihood needs some love, which is work, before anyone would want to live in it.
Michael Yardney from Metropole Property Strategist who has as main activity decoding ads for his clients and matching them with suitable properties, explained that property buyers are bombarded with all sorts of marketing jargons, and often, agents use artfully crafted phrases dedicated to catch your attention.
He further offers a tongue in cheek guide to the colourful words that real estate agents regularly use; in his words, “if you see these terms in any real estate marketing piece, you’ll know what they really mean.”
‘Cute’ ‘Cozy’ or ‘Adorable’ = Small, Petite and Cramped
‘Handyman special’ = Better have a great deal of time, money and an amazing set of tools
‘The backyard is your canvas’ = There’s nothing but dirt back there
‘Easy access to freeways’ = Hope you love the sound of 18-wheelers at 2am
‘This home is spotless’ = No one has lived in it for six months
‘Retro’ = Shag carpet, Linoleum and line green appliances included
‘Motivated sellers’ = Overpriced and/or mortgagee’s foreclosure is looming
‘Unique’ or ‘One of a kind’ = Owner is a creative painter: Think magenta, chartreuse, polka dots.
So, if you are thinking about buying contact us before you hit the streets to find your perfect property.
*This information is not to be relied upon without speaking to your finance broker, tax agent or financial adviser.