Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


1220 posts

Uber Geek
+1 received by user: 58


Topic # 196540 3-Jun-2016 16:28
Send private message

10 years ago I bought a section and listed it on trademe and promptly sold it. Was very very easy process, lawyers fees weren't even very high.

In 4 week's I'm going to list my house for sale. I could list on trademe, communicate with potential buyers, facilitate people seeing the house, but am guessing surely there is more to what an agent does to justify their fees?

The house is a cross lease and my main concern is I want the sale to be a done deal, without worry that a buyer will come back at me, for things they may find out that I'm unaware of. Presumably if using an agent in same circumstance the buck stops with the agent?

View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2 | 3
1399 posts

Uber Geek
+1 received by user: 366


  Reply # 1565205 3-Jun-2016 16:46
One person supports this post
Send private message

I brought a house not long ago without any agent, we negotiated directly with the seller who we found via word of mouth. It was all pretty easy and painless.

 

Happy with the result and both parties were able to save thanks to the lack of fees. Take this anecdotal evidence as you please.

 

 

 

Edit: Any half decent property lawyer should be able to guide you through any potential cross lease issues.


12695 posts

Uber Geek
+1 received by user: 5980

Trusted

  Reply # 1565224 3-Jun-2016 16:50
2 people support this post
Send private message

if you are going to sell yourself wait until other houses in the street are put up for sale and put your own sign on your property especially when there are open days.





Mike
Retired IT Manager. 
The views stated in my posts are my personal views and not that of any other organisation.

 

 It's our only home, lets clean it up then...

 

Take My Advice, Pull Down Your Pants And Slide On The Ice!

 

 


22 posts

Geek
+1 received by user: 1


  Reply # 1565231 3-Jun-2016 17:01

Sure as long as you have a good property lawyer.


14217 posts

Uber Geek
+1 received by user: 1828


  Reply # 1565279 3-Jun-2016 17:58
One person supports this post
Send private message

Suggest using a company like 200 square. It is a fixed fee, and they manage the dealings with a buyer, and will also list it on the real estate website, which I believe you can't do without an agent.  Often an agent already has a buyer for a property in a sellers market, so lots of money for very little work. NZ has incredibly high commissions compared to overseas, and you have other fees such as advertising etc, which are costly. When online advertising is where most people look these days.


14066 posts

Uber Geek
+1 received by user: 2514

Trusted
Subscriber

  Reply # 1565323 3-Jun-2016 18:34
4 people support this post
Send private message

Don't sign anything until a lawyer has approved it. Ideally use a contract from a lawyer, not from an agent.

 

Agents all seem to drive around in expensive new cars, their main job seems to be unlocking doors and screwing up contracts.





AWS Certified Solution Architect Professional, Sysop Administrator Associate, and Developer Associate
TOGAF certified enterprise architect
Professional photographer


2001 posts

Uber Geek
+1 received by user: 159

Trusted

  Reply # 1565907 5-Jun-2016 00:09
One person supports this post
Send private message

We used http://www.homesell.co.nz/ last time we sold our house.

 

They took care of the marketing, photos etc and we sold almost immediately as we didn't try for auction etc. Overall well worth the money.





Generally known online as OpenMedia, now working for Red Hat New Zealand as a Solution Architect for all things Linux, Virtual and of course Cloud. Still playing with MythTV and digital media on the side.

3031 posts

Uber Geek
+1 received by user: 1506


  Reply # 1565947 5-Jun-2016 08:18
Send private message

If you are prepared (and competent) to front the buyers, and aren't in a hurry, have a go yourself. What have you got to lose? A lawyer can provide a contract and guide you through the legal process. Be upfront about the property (I think by law you have to disclose any known issues?) and you shouldn't have any troubles. We brought our last house privately, and couldn't believe how easy it was without an agent.




Always be yourself, unless you can be Batman, then always be the Batman



2701 posts

Uber Geek
+1 received by user: 715

Subscriber

  Reply # 1565968 5-Jun-2016 09:50
2 people support this post
Send private message

Have to agree with timmmay. I dislike the real estate agent 'profession' with a passion. To paraphrase a well-known quote: Never in the history of selling was so much paid by so many to so few who did very little.

 

 


2328 posts

Uber Geek
+1 received by user: 1085

Trusted
Subscriber

  Reply # 1565971 5-Jun-2016 10:08
Send private message

Some questions:

 

Will you be able to reach as many potential buyers as a real estate agent working for a well-known company? More buyers = more upside on potential price offers.

 

A good real estate agent will promote price competition between potential buyers - its their job to do so. Will you be able to do the same?

 

Do you want to run open homes yourself?

 

A good real estate agent will be able to provide better information on competing properties, or recent sales, to assist getting you a better price. Will you be able to do the same?

 

If you have a disgruntled buyer, real estate agents are the buffer between you and the buyer. Do you want to run the risk of any direct hassle?


12805 posts

Uber Geek
+1 received by user: 2294

Trusted

  Reply # 1565973 5-Jun-2016 10:19
One person supports this post
Send private message

Problem I have is say I want , lets pick any number, $600,000. Lets say thats a top price but reasonable to get. It might take weeks and weeks or longer. An agent will probably convince you that its too much, he will sell tomorrow at $540,000 and its a quick sale and commission. Cynical maybe, but they act like sharks. Your property. Its too much, there is this, there is that, we need to drop the price. Or, its a great property, it will sell quickly, you need to grab it now or lose it. 


Mad Scientist
18707 posts

Uber Geek
+1 received by user: 2381

Trusted
Lifetime subscriber

  Reply # 1566005 5-Jun-2016 11:53
Send private message

tdgeek:

 

Problem I have is say I want , lets pick any number, $600,000. Lets say thats a top price but reasonable to get. It might take weeks and weeks or longer. An agent will probably convince you that its too much, he will sell tomorrow at $540,000 and its a quick sale and commission. 

 

 

It can go both ways. In a heated market the agent might get you 800,000. 

 

Where are you based. 


12805 posts

Uber Geek
+1 received by user: 2294

Trusted

  Reply # 1566009 5-Jun-2016 12:29
Send private message

joker97:

 

tdgeek:

 

Problem I have is say I want , lets pick any number, $600,000. Lets say thats a top price but reasonable to get. It might take weeks and weeks or longer. An agent will probably convince you that its too much, he will sell tomorrow at $540,000 and its a quick sale and commission. 

 

 

It can go both ways. In a heated market the agent might get you 800,000. 

 

Where are you based. 

 

 

ChCh. Oddly we paid that a few months back. But its hard to know where the agents loyalty lies. Best price for the buyer = lowest. Best price for the seller = highest. best price for the agents commission is now, the lower side.


12805 posts

Uber Geek
+1 received by user: 2294

Trusted

  Reply # 1566011 5-Jun-2016 12:32
Send private message

dafman:

 

Some questions:

 

Will you be able to reach as many potential buyers as a real estate agent working for a well-known company? More buyers = more upside on potential price offers.

 

A good real estate agent will promote price competition between potential buyers - its their job to do so. Will you be able to do the same?

 

Do you want to run open homes yourself?

 

A good real estate agent will be able to provide better information on competing properties, or recent sales, to assist getting you a better price. Will you be able to do the same?

 

If you have a disgruntled buyer, real estate agents are the buffer between you and the buyer. Do you want to run the risk of any direct hassle?

 

 

 

 

Good points. Will the agent get more than the commission that you could have, no one knows. Whats the house REALLY worth? No one knows. 


5130 posts

Uber Geek
+1 received by user: 1072

Trusted
Subscriber

  Reply # 1566019 5-Jun-2016 12:52
Send private message

Geese: 10 years ago I bought a section and listed it on trademe and promptly sold it. Was very very easy process, lawyers fees weren't even very high.

In 4 week's I'm going to list my house for sale. I could list on trademe, communicate with potential buyers, facilitate people seeing the house, but am guessing surely there is more to what an agent does to justify their fees?

The house is a cross lease and my main concern is I want the sale to be a done deal, without worry that a buyer will come back at me, for things they may find out that I'm unaware of. Presumably if using an agent in same circumstance the buck stops with the agent?

 

As long as you have a lawyer who can perform the property and funds transfer, the rest is pretty much finding a buyer and you both signing the sale and purchase agreement. 

 

Provided you haven't said or done anything dodgy there really shouldn't be any issues. (Assuming the purchaser is also not doing anything dodgy). 

 

People use agents because they don't have the time and because agents know how to market property (in theory - practice varies).  

 

With properties heading toward a million average in Auckland I'd say agents using the same percentage commission as 10 years ago were making insanely good money for what they actually do. 

 

Try it on your own. See how you go. If you can't find a buyer then agents are there to help if you decide it hasn't worked out for you. 





____________________________________________________
I'm on a high fibre diet. 

 

High fibre diet


6666 posts

Uber Geek
+1 received by user: 568

Trusted

  Reply # 1566031 5-Jun-2016 13:29
One person supports this post
Send private message

I think it pays to study this with a clear head.

 

 

 

On a standard house sale you're talking what 6%? of the sale price to the agent.  Depending on house values, that's in the range of $10,000 - $30,000 or so?

 

 

 

What is it that agents are bringing to you, what are you paying for?  Essentially its connecting you with the buyers through advertising/marketing, and with buyers who are not prepared to buy direct (and many are not, assuming some sort of guarantee from purchasing via an agent).

 

You are still paying for the legal fees regardless, they are simply connecting with the buyers and getting them to your property.

 

 

 

Basically, the question is, is that worth it for you?  In times where there is a lot of competition in the market, you'd probably do ok trying to sell yourself.  Ideally you want a multiple offer situation to drive buyers into a frenzy, and potentially agents can do that more if they have lots of buyers coming to them.  They'd obviously need to generate more than their sales commission for you to be better off than taking a lower offer yourself.  I think that's where the private sell can work well, if you're not greedy.  If you meet buyers half way into the agents commission, they pay less and you earn more, than if an agent was used. 

(As an aside... Watch out for ones who offer more than the valuation of your property, and who need finance to complete the deal, as the bank will only lend the lower of the offer and the valuation.

 

 

 

I'm amazed at the number of people who would freak out at the notion of spending $5,000 on advertising, yet are happy to pay $20,000 in commission to an agent?!


 1 | 2 | 3
View this topic in a long page with up to 500 replies per page Create new topic

Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Vodafone faces charges for billing customers after contract finished
Posted 22-Aug-2018 17:54


Aerial imagery Nearmap launches in New Zealand
Posted 22-Aug-2018 17:41


Intel introduces new NUC kits and NUC mini PCs
Posted 16-Aug-2018 11:03


The Warehouse leaps into the AI future with Google
Posted 15-Aug-2018 17:56


Targus set sights on enterprise and consumer growth in New Zealand
Posted 13-Aug-2018 13:47


Huawei to distribute nova 3i in New Zealand
Posted 9-Aug-2018 16:23


Home robot Vector to be available in New Zealand stores
Posted 9-Aug-2018 14:47


Panasonic announces new 2018 OLED TV line up
Posted 7-Aug-2018 16:38


Kordia completes first live 4K TV broadcast
Posted 1-Aug-2018 13:00


Schools get safer and smarter internet with Managed Network Upgrade
Posted 30-Jul-2018 20:01


DNC wants a safer .nz in the coming year
Posted 26-Jul-2018 16:08


Auldhouse becomes an AWS Authorised Training Delivery Partner in New Zealand
Posted 26-Jul-2018 15:55


Rakuten Kobo launches Kobo Clara HD entry level reader
Posted 26-Jul-2018 15:44


Kiwi team reaches semi-finals at the Microsoft Imagine Cup
Posted 26-Jul-2018 15:38


KidsCan App to Help Kiwi Children in Need
Posted 26-Jul-2018 15:32



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.