Hi all,
With an upcoming reno to our PPOR, selling our IP is the only way to pony up the cash.
The unit above (3rd and top floor) sold last week for 560K and I've contacted the agent to see if there are still interested parties. There's a fixed lease until December this year but the sale on the weekend seems an opportunity for a potential quick sale targeting the losing bidders. The top floor apartment has a better aspect, a better kitchen, floor covering and some fittings. The aspect is hard to quantify, but the others would come to 15-20K. We'd be happy with 540K.
Questions:
1. what commission % to the agent is reasonable under the circumstances? They'll be no adverstising, just chasing up their books. They say their standard is 2%, but as I only want to target interested parties (i.e. who bid & lost). Tried to lowball at 1% but this is up in the air. I was thinking something like 1.3% for 540K and 2% for every $ upwards.
2. transparency with the tenant, who must know something is up as a property valuer and an agent have been through the property. What message to people typically give the tenant in these circumstances?
3. selling price - seems like for auctions some advice is to NOT tell the auctioneer until the day/during bidding(!) but how would people approach the private sale option.
Opinions/feedback appreciated!
Thanks.
With an upcoming reno to our PPOR, selling our IP is the only way to pony up the cash.
The unit above (3rd and top floor) sold last week for 560K and I've contacted the agent to see if there are still interested parties. There's a fixed lease until December this year but the sale on the weekend seems an opportunity for a potential quick sale targeting the losing bidders. The top floor apartment has a better aspect, a better kitchen, floor covering and some fittings. The aspect is hard to quantify, but the others would come to 15-20K. We'd be happy with 540K.
Questions:
1. what commission % to the agent is reasonable under the circumstances? They'll be no adverstising, just chasing up their books. They say their standard is 2%, but as I only want to target interested parties (i.e. who bid & lost). Tried to lowball at 1% but this is up in the air. I was thinking something like 1.3% for 540K and 2% for every $ upwards.
2. transparency with the tenant, who must know something is up as a property valuer and an agent have been through the property. What message to people typically give the tenant in these circumstances?
3. selling price - seems like for auctions some advice is to NOT tell the auctioneer until the day/during bidding(!) but how would people approach the private sale option.
Opinions/feedback appreciated!
Thanks.