Selling my rental. How long shd I list with Agent?

[Queen Bee]

Just a quick question. We've decided to sell our rental back in NZ, for a variety of reasons. Last time we sold a house, we were really unhappy with the REA, who in my opinion, basically sat on his butt for 90 days, turned up late to Open Homes, etc, and we ended up selling it ourselves after our Agency agreement expired.

This time around, I'd like to get it right. We've had three REA's around, who have all given us an estimate of what they think the property is worth. It's a small rural town about 15 mins drive from a biggish city on a quatre acre block. Two bedrooms with a double garage. Do you think I'm being unreasonable in asking a REA agent if they would list for a month, and then we will review it. I'm scared of getting a crappy agent, and I don't know any of the agents from the area, because it's out of town from where we use to live.

One agent said would I mind if he did a driveby with a potential investor and I said that's fine with us. He emailed me back the next day and said the investor thought it would be too small as an investment property for her, but she thought the property was worth around $130k. I haven't actually spoken with the other Agents yet, just had feedback on price via email.

Any advice would be greatly appreciated on how I approach this. I would like a quick sale, in a flat market. LOL

Cheers
QueenBee

 

[andrew_de_a]

What I generally do with people who have been burnt by previous agents is sign them up on a 3 month exclusive authority, however, I add the condition that it may be terminated by the vendor at any time.

 

[csc]

talking about NZ..sorry to throw off the track with this..

i heard that things are so tough in NZ that lamb has now gone to $80 bux an hour!

thats getting out of hnad for the boys ova there at that price.

One back on our k1w1 friends ova the pond....i have two kiwis in our street and my god i cop some flack during street bbq's for all my pathetic kiwi jokes......

good luck with your rental sale....

 

[Queen Bee]

Thanks hadn't thought of doing that.

csc, haha. I don't know why Aussies think that we haven't heard all your sheep jokes before. Anyway, you have more sheep than us!!!

 

[Queen Bee]

Andrew, just thinking, is that legal?

 

[marg4000]

Never sign an "exclusive" agency - make it "sole" agency. This is in the (probably) unlikely event that you find a buyer yourself.

And certainly limit the time - I would suggest 45 days - that is a little over 6 weeks and you can always extend it if you are happy with the way the agent performs.
Marg

 

[Propertunity]

Andrew, just thinking, is that legal?

QB, You can make any agreement you like - so long as you both agree and sign off on it. (caveat: that the agreement does not break any laws).

 

[Queen Bee]

Thanks Marg, what's the difference

 

[andrew_de_a]

from reiv website:

A sole or exclusive agency limits a seller to one agent. A sole agency is one in which the seller is obligated to pay commission, upon sale of the property, to the agent if that agent sells the property.

An exclusive agency is where the seller gives the selling rights to the agent and agrees to pay commission to the listing agency on the sale of a property, even if the seller sells the property themselves.



Just to note, I wouldnt touch anything without an exclusive authority, I'm not prepared to put 100% effort into selling a property to have the vendor sell it themselves.