Hi we are in the process of starting to invest in property. The property we bought as our family home we are currently subdividing into three seperate blocks with the subdivision 90% finished. Our goal was to live in the main residence (4 bed, with family, ensuite etc and granny flat) and build 2 other 4 bedders for the positive cashflow. Unfortunately we are in the positon of having to sell and move further north due to personal reasons. The problem is the house has been on the market since March and we have had hardly anyone through and no serious offers. I realise that the estate agent has not done his job very well in a marketing sense and in hindsight we should have done it ourselves however he has exclusive until the end of May.
We have another property we are interested in where we need to live that is also subdividable so we can get on with it there instead. I know Steve look for solutions to the problems however we are stumped on this one and would like to kow if anyone has any ideas.
Thanks in advance!Do you have open communication with your agent? Does your agent know you are unhappy with their performance?
I would “have a chat” with your agent, advising them that you are unhappy with the outcome you have received to date.
I would also make a list of rules/checkpoints for agents. This is for next time you want to have an agent working for you – you can interview agents and try to weed out better agents from the not so good agents. I would certainly seek references of previous vendors and contact them to see what the agent was like for them.
I would also make contact with other agents in your area. Should your contract become open at the end of may without property sale then you are ready to act immediately with a new agent.
There may be other possible factors that affect your property and why it is not selling. Is there a demand for your property in your area? Obviously nobody would want to buy a subdivided lot if there is an abundance of acerage surrounding it. And what makes your property so appealing?
Perhaps you could talk to your agent and suggest a better way of marketing the property to make it more appealing.
Good luck!
Learn, Love, Strive. Make a difference!
In defence of agents, properties prices and demand are flat. My understanding of exclusive agency agreements does not prevent you from selling the property yourself. If you feel you could do a better job as you stated, go for it. As long as it is not someone introduced to the property by the agent, I believe they have no recourse. Check your agency agreement’s fine print.
Robert Bou-Hamdan
Mortgage AdviserThanks guys for the good advice. Please don’t think I am bagging agents out we have some really good friends that are agents in our area. This particular one just has not done what he promised to do on the signing of the exclusive. However getting over that we will be starting next week to find another agent in our area as we have started a list of things we require from them. Thanks once again.
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