Exclusive Agency

Hi,

I am trying to sell my property for about 5 months with no offer. People inspected the property but because behind the unit is a freeway, it seems to turn people off. For the last 2 weekends, at least 2 or 3 group of people came throught and inspected the house.

I signed up with Ray white to become the selling agent. Last month the property manager told me that exclusive agency only last for 2 months and she asked me if she can sell the property too. What is your opinion on her offer? My thought is the current agent has had open inspection almost every weekend for the last 5 months and it does not seem fair for her. She has always been a good communicator to me and followed up with the prospective buyers. I can't see anything wrong with her. I was thinking the only problem that it has not had an offer is because of the property itself (backing the freeway). I thought about the price, I actually engaged an independent valuer prior to setting the price and it is not overpriced and if the price is too much, I think I wouldn't get much people inspected the property.

Any advice if I should engage the property manager (who lives in the complex) to sell the property as well? If I do that, will I get in trouble with the current agent? Will I burn the 'bridge' or she will get unmotivated?

Can you please share your experience or advice?

Thanks in advance
 
Normal agreement last maybe 3 months. If they can't sell it in that time you have to wonder at their effectiveness.

Having a second agent might not improve things and can certainly demotivated the RW agent but at the end of the day she hasn't performed. I would look to either engage the new agent on a non exclusive basis or drop RW altogether.
 
Check your agency agreement as to what is specifies is the length of the exclusivity period.

Having a second agent can push the deal to happen - if price is not the issue, location probably not either. Is the PM a sales agent or purely a PM? How experienced are they at sales?
 
My thought is the current agent has had open inspection almost every weekend for the last 5 months and it does not seem fair for her. She has always been a good communicator to me and followed up with the prospective buyers. I can't see anything wrong with her. I was thinking the only problem that it has not had an offer is because of the property itself (backing the freeway). I thought about the price,


With the 1000's of workers that are about to be layed off in your area over the next few weeks I would stay with the current agent,because there is going to be a lot of properties on the market very soon..
 
http://www.***************************/Property/gladstone#salesStata-tab

House Units
Previous month sales NA NA
Stock on market previous month NA NA
Stock variance vs. last year NA NA
Average days on market 359 482

Not even close to the average sale time which is 1 year..

Sorry to be the bearer of bad news but it is always going to be price. There is most likely a huge supply of stock and very little buyers (due to market conditions) which means buyers are finding better value elsewhere.

You are getting people through the door but they are most likely seeing better value elsewhere.

This year there has already been 13 sales in Gladstone, how does your property compare?

http://www.realestate.com.au/sold/in-gladstone+-+greater+region,+qld/list-1?activeSort=list-date


I am sure your REA can provide stats on the general discount from list price -> sale price, I cannot find anything on my 2 mins of google searching but they would have access to RP data (or should) which would easily be able to provide this information.

You can always ask the 2nd agent what they feel the agent is not doing right and the price you should expect. If you like what they talk about you can either engage them or make changes with existing agent.

Maybe ask your existing REA to do another comparable market report so you can reassess your property.
 
Is the property located in Gladstone? If so, it's tough selling in that area at the moment regardless of who your agent is.

If your current agent has been following up buyers, has good communication and you are otherwise happy, what can another agent bring that your current agent is not already providing? A lot of agents are sub par. If you have found a good one, I would be looking outside of the agent to see what you can do to sell the property. This would include price, presentation and advertising.
 
The unit is in Eight Mile Plains Brisbane. I live in Gladstone. The feedback from people who inspected the unit is the freeway is behind the unit. Even if I engage the PM who is purely a property manager who have sold 1 or 2 units in the complex, I am not sure what she can bring that the current agent is already providing.

I chose the REA because when I checked sold townhouses in the area, her name is in most listings for both 'For Sale' and 'Sold'. She always follows up and provides feedback to me every Saturday (open inspection) and Tuesday (after following up with people who inspected the property).

When I checked the last property sold in the area is around $350k+ so pricing is comparable ( I think - aligned with the independent valuation). Maybe a lot of options available for prospective buyers without backing the freeway?

I will ask the REA to do a comparable market report to confirm pricing.

Thanks for the input.
 
You said similar properties in the area are selling g for 350k, are they also backing onto the freeway? If not you're definitely overpriced as you need to be cheaper.

What has the agent said is the problem? Giving you feedback twice a week means they're diligent but doesn't mean they're competent.

When's the next series of selling g houses australia? You could be a candidate! Cheap reno thrown in
 
I would expect at least a $50K discount if the actual unit backs on to the freeway. It is always going to be unpopular, hard to rent out and eventually re-sell.

There are a lot of unit and townhouse complexes in Eight Mile Plains with many more being built so buyers probably have plenty to choose from.

If your pricing is comparable units away from freeway issues then you are way overpriced.
Marg.
 
Back
Top