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Selling direct to a Buyer's agent?

Discussion in 'The Buying & Selling Process' started by neK, 19th Oct, 2015.

  1. neK

    neK Well-Known Member

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    I understand the buyer's agent aim is to secure a property for their client at the best possible price.

    In this current sydney market, is it worth contacting a buyer's agent to offload a property or would one be disadvantaging themselves ?

    Note: Not for me, i like buy and hold. Asking for a friend.
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    I'm presently buying for a new client, an off-market property from a past client who has to sell. It can save paying a REA selling commissions if you can agree a fair price.
     
  3. neK

    neK Well-Known Member

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    "fair price" is probably what is the point of contention is.

    For example, if 20 similar properties were sold, would you use the 3 highest or 3 lowest or something in between?

    I've mentioned it to my friend as a possibility, but haven't put forward any names, only because i don't want him feel like he got a better price had he gone with an agent, hence the question.

    A bit like Russell Peter's Chinese vs Indian stand up :)
     
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  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    Just be aware that the BA will be representing their purchaser and not you (or your friend) as the seller.

    It is their job to get the best possible price for their client, so if you're no good at negotiating, you might not get a good deal.

    This is the main benefit of engaging a REA - having them do the negotiations for you.

    However, if you are pretty confident about what constitutes fair market value for your property and a BA has a client prepared to pay that price - then I think it's a good way to go.
     
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  5. Simon Hampel

    Simon Hampel Founder Staff Member

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    I'd be paying a licensed valuer to give you an indication, plus perhaps have a couple of local real estate agents give you an appraisal of where they see it as fair market value?
     
  6. neK

    neK Well-Known Member

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    @Simon Hampel I suggested the same to them. I don't think they are that savvy and probably couldn't negotiate that well - though I could be wrong.

    I have to ask though. To those in the BA profession, given the aim is to get best price for your client, would you take advantage of the vendor if the opportunity presented itself? Or would you try for a scenario where all parties win.
     
  7. Bryan Loughnan

    Bryan Loughnan Well-Known Member

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    Would you be happy if you were paying a sales agent and they were trying to achieve a scenario where all parties win? Or are you paying them to get you the best price?
     
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  8. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

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    Buyers agents represent the purchaser and so should be acting accordingly in negotiations. As Alan said, it can work if the vendor and buyer agree on fair price. Each case is different and dependent on circumstances and seller's motivation too. Not every property is sold on the open market, that's for sure.
     
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  9. neK

    neK Well-Known Member

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    In relation to fair price, if a seller came to you and said "i don't know what is a fair price", what suggestions would you give them so that they can define a fair price?

    Also, when i say "win win", its in relation to the seller walking away thinking "i got a good deal" out of that as opposed to "i think i just got shafted".
     
  10. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Get a bank val.
     
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  11. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

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    Bank or independent Val- depends on property
     
    neK likes this.
  12. neK

    neK Well-Known Member

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    Thanks guys, I'll let him know.
     
  13. Mumbai

    Mumbai Well-Known Member

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    Sorry to hijack this thread, but if I have a bank valuation and REA appraisal, can I (and should I) approach a BA to sell my property? Or is just not recommended ?
     
  14. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Lots of private buyers approach BAs for this very purpose. If the BA has a client for it, fine, you get a sale and avoid paying REA sales commissions.
     
    Bryan Loughnan likes this.
  15. Mumbai

    Mumbai Well-Known Member

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    Where can I find information on which BAs service my suburb?
     
  16. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Many BAs have the areas they buy in, on their website.