Agency Boss Lashes Out

The information in the article is with the courtesy of RealEstateWeb and Tony Clarke (“Estate agency boss lashes out at stock brokers, financial intermediaries” – 27 October 2008.)

Tony Clark, Managing Director of Rawson Properties, said yesterday that he has become tired of the negative merchants whose advice it is to “hold back and wait and see”, while actually they are missing out big time. He added that financial services are usually the ones who try to flog shares and financial packages on the ground that these are now greatly discounted.

Clarke is convinced that the wait-and-see approach results in consumers losing out on the best deals, and in the process they are paying 20%-40% more than they could have. He also added that in his view, the right time to buy is when others are selling; indicating that the economic cycle is at its lowest point. Even Warren Buffett agrees that it is wise to buy when everyone else is scared and to be scared when everyone else is buying.

According to Clarke the property market is now either already on an upswing or is close to bottoming out. This means that no further serious falls in home values are expected.

Clarke continued to say that no one knows when the bottom of the cycle has been reached, but we can look at the signs, which at the moment are pointing to a brighter future. Clarke lashed out at stockbrokers, saying that it is time to show a bit more respect for the opinions of those who have made a comfortable living by investing in property, like chairman of Rawson Properties, Bill Rawson.

Clarke admitted that he would rather follow the advise of those putting out an optimistic view, than the negative advice of some ‘experts’ and economists.

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