Who NOT to sell your house with in Upper North Shore!

[Jacque]

Hi all

I don't usually rant and vent on here too often but a recent highly unethical experience with one of the big franchise selling agencies in the St Ives/Pymble area has rendered me speechless! Rather than go into detail, let me just say that they certainly weren't acting in the interests of their vendor, by failing to provide all interested buyers (at least those of us who submitted offers) with updates and subsequently sold the property covertly within a 12 hr period of our last contact and prior to the scheduled auction. In all my years of buying, this is a first for us and has left our staff gobsmacked From what we have garnered, none of the other buyers intending to go to auction (and there was more than one) were informed or given the opportunity against this other buyer.

Buyers agents are in the enviable position of being able to be on the ground with selling agents and see both sides of the fence. We are often asked for recommendations of selling agents (from all suburbs that we operate in) and have been always happy to provide names to buyers who are seeking these. We also, however, carry a "blacklist" of individual agents whom we wouldn't recommend to our worst enemies and I've just been able to add another to this..... if anyone is thinking of selling in this area in the near future please feel free to call me and I'd be happy to discuss my experience and provide my opinion (naturally always make your own enquiries but, for those who know me, I may be able to at least help you from making a mistake in agent selection in this area!)

Contrast this with many other agents whom have acted with total professionalism at all times (despite being tough negotiators for their vendors!) and we've happily passed on recommendations for. Also interesting to see how successful many of these actually are in their areas too. Vast differences!

 

[Rolf Latham]

Not the first sort of this sort of thing I have to say.

Care to seller in reality is sometimes ZERO

ta

rolf

 

[cu@thetop]

Hi all

I don't usually rant and vent on here too often but a recent highly unethical experience with one of the big franchise selling agencies in the St Ives/Pymble area has rendered me speechless! Rather than go into detail, let me just say that they certainly weren't acting in the interests of their vendor, by failing to provide all interested buyers (at least those of us who submitted offers) with updates and subsequently sold the property covertly within a 12 hr period of our last contact and prior to the scheduled auction this week. In all my years of buying, this is a first for us and has left our staff gobsmacked From what we have garnered, none of the other buyers intending to go to auction (and there was more than one) were informed or given the opportunity against this other buyer.

Buyers agents are in the enviable position of being able to be on the ground with selling agents and see both sides of the fence. We are often asked for recommendations of selling agents (from all suburbs that we operate in) and have been always happy to provide names to buyers who are seeking these. We also, however, carry a "blacklist" of individual agents whom we wouldn't recommend to our worst enemies and I've just been able to add another to this..... if anyone is thinking of selling in this area in the near future please feel free to call me and I'd be happy to discuss my experience and provide my opinion (naturally always make your own enquiries but, for those who know me, I may be able to at least help you from making a mistake in agent selection in this area!)

Contrast this with many other agents whom have acted with total professionalism at all times (despite being tough negotiators for their
vendors!) and we've happily passed on recommendations for. Also interesting to see how successful many of these actually are in their areas too. Vast differences!

Mr Devil's advocate here: Did the listing agent say : auction coming up next week- make your (or your client's) best offer there are others interested.

I know from my dealing with agents that chances are it has been sold to the brother in law/distant relative/mate for 15% less than market value, but in my brief experience as a defacto agent fielding enquiries for a premium lot I made it clear to buyers to make their best bid as the first one because I was not going to to and fro on negotiations and the seller was not desperate to sell (ultimately it was taken off the market).

A lot of wealthy (and presumably not stupid) people had trouble with this concept.

 

[Collector]

Mr Devil's advocate here: Did the listing agent say : auction coming up next week- make your (or your client's) best offer there are others interested.

I know from my dealing with agents that chances are it has been sold to the brother in law/distant relative/mate for 15% less than market value, but in my brief experience as a defacto agent fielding enquiries for a premium lot I made it clear to buyers to make their best bid as the first one because I was not going to to and fro on negotiations and the seller was not desperate to sell (ultimately it was taken off the market).

A lot of wealthy (and presumably not stupid) people had trouble with this concept.

I do agree.

When we have a HOT property and see the amount of interest we ask for all interested parties to submit their best offer in writing with a deadline time. Offers are then submitted to the vendor for consideration.

Many times parties that missed out say they would have paid more.

 

[DaveM]

Give us a hint, what colour is their logo

 

[Jacque]

I do agree.

When we have a HOT property and see the amount of interest we ask for all interested parties to submit their best offer in writing with a deadline time. Offers are then submitted to the vendor for consideration.

Many times parties that missed out say they would have paid more.

This is a fairly common scenario and sales tool and one that we're well used to dealing with In this case, however, this was not the situation and all parties were in agreement that the house was being taken to auction. Best offers were definitely not requested (as per Jenman style) so it appears another motive was in place..... bottom line is that the agent acted unethically and it won't be forgotten.

 

[china]

agent behaviour

I think this is quite common real estate agent behaviour. The most important interest for the agent to look after is their own interest. Vendor's interest is always a distant second. If they can sell a house for sure, say, for one million, there is no way that they are going to delay that sale in the hope that they may get one point two million. There is not enough meat for the agent to hold out for extra. A bird in hand is worth two in the bush.

 

[mrmonopoly]

This has happened to me before also with a company which is generally accepted as being one of the best. I don't apportion blame to the company but I did report the rogue agent in question to both the company big wigs and appropriate authorities. Coincidentally, he no longer works there.

Would be interested to know what it sold for in relation to what you would have valued it at?

 

[shuggy]

Jacque, i'm surprised you're speechless unless you haven't worked in the industry for very long. Unethical real estate agent behaviour is very common and nothing to be surprised about.

Anyone familiar with the industry knows agents want a property sold ASAP regardless of the price or the vendor's best interest. They just want their commission and don't care if it sells for $800k or $1m.

 

[Ocean Architect]

I agree with Shuggy in regards to most RE agents. If you would like to hear a horror story about someone that I know quite well that was burned to a crisp by his RE agent, listen to this:

Family friend has block of land zoned for highrise
Family friend engages RE agent to sell it for him
RE agent puts property on market for a little under 1M
RE agent tells family friend that price is impossible because land could only bear 9 apartments
RE agent sells land to his developer friend for a little over 500k
Developer then builds 15 apartments on block
All apartments sell at massive profit
Developer rewards RE agent

Now that's a slapping.

 

[Andrew_A]

There are few things harder than trying to get a look in as another buyer when a sales agent is close to sealing a deal.

Buyer: Hi I'm interested in this property, can you tell me some more details.
Agent: This property is under offer
Buyer: Is it a signed contract yet?
Agent: The seller has an offer that they are going to accept, the buyer is just doing some final checks, I will give you a call back if it doesn't work.

Reads as... 'Go away we are close to sealing off on this deal and don't want complications, might even give you a call back if I remember!'

Of course if the poor seller knew they might want a different approach tried, happens all the time sadly for them.

In your case Jacque seems like you got much worse treatment than this. In QLD the regulatory bodies are fairly toothless when it comes to checking bad behaviour from agents.

 

[Jacque]

I agree with Shuggy in regards to most RE agents. If you would like to hear a horror story about someone that I know quite well that was burned to a crisp by his RE agent, listen to this:

Family friend has block of land zoned for highrise
Family friend engages RE agent to sell it for him
RE agent puts property on market for a little under 1M
RE agent tells family friend that price is impossible because land could only bear 9 apartments
RE agent sells land to his developer friend for a little over 500k
Developer then builds 15 apartments on block
All apartments sell at massive profit
Developer rewards RE agent

Now that's a slapping.

That's deplorable. Was he reported?

 

[Jacque]

Jacque, i'm surprised you're speechless unless you haven't worked in the industry for very long. Unethical real estate agent behaviour is very common and nothing to be surprised about.

Anyone familiar with the industry knows agents want a property sold ASAP regardless of the price or the vendor's best interest. They just want their commission and don't care if it sells for $800k or $1m.

Shuggy, I'm rarely speechless as those here who know me will attest and though I've calmed down from the experience since this was posted it's important that I address your response. This behaviour was beyond unethical - it was hugely discourteous, very unprofessional and one of those situations that had me not only shaking my head in disgust but wondering why any vendor would want to hire an agent like this.

However I must take umbrage with your last statement. In my experience of buying not just for clients but myself over 20 yrs as well I've found the majority of agents to be professional, courteous and ultimately aiming for the best result for their vendors. Unfortunately its the small no. that don't do this that we ultimately remember and rant about
I've had plenty of great experiences (buying and selling) with selling agents and I've also had the pleasure of being able to share the names of good ones with those who are in the market to sell.

In the end, I believe what goes around comes around. Those who operate unethically in any industry will get caught out eventually and reap the seeds they've sown.... and I also find that most of them don't seem to be very happy people themselves anyway. Too much dishonesty can eat away at a person after a while I'm sure...

 

[cu@thetop]

In my experience of buying not just for clients but myself over 20 yrs as well I've found the majority of agents to be professional, courteous and ultimately aiming for the best result for their vendors.

Well the rest of them moved up here to Qld as RE agents honestry ratio is inversely proportional to yours in NSW,

 

[LukeLang]

Jacque your post gave me a bad memory of an almost identical experience i had with sally hampshire.....another one for the blacklist.

 

[Rolf Latham]

However I must take umbrage with your last statement. In my experience of buying not just for clients but myself over 20 yrs as well I've found the majority of agents to be professional, courteous and ultimately aiming for the best result for their vendors. Unfortunately its the small no. that don't do this that we ultimately remember and rant about
I've had plenty of great experiences (buying and selling) with selling agents and I've also had the pleasure of being able to share the names of good ones with those who are in the market to sell. ...

I feel this to be about right .

What needs to happen is the industry itself needs to find a way to remove this form of cancer..........while the majority of agents do a good and ethical job, a minority present a picture that isnt true

ta

rolf

 

[Jacque]

I feel this to be about right .

What needs to happen is the industry itself needs to find a way to remove this form of cancer..........while the majority of agents do a good and ethical job, a minority present a picture that isnt true

ta

rolf

Agree 100% Rolf. And to follow up on this post, though I've not named anyone I've had the fortunate opportunity of being asked my opinion on good selling agents in the area for no less than 6 buyers/sellers now, one of them my cousin who is selling a lovely $3m home shortly. Karma