Another RE agents question

[ghotib]

Reading Smurf's uncomfortable RE story reminded me of something I've been wondering about as we explore the countryside in search of our tree/sea change property.

In the regions, it seems very common for vendors to list with every agent in town. You can see this on realestate.com.au - the same property turns up 5 and 6 times with different agents, and again on agents' own websites.

In our experience, none of them do very much work, though to be fair they probably get an awful lot of tyre kickers. Obviously they all know each other and they all know that they all have most of the properties. But I've wondered about the commission, especially in cases where we've had a look at a place with one agent after declining to do so with another.

As a vendor, I've only sold metropolitan properties and I'd always go with a sole agent on a short term agreement - IMO keeping a property on the market for months is inviting potential buyers to wait you out. As a buyer I find the multiple agency situation uncomfortable while we're still in the exploration phase.

Any city-escapees had any experience with this?

Ghoti

PS There is no missing apostrophe in the thread title; it's an adjectival agents

 

[nioka]

Reading Smurf's uncomfortable RE story reminded me of something I've been wondering about as we explore the countryside in search of our tree/sea change property.

In the regions, it seems very common for vendors to list with every agent in town. You can see this on realestate.com.au - the same property turns up 5 and 6 times with different agents, and again on agents' own websites.

In our experience, none of them do very much work, though to be fair they probably get an awful lot of tyre kickers. Obviously they all know each other and they all know that they all have most of the properties. But I've wondered about the commission, especially in cases where we've had a look at a place with one agent after declining to do so with another.

As a vendor, I've only sold metropolitan properties and I'd always go with a sole agent on a short term agreement - IMO keeping a property on the market for months is inviting potential buyers to wait you out. As a buyer I find the multiple agency situation uncomfortable while we're still in the exploration phase.

Any city-escapees had any experience with this?

Ghoti

PS There is no missing apostrophe in the thread title; it's an adjectival agents

My advice is this (I was once a licenced real estate agent):

1. If buying, advertise in the "wanted". Look at some of the web sites such as owner.com, sellwithoutagents.com. Then go to agents.

2: If selling, put up your own sale sign on the property. (A large number of sales are made this way for agents). Advertise with small adds in the papers. List on some web sites( some are free, eg owner.com). Then list with agents but retaining the right to sell privately.

If listing with an agent haggle on the commission. In doing that set a high proportion of the commission on the LASt 5% of the price ( that will make the agent try harder.)
An agent will try to get you to auction. This way they get you to come up with a large advertising budget. The advertising will introduce them to potential buyers that will be shown a lot of other properties as well as yours. At the auction they will have you in a position that you will probably accept less than you will like, they will make a sale at any price as they will get most of the commission rather than none. By agreeing to an auction you also give them an exclusive agency which continues for 2 months after the auction.( I once sold a property privately a week after an auction where there was no bid and had to pay a useless agent the full commission.