Hi everyone,
Happy new year!
I was hoping to hear your thoughts and wisdom/experience regarding with dealing with REAs and any potential refferals.
I purchased an OTP apartment at the 'wentworth point marinas' (Sydney) development and the property is due to be settled end of Jan
The property itself is a one bed+study, carspace w/lockup storage.
The original intent was to purchase this apartment and keep it as an IP for about 3years then on sell. But due to change of circumstance, life etc I'm now looking to offload the apartment to invest the funds elsewhere. So I've begun interviewing REA's. I figured I need to strike whilst the iron is hot so to speak, as the property is Brand new so would suit first home buyer or an investor looking to make the most of depreciation etc.
I spoken to about 4 all up so far and have had face to face meetings with 2.
Please bear in mind this is the first property I will be selling so dont really have much experience in dealing with REA's so any help/tips would be greatly appreciated as I'm very skeptical of how honest some REA's are.
This is the info so far from the REAs I’ve spoke with. All charge quite similar fees (2%2.2% + marketing) one was willing to incorporate marketing, but the ad would not be a first page listing *to me it is important to have the ad on the first page so I dont mind paying. What have you guys managed to negotiated the comms down to?
Exclusivity clause, all have this. I don’t like the idea of being locked into a deal with just one REA but I do understand there side of the argument. However, as the vendor I want the best possible price and for the property to be sold in an appropriate time slot.
Pricing, on REA suggested putting the property up as a Offers above. Or price guide. Another mentioned price bracket i.e 440-460 etc. One guy mentioned ‘open to offers’ which I turned down right away as IMO thats just a waste of time. What strategy have you guys have used in the past and what has been effective?
The reason why I’m sceptical with how REA’s operate is that whether the final sales figure is 10-20k more or less that does not really affect their overall comms. 10-20k in the price variance to the vendor is a fair bit but to the REA only translate to $200-$400. So I question how hard they will advocate for a higher price or just go for the easy sale. Even though the decision is ultimately mine to accept the price I just cannot help to think thats how things are done.
Pricing cont; There has been abit of a variance in the price between some REA’s on this matter too. I know some try to bait vendors into a deal by claiming they can sell the property for X price but the final figure maybe much less as oppose to being honest about things are saying ‘we should price at price Y’.
Would anyone be able to recommend a REA reputable for selling properties within the Olympic Park area?
Are there any specific questions I need to ask or anything else I should be considering with this selling process.
Cheers
Jt
Happy new year!
I was hoping to hear your thoughts and wisdom/experience regarding with dealing with REAs and any potential refferals.
I purchased an OTP apartment at the 'wentworth point marinas' (Sydney) development and the property is due to be settled end of Jan
The property itself is a one bed+study, carspace w/lockup storage.
The original intent was to purchase this apartment and keep it as an IP for about 3years then on sell. But due to change of circumstance, life etc I'm now looking to offload the apartment to invest the funds elsewhere. So I've begun interviewing REA's. I figured I need to strike whilst the iron is hot so to speak, as the property is Brand new so would suit first home buyer or an investor looking to make the most of depreciation etc.
I spoken to about 4 all up so far and have had face to face meetings with 2.
Please bear in mind this is the first property I will be selling so dont really have much experience in dealing with REA's so any help/tips would be greatly appreciated as I'm very skeptical of how honest some REA's are.
This is the info so far from the REAs I’ve spoke with. All charge quite similar fees (2%2.2% + marketing) one was willing to incorporate marketing, but the ad would not be a first page listing *to me it is important to have the ad on the first page so I dont mind paying. What have you guys managed to negotiated the comms down to?
Exclusivity clause, all have this. I don’t like the idea of being locked into a deal with just one REA but I do understand there side of the argument. However, as the vendor I want the best possible price and for the property to be sold in an appropriate time slot.
Pricing, on REA suggested putting the property up as a Offers above. Or price guide. Another mentioned price bracket i.e 440-460 etc. One guy mentioned ‘open to offers’ which I turned down right away as IMO thats just a waste of time. What strategy have you guys have used in the past and what has been effective?
The reason why I’m sceptical with how REA’s operate is that whether the final sales figure is 10-20k more or less that does not really affect their overall comms. 10-20k in the price variance to the vendor is a fair bit but to the REA only translate to $200-$400. So I question how hard they will advocate for a higher price or just go for the easy sale. Even though the decision is ultimately mine to accept the price I just cannot help to think thats how things are done.
Pricing cont; There has been abit of a variance in the price between some REA’s on this matter too. I know some try to bait vendors into a deal by claiming they can sell the property for X price but the final figure maybe much less as oppose to being honest about things are saying ‘we should price at price Y’.
Would anyone be able to recommend a REA reputable for selling properties within the Olympic Park area?
Are there any specific questions I need to ask or anything else I should be considering with this selling process.
Cheers
Jt