for sale "By negotiation"

Looking for peoples thoughts on properties for sale "By negotiation".

Some background,
I like the look of a property(on line) with a price "by negotiation". I called the agent and attempted to get a price range for the property but the agent wouldn't give an indication. She insisted I need to see the property before she can give any price. She was insistant almost to the point of being rude.
I know her motives are to do a sales spiel to extract the most money. I don't like techniques such as these as they can play out like a silent auction.

What do you do in these situations?
 
Looking for peoples thoughts on properties for sale "By negotiation".

Some background,
I like the look of a property(on line) with a price "by negotiation". I called the agent and attempted to get a price range for the property but the agent wouldn't give an indication. She insisted I need to see the property before she can give any price. She was insistant almost to the point of being rude.
I know her motives are to do a sales spiel to extract the most money. I don't like techniques such as these as they can play out like a silent auction.

What do you do in these situations?

next property ?

ta
rolf
 
Is the agent an out of area agent?
Has the agent had any open for inspections yet?

The reason I ask is that maybe she/he doesn't actually know the value yet and is advertising by 'neg' to gauge the market's perception; this is common.

----

If you're interested in the property why do you have reservations about seeing it?
If you are taking this seriously go and see the property and put up with the sales spiel. You don't have to tell them how much you have or tell them anything for that matter.

Go and see it. Then compare it to other properties in the area, and yes go and see them too. Don't be scared or lazy or make pointless excuses.

Additionally you should go to realestate.com.au and check the "sold" tab for properties that are similar.

You should order a third party report from APM, RP Data or Residex.

You should do all the other due diligence required and then make your own mind up about price.
 
Is the agent an out of area agent?
Has the agent had any open for inspections yet?

The reason I ask is that maybe she/he doesn't actually know the value yet and is advertising by 'neg' to gauge the market's perception; this is common.

----

If you're interested in the property why do you have reservations about seeing it?
If you are taking this seriously go and see the property and put up with the sales spiel. You don't have to tell them how much you have or tell them anything for that matter.

Go and see it. Then compare it to other properties in the area, and yes go and see them too. Don't be scared or lazy or make pointless excuses.

Additionally you should go to realestate.com.au and check the "sold" tab for properties that are similar.

You should order a third party report from APM, RP Data or Residex.

You should do all the other due diligence required and then make your own mind up about price.

Thanks for the advice however I'm not sure what you mean by the statement "Don't be scared or lazy or make pointless excuses".

FYI: I have a good idea of what the property is worth and how the agent operates as she often advertises properties by tender. The property was first advertised "by tender" and must not have got any reasonable offers thus is now "by negotiation". My only intention is to find out what is the minimum the vendor will take and if they are motivated to sell
 
Thanks for the advice however I'm not sure what you mean by the statement "Don't be scared or lazy or make pointless excuses".

FYI: I have a good idea of what the property is worth and how the agent operates as she often advertises properties by tender. The property was first advertised "by tender" and must not have got any reasonable offers thus is now "by negotiation". My only intention is to find out what is the minimum the vendor will take and if they are motivated to sell

FYI: The agent's job is for you to not find out either of these pieces of information.
 
Looking for peoples thoughts on properties for sale "By negotiation".

Some background,
I like the look of a property(on line) with a price "by negotiation". I called the agent and attempted to get a price range for the property but the agent wouldn't give an indication. She insisted I need to see the property before she can give any price. She was insistant almost to the point of being rude.
I know her motives are to do a sales spiel to extract the most money. I don't like techniques such as these as they can play out like a silent auction.

What do you do in these situations?
This is a common (and annoying) strategy used by those agents who like to think they deal with the premium/prestige end of the market and property type.

It's just a w@nk, so either ignore it and move on, or call the agent and ask what the Vendors want and go from there.

They also often use it as a means to get the phone ringing so they can database you, and/or qualify you and switch to another more suitable property.
 
Almost similar, I'm seeing a lot more 'property launches' essentially you rock up on a fixed date, not allowed prior viewing of the property then everyone puts in a tender.

I am NOT a fan on either side of the fence, must be working tho as they are getting more common.
 
Agreed. The agent is doing a good job for the vendor

Not necessarily... Their job is to negotiate and SELL the property rather then alienate buyers.

As part of negotiating you need to meet the selling agent and talk to her fair few times and ask questions. During this process she will generally tell you indirectly the information. Ask the right questions and listen.

Above all, form your own independent opinion what the property is worth. Then try to bridge the gap.

Good luck :)
 
That agent sounds very annoying. Try another agent in the same agency perhaps?

Wont work. Agents work on commission, you've already dealt with the listing one, no-one is going to take your side for no money cause you can bet the listing agent isnt going to give away half because you didnt like his marketing methods........
 
Just call 10 competitor agencies in the area and let them know you are a serious buyer for this property for around x if you can convince the vendor to change the listing to your agency because you don't like dealing with that agent for those reasons.

Your phone will be ringing within hours
 
Haha, I don't know. This has worked for me a couple of times with a specific agent I like to work with in an area in QLD who has never failed to get me a deal listed by another agent

Maybe they negotiate with the original listing agent for split commissions?

I don't ask questions I just sign the papers and pay the deposit! :D
 
Thanks for the advice however I'm not sure what you mean by the statement "Don't be scared or lazy or make pointless excuses".

FYI: I have a good idea of what the property is worth and how the agent operates as she often advertises properties by tender. The property was first advertised "by tender" and must not have got any reasonable offers thus is now "by negotiation". My only intention is to find out what is the minimum the vendor will take and if they are motivated to sell

Sorry for being blunt. I was only saying if you're interested in the property go and see it, and do what you can to extract the information from the agent bearing in mind that as you know, they're working for the enemy :)

If it helps ask questions like: "where do I need to be to buy this property right now"

or

"where, realistically, do you see the price ending up."

or

"what is the amount you'd be comfortable taking to the vendor to get this deal done?"

If you want, I'm happy to make a call to the agent to find out the "vendor's price" for you; often calling as a BA entitles you to inside info. Happy to help.
 
Quick tip from my terrific agent

My friend and agent Mark Roemermann has helped me understand this minefield and successfully negotiate on a number of purchases when agents won't reveal the price themselves. He taught me a little trick with refining your search price till you work out the what range the property is being marketed in. Once you know the hidden search price you can base your negotiations around that number. The agent can't ask for more than 10% of the hidden search price, which on realestate.com.au is a fixed number, without breaking the law in regards to false and misleading marketing. Here's an example:

http://www.realestate.com.au/buy/property-house-with-3-bedrooms-between-450000-450000-in-virginia%2c+qld+4014%3b+/list-1?maxBeds=3&includeSurrounding=false&persistIncludeSurrounding=true

This property is for sale by negotiation with a hidden search price of $450,000. This means the sale price should have been no greater than $495,000, but might have been under the $450,000 price point. If you start your negotiations somewhere you can normally get a counter offer and work your way towards your maximum for that property or walk away. Don't be afraid to query the agent around search price if the owners expectations are higher than marketed price.

Mark will often challenge the other agents motives and talk to either the owner or the agent on my behalf if I really want it and the agent isn't helping with the sale process.

In my opinion there are plenty of agents that get in the road of the sale. A good agent will professionally market the property to encourage activity and offers and then negotiate those offers as high as possible for the owner. Sometimes as a buyer you have a limit that you might buy well within and other times you might pay the most you were willing too or even a little bit more if the agent is very good at what they do.
 
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