Changing agents- out of area

Discussion in 'The Buying & Selling Process' started by username, 30th Apr, 2019.

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  1. username

    username Member

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    We are currently using an out of area agent to sell our property (long story but there was a reason)

    It's been two months and I appreciate it's a tough market (Sydney) but we've barely even had a bite. We are considering re-assigning to an in-area agent as our agency exclusivity ends soon.

    While it would be good to have someone that understands the market better and has contacts who are looking to buy in the area, are we just wasting another marketing budget? Will this actually achieve anything or are we just looking for excuses as to why our house wont sell?

    Any stories/ advice would be appreciated!
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    • What has been the feedback from the agent?
    • Is it a pricing/expectation issue or presentation?
    • Why did you select this agent vs others that you interviewed (or didn't interview)?
    • Are you needing to sell in a declining market heading into winter?
     
  3. Morgs

    Morgs Well-Known Member Business Member

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    What area? Have you got a link to the listing? Hard to help without any details
     
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I fell for the out of area thing once. It wasnt good. Never again. I had to have the contract torn up at a tribunal hearing as they wouldnt let us out. We then listed locally and were swamped by several (first home) buyers all keen and it pushed the price up enough to even pay the agent fees in a flat market

    IMO local agents bring buyers in that area
     
  5. QldKoolies

    QldKoolies Well-Known Member

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    Dont let the agent make it black magic and leave you guessing. You should be told 1. who showed interest and something about them 2. how’d they find it 3. what their feedback was 4. similar properties to yours on the market and how you compare. Get into detail, ask about enquiries vs interested parties vs how many inspected. If you are not getting enquiries i’d look at redoing marketing. If you are but no inspections i’d be suspicious of the agent. Some homes just need to be inspected and if the agent cant get lots of people through or isn’t flexible it will hurt. If buyers are getting in but are walking away it often comes down to price.
    This will tell you if the fact the agent is out of area is impacting your campaign and what you got for your marketing $. In a cold market it should be less important to have an agent with a big distro because there is less stock but keep them honest and ask for the detail.
     
  6. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    There are plenty of variable here but in all cases you should feel that the agent is a) working for you and b) that you are being kept fully informed.

    Agents shouldn't just be recommending price drops to get a quick sale, but they shouldn't rest on their laurels and just keep telling you that you'll get what you want if you hold out. An element of trust is required and some broad appreciation and knowledge of the market you're selling in (to give you that confidence) goes a long way.

    Generally, if people are coming through and not offering, it's a property problem. If you're not getting anyone showing up at all, then it's a price problem.

    - Andrew
     
  7. Tom Velk

    Tom Velk Member

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    Where is the marketing the property? Which portals?
     
  8. jodes

    jodes Well-Known Member

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    Thanks for everyone's comments and questions so far!
    - The property is being marketed on domain and real estate and via the agents email list- which is my first concern- we are losing the agency emails going to our target market as we are in Sydney's east and the agent is from the Inner west. How much is the local buy market/ contact worth?
    - The market is very mixed so it's difficult to tell where we actually sit price wise- all of the agents we have spoken to seem to think we can get about what we want. We are actually quoting where we want though which the local agents are saying is doing us a dis-service given people automatically add a premium onto it.
    - we used this agent as she is selling us our property that we are looking to buy and we really like her
    - We are getting people through ~5 groups per inspection), and 2 inspections a week but not really any interest once they are through
    - our current (out of area agent) says the house is not styled nicely enough for the "luxury" eastern suburbs market. Our potential in-area agents are saying that are styling is fine (I'm totally not being defensive here but I put a lot of thought into styling and would classify it as my hobby so although it's not "luxe" I know (and have been told by many people) that our apartment is lovely. We are also in a relatively ugly Art Deco building so i'm not sure if a real "luxe" person would be interested (putting lipstick on a pig...) haha
     
  9. Speede

    Speede Well-Known Member

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    No.

    Many time wasters go to open homes and don't end up buying.

    Let's say if 20 properties are for sale in the same area and none have sold for 100 days is it a property problem? Could be a million reasons why it's not selling.
     
  10. Morgs

    Morgs Well-Known Member Business Member

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    It sounds like you're getting reasonable traffic into the property.

    What is the current agent recommending? Is there any strategy behind the sales campaign? It is all well and good if you get on well with them, but you need them to own delivering you a sales result. Part of that accountability is giving you feedback as to why the campaign isn't working (even if that is a crucial conversation around price expectations).
     
  11. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    Yes.

    Of course there could be other reasons, but that’s why I said generally. Present it and price it right, relative to market conditions at the time, and it will sell.

    - Andrew