I’ve heard it said recently that the property market is like a jousting match – two sides running towards each other to duel for their honour. Ever since, I’ve been trying to unpack the metaphor. The two knights are buyer and seller; that’s pretty obvious. The honour, I guess, is monetary value in the form of profit or savings. But why is jousting involved, or any medieval contact sport, for that matter?
I feel like it must be meant to convey a sense of organised and competitive brutality that some people perceive in the property market. Personally, I don’t feel that it warrants such a dramatic metaphor, although on some level it does illustrate something about the process. In a sale, a prospective buyer and the vendor face off in a sort of battle of wits, testing the will of the other by pressing them to accept a higher or lower price (depending what side they’re on).
I’d be inclined to describe this dynamic as more of a tug-of-war than a jousting match – there are two sides, yes, but they’re not running at each other so much as attempting to hold their ground and their grip in order to control the situation, and eventually wear the other party out. Regardless of how the metaphor stacks up, though, we need to ask what practical takeaway can be had from these observations.
I’d say it’s that both sides need a representative in their court, right from the word go. Viewings and negotiations are opportunities to be swayed, and an experienced professional can help limit the likelihood of this. For vendors, real estate agents generally fill this role, so it’s extra important for buyers to engage buyer’s advocacy services. In the Melbourne area, there are companies that provide this service, and it’s important for people to know about if they want to come out on the right end of the tug-of-war.
And if it does end up being a jousting match? Don’t ask me. Maybe you’re less likely to get skewered.