Auctioneer Justin Nickerson hits back at Australians who criticize ‘soulless’ agents

An auctioneer defends the property industry against accusations that it is full of ‘soulless’ and ‘shady’ scammers who are only interested in their exorbitant commissions. He shares his best advice for potential buyers and sellers.

Estate agents are the least trusted professionals in the country, but Justin Nickerson, managing director of Apollo Auctions Australia-wide, argued that the much-criticised property industry is actually made up of caring and hardworking people.

“I know how the public generally feels about people in property, but I think they are just like any other profession,” Nickerson told Daily Mail Australia.

In Australia, real estate agents typically charge a commission of 2 to 2.5 percent of the total property sale price.

For example, if you sell a house for $1 million, you will pay approximately $20,000 – $25,000 to the real estate agent responsible for the sale.

Mr. Nickerson was responding to critics who believe real estate agents don’t do enough to justify their high fees for selling a home.

‘Within this profession there are fantastic and hardworking people, but there are also people who don’t do the right thing, just like in any other profession.

“I think the biggest misconception is that people just don’t care, that they’re just soulless in the way they do their work.”

Justin Nickerson (pictured), managing director of Australia’s Apollo Auctions, argued that the much-criticised property industry is actually made up of caring and hardworking people

Mr. Nickerson has been an independent auctioneer for 15 years and has worked with thousands of different brokers.

“The vast majority of these people are hardworking and dedicated professionals, just like most other people in their day-to-day work,” he said.

Mr. Nickerson encourages potential sellers to take the time to do their research and find a good real estate agent who can get the best price for their home.

“The difference between choosing someone who is good at what they do and someone who is not, in this case, could literally be thousands or hundreds of thousands of dollars,” he said.

“You need to do your research to make sure you go with someone who you feel is the best candidate to represent your home because he or she is your ambassador in the marketplace.

And once you do that, you have to trust that person. I know that using the word “trust” with realtors kind of goes against the stereotype that they’re sloppy and just trying to close a deal.

Mr. Nickerson (pictured) encouraged potential sellers to take the time to do their research and find a good agent who can get the best price for their home.

“But you have to trust what they say, because they are your eyes and ears for the market.”

According to Mr. Nickerson, the most important thing for potential buyers is to have a plan.

“A lot of people go into an auction without a plan,” he said.

They will say, ‘I’ll wait and see what happens and whether it falls into my lap.’

‘But that’s like trying to win the lottery without buying a ticket.

“If you want to buy it, you have to bid and have a plan. Otherwise, you’ll be overtaken by someone who does have a plan.”

The esteemed auctioneer recently made headlines when he shared a video of a tense dialogue with a bidder during a recent auction.

“Late registration ma’am, can I include you?” Mr. Nickerson was heard asking the woman.

She hit back and said, “I’m involved, but I’m waiting for you to do what you need to do.”

Mr. Nickerson told the woman he was “going to sell it.”

She snapped back and said, ‘That’s fine, you do it. Do your job.’

House prices across Sydney are starting to cool as high interest rates soften the market

After the third and final call, Mr. Nickerson closed the auction and sold the house to another bidder for $2,115,000.

“It’s pretty unusual for a situation like this to occur,” Nickerson noted.

‘Although it is an emotional and stressful time, everyone usually continues to act in their own way.’

That said, he has had some “very unusual” encounters at auctions.

“We had one last year, just as the auction was starting, a car drove by and looked at us with its bare ass,” he added.

“We’ve also had situations where a father and a daughter were bidding against each other.”

His comments come after he warned that the prospect of higher interest rates for a longer period has dampened the housing market as house price growth slows in the winter months.

According to CoreLogic’s daily index, national home prices rose by half a percent in the four weeks ended July 18, down from a 0.7 percent increase in the same period last month.

According to Kaytlin Ezzy, an economist at the real estate data firm, the slowing growth is likely due to persistently low consumer confidence and still high inflation.

An increase in advertised inventory levels in some markets also played a role, she said.

“With high living costs and increased debt service costs already putting pressure on many household budgets, it is likely that some potential buyers will delay their purchase decision until the interest rate outlook is clearer,” she said.

This has likely led to a decline in demand and a reduction in tension in the housing market, the economist said.

Two higher-than-expected monthly inflation figures have prompted some economists to push back their timetable for rate cuts.

Much depends on the second quarter inflation figures due later this month. There are warnings that a disappointingly strong result could even lead to the Australian Reserve Bank raising interest rates again at its August meeting.

The decline in house prices was most pronounced for homes, as they were less sensitive to market conditions.

Compared to mid-sized capital cities, which have been experiencing strong growth for some time, prices in Sydney fell faster.

House prices are falling and homes are less sensitive to market conditions.

“Affordability remains a key driver of growth, with the cheaper end of the market more resilient to high interest rates,” Ms Ezzy said.

In Brisbane, Adelaide and Perth, house price growth slowed slightly through early July, signalling the first signs of weakening demand.

Tenants also see light at the end of the tunnel: the number of vacant rental properties is increasing nationwide.

According to SQM Research, the vacancy rate now stands at 1.3 percent, while rents in the capital cities rose by just 0.1 percent in the 30 days to July 12.

According to Louis Christopher, the firm’s director of research, renters will have to wait a while for a significant improvement in the market, but “the days of annual rent increases of 10-20 percent or more are over.”