Im am dealing with a ‘combative estate agent’—my best description.
I want to sell my house in the 2166 area, its 900sqm, 1 in 20 flood zone with a single level original cottage simple put land value.it has a bonus $82000 grant from council, to assist with building, average cost of property in the area is 360k, the agents are honest as I know the family, I had several agents vetted by my solicitor so again honesty is not the problem. The problem is a lack of confidence by the agent’A’ in selling the property, I did the numbers and local sales have been below 300k- but the value I have found to be is 340k. I found agent’b’ who also agreed with agent ‘a’ but has the confidence to ask for 330k, I told agent ‘a ‘ I wont sign with him and he said I am being ripped off, no agent can get this price, they will push me down, he said get them to sign for 30 days not 90, the most you will get is 240k, —I know that at 340k I can borrow to build, and then sell in 12mths time at 500k all in this market, across the road is a split level 4brm house on 630sqm for 470k, people are building this style of house in this area.
What are these agents doing, people are selling houses upto 70k (my opinion)[blink]below market value are these agents bullying these people to sell.
In the mean time I will stick to my guns I told agent ‘b’ no sale no charge, no auction, at 310k watch out because I will rebuild and make the profit,- all this he has agreed to on 2.5% flat.
What would be your opinion
Finally try this one for size: agent ‘a’ :no asian will buy this house, its 13 which is death. Agent’b’ feng shui ? I give you…..go to council spend 250 bucks change the number
simple, do you see my problem, and I got a list
I am sorry I had to re-post this as i believe i placed it in the wrong forum section.im new at theses forums so i hope my point wasn’t lost- i thought an agent should act in the vendors interest to get the best possible price, not fight to prove and justify the lowest price, this hurts us all when valuations for loans and depreciation are done they are taken on the SOLD prices in the area-i am yet to sign with either but agent ‘b’ shows promise.
its been a couple of days its not my intention to use this as a log or blog or sell realestate–my apologies to all.
i spoke to agent’b’-told him my theory-in short, lazy agent(s)–agent sells house, buyer offers low-ball figure(culturally they like to barter), agent tells seller its the best they can do(agent knows best)agent’s got the commission, its in the bag(say $6500?) no incentive to chase 10 to $20k ($10,000=$250 2.5%) deal done and price set.later on bank/registered valuer/other agents use SOLD price to value properties–we all lose.
agent’b’ (lisc not salesman) got second opinion from his boss, same formular using SOLD prices value under 300k. my valuation was based on 1.$/sqm = $ per sqm 2.compared prices like for like 3.calculated cost of rebuilding noting capitalisation 4.phisically checked in the area what others are doing/done 5. stepped back to smell the roses and then saw this problem.
i got a few ideas like offering the agent $600 to cover his advertising if it dont sell- but nearer to MY price not his. i need to sleep on this one.i started this about a week ago, still no ideas, if i do the above the agent could say its the vendor’s price and tell them that the price is lower based on SOLD prices in the area, sell myself and the bank could value on the SOLD prices and not give the buyer the money– now i am getting quotes in general to build…. possibly build then buy elsewhere, refinance so the house i live in is my own and the place i built is IP with the tennant paying it off — shift work and lack of sleep, not always a good sign. i have a friend who knows an agent outside the area, i will give this a week and see what shakes loose.
Just to clarify…
Are you saying that the properties in 2166 are being sold for less than they are worth because the real estate agents are not prepared to list them for ‘what they are worth’?
Regards, F.[cowboy2]Originally posted by foundation:Just to clarify…
Are you saying that the properties in 2166 are being sold for less than they are worth because the real estate agents are not prepared to list them for ‘what they are worth’?
Regards, F.[cowboy2]hi foundation
in a small way i am, they apear un-willing to SELL you see,it apears that if a property is difficult to sell,then the agent wants a quick turn-over,please don’t mis-understand me or be mis-led, this small area is a flood zone, what is a burden to one person is paradise to another.2166 covers a large area. when what you ask an agent to do and he refuses, then one of you is wrong,when he refuses to make the effort you then find another agent. when you do your sums and things don’t add up you look further. if the market (buyer)dictates a lower price then fair enough but if an agent refuses to try then what do you do?. you can go down in price but you can’t go up. i have spoken with a third agent -agent’c’)– he took recent sales and and estimates a value over 310k more importantly he shows a genuine interest in wanting to sell, he sees a rivallry with local agents and could do with the extra business. incidently agent ‘b’ picked up the house across the road, selling for 536k would sell about 480kI also have a house in a prime position but also a flood zone which is selling for way under market. It hasn`t flood for decades….at all and the house is above the flood zone.
Agents all give differing opinions on the matter.Keep this mind when buying or selling through an agent.
NEVER EVER trust the advise or believe a real estate agent no matter how experienced or highly regarded, in any way shape or form, NEVER.
The simple solution would appear to be – market it yourself for what you think it’s worth. The problem then is that if agent a/b/c is selling similar problems for a lower price… well, which would you go for if you were looking to buy?
Cheers, F.[cowboy2]thankyou all,
you hit the nail on the head foundation, thats why i am trying to still get an agent, they offer ‘legitamacy’ to the deal because there is a perception that the agent knows best. i looked in the local paper and the house prices are wild, i have used an old trick a valuer showed me that is used as a rule of thumb it throws water on a fire as they say .price divided by area in square meters= $ per sq mtr. and also ‘step back, look and see’.
agents know this trick and are reluctant to put block sizes in, but we all have become more savvy.
IMHO cabramatter sells at say $300-$460 psqm Fairfield is at $390-$580 having said this when a block is sold in cabramatta @1000sqm for 595k by agent ‘a’ and he tells me that i am looking at 270k ??? when around the corner another agent is selling 1130sqm for $409k and when agent ‘b’ is selling the house across the road for 536k on a 650sqm block and i get told by his boss 250k-270k then some one has to have fallen out of their tree.
here is a question for ethics–if one agent sells two houses in the same street which house would he be more inclined to sell? both equaly or one over the other or one againts the other?
what is the difference between misleading and false advertising and conditioning?shift work- i need more sleep
its not how you see it, its how you play itthey offer ‘legitamacy’ to the deal because there is a perception that the agent knows best.You’ve got to be kidding !! People aged 18 or over with not a jot of property or finance knowledge / experience, gain recognised qualifications by doing a course sitting on their bums in a classroom for a few weeks, go and buy a $ 300 suit and spend $ 60 on business cards….and suddenly they are experts and add legitimacy to a deal ??
You really must get out more.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
‘quote’ You’ve got to be kidding !! People aged 18 or over with not a jot of property or finance knowledge / experience, gain recognised qualifications by doing a course sitting on their bums in a classroom for a few weeks, go and buy a $ 300 suit and spend $ 60 on business cards….and suddenly they are experts and add legitimacy to a deal. ‘quote’
you are correct dazzling and this is the brick wall i hit–the perception in peoples mind.when you take into account how many times people deal with agents, its generally three times, selling, buying and renting. i just took it as normal that you don’t trust an agent, i didn’t think people actually believed what they were told.
a few years ago i was involved with a probate in the supreme court, a registered valuer with ‘years of experience and qualifications’ made a valuation, a second valuer made a lower valuation, (i am not a solicitor) i valued it at the lower end and the solicitor wouldn’t listen to me because i didn’t have the ‘recognised qualifications’…..so 3 days later, 1 computer with word a digital camera and the correct formatting and a phone call to the solicitor and the second valuer, he added the new evidence and wooshka lower valuation.
i would say dazzling that you have outlined the industry, for the hard working agents that know their stuff these five minute wonders cause so much headaches.
thankyou,
in kind regards j4smytheHave you considered marketing the property yourself and when someone contacts you refer them on to the agent.
In regards to agents there are quite a few good ones out there. Most of the agents I deal with know what I like and only contact me when they think the property suits my taste. They know sometimes I will buy and sometimes I dont and when I don’t there has never been any pressure to change my mind. It’s all about establishing a good working relationship.
C2Originally posted by j4smythe:Finally try this one for size: agent ‘a’ :no asian will buy this house, its 13 which is death. Agent’b’ feng shui ? I give you…..go to council spend 250 bucks change the number
simple, do you see my problem, and I got a list
I am sorry I had to re-post this as i believe i placed it in the wrong forum section.I think your agent got it wrong. I’m asian and would not mind the number “13”. It’s the number 4 or combinations of 4 such as “44” etc that asians fear as “4” literally means “death”.
And as long as your house is squarish and the plot does not end in sharp corners, you’d be alright.
P.S. I don’t believe in the Feng Shui stuff but apparently it’s got some truth in it. [biggrin]
sorry for jumping off the original topic but, the number 4 is pronounced shi (she) in Japanese and is the same phonetic pronunciation as the word for death. Sometimes the number 9 has the same problem because the phonetic pronunciation means hard or difficult.(japanese baseballers don’t normally wear 4, 44 or 49, these numbers are reserved or given to foreign players. Also numbers 7, 13 and 666 are considered unlucky in other cultures Your realestate agent must have a lot of problems in our multicultural society. Anyone else know of any numbers that may have repercussions in other cultures?
C2
thanks for the ideas
C2, thats a brilliant idea, and since i had time to think i can add to this by saying i know my target market, such as an owner builder/ project builder, also i am closer to sighning with an agent.
in regard to the superstition– it goes 13 being 1+3 =4 = death and somehow i don’t think it was to work that way, i have also come across hauntings, lay-lines (lines/points at which psychic energy cross) etc. you weren’t off topic a half decent agent/ salesman would have an answer to these things.
my original problem was how to find an agent that could sell/do what i ask rather than run off .
incedently i have a friend in sydney with a similar problem , he says agent had it too good in boom times and now they have to earn their keep…. these times seperate the good, better, best from the also-rans.
regards, j4smythehello everyone,
i have signed with agent ‘c’, on the day i signed the agent agreement i found out my solicitor had a heart attack, and was in intensive care,i am now having to deal with his partner,the agent is recomended from a friend, who will sell at the mid 300k, i will now brace myself and ride this out.
incidently the costings for this are slightly reduced as i did most of the simple work myself, getting the 149, sewer and drainage .
kind regards, j4smythe
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