which one is the better agent?

[TMNT]

which one is the better agent?

ok, so here is whats been happening,

been negotiating on a $800k development site in nsw over the past week, basically, was down to me and another party, both our offers rejected, agent refuses to tell me what the other offer is, but higher then mine, vendor has a set price of $850k firm, no less, and my offer has been officially rejected, and he will rip up my cheques


vs

qld, $200k resi property, put in a low ball for about $160k, agent says he will take it to the owner, and will either get a response of yay or nay
I told him, ok get me a counter offer or get me feedback on how far off the offer is from his bottom line, response: we dont do that here, its a straight yay or nay, and if you are willing to go higher, you will have to submit that separately,
my response: well if you want a sale, then you'll give me feedback on where my offer stands
response: we dont do that here

now ive noticed a few qld agents say similar sort of stuff

so is it a qld vs nsw thing or is it just different agency approach,

which would you guys say is a better agent?

 

[Lil Skater]

I guess it depends on your expectations, and the "done" or lawful thing in each state.

As both a vendor/buyer I'd prefer the offer/counter offer approach, let's you know what the vendor expectations are and you can make an informed decision. Whereas if you're just dealing with a yay/nay scenario there's no negotiation, and I think part of the reason for enlisting an agent is for them to negotiate on your behalf.

 

[RightValue]

which one is the better agent?


qld, $200k resi property, put in a low ball for about $160k, agent says he will take it to the owner, and will either get a response of yay or nay
I told him, ok get me a counter offer or get me feedback on how far off the offer is from his bottom line,

Your "negotiation" tactics seem a little self defeating.

You have made an offer of $160k.

You have basically told the agent that you know the offer is way too low and that you will happily entertain a higher counter offer from the vendor.

In a nutshell you have said "I will pay higher".

 

[TMNT]

yes I agree with what you have said,

the thing is its a brand new listing ,and going to auction so my offers have to be pretty strong fro them to accept, so there are no conditions, which the agent agreed, and the price is pretty low, i am willing to go higher, but my aim was to get them to possibly come up with a counter offer,

 

[Ed Barton]

which one is the better agent?

ok, so here is whats been happening,

been negotiating on a $800k development site in nsw over the past week, basically, was down to me and another party, both our offers rejected, agent refuses to tell me what the other offer is, but higher then mine, vendor has a set price of $850k firm, no less, and my offer has been officially rejected, and he will rip up my cheques


vs

qld, $200k resi property, put in a low ball for about $160k, agent says he will take it to the owner, and will either get a response of yay or nay
I told him, ok get me a counter offer or get me feedback on how far off the offer is from his bottom line, response: we dont do that here, its a straight yay or nay, and if you are willing to go higher, you will have to submit that separately,
my response: well if you want a sale, then you'll give me feedback on where my offer stands
response: we dont do that here

now ive noticed a few qld agents say similar sort of stuff

so is it a qld vs nsw thing or is it just different agency approach,

which would you guys say is a better agent?

Who knows; either agent/method could be telling fibs about anything, and probably are.

I think from a vendor's perspective the QLD agent is better. The NSW agent has told you (if you believe it) that they will take $x, so why offer anymore. But the QLD agent has just told you that offer is not accepted. You've got no idea what will seal the deal, it might be just another couple of k, but you might offer 10k more.

I'm starting to become a fan of the 'first and final' offer approach to buying. For it to work you need stand firm and walk away if the offer is not accepted.

 

[SB25]

Remember the agents don't work for you, they work for the respective Vendors...

In scenario 1 if the Vendor is firm you could be thankful that you've been told the price the Vendor will accept, and secondly, that they haven't told you the other party's offer means they likely haven't told/shown them yours which is the professional way of doing business.

However, ideally the agent could ask the Vendor to counter-sign your contract at their price of $850k and give you the opportunity to agree or not - this would likely also indicate to you whether the Vendor is a genuine seller at this price.

Scenario 2 - why should he tell you the Vendor's price? It's going to Auction where it will possibly sell unconditionally for ~25% more than you've offered. If you want it that badly maybe raise your offer and sweeten the terms, or perhaps go to Auction and put your hand up at $160k. You might be the only one there and your single bid may give the Vendor a wakeup call as far as their price expectations are concerned?

Opinions only, not advice.

 

[Scott No Mates]

An auction guide is just that - overquoted to win the work from the vendor and underquoted on the marketing.

If the vendor is prepared to accept $850k, then up your offer (unless it doesn't stack up). $850k is what they want, but will they walk at $820k? Agent has justified their existence if you chip in the extra $20k+.

 

[Gibba]

its a brand new listing ,and going to auction so my offers have to be pretty strong fro them to accept, so there are no conditions, which the agent agreed, and the price is pretty low, i am willing to go higher, but my aim was to get them to possibly come up with a counter offer,

You have mentioned that the property is going to Auction. Part of this process is that the property is marketed without a price. There is no benefit to be gained by the seller providing a counter offer prior to the Auction.

You are at a disadvantage that you won't get a real guide to what they will accept however,

You are at an advantage that the seller probably has genuine motivation to sell and therefore the opportunity to negotiate a sale is higher.

In most cases you would choose a motivated seller over getting a selling price guide. In any case a buyer shouldn't choose their price based on what a seller wants. It should be based on research done on recent sales, trends and what other options you have.