Are all realestate agents liars?

So after meeting with 4 different realestate agents we chose the second hightest
The lady (who was ment partner not just a agent) said probably sell after 2 weeks by have 10 to 12 people threw each weekend amd have 3 to 4 offers each week amd be able to push them up higher and maybe hit over 500.

After 2 weeks i paid the deposit then 3 days later i got a call from the agency and a guy told me she left the agency and the guy was taking over and asked me what i was after.

They all new why we were selling and new the prices we needed from day 1. But keep saying to wait and see and then say i have to drop my prices after each open.

He held the first open amd 1 person showed amd then he asked me to drop the price by 20k.
He said it would get more people to come threw and then he could bargin the price up to our reserve.

Second open no people showed
Third open 2 people showed amd 1 offer at 440 and he couldnt get them.to budge.

So he said lower proce to 440+ as a ploy to get peoplethrew and then he can negotiate them up.
Next open no one turned up and he said marked has dropped so i have to lower my price again.

Now in 6th week there been 4 people threw and 2 offers of 440.

I told him what the original lady wrote on the authority statement and he said cant uphold that cos he wasnt here when she wrote up things and wont sick to it cos he wasnt privie to the conversation.

My understandingwas it was all in my portfoliowhen he took it on so why didnt he tell me i cant get it.



We are now taking it off the marked cos no point selling if we cant cant get what we need.

Now considering getting a solicitor involved so we can get a refund cos we been lied to from the beginning and failure of staff to hand over property and over inflated pricing a property to get a signed contract when then knew they couldn't get that price.

Its borderly professional misconduct and breach of code of ethics and the ceo has to take responsibility of her staff since its her business.

Now im out of pocket 2500 already for advertising amd $250 to conveyancer and im sure the realestate will want the remaining 2000 balance for advertising.

Also question. Advertising is worked out on 10% sale price so if it doesnt sell, should they reduce advertising?

Rant over

To find it funnymy mum is selling with different agency and same thing is happening to her lol.



Any advice?
Anyhing i can do to get some money back?

 

Only the ones whose lips move

 

I understand your frustration. However, I'm not convinced that the agent has been dishonest in their conduct or in breach of ethics.
Sure, they did not achieve the 500 k they wanted to but that's not surprising at the moment.
The market has turned and in some areas rather quickly.
Real estate agents can only achieve a price that buyers are willing to pay. They can only do their best. There are no promises selling property (or anything else for that matter).
Unless the property is spectacular, with particular mention to location, or great value it will struggle to sell at the moment.

 

Maybe hit over 500k is agent speak for over 500k if someone loves it. You have an offer for 440, which isnt far off, in a quieter market. In winter. 6 weeks is pretty stale. How much interest are you paying a week?

You should never choose an agent based on what they say they can sell for. Did you do your own research about what its worth? The reason agents quote high is because sellers believe it and choose them.

Cant get what you need doesnt mean what you need is realistic. You get what the market gives you.

What does advertising is based on 10% sale price mean?

 

Was that your only criteria ie who would blow the most smoke in your direction?

You are selling into a cooling market, did you ask any of the tough questions?

 

To answer your question, I do not see you getting your money back. They provided a service and you paid for it as agreed.
At the moment 440k is what the market is willing to pay. Either take an offer or take the property off the market and think about improving it before trying again. Or you can wait and hope prices improve in the future.
You could try another agent but that's more money out of your pocket with no guarantee of a better price. You could also consider trying to sell at auction. How much are other properties of similar condition selling for? Is there any likely return if you renovate? Would staging the property provide a better price?

 

Dont waste more money on legals. You won't get your money back .

Your REA story is not uncommon and happens all the time. Often REAs need to reality base buyers and sellers as the sale campaign goes on. That's all that's happened here . You may not like it but its normal imo.


Dont throw money on lawyers. 100% you will just end up losing more money.

 

Sometimes people lie because thats what customers want to hear. How many can handle the truth right up front?

 

what you need and what people will pay are very different things

I think you should sue the market. dam those buyers not coming to the party with buckets of cash!

 

What sort of sale price were the others suggesting. You picked the second highest. Do you mean the agent who gave you the second highest estimate of likely sale price?

You might have a lazy agent or your house might be worth what people are offering. What are similar houses selling for




1 had 440+
1 said around 450
1 said 480+
1 said 510+

Recently there were 3 sold simular to mine around 475 mark

 

If the market has changes by 40+k does that mean my rates should be less

 

We are out of pocket 300 perweek after all expenses.

I chose this lady cos i liked how she explained the whole sale process clearly and seamed comfident she could sell stress free transaction quockly for the price we needed to buy a block of land.

Isnt it unethical to accept the contract and offer a higher price if she knows she cant get it?
If property is 400k advertising is 4k
If property is 900k advertising is 9k

 

Which questions you talking about?

 

Shouldn't then decline the contract if then know they cant get.the price i request and if there experts they should know roughly know prices they get for the area?.

 

What you need doesnt affect what people will offer.

There may be someone who just loves it and offers 600k. Who knows?

You can negotiate advertising with the agent. Ask for a flat fee.

 

Exactly how rude lol

 

Decline the business, get nothing. Accept with a unrealistic seller, can usually talk them down when offers come in and make a commission.

Agents need to eat too.