Forums / Property Investing / Commercial Property / Sale of a leashold motel -Go with a General authority OR an Exclusive Authority?

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of Dave4455Dave4455
    Participant
    @qprjames
    Join Date: 2011
    Post Count: 15

    I own a motel, and keen to sell the lease, whilst still retain the freehold.

    I have had 3 brokers that have come round abd done an appraisal. The 1st broker i have decided not to go with as his price was a bit sky high.

    The 2nd agent was good, so certainly want to use him. I also like the 3rd broker.

    I would like to use both the 2nd and 3rd brokers, however usnsure if i should just go with 1 broker as an ‘exclusive’ ….or…..2 brokers under a ‘general authority’???

    The commission is actually going to be the same (as I got a decent rate for the general listing).

    However….I am just nervous that having 2 agents on a ‘general’ might work against me, and they might not put much effort into the sale. Whilst, if i did just have a broker as an exclusive, he might be more desperate to get the sale…..then again he might just get lazy knowing that nobody else is going to try and sell the motel from under him?!

    What can people recommend – what would you choose – 2 brokers under a general, or 1 agent under an exclsuive? I am not in a desperate rush to sell, but would hope it might sell within a few months as it is priced well and in a great location.

    Thanks :)

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    Are they both the same in all aspects? (marketing, commission, reputation etc)

    If so, maybe see if one of them is happy to offer better terms for exclusivity? I would cap that for 3 months and if it’s not sold by then, give it to the other agent as well.

    Does this sound like an option?

    Best wishes!
    Ethan

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of Luke TaylorLuke Taylor
    Participant
    @world-changer
    Join Date: 2005
    Post Count: 415

    Good post Ethan
    An agent will always prefer to have a full commitment from you and then
    they would be more inclined to give you their full commitment

    Luke Taylor | Hope Property Investing
    http://hopepropertyinvesting.com
    Email Me

    Property Support,Strategist and Buyers Agent

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    I would suggest exclusive over general – just like selling property you want the agent to be focussed on selling your asset, not half arsing it as they think there’s others selling it.

    I know people in the game who specifically will not take general authority or if they do, will keep it on the backburner as they see it as barely worth the effort if they may get cut out of the picture at any point by another party securing a sale.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

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

You must be logged in to reply to this topic.