Choosing the right real estate agent?

[MaxB]

An article in the Listener (or Herald?) I was reading today that said house prices have to fall a lot further than their current level. This is mainly due to prices being so out of step with wage levels. Money is also harder to buy. The other backstops of immigrants and retirees looking to invest have also dried up.

As for choosing the right agent, personally I go for word of mouth from the clients.

The only bright spot is that where you might want to move to has also got cheaper.

We are staying put for now. A lot of my friends are overcommitted mortgage wise and they are hurting.

I notice that some estate agents are still operating in price bands and not percentages. Who cares if they cost you 50k they still get the same commission?

[awayatc]

If you find a good agent....
have a good look around wherever you find one.....
bet you the toothfairy and father Christmas will be found in the very same place.....

[crazyhorse]

This particular agent/company doesn't list on TradeMe. The company is one of those buggers that has its own magazine so my house doesn't even appear in the Property Press. We only picked this company because every other property in this neighbourhood was listed and sold with them. Our house is the only one in the suburb that hasn't sold.

It's not a poxy house so I can't comprehend why it's sitting on the market, especially because more expensive houses have sold in the same street.

I've sold my house privately before. Yes, list it on Trademe, and place an add in your local paper on the popular nights (here in HB they would be Wednesday, Friday and Saturday).

If your house is priced right, you will attract good buyers, esp if you say it is in a good area. Contact your lawyer about obtaining a sale and purchase agreement, after all, the most important thing is getting the deal signed. By the sound of it, you have nothing to lose. However, you need to out of your contract dates with the agent you have signed up with, and be careful, because if your private buyer has viewed your home through the agent, they could try to go you some commission.

Good luck

[MotoGirl]

makes little difference especially if its the worst house. Could be many reasons why its not selling - but given the season why are you surprised things are slow go figure

The season appears to have bypassed the other properties in this neighbourhood because they have all sold within weeks of being listed, and this is in the last month. It's not even a price range thing because the unit at the end of the road sold for $300,000 yet the two properties a few doors down went for $500-600,000.

[BMWST?]

The season appears to have bypassed the other properties in this neighbourhood because they have all sold within weeks of being listed, and this is in the last month. It's not even a price range thing because the unit at the end of the road sold for $300,000 yet the two properties a few doors down went for $500-600,000.

there is nothing magic happening here. people liked other 500 000 houses in your area more than yours. find out why by going and looking at similar priced houses with an open mind and compare to yours. you can try to negotiate a commision. the actual $ ammount of the commision will drop too if the selling price drops

[MotoGirl]

Thanks for the advice everyone!

[Blackbird]

I know this example doesn't help in your situation MG, but there are good 'uns out there. We bought our current place initially as a holiday home so were dealing with one of the the local real estate agents at long range (Richardsons of Coromandel). Not only did he represent both parties absolutely openly with great communications, when the deal was done, he asked us whether we wanted him to keep a key (at no cost) so that when we only used it as a holiday place, he would nip round and open up if we wanted anything delivered, or for local tradesmen etc. He's been as good as his word and since we moved here full time, he still pops in for a coffee now and then. Good business sense going the extra mile. I guess that in a smaller community, poor service also gets around as evidenced by the local Century 21 closing its office.

[MotoGirl]

I know this example doesn't help in your situation MG, but there are good 'uns out there. We bought our current place initially as a holiday home so were dealing with one of the the local real estate agents at long range (Richardsons of Coromandel). Not only did he represent both parties absolutely openly with great communications, when the deal was done, he asked us whether we wanted him to keep a key (at no cost) so that when we only used it as a holiday place, he would nip round and open up if we wanted anything delivered, or for local tradesmen etc. He's been as good as his word and since we moved here full time, he still pops in for a coffee now and then. Good business sense going the extra mile. I guess that in a smaller community, poor service also gets around as evidenced by the local Century 21 closing its office.

Yes, I can see how this type of relationship building makes you happy to deal with them.

The agent that initially sold us this house over two years ago still keeps in contact. He knows it's on the market with another company but he keeps in touch with us anyway. We were very impressed with him and have considered getting him to sell it again for us. The reason we haven't jumped into this is because he works for Harcourts and their commission rates are really high.

[Qkkid]

Yes, I can see how this type of relationship building makes you happy to deal with them.

The agent that initially sold us this house over two years ago still keeps in contact. He knows it's on the market with another company but he keeps in touch with us anyway. We were very impressed with him and have considered getting him to sell it again for us. The reason we haven't jumped into this is because he works for Harcourts and their commission rates are really high.

You need to negotiate the selling commission price, i have done it many times myself. Best advice put it on trademe there are more houses being sold there than anywhere else in the country. That was on the news just recently
Good luck

[MotoGirl]

You need to negotiate the selling commission price, i have done it many times myself. Best advice put it on trademe there are more houses being sold there than anywhere else in the country. That was on the news just recently
Good luck

Yes, this is what I'm thinking myself but I don't know to ask him to drop the commission. They charge 3.95 on the first $400,000 then 2.5 percent on the remainder. A company like Ray White is 3.95 on the first $250,000 then 2 percent on the next $300,000. Should I be aiming to get the commission down to the level of the other company?

[bsasuper]

My first house brought in NZ was through a agent and I struck a deal for 2% commission, dont be scared to ask or feel stupid for asking,their first reply will be "oh no i cant do that its company policy blah blah" but tell them it will decide if you buy or not.

[Winston001]

There is an Australian Neil Jenman who has written a couple of books and calling for ethics in real estate behaviour. I can't find his articles online but did see his ideas in North and South or the Listener 5 years ago. He's an ex-agent and spot on.

See if you can find his book in the library. Lots of negative stuff online about him because the real estate industry is huge and they have criticised the guy every chance they get. They hate him which by itself tells me he is on the right track.

Martin Hawes has sensible advice too.

[F5 Dave]

Just about to say Jenman's book 'Don't Sign anything'

Also there is a couple of others about selling privately

Find a good agent? Look in the mirror. All the other feckers don't care if you make full price. All they want to do is;

1. Make kickbacks from selling advertising (really)
2. Open homes to meet new victims
3. Then Flick it on with minimal effort, if they get many sales it doesn't matter how cheap they go for.

Look at most agents. Slimey worms do best, the rest are just people who have lost their real job & are trying this until they realise that there is little money in it for all but the top sales people. These people aren't decent negotiators & have no vested interest. They leave after making no wages & no commission. The top ones know the rules 1-3 above.

I sold my own place before Trade Me took off with house sales. I did get a few cocky wanker agents calling to tell me how they could do it better & one asked me if I had legal training in house sales. I said "No but I'm betting my lawyer has a damn sight more than you do"

Agents (generally speaking) have no legal qualifications. Your lawyer is all you need. Also avoid the companies selling private sale packages, they are nothing but predators. Read the books & try it out, esp now with Trade Me.

Generally private sales get more money & no commission.

But do pay for a registered valuer to give you a realistic house price for your house. Not a trumped up one. This may cost you $400 but at least you know what it is likely to sell for (with a report of similar sales in the area compared to your house), not the lies an agent will tell you to win the business. (Then crunch you to lower it).

[MisterD]

Can someone explain why nobody (ok not exactly nobody) selling a house in this country is prepared to put a price on it? When we were hunting for our current place I got sick and tired of going to open homes and having the agents ask how much I thought it was worth...the look on their faces when you say "You're the expert, you tell me..."

When I get around to moving on, I'm just going work out how much I want for it and put it on sale for that +10%. Works fine in London why not Auckland? When it comes down to it, with an agent you're paying for one thing only - their mailing list.

[The Stranger:Me]

I want an agent who is prepared to work for a commission and get the job done; I also don’t want to pay a fortune to get a good one. How do I find the right agent for a reasonable price? Does the company matter in terms of their advertising strategy and commission? Advice please!

Is it really for sale? If so, the answer is easy.
Deal with the agent who is selling the most in your area. If there are a few stand outs (but there is probably only 2 or 3) check with them all re price and cost. You can always negotiate on fees.
You probably already have a fair idea who is who just from the signs out about the place, then ask about their sales figures.

If you already have the best, then you probably have to get realistic on the asking price - or get lucky.