Having ‘discussions’ with RE Agent

[Freq Flier 2013]

When I was selling my house, I got it in writing that a specific person would handle the auction. Also that there would always be 2 agents at the property and one had to be a specific person (the one who knew my property and all its features).

Once it’s all in writing, it’s hard for them to argue anything else.

 

[Pushka]

When I was selling my house, I got it in writing that a specific person would handle the auction. Also that there would always be 2 agents at the property and one had to be a specific person (the one who knew my property and all its features).

Once it’s all in writing, it’s hard for them to argue anything else.

Agree, but I’m finding it very hard to get this RE Agent to put much in writing at all. I email him, he calls, so what I’m then doing is sending him an email paraphrasing our conversation if I think there’s any contentious stuff. Doesn’t seem to be doing me much good. This guy was recommended to me from the builder whom we’ve been using for years, as being honest and upfront. He has attended all opens which is fine.

I’ve worked out why oldies just shouldn’t go through the process of selling their home but just leave it for the kids to do when they have passed on.

I’ve also done three Private opens as well as the two a week standard ones, and have to do another one tomorrow the day before the auction which I’m not so happy about. Today is going to be an awful weather day here in Adelaide and I will need to do a big garden tidy up tomorrow as the open and auction on Saturday morning will be too early to get anything done. I may cancel it if I go there tomorrow and it’s too messy and therefore pointless. Plus I’ll have to interrupt what I’m doing (eg hosing down and cleaning pool) to make it tidy then return to cleaning it again. And these private showings tend to be a bit of a dud. If it doesn’t sell at auction then I’m going to play hard ball for opens as it’s time consuming going back and forth just for one group. We’ve had over 80 through now.

 

[tgh]

Once upon a time we sold the house "au natural".. but now they are all tarted up to the nines at significant cost.
Is there any evidence that the effort actually makes more money than it costs in cash and heartache ?

We have been browsing for #2 son and the spit and polish means little to my value equation...

 

[Pushka]

Once upon a time we sold the house "au natural".. but now they are all tarted up to the nines at significant cost.
Is there any evidence that the effort actually makes more money than it costs in cash and heartache ?

We have been browsing for #2 son and the spit and polish means little to my value equation...

It’s a relevant question. We purchased this house very much undressed. Needing a lot of attention. On the other hand when you walk into a house and the decor is awful that’s off putting too. I don’t like seeing other people’s photos etc. That puts me off. The furnishing chosen has been commented on and people do get ideas from that. The artwork is really effective. And it’s a distraction if there is a paintwork chip etc. If your own furniture is poorly sized it can make the rooms look too small when they aren’t at all. But at the end of the day people still do have to like what they see structurally. And they do all end up looking the same! But the young uns unless they are into Reno’s want to have everything done and they just move straight on in.

Having a house that is clean and at least well maintained gives the impression that it has been cared for and that it is actually livable with no disasters lurking inside.

 

[VPS]

Once upon a time we sold the house "au natural".. but now they are all tarted up to the nines at significant cost.
Is there any evidence that the effort actually makes more money than it costs in cash and heartache ?

We have been browsing for #2 son and the spit and polish means little to my value equation...

Depends what you call significant cost. I had mine styled for around $1800 and I think it was well worth it. You can tell looking on line now which houses have been styled and others where the owners have gone to no effort to even declutter and as I am in the market to buy a new house I like the ones that are neat and tidy and nicely dressed because the owners have made an effort and hopefully that means they looked after the place a bit better as well. Some friends are doing up their deceased mothers place and it was very down and out. They've just done a few basic things but she is going to get it styled after seeing how well mine came up

 

[amaroo]

Are you going to drop the deposit % ?

 

[amaroo]

There is an auction half an hour prior to ours and think we got bumped. I’m waiting to hear from REA now. The auctioneer is a director and head of REASA so he’s not going anywhere.

This industry is just fraught with non and half truths.

Hate to say it, but it sounds like someone feels the other property might be a better performer on the day. Good luck with the auction tomorrow!

 

[Pushka]

Hate to say it, but it sounds like someone feels the other property might be a better performer on the day. Good luck with the auction tomorrow!

That one is advertised for half the price so probably broader appeal. Anyway they’ve switched back to the original auctioneer now. Cluster indeed.

 

[moa999]

To be honest though, apart from in their own mind, I've never met an auctioneer who changes the result.

You either have multiple buyers or you don't and most people stick to their budget and bidding strategy

 

[Pushka]

To be honest though, apart from in their own mind, I've never met an auctioneer who changes the result.

You either have multiple buyers or you don't and most people stick to their budget and bidding strategy

Yes and that’s true. I think it was more a sign that I can’t actually trust much of what they say. And there was no explanation as to why the other person was brought in. Like they didn’t think we’d notice or something yet weeks ago they were saying how great it was that we’d booked the auctioneer we had. And then didn’t. Trust has been very much eroded.

We won’t know how many bidders we have if any until five minutes before. We’ve been told from multiple sources that there are sub groups of the buying population who will not register until the last five minutes. It’s at that time they will disclose their terms (% deposit and settlement period) and then we have the right to accept them as bidders or not.

 

[Pushka]

Hate to say it, but it sounds like someone feels the other property might be a better performer on the day. Good luck with the auction tomorrow!

And chatting now with MrP we came to the same conclusion which if that’s the case is simply unprofessional. I’m meeting with other Agent tomorrow with the private showing and express our disappointment over the last couple of days. Our original agent seems to have gone AWOL.

 

[Julesmac]

Wow that's making me feel very happy we decided to appoint a vendor advocate to work on OUR behalf. We know the agent quite well and wanted him all along, the Advocate interviewed him and 3 other firms& appraised their proposals; he's already earnt his fee in reducing the commission and advertising costs.

The Agent is happy, he'll be the auctioneer & I trust him and believe he'll do a good job for us. But I also believe he is an honourable and decent man, judging on how he has dealt with 3 people we know who have used him. I also think we are pretty fortunate coming across him - because there are plenty of sharks about.

We had the house styled (in this particular area of inner south eastern Melbourne) staging is really a must whether or not you feel it's necessary - which I did. I am really delighted with the result, it looks classic and classy. Furniture & artwork chosen to suit the house; somehow it looks much bigger. We have scrubbed every inch of the inside & out & painted internally. We have always maintained our home well. I guess I'd have reduced the contents by at least half. What we are wanting is for people to walk in and be able to imagine themselves living here. Staging cost around $4,000 for 6 weeks - that's for full lounge/dining/hall/study furniture as well as artworks and soft furnishings. I expect to get that value back well and truly; reflected in the sale price.

 

[Pushka]

f

Wow that's making me feel very happy we decided to appoint a vendor advocate to work on OUR behalf. We know the agent quite well and wanted him all along, the Advocate interviewed him and 3 other firms& appraised their proposals; he's already earnt his fee in reducing the commission and advertising costs.

The Agent is happy, he'll be the auctioneer & I trust him and believe he'll do a good job for us. But I also believe he is an honourable and decent man, judging on how he has dealt with 3 people we know who have used him. I also think we are pretty fortunate coming across him - because there are plenty of sharks about.

We had the house styled (in this particular area of inner south eastern Melbourne) staging is really a must whether or not you feel it's necessary - which I did. I am really delighted with the result, it looks classic and classy. Furniture & artwork chosen to suit the house; somehow it looks much bigger. We have scrubbed every inch of the inside & out & painted internally. We have always maintained our home well. I guess I'd have reduced the contents by at least half. What we are wanting is for people to walk in and be able to imagine themselves living here. Staging cost around $4,000 for 6 weeks - that's for full lounge/dining/hall/study furniture as well as artworks and soft furnishings. I expect to get that value back well and truly; reflected in the sale price.

Our RE Agent too was chosen based on others experience. I’m wondering now if that means simply a happy outcome. Currently the process is bothering me.

 

[SRS65]

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Our RE Agent too was chosen based on others experience. I’m wondering now if that means simply a happy outcome. Currently the process is bothering me.

Unfortunately the RE industry in SA has a number of questionable individuals and firms from what I am led to understand.
Most recently a prominent SA agency was duped by an unscrupulous employee who took all their data and records to another agency when disciplined for not maintaining standards supposedly.
This agent is now employed by another prominent agent - EVEN after being found to have done this terrible act.
The fine incurred was large BUT the agent concerned hasn't been disbarred and is still working in the industry.
It shows that they can get away with anything IMO.

Enough is enough

I’ve had enough. Guilty as judged Hooper/Harris and yet Hooper.

www.linkedin.com

Hope the auction goes well - and please stand your ground when the RE agent deploys all their "sell" tactics while the auction is taking place and the pressure is on.

 

[DC3]

… Hope the auction goes well - and please stand your ground when the RE agent deploys all their "sell" tactics while the auction is taking place and the pressure is on.

The Agency wants that commission. No sale = no commission.

 

[ozfflyer]

despite what agents/media/pollies tell you, it's definitely a buyers market. Auctions don't work in a buyers market EVER.

& registered bidders mean nothing. Agent/vendor often organise dodgy bidders who are told the reserve & to not go above it.

No purchaser likes paying for inspections, when they might not be highest bidder.

So if a listed price or offers over $x, you can offer anything you want.

Never ever offer over $x, even if agents says they won't look at anything under.

A smart agent will always get any offer on paper. A smart vendor will not tell agent how desperate he/she is. Sold a house once for 60% of asking price.

Got an offer of 50% & was young & naive at time & was almost embarrassed to go to vendor.

Anyway, he counted with 70% of asking price & ended up selling for 60% of asking price. It was in a recession. The asking price was reasonable, but vendor was desperate, but didn't tell me.

Have also been on other side of fence recently. Offered 86% of asking price (which in retrospect was too high for opening offer) & dumb agent said vendor wouldn't take it & didn't even get offer on paper(always put time limit on offer of a few hours). Vendor gave up terying to sell & few months later tried to sell himself, privately. I offered exactly what the dumb agent said he wouldn't take & turned out the agent didn't even pass on the verbal offer, cos he thought the vendor wouldn't take it.

 

[SRS65]

The Agency wants that commission. No sale = no commission.

Exactly !
So the pressure will come on to sell ensuring they get their commission - regardless of price gained for the vendor IMO.
"While the buyers are here"
"You might lose them"
"It's only worth what the market is prepared to pay"
....the list goes on !

 

[zenyattamondatta]

despite what agents/media/pollies tell you, it's definitely a buyers market. Auctions don't work in a buyers market EVER.

In such a stratified and heterogenous market as real estate, there's nothing as simple as "a buyer's market".

And what you say about auctions never working is wrong anyway.

 

[ozfflyer]

In such a stratified and heterogenous market as real estate, there's nothing as simple as "a buyer's market".

And what you say about auctions never working is wrong anyway.

it's completely a buyer market everywhere in Australia & auctions only work when a number of real bidders. 1 real buyer does not make an auction.

Saw a really smart buyer once, who hired a private eye to find out about the vendors financial situation.

Apparently cost buyer $10k, but found out the vendors business was in trouble. As a result buyer lowered his offers & eventually after 3 weeks of back & forth, think he saved about $1/2m, so $10k was nothing.

 

[RooFlyer]

it's completely a buyer market everywhere in Australia

No, its not. Do you know the situation in all the markets outside the major capitals?