A strange dilemma

MTR

MTR

Hi All
Have been purchasing some great development sites from a re agent who under values properties, to give you an example my last purchase from him, the bank valuation came in at almost $150K over the purchase price.

This agent is now expecting me to use him as the selling agent for my projects which will be completed this year. Phoned me this morning.

What to do?? I want to still purchase bargains from him, however I don't want him selling any of my projects. He also mentioned this morning that he has another site coming to market, once again it will be at bargain price and no one will get a look in.


CHeers
MTR:)
 
Simple,tell REA you buy from,that you can't cut ties with a family member who's a BA :p
 
Last edited:
If he's a seller of bargains, do you want him selling your property :D

Some REA's are great for Selling and others Buying
 
MTR said:
Hi All
Have been purchasing some great development sites from a re agent who under values properties, to give you an example my last purchase from him, the bank valuation came in at almost $150K over the purchase price.

This agent is now expecting me to use him as the selling agent for my projects which will be completed this year. Phoned me this morning.

What to do?? I want to still purchase bargains from him, however I don't want him selling any of my projects. He also mentioned this morning that he has another site coming to market, once again it will be at bargain price and no one will get a look in.


CHeers
MTR:)
Click to expand...

You set the price.
 
MTR said:
Hi All
Have been purchasing some great development sites from a re agent who under values properties, to give you an example my last purchase from him, the bank valuation came in at almost $150K over the purchase price.
Click to expand...

And how does one find themselves such an agent??

Sounds like a pretty sweet deal for you!

Valuation coming in at $150K over is absolutely nuts.
 
Terry_w said:
You set the price.
Click to expand...

Yes, thought of this, however I have seen him in action..... he actually talks it everything down and of course the problem is the longer the property stays on the market the harder it becomes to sell.

Another option is teach him how to sell, but then goodbye to sweet deals, so no point to this.
 
BLTN said:
And how does one find themselves such an agent??

Sounds like a pretty sweet deal for you!

Valuation coming in at $150K over is absolutely nuts.
Click to expand...

Have no idea just lucky I guess but not for long if I don't play my cards right.

With regards to another property I purchased he should have had home opens as it was a booming market instead he took 2 offers, first 2 people who walked in the door and then it was a bidding war, but still did not come close to what it was truly worth.

His clients are all his friends/mates or friends of friends and family as they like him because his just an average Joe, no slick sales talk, who is not aggressive and comes across very honest, little do they know that he is losing money for them. His partner in the business even sold his development site well below market value, I honestly think they think they have got it right, perhaps they look at old stats:eek:
 
I'm happy for you to pass on his details to me for all the sweet discounted deals :)

But seriously I would find an agent that you want to deal with and tell the other agent you have already agreed with another agent, but will be happy to consider him if you have a falling out. And also let him know that you will recommend him to others.
 
You set the price and plan the marketing as well.

I know one such agent who used to email to a select number of people the details of houses even before they hit the market. If you offer a price which meets the seller expectations, that's it. No house opens trying to get the maximum. We bought a bargain through them. But once they learnt that I used another one to sell, that was the end of it. The emails stopped.
 
I would just stall him if you want in on future deals and not commit to anything. End of the year is a long way away.

But no I wouldn't use him to sell. You can merely say (when the time is right) that you have a long standing relationship with a local agent and their selling proposal is the one that you have chosen to go with.
 
I wouldn't be using him to sell either but I sure would like his number :p
After all he's there to get the best price for you and you know he's not going to be doing that.
 
You set the price you want it advertised, you can reject the deal if it isn't what you feel it is worth. Did you feel the property was worth $150,000 plus? I think I read that two people put in offers so that would mean both people thought it was worth what you paid for it and the bank got it wrong. Cause if the underbidder thought it was worth more and knew there is competition wouldn't they pay a lot more cause I would take $100k under value as a purchaser than not purchase at all...
 
He just emailed me back with what he thinks the blocks that I will be selling are worth and has come in at the right price, how did he do that?? Geez....Damned if you do and damned if you don't.
 
An ordinary vendor only has the property on hand for sale and once it's sold they're gone. On the other hand, the buyer is the one that has to be looked after ss in your case will be a seller of several sites.
 
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