Hold out till auction or place offer?

[Big Will]

I'll let you in on a secret, the person signing only needs to think they are making the decision.

They are still the one making the decision.

REA is only an influencer and not the decision maker.

I'll let you in on a secret influencers can impact the final decision but do not make the final decision.

I have seen a property been on a the market for over 12 months and got two offers best being 520k and it didn't sell as the vendor wanted 550-570k which it was only worth low 500s at best. The agent had comparable sales, it was advertised at 500k+ and even talk about how much the property has cost him as it was vacant and could of been rented for 12 months + mortgage (or better use of funds) A couple months later it sold for 490k with a different agent in the same agency, so who got the raw end?

Buyer A - Offered 500k and wasn't accepted w/ Agent A
Buyer B - Offered 520k and wasn't accepted w Agent A
Buyer C - Bought at 490k with Agent B

This is a real thing that happened and the vendor lost 30k+ by not listening to the REA. I am by no means saying all agents are 100% honest but when you look at someone who has been in the industry for a number of years they know and will do the right thing as the vendors and buyers of todays are tomorrows listings and the saying is List and last. If you cant list as a REA you will struggle to earn money.

The REA who come in during boom times and leave are the cowboys who are in it for themselves as they are trying to make a quick buck and don't want to build a pipeline for the future.

 

[Big Will]

If that's the case, why would ask the question "Then why don't properties sell after 1 day?"

Seems rather redundant if you are already aware that properties do sell before advertising. Unless it is was meant to be a rhetorical question which you received an answer that you did not expect.

Also you comment about calling agents and offering $50k for a property (assuming you're referring to any of the capital city markets is just plain absurd, though i'm sure you were only trying to demonstrate for dramatic effect, that said, add an extra "0" and offer $500k above their expected and see how that changes).

Because day 1 can be when first listed or first advertised, it is your assumption on my knowledge. I never once said day 1 advertised

The 50k comment was pulling a figure from you can guess where because your making a generalized statement about REAs

The agent works for themselves and whatever gives them the commission the fastest so they can move onto the next property.

Of course if I offered 500k above what is FMV would clearly get a yes, it would be an easy decision. However what if someone wanted to offer 600k above FMV clearly it isn't a good decision.

End of the day the vendor makes the decision not the REA if you believe the REA makes the decision and only looks after themselves then clearly you have been around bad agents and also don't know who signs a COS.

You don't need a REA to sell your property so why would you hire someone to sell your property for less than what is the best price?