Hi all,
We are selling our PPOR and the REA has said that another REA in his office is interested in our place. He says if she buys it we pay
NO COMMISSION!!! How can this be? Is it an unwritten rule to waive this commission for fellow REA’s? Or is this likely to be paid for by the Agency as like a fringe benefit or something?We are at a loss as to how this can happen and are yet to speak to the agent other than briefly on the phone.
It doesn’t bother me if this happens (should it?) as we would be expected to drop our price by the commission amount (leaving us the same net amount). The vendor we are buying off knows of our intention to buy and by selling to this REA we are seen to be dropping our price substancially to get the sale so we can by his place, so he can buy etc. We can then squeeze him for a better deal.
Anyone got any ideas?[saywhat]
Matt
Hi Matt,
I work for a REA and without going into too much detail, I would say get a second opinion first from another REA. Also in Vic, a REA is required to sign a form, of which a copy is sent to a government department so that they are happy the sale price was fair and just.
Are you happy with the sale price?? Get a second opinion. My thoughts only, I am not giving advice as a REA.
Luke
ChangingPlaces Real Estate.
Save up to 65% on Real Estate commissions.
Email: [email protected] Web: http://www.changingplaces.com.auHi Luke, thaks for the reply.
If all the buyer does is reduce the price by the commission amount and negotiate a bit we would be very happy with that. As it is, things are a bit slow and we set the sale price not the REA.
We are in QLD and to my knowledge there is no regulations like VIC.
I have offered “low ball” deals in the past where the seller has demanded the agent reduce his commission before he will accept my offer – I just thought it would be something like this.As far as I can see, if he wants to drop his costs for selling my house, that’s fine with me.
Anyone else?
[beatnik]
Matt
They can not by law charge you commission in QLD.
Its covered under the section “Beneficial Interest”
http://www.legislation.qld.gov.au/LEGISLTN/CURRENT/P/PropAgMoDA00.pdf
See page 122 section 145 special note part (4)
David J
Licenced Agent/Sales Manager
You must be logged in to reply to this topic. If you don't have an account, you can register here.
