Looking for properties

Viewing 4 posts - 1 through 4 (of 4 total)

munmun5
Participant
@munmun5
Join Date: 2011
Post Count: 65
November 30, 2013 - 5:17 am
Just making sure I use my time properly when searching. I have met several agents with a deal profile I looking for. I was wondering if a) the agent is only going to refer me to their listings they have at the agency not any other agents. b) if this is the case is it fine to meet up with other agents there or are you shooting yourself in the foot with the first one. c) will anything that the advertise on the internet end up on realestate.com.au or will some only use domain or their main website. Just wanting to know as I assume they would all go to the bigger sites and don't want to go chasing different sites to look up things.
Thanks
Matt_Arnold
Participant
@matt_arnold
Join Date: 2006
Post Count: 142
November 30, 2013 - 6:32 am
Hi Munmun5
From my understanding 95% of agencies will allow their sales agents to sell each other's listings no questions asked.
The commission split is generally 60% for the listing agent and 40% for the selling agent.
Some will argue that the listing agent won't try as hard to get a sale across the line if it's not their buyer because of the above…
From experience (I did do a brief stint as a RE salesman) most agents don't really focus on buyers, they tend to spend the majority of their time chasing new listings and are happy to wait for a buyer to come through an open home etc… this approach always baffled me as you need both a vender and a buyer to collect your commission check.
So, general advice, is try to find a salesperson who you think will work hard to get the sale across the line once you make an offer (eg. probably not the type of agent you would list your home for sale with , let them know that you have cash ready to go, and then stay in regular contact. Eg. Call them every Thu and ask what new listings they have etc…
In regards to RE.com / domain etc 95% of agents will list on both. A few small agencies or independents may list on Domain only. From memory RE.com was about $800 per month, where as Domain offers a once off fee per listing for about $90 each listing.
Hope this helps….
Colin Rice
Participant
@fms
Join Date: 2011
Post Count: 338
November 30, 2013 - 6:55 am
Matt_Arnold wrote:
From experience (I did do a brief stint as a RE salesman) most agents don't really focus on buyers, they tend to spend the majority of their time chasing new listings and are happy to wait for a buyer to come through an open home etc… this approach always baffled me as you need both a vender and a buyer to collect your commission check.
G'day Matt_Arnold
Buyers will eventually become sellers. If I was an REA I would be thinking long term and build relationships with both parties.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone Me
Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Jacqui Middleton
Participant
@jacm
Join Date: 2009
Post Count: 2,539
November 30, 2013 - 7:06 am
Hi Munmum5
Not all listings get advertised – some are sold "off the agency database". In other words, agents will contact people they know that have a criteria that matches the property being listed. Be aware that multiple people will be given the heads up on such properties – not just yourself.
Some listing agents don't care if other agents sell their listing, since they get paid some $ either way. Others may want the sale as well as the listing.
Despite having given the agent your search criteria, you will likely still get calls about properties that in no way match the criteria – you just have to politely say "thanks for letting me know, however not keen because what I am looking for is ….."
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone Me
VIC Buyers' Agents for investors, home buyers & SMSFs.