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Topic # 203169 20-Sep-2016 11:46
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I've sold property before myself, or as a signatory who's not directly involved with commission.

Naive question, but the main real estate players in NZ are effectively "no sale no fee" commission??

My house is for sale, and to me most important part is quick sale over top dollar. I just want to break even.

It was listed at price suggested by agent, got lots of interest but no offers so after a month i lowered price to where i would have started it myself, again lots of interest but no offers. This week I'm going to reduce price again but it's rock bottom really considering agent fees which are very high.

In 4 weeks the exclusive period will be over, i assume then i could simply tell them i no longer require their services and list it myself? I am told I'll be given a list of all the people who viewed and commission will still be payable if they buy.

So my 2 main questions, once the 3 months exclusive is up, if house isn't sold, can i walk away and not pay the $500+4%+gst?
And if I'm advertising at lower (not inflated for agent fees) price, and person who's on this list makes offer, can i counter their offer higher than my asking price to reflect they specifically are subject to the commission?

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  Reply # 1636487 20-Sep-2016 12:05
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My understanding is that the answers to your four questions are 4 x yes/correct.


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  Reply # 1636490 20-Sep-2016 12:10
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You can also negotiate the commission if the agent brings you an offer where you wouldn't break even - some will take a cut (though in this climate, many won't).

 

 

 

What area are you in? It sounds odd that you have to keep dropping your price - suggests that either asking too much, or something else wrong with the property.


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  Reply # 1636525 20-Sep-2016 13:19
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Have you paid for any advertising on the property? or did the agent out of their pocket?  Unsure if they'll pass that on if you haven't.

 

 





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  Reply # 1636538 20-Sep-2016 13:47
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It is very rare these days to put a price on the property. Tenders will generally get the best price, so if you want a quick sale, this is the best way for the seller, as it puts a deadline and you then find out who is really interested. I am amazed that your agent didn't choose this option, or even auction(although mainly  only used in Auckland). 4% commission sounds very high. Did you pay advertising on top of that?  You would need the list from the agent of who they showed the house to, so if you do go to another agent, that agent will know, so you don't end up having to pay two commissions. 


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  Reply # 1636540 20-Sep-2016 13:52
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trig42:

 

You can also negotiate the commission if the agent brings you an offer where you wouldn't break even - some will take a cut (though in this climate, many won't).

 

 

 

What area are you in? It sounds odd that you have to keep dropping your price - suggests that either asking too much, or something else wrong with the property.

 

 

 

 

That would depend on the contract though, and I would make sure you get everything in writing when dealing with realestate salespeople.


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  Reply # 1636542 20-Sep-2016 13:56
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Geese: 

In 4 weeks the exclusive period will be over, i assume then i could simply tell them i no longer require their services and list it myself? I am told I'll be given a list of all the people who viewed and commission will still be payable if they buy.

 

 

 

Keep in mind this lasts for a LONG time.  Be very careful to make sure you know how someone found out about the property and that they are not on a list.


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  Reply # 1636604 20-Sep-2016 15:34
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sxz:

 

Geese: 

In 4 weeks the exclusive period will be over, i assume then i could simply tell them i no longer require their services and list it myself? I am told I'll be given a list of all the people who viewed and commission will still be payable if they buy.

 

 

 

Keep in mind this lasts for a LONG time.  Be very careful to make sure you know how someone found out about the property and that they are not on a list.

 

 

 

 

That's why the need the full list from the agent. The agent may also see someone who viewed it on trademe under their listing, as a lead, so a good idea to check the contract. It probably needs advice from a lawyer.


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