All Topics / Help Needed! / Should we swap Real Estate Agents

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of PeteJackiePeteJackie
    Participant
    @petejackie
    Join Date: 2003
    Post Count: 121

    Hi everyone,

    We purchased a property on a large block early last year and built a lovely 3brm unit on the back.  We renovated the existing property and then put them both on the market.

    They have been on the market for 3 months now and there has been no interest whatsoever on the house however the unit sold on it's first week on the market however subject to the sale of their property which is not looking like selling anytime soon.

    We are using the Real Estate Agent that we purchased the property from to sell both properties as that's a deal we have with agents – they find us the deal and we will re-sell through them.

    The agent has done nothing wrong with his marketing and has had plenty of open homes however the 3 month Agency Agreement is about to expire and we have been approached by another agent we know well wanting us to hand it over to him.

    We phoned our current agent yesterday to advise him that his time is almost up and that we had decided to rent out the house and hand over the unit to another agent and he wasn't impressed at all.  Was actually quite rude about it.

    We have chatted with a few people we know in the game and they are advising different things.  Just wondering whether you had any thoughts on whether we should continue on with the current agent or whether we should swap?

    The current agent is old school and the new one is right in to internet marketing more so than open homes and newspaper ads.

    Look forward to hearing your thoughts.

    Cheers Jackie

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Hi Jackie, I used to work as a real estate agent for three years in Melbourne, but once I got married I chose to spend more time with my wife rather than vendors and buyers.  My opinion is based on my experience and to help you with honest advice.  The property market is slow, very slow in fact, what area are you selling in?  Like anything in life from every situation there can be a positive or negative effect.  Swapping agents:  Positive response: New agent may have new fresh ideas, better pricing strategy, better marketing tools “etc”Or Negative response: Same response as the other agent “all talk but no action” Rather than just jumping the gun into choosing another agent how about you ring three other agents in the area and get them to do the following: 1)  Valuation on the property: When they give you a price range ask how did they come up with this range, also ask for evidence. 2)  What marketing tools can they  offer that are different from other agents (you will find most agents use the same tools)  but there are a hand full of agents who are a bit more proactive.3)  Also ask them should you sell one home at a time or two? ( How do buyers look at this?) Also Before you even call the agents to see your home go to some of there opens and see how do they do business?Example: do they arrive at the open early / late or neverAre they good with people “Etc” But the other questions I have for you is this, do you think the house you have listed is realistically price? Because no interest = to one thing only price or the way its been advertised by the agent. PS i hate how agents don’t list the price of the home on the internet and they say contact agent for price, So i always suggest listing the home with a price!!! If you need anything let me know  

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of keikokeiko
    Participant
    @keiko
    Join Date: 2008
    Post Count: 513

    If you have to ask the question then…… It could be worth changing

    judysalleh
    Participant
    @judysalleh
    Join Date: 2007
    Post Count: 1

    Hi, I work as a Real Estate Agent and my advice to you would be that unless the agent has failed to market the property properly or the property has issues eg structural or termites, then the only reason a property fails to attract buyers is quite simply the price.

    I don’t know what price you are advertising at but for example if it were a house and you are asking $500,000 and no interest, do you think if you asked $400,000 you would have interest? Most probable answer would be Yes. Therefore buyers are saying at $500,000 it is too expensive but at $400,000 it is good value. You therefore need to adjust your asking price until people start to bite,then you will know where the buyers are judging the value of your home to be. In real estate sales you will experience one of three things:
    1. No inspections and no offers
    2 Inspections and no offers
    3. Inspections and offers

    If you are in outcome 1 or 2 then you need to adjust your price
    If you are in outcome 3 then you are in the right price bracket.

    Most people like to blame the agent but in reality most of the time it is quite simply “the price is too high”
    Hope that helps

    Profile photo of PeteJackiePeteJackie
    Participant
    @petejackie
    Join Date: 2003
    Post Count: 121

    Thanks for your feedback.

    The Agent put a price bracket of $315-$335k on it and we have reduced it twice in the past 3 months and it's now sitting at $289k.  Properties in this area are selling in to the $300's so I don't feel we should reduce it any more.

    Although, what do you think if we put say $250k on it, maybe it would get more interest and offers might be pushed up if they are in competition.

    Profile photo of JpcashflowJpcashflow
    Participant
    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Hi,

    I am an ex agent and i can agree with Judy in regards to price, but Judy some times agent give un realistic prices to the vendor just to get their business.  So its a case by case scenrior.

    You say that houses are selling for 300K? But are they units like yours?

    In my opion take the properties off the market for at least one month and try sell one property at a time rather then the two,
    use this as a selling point to the agent. Tell the agent that if you sell one of my houses i will then give you the oppurtunity to sell the other, make the agent work for the bussiness.

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of Tracey BTracey B
    Participant
    @tracey-b
    Join Date: 2009
    Post Count: 158

    Hi Jackie

    Whilst the market may be very slow and he may not have been impressed he should never be rude. I’d walk and find an agent who wants to work to keep my business and sell my properties!

    Based on the quality of your previous projects the properties will be well finished and presented so around $300K should be on the money.

    I have found once (many, maybe not all) agents get something under contract subject to finance they stop trying to find a buyer who has the $ – I’m assuming the contract has a 48 hour clause? Maybe that’s also working against you.

    Cheers,
    Tracey

    Profile photo of Verity01Verity01
    Member
    @verity01
    Join Date: 2011
    Post Count: 16

    Hi Jackie

    Working in the industry, I see time and time again the value and importance of quality marketing and the effect it has on the outcome and results for the client whether its sale or rentals.

    There is nothing wrong with being old school, however he has had his chance over three months and not produced anything and being rude is unproffessional and unacceptable.   I would use the opportunity to try some fresh, enthusiastic blood!  you have nothing to lose!

    Good luck!

    Profile photo of John-USA-CommercialREJohn-USA-CommercialRE
    Participant
    @john-usa-commercialre
    Join Date: 2012
    Post Count: 50

    Jacki, *
    I'm an agent/broker however I work in the USA.  Nevertheless, real estate is real estate no matter where it may be located.  My firm undergoes extensive training litterally non-stop on a weekly basis.
     
    Basically, to answer your question directly (and I dont mean to offend any other RE agents here)  The reason Real Estate does not sell is for one of two reasons (sometimes both):
    1.  Either the property is not priced to meet the market and the owner needs to conform to the market…..
    or
    2.  Either the Agent is not doing their job.

    example:  When I set down with a new client to talk about taking a listing to sell their real estate I provide them with a written marketing plan and I review that with them very thouroghly.  This way the client understands exactly what I will be doing for them each step of the way and it allows the client to have accountability over the agent.   In the end, both client and agent have responsibilities; the agent's is to market the property and the client's is to counter all offers timely and to be willing to explore that fact that the real estate may be priced outside the possibility of being sold compared to the market……
    Best of Luck

    John-USA-CommercialRE
    Email Me

Viewing 9 posts - 1 through 9 (of 9 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.