About Us

MikeMike Kazacos – Director

Mike graduated from RMIT with a Bachelor of Applied Science Degree in Surveying. Over the past 35 years, he’s worked in service related industries, owned a couple of businesses and developed the mature and practiced skill set required to negotiate successful sales outcomes.

Mike is a Licensed Estate Agent and a Director of Vendor Partners, an Agency he created in 2009 in response to the growing dominance of major property portals and changing consumer behaviour and needs.

Indicators of change
“As property websites become more sophisticated, buyers are focusing their attention and research on-line. These websites claim that over 90% of inquiries are initiated from internet listings…. and that’s probably right.

  • The majority of agencies occupy prime retail space on the ‘High Street’. But the importance of these locations and the display of property photos in their windows become less important with time in terms of finding buyers for those listings.
  • Print media continues its rapid decline where property ads usually paid for by the Vendor, probably do more to promote the Agency than the property.
  • Property websites are a great equalizer. The format allows the small agency to pack as much punch as the biggest and often at a lesser cost to the Vendor.

Impact of dedicated websites on international markets.

The fastest growing area of real estate is the DIY model, or more commonly known as “For Sale By Owner”. While it has not yet impacted to any great extent in Australia, in the UK around 10% of properties are sold without using an agent while in the USA the numbers fluctuate between 15%- 20%. There are several reasons for this:

  1. Population numbers are high in those countries, so dedicated websites have developed which service Owner advertising needs directly. (Try advertising on Australia’s major property websites without going through an estate agent).
  2. Buyers can find properties for sale quickly and easily on line and no longer need an agent to tell them what’s available, provide property details or local area information.
  3. The Owner pays no Agency Commission.

An interesting statistic from Brad Stone, senior writer for Bloomberg Businessweek:

‘In 2008, Stanford University economics professors B. Douglas Bernheim and Jonathan Meer published the results of their study of nearly 30 years of house and condo sales on the university campus. They found that an owner’s use of an agent to sell their property reduced the eventual selling price by 6.8% percent (on average), compared with homes sold by the owner directly’. One conclusion was that the aims of owners and agents were often in conflict.

The future offers greater choice

Over time, we believe it is inevitable that Australia will follow overseas trends. Owners will be more empowered and have a greater choice of options and so the role of the traditional agent will be modified to cater for different market needs.
Some Agents may be called upon to perform only some of the functions they presently undertake for some clients.
Perhaps elements like the marketing and promotion of a property or negotiating final sales price and contract terms. Owners will
become less reliant and have greater choice, which can only be a good thing.

Our hybrid service is just a first step in this inevitable direction. But in the meantime, clients can be confident that every service we offer employs checks and balances to ensure the highest ethical standards to protect their interests, whether they are buying or selling”.

 

 

 

Read more about Vendor Partners here >>>
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