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Questions to help us select real estate agent
Ideas please


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6 replies to this topic

#1 PureBliss

Posted 14 January 2013 - 07:19 PM

Hi there

We are selling our investment property (first time sellers) and need to a select an agent. We have cut the short list down to 3, and are meeting with each of them this week.

They all take a slightly different approach, so at this point we really don't have a preferred.

Agent 1: Will charge 2.2% commission including advertising. Currently leases the property for us, and sold it to us 7 years ago. Not sure if that is an advantage or not?

Agent 2: Will charge 2.2% commission, plus advertising. Is currently selling another unit in the same block as ours (seems to be taking a long time, he claims the vendor is not negotiating on price and has unrealistic expectations.) Pushing advertising hard (eg, internet, sales board, their magazine, etc, etc.) Believes buyers are fundamentally lazy so you have to make it as easy as possible for them to buy a property, eg. lots of advertising and lots of viewing times.

Agent 3: Will charge a fixed price (works out to be around 2% but is negotiable.), plus advertising. Very flexible on advertising based on our needs, eg. internet only if thats what we want. Doesn't advertise open times as he believes committed buyers will ring and enquire if they are serious. He then screens them over the phone to ensure that he is only opening the house to committed parties who are in a true position to buy (no one just coming for a wander.) Has a lot of investors on his books. Just sold a friends property within 2 weeks (to an investor) over Christmas.

Any real estate agents/property gurus out there with a point of vie ? What questions should we ask next? Obviously we will try to get their fees down a bit. The property is in bayside Melbourne (on the beach.) It is currently tenanted so whilst open for inspections won't inconvenience us, we do want to keep our tenant happy if we can.

Thanks!

#2 Blossom11

Posted 15 January 2013 - 01:15 AM

Very hard when they are all different.  Can you pick what you like of all three and then ask the one you like best to do those things?

For example - If you like the no open house approach - screening first, but you like agent one better, you could ask agent one to do this.

If I had tenants, I wouldn't do a lot of opens.  They may become hostile and sabotage the opens (and I wouldn't blame them if the opens were all the time at all hours).

Perhaps the agent could negotiate with the tenants in regards to this...  I do like the sound of agent 3 however agent 1 may already have a rapport with the tenants...

Honestly negotiate with the one you like best to come up with the best approach for your place...

#3 Academic

Posted 15 January 2013 - 11:25 AM

Agent 3's approach would have irritated me as a buyer. We were very much seriously looking but to be grilled over the phone about our intentions would have turned me right off.

Agent 2 sounds like they will be a bit full on, especially with tenants.

Agent 1 sounds the best to me - easy to coordinate with tenants, and they know the property well.

#4 8yeargap

Posted 15 January 2013 - 11:30 AM

Definitely not #3.  I found it irritating to have to call and make an appt and then to be grilled on top of that would be a total turn off.
I think #1 is the best fit, given that they can negotiate with the tennants and they know the property.
Good luck!

#5 twinboys

Posted 15 January 2013 - 12:13 PM

We have just sold a house - what we looked for was someone who I knew would do the absolute best for me - not for the buyers!

We saw 5 real estate agents and I had my heart set on a one agent who happened to be a female and American.
My husband couldn't stand her - thought she was too pushy and arrogant. I thought she was perfect!

The other agents we saw but we discounted were ones that were a bit too easy going, one guy I originally liked and thought he would be good - gave me the creeps as he was stalkerish.
One agent was instantly discounted because he tried to sell him self on price - eg negotiated his commission and advertising costs. ( My house is my biggest investment and I want the strongest sales person to sell my house - not the cheapest if that makes sense!)

-The agent we chose was ruthless  biggrin.gif  but charming!
- She did only online advertising, no local newspapers - which horrified everyone except me as i could see her reasons!
- She covered a huge territory and had houses in all different suburbs and not just contained to one area like most agents. - This also horrified everyone!
-She did not enter into any idle chit chat with potential buyers - no need for them to know anything about why the house was up for sale
-She kept the opens to once a week and only for 20 mins so that everyone was eyeballing everyone else!
-Would not bring any offers to us until Monday morning so all offers could be on the table.
-Did not waste our time with offers that she suspected would not be able to be backed financially
- She was pedantic on how the house was photographed, the add worded and how it was to be presented.

It worked and everyone ate humble pie!

The house sold in 3 days, we had 18 people through on the first inspection, we got 3 offers and we took the one that was exactly the price we wanted without any pest or building inspections!

We set a very realistic price and we also knew at what price we would start negotiating at.
we also knew a price that we would instantly take without holding out for a bigger amount - we got our instant sell price and we were happy!

If you are in SE Melbourne pm me and I will give you her details - she rocks!!



#6 MrsLexiK

Posted 15 January 2013 - 12:39 PM

Agent 1: Will charge 2.2% commission including advertising. Currently leases the property for us, and sold it to us 7 years ago. Not sure if that is an advantage or not? I would be happy with advertising being included, it could be becuase you have given them business over the time they are happy to inculde in the advertising which perhaps they normally wouldn't.

Agent 2: Will charge 2.2% commission, plus advertising. Is currently selling another unit in the same block as ours (seems to be taking a long time, he claims the vendor is not negotiating on price and has unrealistic expectations.) Pushing advertising hard (eg, internet, sales board, their magazine, etc, etc.) Believes buyers are fundamentally lazy so you have to make it as easy as possible for them to buy a property, eg. lots of advertising and lots of viewing times. I do like lots of viewing times but paying for advertising if they are pushing it could get very costly and they could talk you into a lot of different media (more costly) that you don't actually need (for example they may offer a full page in their magazine but depending on who your are pitching to this may not equate to more buyers/interested parties therefore higher sale, it could just cost you money for the advertising)

Agent 3: Will charge a fixed price (works out to be around 2% but is negotiable.), plus advertising. Very flexible on advertising based on our needs, eg. internet only if thats what we want. Doesn't advertise open times as he believes committed buyers will ring and enquire if they are serious. He then screens them over the phone to ensure that he is only opening the house to committed parties who are in a true position to buy (no one just coming for a wander.) Has a lot of investors on his books. Just sold a friends property within 2 weeks (to an investor) over Christmas.
As a buyer I stepped away from those types of agent and as soon as I got a wif that they were like that I didn't bother with the house. And I would have been quit happy to pay the asking price on some of these properties, some where still sitting unsold when we settled on our place (about 2 months after we first started looking) I also didn't have the time to sit on the phone to an agent all day to be screened or orgainse times.  I needed an agent that would respond to emails and do after hours appts/viewings.  I found that not all the agents would get back to me when I emailed about open times I am guessing they were like the above, meh they missed out as I said a lot of these properties were still sitting there for sale when we settled on ours.


Basically I would want to know what each of them thought as an asking price, if one is much higher I actually probably wouldn't go with one of those as I would think they were pricing themselves out of the market from potential buyers. It isn't a sellers market in Bayside anymore so pricing something too high will not do you any good.  If it takes a long time to sell at least with agent 1 you won't have to continue to pay for advertising, which you will have to do for 2 and 3.

#7 PureBliss

Posted 16 January 2013 - 08:16 PM

Thank you all for your replies. We signed up with Agent 1 today, very happy with the indicative price and his approach. Now we just have to find a buyer, and I will soon be back to post about the bathroom renovations that the sale will fund!




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