Hi all, Just looking at different options for selling a property professionally. I come up with approaching the market normally via a REA or alternately talk to some BA who might have clients who would be interested in buying. Has anyone had experience selling via approaching various BA? What did you think or the process? Was it beneficial? Cheers, Raydar
Normally REA and BAs work together but see no harm in approaching BAs direct and seeing if it is a match for any of their clients. Some BAs could chime in and clarify the process as Im sure they have done deals of this nature.
@Raydar I have had no experience selling through a BA but am a REA. I suppose my main concern is that there would be a conflict of interest if asking a BA to act as REA as they core business is to secure suitable properties for the purchasing clients. I would imagine there would be a much smaller pool of buyers on their books than you would reach with an appropriate campaign with a skilled REA.
I can see your point of view and appreciate your contribution to the conversation. This is exactly what I'm looking for, things I haven't thought about yet
No harm in asking the BA but they are working for the buyer to purchase it for the best price they can for their client (the buyer). The REA is trying to get the best price they can for their client (vendor/you). If you take it to a BA you might get a buyer but where you get the best price is when multiple buyers are involved.
Hey Raydar, get at least 3 opinions from different Realestate agents. With stock so tight at the moment plenty of agents out their are over pricing homes to win the business, then will tell you prices have dropped once they sign you up. Just look for an agent who is going to be able to add the most profit to your sale. I've sent you a P.m Regards Tom
I have had sellers approach me directly and going thru a BA suited them for different reasons. Sometimes sellers don't want to pay advertising fees and selling agent commission. Sometimes they don't want lots of people visiting the house. Sometimes they want to sell quickly and quietly without the neighbours knowing their business.
Keep in mind that regardless, you'll still have your own legal rep (conveyancer/solicitor) protecting your interests as a seller. You're not out there completely on your own.
In 95% of cases if not more people will buy home without a BA. Do you really want to deal with 5% of the market? BA represents the buyer and is hired to buy the property at the lowest price with the terms suiting the purchaser. It would be like you getting the ATO to prepare your tax return.
A buyers agent can be useful, but they will want 50% of the selling agent's commission also which can affect you financially, especially if you are the seller. The agent may increase his commission to cover this buyers agent. You don't need one if you can find a great agent and there are plenty of online portals that can assist with that, a couple of dodgy ones also though I'm afraid.
Any scrupulous BA will be entirely compensated by the purchaser and not want a conjunct fee from a selling agent. I personally would never entertain a financial benefit from a selling agent (have had a couple hint at it though on hard to move properties) and it is silly to suggest that is how the vast majority of BA's operate
Any BA that behaved in this manner wouldn't last long around here. Search tools allow people to see pretty quickly if someone is conducting business in an unethical manner. I might be missing something, but this does not make sense at all. Laws differ from state to state but I'd imagine that if you were sharing your commission with anyone you would be required to disclose that. A selling authority is prepared before a property is listed for sale, and before it is known who will be the purchaser and whether or not a BA will be representing that purchaser. So for a selling agent to increase his/her fee, it would imply this sort of scenario unfolding : Property owner is pondering recruiting the selling agent to sell his/her property. Discussions are had. A listing authority is drawn up in readiness for signing. The authority would need to disclose any shared commissions. This is where any money shared with anyone, such as a BA, would need to be disclosed (with the name of the person/company to receive the shared funds, what it is for, and how it is calculated). If the shared money is a flatrate it would be noted as such. If it is a percentage then it would essentially pre-determine the sale price of the property, which in the eyes of the seller is not cool. Property owner is unhappy to observe selling agent has already decided who to sell the property to and for how much, and realizes selling agent is not working in seller's best interests. Seller decides not to sign the document allowing selling agent to list his/her property for sale.
I think you mean vendors advocate not a BA. It would be illegal and immoral if a listing agent was sharing commission with a BA.
