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adding clause to S&P agreement

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  • adding clause to S&P agreement

    Planning to sell a property in central Auckland and would like to add a clause that we can introduce a buyer without paying the commission to the agent. Interested if people use this and what the wording would be, thanks.

  • #2
    sale or auction

    Have a property in central Auckland that the agent says he has buyers lined up for, so would like to know whether auction or negotiation would be best option?

    Also if the agent is so sure about having buyers lined up why would you spend much (or anything) on marketing the property?

    thanks in advance.

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    • #3
      you know when a land agent is lying to you....their lips are moving

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      • #4
        If you already have a buyer why do you need an agent?

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        • #5
          In essence, the [requested] clause is one that allows the home-owner to market the property at the same time, for the same price, in competition with the REA.

          One usual condition is that anyone who was 'introduced' by the EA and then buys the place, means the REA gets their commission. And fair enough, too.

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          • #6
            Have you talked with more than one agency?

            You can say that you're still evaluating your options but if they're happy to sign a 1-2 week listing you'd consider any offers they brought to the table.
            Free online Property Investment Course from iFindProperty, a residential investment property agency.

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            • #7
              Usually it's a clause in the vendor listing agreement. If you have people in mind now you can list them as exceptions, it does get a lot harder after you start as they will be marketing the property and anyone who visits it and talks to you but sees their marketing you would be liable for their fee but could wriggle out of it. So I wouldn't be surprised if they declined.
              Free online Property Investment Course from iFindProperty, a residential investment property agency.

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              • #8
                Don't give the agent a sole listing.

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                • #9
                  Originally posted by Nick G View Post
                  Usually it's a clause in the vendor listing agreement. If you have people in mind now you can list them as exceptions, it does get a lot harder after you start as they will be marketing the property and anyone who visits it and talks to you but sees their marketing you would be liable for their fee but could wriggle out of it. So I wouldn't be surprised if they declined.
                  Thanks Nick. Haven't listed with the agent yet but was approached by a neighbour who is interested but I don't know what the property is really worth so need to go to the market. Seems odd that the agent will market it but you are paying for all the marketing and then commission too - or are there other ways to do it?

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                  • #10
                    Originally posted by Bob Kane View Post
                    Don't give the agent a sole listing.
                    what would be a better way please?

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                    • #11
                      that sounds good - do you think that would that still involve a full marketing campaign - photos, online ad, etc?

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                      • #12
                        Originally posted by alaska View Post
                        what would be a better way please?
                        Ask your neighbour what their best offer is?
                        Then if it's not enough, go with an agent.
                        On the other hand, if you're happy with your neighbours offer, accept it and don't bother with the agent.

                        (You're not trying to use an agent and then cheat them out of their commission are you? That would be unethical, wouldn't it)

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                        • #13
                          Originally posted by Bob Kane View Post
                          Ask your neighbour what their best offer is?
                          Then if it's not enough, go with an agent.
                          On the other hand, if you're happy with your neighbours offer, accept it and don't bother with the agent.

                          (You're not trying to use an agent and then cheat them out of their commission are you? That would be unethical, wouldn't it)
                          no, but if you are paying for the marketing and someone comes to you directly to buy the property, the EA hasn't been involved so why would you pay commission.

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                          • #14
                            if he has buyers lined up tell them to bring them in and put their best offer in

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                            • #15
                              Originally posted by alaska View Post
                              no, but if you are paying for the marketing and someone comes to you directly to buy the property, the EA hasn't been involved so why would you pay commission.
                              That's where you are going wrong.
                              The agent has put together the marketing and is deeply involved.
                              Someone sees the marketing and comes to you directly - why?
                              Why don't they contact the agent?
                              The only answer is to cheat the commission from the agent.
                              Don't go there.
                              Sell it yourself or step back and engage an agent.
                              Or don't sign an exclusive listing.

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