Randomly contacted by RE agent with a buyer interested in my IP. Am ready to sell, how to respond?

Just was cold called by an agent (who I do not know) with an interested buyer in my IP.

I have been considering selling lately so this may appeal to me if the offer is right.

I am unsure how he obtained my details.

Does anyone have any suggestions as to best course of action and next steps to achieve best offer and minimise unecessary fees etc?

Any hazards or lessons learners from others to try to avoid?

Thanks in advance

 

For what gain? In the hope they will achieve a listing from me?

 

The scenario as claimed by the cold calling agent:

1. Buyer had contract on another property in the area but missed out.
2. Would I be interested in hearing an off market offer

 

If they have a buyer, then they could have the buyer pay a buyer's agency fee and you don't pay commission, that will flush out whether they're after a listing or has a legit buyer.

 

Love this

Am inclined to hold off mentioning this until I've been given a price range?

 

As @Scott No Mates said reversing the fee is one option. Otherwise (because not all buyers are able/willing to pay BA fee but may still be genuine) you could entertain the idea of a 14 or 21 day exclusive listing with zero ad spend and zero costs to give him a crack at negotiating a deal if you do want to sell. Request a reduced commission percentage because there is not as much work in it for him (essentially cream if he gets it done) then give him a shot.

 

Maybe it's a new agent just starting out going through all the old listings to gain a listing ,but I get phone calls all the time about someone who just missed out in the street and walked past and fell in love with the property very common in inner Brisbane..But then again it may fall in line with your plans,just don't fall into the trap where you sign up the listing and buyer goes missing ..imho..

 

Check that agent out, and you learn more and know more agents... I got one agent walking in when I were cleaning the house to rent with an offer, then got a cash contract signed after 2 days. You never know, just to be sure only accepting non-finance conditions contract, checked by your solicitor team with max deposit. And you get one more great agent on your team to continue the real estate journey.

 

Yes. This is an old ruse. Usually an outright lie.

They will not divulge the buyer until you sign the legal form appointing them as agent. Then you are stuck with them.

The “buyer” then disappears, has found another property or changes his/her mind.

But, hey, they have a listing! Next step is to tell you that “the market has spoken” and the property is worth nowhere near what the first alleged offer was. The RE term is “crunch the seller”!

If you want to sell, research to find which RE agent you actually want to use.
Marg

 

But they genuinely might have a buyer , so I think its better not to outirght dismiss them,
especially in a hot market,

but real estate agents never lie do they

 

They might have a genuine buyer from PC who intends offering you 20% less than market value.

 

If you truly believe that, then tell the RE agent to present you with a legal, signed contract to buy, needing only your signature.

Won’t happen. Oh no, can’t do that unless we have a signed, binding agency appointment document. Then you are stitched up.

Live as long as I have and you will be cynical too.

And in a hot market you are much better to advertise widely.
Marg

 

Very true.
Give me 30% off market value and ill become a genuine buyer in 0.001 seconds

 

I recently received a letter from an agent with a buyer wanting to buy specifically in my street. I figured if their wallet was big enough, sure. So I called their bluff and the buyer never materialized..."he was looking for something bigger". The agents wanted me to commit to an advertising campaign ($8-10K) stage the property ( $5K) with no guarantee we would get the price we wanted. Plus, loss of rent at $800 p/w.
Interestingly, the market in Melbourne was quickly contracting almost exactly as this unfolded. We did not proceed beyond giving the agent 3 weeks to find us a buyer privately. Nothing happened. Waste of time for us!

 

Give me 30% above market and I'll sell just as fast