Agent trying to poach my listing

[bweed]

Hi Everyone,

I have a block of land listed as an open listing with one agent (agent A) at 79k.
Yesterday I got an offer of 77k on very good terms. I'm expecting the contract in hand today or Monday.

I've been approached unsolicited by another agent (Agent B) wanting to list my block exclusively at 89k. I told him I had a solid offer at 77k and I was reluctance to let it go in the current market. If he could come up with a better offer very soon I would give him an open listing.

He came back and said he could get me a contract for 79k today but still wants an exclusive listing because he thinks he can get closer to 89k from the same buyer but won't do it if another agent has it listed at 79k.

I know agent B is pretty strong performer but I'm trying to work out what my position is. I need to sell the block in a short time frame which is I why I'm reluctant to let the the 77k offer go.

If I give agent B the exclusive listing and his buyers turn out to be fictitious what happens if I go back and accept the 77k offer? Because the offer was made through agent A will I then have to pay a commission to both agents?

 

[BayView]

You have a firm offer you are happy with.

The other agent only has a verbal promise.

No decision really. Stick with your firm offer that you are happy with.

 

[PrimeCommercial]

Yep agree...... A bird in the hand........

 

[depreciator]

If I give agent B the exclusive listing and his buyers turn out to be fictitious what happens if I go back and accept the 77k offer?

If you give agent B the listing and his buyers are fictitious, the 77K offer will have disappeared for sure. Then you'll have no offers in a tough market.

 

[bweed]

Yes I guess I am looking for some perspective though. I am thinking I have listed it too low. I made the decision after getting some very bad financial news and at the time thought I would have to do a fire sale so I priced the block very competitively. I have been genuinely surprised at the level of interest though so I suspect I may have misread the market.

I only need to give Agent a few days to work out whether he is full of it or not and I don't believe the 77k buyer will walk as their requirements are quite specific and my block is the only one in town that meets them as I understand it. So I have options, the question is simply whether I will pay two commissions if I go back to the 77k buyer a few days after signing an exclusive listing.

 

[buzzlightyear]

Ditto....take the offer......

 

[depreciator]

So I have options, the question is simply whether I will pay two commissions if I go back to the 77k buyer a few days after signing an exclusive listing.

It depends on the contract you have with agent B. I sold my previous PPOR (exclusive contract) and got the agent to put in the contract I had with them that if the neighbour next door ended up buying the property their commission would be halved. And that's what ended up happening.

That $77K buyer could disappear out of spite. Or if you go back to him when agent B's punter has disappeared, he might drop his offer to, say, $72K.

 

[Smithy]

Get It On Paper

If you want to put Agent B to the test get him to bring you the contract with the offer, set a deadline ie. tomorrow. It this agent is that good he'll deliver, if not take the $77k with complete peace of mind.

 

[wylie]

I would call the REIQ to get the answer you are after.

 

[bweed]

Thanks for all your suggestions. I told agent B I wasn't prepared to risk losing my 77k buyer so he could only have an exclusive listing if it excluded that buyer from the listing agreement.

He came back and said do an open listing and would just have to get me a better offer before my 77k contract arrives in my mailbox.

Nice outcome all around. If Agent B performs he gets the business, if not I still have my buyer...

 

[Smithy]

Reason before Greed

Congratulations on a fantastic outcome...... and I don't wish to imply that you are a greedy person, it's simply that in the heat of the moment when there is the promise of more we can lose perspective.

And I really do hope that agent B does come through with a great offer for you.