OT - Real Estate Salesmen (Salespeople)

Where abouts in Qld are we talking about Kevin?

I though most places seem to be easy to sell these days, based on the right price.

I'm surprised that they can't give you a firm price for the market......that should be one of their skills, knowing the market.

What is never get is the fact that it costs $20000+ for their commission, yet i don't see what they could possibly do that is anywhere near that price. Talk about a huge markup on costs!

Good luck with the sale...

andrew

I have a mate who is a real estate sales man and is a good fella. He will try to appease both parties (buyer and sellor). This guy you describe is making too much money because he is not doing anything for you except offering excuses. Get rid of him after the 30 days and find one of those "plenty in the area" ones to do it who is looking after your interests.If they are making 20k they should be in constant contact with you not giving lame excuses. For 20k there should have been no such things as photos in a hurry - is this guy a professional or not? Price range 500 to 1m and you settled on a mid point - give me a break, does the real estate guy know anything about properties in his area? For a property in that price range he should be able to get within 50k at the worst. Like I said he is looking for an easy sale, he is making too much money and is not earning your business - get rid of him asap and if you are keen to sell get someone else to do it. Just my two bobs worth.

My parents paid $400,000 cash for a house earlier this year.

The agent worked really hard until he got there $10,000 deposit,( probably his commission) then next to nothing there after.

Real Estate Agents are like Car Salesman Parasites.

Cheers Steve.

If you settled on a mid point,let the agent know that said 1mil he should make an easy sale and be grateful for 40% alternately he should be able to sell it for a bit over the asking price and then both agents would be well paid.....if not perhaps he misled you

I'll give you a $1000 . . . . cash.

No need for the Agent.

; )

Kev, your surname isn't Rudd is it? Are you relocating to Canberra?
LOL.
Seriously, can I suggest you get and pay for an independant valuer to assess your property and he will give you a price range that you can expect to realise for the property.
If your area is in a sellers market area, List your house for sale privately and engage a land broker or solicitor to complete the transaction when you have made a deal.
For a couple of thousand dollars, you could have one of those flash sign boards made and erected out the front and do your own advertising.
You have your interests at heart more so than the agents will ever have.

Mate- if you're not busting your guts to sell the joint, put the price on it YOU think it's worth, and what you'd be happy to get for it.
We weren't pushing to sell ours, but just sat on the price. It took nearly 10 months and it sold- at the price we wanted.
We had a 60 day deal with the agent- that of course expired, but we left it with him anyway- and (Ithink) he did the right thing by us.
I guess some of the pirates in the industry would give you an over price- to get your business, where as other would give you bottom price knowing it would be easy to sell.

looks like he,s trying to buy it for a mate

Hi Kevin,

From a different point of view: the owner of the last place we rented waited 18 months to sell the place and I put it down to one thing; lying. Real estate agents lie about the properties they are trying to sell. We all know the 'ocean views' that you have to stand on your tippy-toes in the bathroom to look between other peoples' homes to get a glimpse of blue.

They promise things that, on in inspection by a prospective buyer, aren't true.

There is someone out there that your home is perfect for. But they don' t know it because the RE agents are trying to sell it to someone else by not stating what it really is.

This particular place was advertised as a natural paradise, but the market that it attracted came and saw lantana infestation etc.

It is sad times when the truth seems like a revolutionary idea!

Sell it yourself and sell it to somebody that wants it and you will get the price you deserve......

Sounds like he is just trying to make his job easier

I sold a house in Brisbane 6 months ago through an online real estate agency. I had a contract on it within 2 days of it being advertised online. I even had 2 potential buyers upping their bids to get the deal. The house I bought had gone on the market the same day i made an offer on it. Agents are making easy money at the moment.

If you have the right house and the right price on it all you should need these days is someone to get it on to a specific online advertising board for you - which unfortunately means that you need to go through a registered agency.

I heard about one lady in inner-south Brisbane with a $2m home and all she wanted was to get it listed on the specific online advertising board but no real estate agent would even reduce their $70,000 commission to secure her custom. Eventually when she got it advertised it sold in a week! Think of how easy the money would have been for someone willing to drop 20% off their commision to get the business.

Agents are not having to work hard these days so they are not interested in anything "difficult'.

Hi Kevin J

I am a Lic Real Estae Agent (not in QLD). I understand your dilemma and can sympathise with the other forumites who have responded here to your post. As one pointed out , get a sworn valuation first. That is a valuation by a qual valuer , not an appraisal by an Agent. Secondly as your property sounds somewhat unique or located out of town?? your prospective pool of purchasers may be smaller . In which case it may be advisable to multi list it with say 2-3 Agencies on a general listing. (Most Agents do not like this)

As for the $20,000 commission, this is not outlandish. Plus, a good agent will always get you more than you will yourself. And, purchasers will always trust an Agent more than an owner seller - strange though it seems.

Do not listen to well meaning people who tell you to put the price on it you want. The market and only the market determines what a property will sell for. Not you and not the Agent. If you put a silly price on it, sure it will eventually sell as the market will eventually rise up to meet your price, but in the mean time it has been on the market and seen as a lemom for a long time. Either put a fair well researched price on it in order to sell it reasonably quickly, or do not put it on the market until such time as the market will give you what you want.

Kevin
The agent is right - the price is too high - I'm not saying he's any good just right.

How do I know and I haven't even seen the property you ask. If the price was right the buyers would come.

The only reason you need an agent is because it's convenient. You can sell the property yourself if that's pratical. Let me explain.

Sell your home like you sell your car or anything else - it's no different for real estate. Start high and work down.

Only 3 things can happen when you put a property on the market:

1. Nothing - price too high
2. Inspections but no sale - price too high
3. Inspections, 2nd inspection - SALE.

To get to 3.
Set price - no sale - drop the price - still no calls - drop price again. $$ drops depend on your time frame.

When you start getting more inspections you're close to the market price, thats' when you know the 2nd inspections and offers will come.

We all think our home is worth more than someone is willing to pay. My fully serviced 4wd is worth more those others - yeah right.

Every now and then you get lucky with a quick sale with a 'heart' buyer (buy with their heart not their head) who'll pay top price but usually if they don't come early you'll usually wait many more months to a year for one to turn up.

That's when you hear "oh, I got my price" - of course you did it took 12mths for another 'heart' buyer to show OR the market came up to your price. Usually the latter because the property is stale by this time.

We all sell stuff and usually start higher than market which is usually only a rough guess anyway especially with real estate, it's a more emotional purchase so price is difficult to determine. This is why you start a little higher than market but only for a short time - keep it fresh.

Even valuers are having an educated guess, it's not an exact science. Line up 5 and you'll get 5 different prices just like the agents. Only difference here is valuers try to tell the truth whereas the agent wants to 'buy the listing' so tells you what you want to hear. Usually the auction agents.

If you knew today what the property sold for eventually (time machine needed here) all you would need to do is whack that price and a little bit more for negotaition and the buyers will come like bees to the honey. Buyers are only attracted to properties that are competitively priced and stay away from overpriced ones - the only inspections these get are the buyers just starting to look to get an idea.

Sell it yourself - Buyers will find your property with or without an agent if it is priced right.

So many people pay huge amounts advertising their overpriced homes. Agents overprice homes and then spend your money advertising to buyers but they are really advertising themselves so the next poor sucker vendor comes along and feeds the machine with their money. The Courier Mail use to sponsor the real estate advertising awards.
With commissions so high these days the agents should pay for all advertising. Why do they want money straight away when they haven't even checked if their current buyers, attracted by the tons of advertising and open for inspections for previous properties, will buy the property.

BTW - Open for inspections are for overpriced homes to get some action for the vendor - you need the agent to spend one on one time in the home with individual inspections.

There are good books on how to sell yourself OR just drop the price.

Real estate agents are like any profession, there are good and bad ones. Some vendors blame the agent for not bringing the buyers but they are also the vendors with $45,000 on their 1993 80 series.


Yes, I use to be one for many years... couldn't handle the bulls..t.

Sorry if it sounded like a lecture, it wasn't - email me if you want a free advisor.
John

Kevin, Johno (above) has given some pretty good advice. The key thing is that buyers, not sellers set the price of real estate. Even if you get an official valuation, that can only be a guide. If no buyer will pay that much, it won't sell. If you have a property that for some reason (doesn't matter what it is) will attract only a limited number of prospective buyers, making a quick sale at 'your' price can often come down to luck.

The SE Qld market is doing quite well at the moment (well it is on the Gold Coast and areas nearby), so if you have a desirable (to others) property that is well priced and well marketed, you should not have a problem.

So unless it is a difficult to sell property (ie appealing to only a small number of potential buyers), the problem is either price or marketing.

You have an exclusive arrangement with your current agent for the balance of 30 days. If you are not happy, change agents at that time. If it still does not sell, it is more likely price.

In choosing an agent, the appraisal (selling price) they give is just about the last thing to consider. If one or two are way above other appraisals, they either don't know the local market or (more likely) rely of foolish sellers who list with whoever quotes the highest price. They then do what you agent is doing. Come back and say if you want to sell, you will have to drop your price. Getting the listing is the main objective for most agents.

What company has the most listings in your area? Are they selling properties? That is a good place to start in selecting your next agent if that is the direction you head.

Good luck.

Being in the Building Industry over 30 years, selling spec home properties through Real Esate Agents, I would suggest you spend a few hundred to get a qualified and licensed valuer to do a proper valuation. Regardless of the integrity (or lack of) of any Real Estate Agents, it would prevent you from feeling ripped off if it sold in 10 seconds, and can prevent a long wait trying to sell an overpriced place.
List the property with 2 or 3 reputable agents, not necesarilly local, at a price YOU decide is what you can live with.
I have seen too many Sole Agencies simply use a house to sell up or down from, in the knowledge that they have "X" ammount of time before they have to actively push your property.
and, if another agent manages to get someone interested, they do a deal and still get half commission for virtually nothing.
The price range you seem to be in puts you above the typical first and many second home buyers, and this leaves you with buyers a tad more discerning and Real Estate experienced, so the old coffee and fresh baking bread smells won't influence them.
I would also suggest you avoid auctions, unless you have a unique property.
Cheers
Ian

I agree with the valuation bit. I dont agree with the bit that the buyer always sets the price.

How can they set the price of this home if they have never been in it and from poor photos. Go get someone who wants to earn their money and earn some respect from you at the same time.

I know of quite a few homes that could not sell due to lazy agents saying they were overpriced, or looked wrong in the photos. I have one 4 doors up. No one would come look at it from the photos, until one day an agent did his job and took someone who he qualified as the right person for the home inside and end of storey. sold. The inside and back of this home is impecable and way upmarket. Front wasnt too bad, just a problem with a paint colour that this buyer has since fixed. He got a special home all because the agent earned his way and did his job. they have to at least bring in qualified leads.

Maybe the problem isnt that the home is overpriced, maybe the problem is the agent himself does not attract the right type of buyers. Have a look at some of his other homes and see how long they sat if he has any like yours.

Why not sell over the internet. In your area people are relocating in droves. I would go myself if I could move SWMBO. Get someone who you would trust and believe in. They do not have to be from the same immediate area. For 20K i would travel 200kms to sell it if it was a quality home. Good luck, get a real valuation and do a bit of the work yourself researching the right sales office. You will sell as homes in the area need to be special in order to attract people from interstate, overseas etc. Good luck