Our place is for sale!!

[stevie_sloth]

Wow, finally. How scary this is. Hopefully it will end up with a good result and we can move on and find a place we truly love.

I actually feel guilty, and like I'm betraying my home, trying to sell it. How silly is that, eh?

Anyway, once the ad is ready, I will post it on here.

 

[wylie]

I've posted in the other thread. Please don't sign up to this expensive advertising campaign. Auction doesn't seem the right thing in my opinion.

I think you are being ripped off for no good return.

Sign, professional photos and re.com is all you need. If it is priced well, it will sell without all that other expensive stuff.

 

[JWR]

Agreed - especially because chances of selling at auction up there is so slim!

 

[stevie_sloth]

Hmm, I know. I wasn't keen on the auction idea either. As a buyer, it puts you off because you get no idea of price expectations and most people, in my opinion, wait until after the auction to make a move, when the price is revealed finally.

It's more a case that we don't want to wait for 180 days like so many other places seem to sit for (as private sales) around here.

And the only added cost by having the auction is $450, which isn't much.

Also, how is it being ripped off? The commission is what the agent gets, and that's set at the sale price. He doesn't get anything from the advertising costs.

 

[wylie]

Hmm, I know. I wasn't keen on the auction idea either. As a buyer, it puts you off because you get no idea of price expectations and most people, in my opinion, wait until after the auction to make a move, when the price is revealed finally.

Those agents can be persuasive, can't they?

It's more a case that we don't want to wait for 180 days like so many other places seem to sit for (as private sales) around here.

Priced appropriately, you will know within two or three weeks whether you are wasting your time trying to sell in this market, for the price you need. Simply sign a sole agency for four weeks. If you don't do any good, take it off and rethink your strategy.

And the only added cost by having the auction is $450, which isn't much.

I wouldn't pay one cent more to have it auctioned. If the agency wants you to auction it, let them pay the auctioneer.

Also, how is it being ripped off? The commission is what the agent gets, and that's set at the sale price. He doesn't get anything from the advertising costs.

Commission doesn't even come into it. You haven't even mentioned commission.

Why do you need local rag advertising to the tune of over thousand (or whatever it was). The agency name will be in HUGE letters at the top of the advert. You are being ripped of by paying to advertise their agency. If you MUST advertise there (and you don't need to - anybody looking to buy is scouring realestate.com) then use a tiny advert without any agency advertising. Just a few initials and a phone number lets anybody call them without the big plug, paid for by YOU.

 

[stevie_sloth]

Hmm. True about the paper advertising. *nodding*

 

[wylie]

Then DO SOMETHING about getting out of what you just signed up for.

Ring the agent first. You are throwing money away that is not necessary, that you cannot afford to spend on something that you know is not what you wanted, nor what the "probable" buyer of your place is wanting - an auction.

I seems you are hoping that someone will jump in with an early offer to save your place going to auction.

You are SPENDING money gambling that this will happen. It probably will NOT happen. If you get a really high offer prior to auction, it doesn't matter because you will have spent that money in the auction campaign already.

If you put it on realestate.com at a good price, you will get action quickly. If not, what have you lost.

If you cannot get out of what you have just signed (call Consumer Affairs to see if you can get out of it) then you have thrown money away for nothing.

 

[stevie_sloth]

Yeah, you're right. I will contact him.

I thought I mentioned the commission earlier. Just the standard one for QLD. 5% on the first $18,000 and then 2.5% on the rest, plus GST.

Thank you.

 

[sanj]

to be honest if valuations in GC are really coming in that low (judgint by SS' other thread) selling by auction might not the worst idea as they'll be cash bidders

not discounting what youre saying wylie

 

[wylie]

Sorry, you did mention commission in another thread, but these advertising and auction fees and costs are on top of the commission.

I'm sorry to be haranguing you, but I feel that you have jumped in without thinking this through. You don't NEED to spend all that money to sell your place.

It's just the "mother" in me talking (and probably lecturing... sorry).

 

[stevie_sloth]

No, it's ok. I appreciate it. I'm just stressed out incredibly by all this.

When the agent suggested auctions, I said "We don't want an auction" right away. I was sure. But then...yeah. Somehow that shifted, though I have been worried about it a little ever since. And coming on here, worried about it a LOT.

I know buyers hate auctions - we sure do. We HATE not knowing the price, not having a cooling off period, etc. We want to know the price so we can come in lower and try to negotiate based on knowing SOMETHING.

We just didn't want our place sitting on the market for 6 months with the price going down lower and lower every few months...which of course could happen anyway after the auction if it doesn't sell then.

 

[wylie]

Why not firstly try to cancel what you have just signed up to.

Put it on re.com, with professional photos (well worth the $150 or so to have them done). Don't even pay for a large signboard yet (not sure about this one) initially.

See what comes of the re.com listing. All that has cost you is the photo money and perhaps a little to list on re.com, if anything at all (not sure if they would charge you).

You will know within the first two weeks whether you are getting any interest, certainly within the first month.

If there is no interest, or the offers are coming in stupidly low, take it off and look at things again.

If the agent says you cannot back out of what you have just signed, go to Consumer Affairs. If you remove the listing, what option do they have but to cancel everything?

Don't let this agent hoodwink or bully you. It is your house to do with as you please. Maybe you just changed your mind and no longer wish to sell?

I've asked peterw to comment. Hopefully he can shed some light on whether you can back out of whatever it is you have signed.

 

[stevie_sloth]

Thank you...

I am actually not HUGELY against trying the auction...we don't HAVE to go to auction if we don't want to. We would then pay nothing to decide not to do it (no $450 fee I mean).

I want out of the newspaper ads. I think that's ok to pull out of...that's my big issue with the cost of all this.

 

[evand]

The agent gets his fee from your commission. You should pay no other money for basic advertising (local paper and RE.com.au)

The agents pay these companies a flat monthly fee already for the space, adding your listing makes no difference to their costs. They just put your money in their pocket as pure profit.

You have been bent over, now see if you can get out of it.

Auction in a dead market.....bahhhh!!

 

[Andrew_A]

All auction is likely to do is condition your few genuine buyers to thinking they can get a bargain. I lived in this area for a decade. Good luck!

 

[Andrew_A]

I will point out the following as perhaps there are plenty who aren't aware of how some agencies think.

Selling by auction in any area in the wrong price bracket and in a flat market is still viewed as a good strategy with the desired outcome being a turnover (sale) rather than the best price. The reason is that the auction process presents multiple stages for the agent to close a deal, pre, during and post auction and the auction itself is a great conditioning tool for the agent to present/crunch the vendor with... oh.. but this is what the market is saying about your property Mr & Mrs Vendor!

I have bought and sold in this exact area and would never sell a basic property this way. Always exceptions of course and I hope you achieve a premium result.

 

[stevie_sloth]

So what happens if we pull out of the newspaper advertising part, and this is against our agent's recommendations...if we did it anyway, and he then said we'd be missing out on a big chunk of exposure and serious buyers, and that we may lose sales or money...even if this is or is not necessarily true, what happens if we DO miss out on sales because we have not done what he thinks is best and so he won't...try as hard? Not to sound weird or rude or anything, but could this happen?

 

[wylie]

He will still try to sell your house because that puts money in his pocket.

If you don't like the way he responds to your change of heart, take it off the market and find a better agent. What length of time have you signed for?

If he doesn't perform, or doesn't respect you wishes to change the way you want to sell, find someone else. It will not be his fault if there isn't much interest, because of the way the coast market is. But lack of buyers is very different to lack of effort on behalf of an agent.

 

[Player]

So what happens if we pull out of the newspaper advertising part, and this is against our agent's recommendations...if we did it anyway, and he then said we'd be missing out on a big chunk of exposure and serious buyers, and that we may lose sales or money...even if this is or is not necessarily true, what happens if we DO miss out on sales because we have not done what he thinks is best and so he won't...try as hard? Not to sound weird or rude or anything, but could this happen?

The newspaper adverts in the Gold Coast Bulletin will likely be to the advantage of the agency, particularly if it is one of the big chains. The first thing you see is their banner.....free advertising for them.

With all due respect, going by your other posts your place that you are selling is a townhouse and is a common commodity in that precinct. Unless you are differentiating by offering a unique property, I would avoid the paper as others have mentioned.

Try to get out of it, however the agency will fight this as they prefer you stitched and they get their benefit out of a paper advert.

Small board, good photo's and online presence should do it.

Oh, and the most important thing..............a realsitic vendor with a realistic reserve. The market here is still sick although probably at (or very near) bottom. It won't bounce up any time soon, however may track sideways for a while before it picks up as excess stock is absorbed.

 

[Player]

Hmm, I know. I wasn't keen on the auction idea either. As a buyer, it puts you off because you get no idea of price expectations and most people, in my opinion, wait until after the auction to make a move, when the price is revealed finally.

And by that time, your place has had a thousand hits and is going stale. Price it right from the start and you should get bites.

It's more a case that we don't want to wait for 180 days like so many other places seem to sit for (as private sales) around here.

Price it right. When we were looking at buying here, it was the exact opporsite of Melbourne, where they underquote and sell for 10 % or so more.

On the GC, they over-price it and with successive price reductions, and three thousand hits they wonder why their places don't sell. Owners were still in lalala fairy land with their expectations. Talk about buyers being tyre kickers. On the coast it is/was the vendors.

Be realistic with price and you should have a couple of interested parties. Remember there is no paucity of stock here.

And the only added cost by having the auction is $450, which isn't much.

You shouldn't be paying extra at all.

Also, how is it being ripped off? The commission is what the agent gets, and that's set at the sale price. He doesn't get anything from the advertising costs.

That's a little naive. Even if there is no literal cash kickback or credit to their account, they will likely get free exposure to the agency from your adverts.

Good luck with your marketing campaign and sale.