Period of Agency Contracts

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From: Anonymous


We are selling a property, and the agent has suggested that the agency contract (yet to be signed) should continue for 60 days after the proposed auction date. I suggested 14 days, in order to put some pressure on him to negotiate a deal if the property fails to sell at auction.

Does anyone have any thoughts on this?
 
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Reply: 1
From: Robert Forward


I think they should only get 2 days after the auction. The agent is already subtly trying to condition you that they may fail to sell at the auction. And now they want a second selling period as they should be able to sell the house under normal circumstances in 6 weeks. It reads to me as if they want 2 bites of the cherry.

Check out the competition and find out what they are willing to offer for after auction clauses.

Cheers,
Robert

Get your Property Inspection Reports @
http://www.CreativeFinance.com.au
 
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Reply: 1.1
From: Chris L


Anon,

We didn't do an auction, just a 30 sale period, but I think 7-14 days is plenty for you.
Our agent got busy in the 3rd week and sent emails to other RE agents offering 50/50 commision, plus running the ad alot (no charge for advertising). We had some buyers thru from the other REs resulting in a sale with 3 days to expiry.
I would have signed another 30 days though as liked the effort, I don't think it would have happened so fast if we signed 60 days.

Chris
 
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Reply: 1.1.1
From: Paul Mahony


Robert & Chris,

Thanks for the feedback. We've decided on 14 days. I think it puts the agent on notice that we'll be moving on if he cannot do the job, whilst giving him the chance to finalise a deal after (hopefully) having done a fair bit of work beforehand. 60 days was just not on.

Cheers, Anon.
 
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