Exclusive Agency Agreement issue

[guyguy2003]

Hi Everyone!

So I did a mistake and signed a 90 day Exclusive agency agreement with an agency that consequently failed to sell the property at auction. I am considering my options, one of which is taking the property off the market and putting it back on in a month or two, with a different agent. I know that if I sell with another agent at a normal sale I will have to pay the first agent commission as well. However, I wonder if it would be OK to put it on the market for auction again with another agent before the exclusive agreement ends (so marketing starts beforehand), while the auction date itself (and so does the contract date if I sell at the auction) happen after the first agreement lapses.

Cheers
Guy

 

[Propertunity]

.... However, I wonder if it would be OK to put it on the market for auction again with another agent before the exclusive agreement ends (so marketing starts beforehand), while the auction date itself (and so does the contract date if I sell at the auction) happen after the first agreement lapses
Cheers
Guy

NO, it would NOT be OK to do this. It would still leave you open to paying 2 x lots of REA commissions.

 

[Xenia IM]

Did the agent fail to follow up prospects? Is the listing visible enough?
Have you had a look at the stats on the internet? How many people have looked at the ad, how many have contacted agent?

How did opens go?

Is it a price issue or is it the agent?
have they recommended a price reduction?

If the agent did everything right and property is still not selling then it's not the agent and changing agents 100 times will still give you the same result.

 

[Paul@PFI]

Wife + I once had a terrible agent try to sell a property. We terminated the agency on the basis they falsely misrepresented themselves as having skills and experience and a list of buyers ready to look. They did jack. They refused to allow another agent within the 90 days etc. I took them to the Tenancy Trib and they agreed with me and tore the contract up. Officially I had to agree to withdraw complaint about conduct and they relented. I had to have contract torn up or we would be liable for both agency fees.

The principle later was jailed for having his hand in the cookie jar (Trust account)

 

[Xenia IM]

Wife + I once had a terrible agent try to sell a property. We terminated the agency on the basis they falsely misrepresented themselves as having skills and experience and a list of buyers ready to look. They did jack. They refused to allow another agent within the 90 days etc. I took them to the Tenancy Trib and they agreed with me and tore the contract up. Officially I had to agree to withdraw complaint about conduct and they relented. I had to have contract torn up or we would be liable for both agency fees.

The principle later was jailed for having his hand in the cookie jar (Trust account)

wow that's awful.

 

[guyguy2003]

Well, we had an auction

and there was not one bidder! on the lower north shore!

They claim it's the price.. but other, worse apartment sold in auction this Saturday for mid 800s. I am not a happy chappy.

 

[mflying]

If you think agnet didn't do their job as per your instruction and as per agreed marketing&selling stretagy. You can give a notice of intention to cancel to agreement based on that. It can be treated as breach of fiduciary obligations.


Either way.. You must terminated agreement with agency before moving on to another one.

 

[Paul@PFI]

and there was not one bidder! on the lower north shore!

They claim it's the price.. but other, worse apartment sold in auction this Saturday for mid 800s. I am not a happy chappy.

Have you paid a BA for an opinion on price ?? IMO a great way to get a feel for price.