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  1. #1

    Default RE Agent Obligations to Buyers

    Hi there,

    Does anyone know where I can find out what (if any) are Agents obligations to buyers? Or what a buyer can reasonable expect from an Agent?

    Background: we placed a second offer on a place on Wednesday and we have not heard anything from the agent. We suspect the agent hasn't presented the offer yet - as our first offer on the property was not presented until 3 days after we placed it (was a multiple offer situation). According to the agent there is other interest in the property so we are wondering if they are using our offer to leverage a mutiple offer situation for the vendor.

    Is it realistic to expect the agent to present the offer within a couple of days? would really appreciate anyones thoughts, thanks

  2. #2
    Join Date
    Jul 2005
    Location
    Brisbane
    Posts
    1,309

    Default

    Tell the agent if it's not presented by xxpm on xx date then you will withdraw the offer. In future always insert a 'sunset' clause like this -
    This offer, if not accepted by the vendor will expire at 'time' on 'day' 'Month' 2009
    Jo Birch
    Looking for someone to manage your next project or event? Then call now!
    +61 450 148 678

  3. #3

    Default

    I'm interested to see what other replies you get regarding this. I'm very nearly a real estate sales agent (just waiting for final paperwork) and I can't imagine why I wouldn't get in contact with the vendor as soon as I could with an offer. Surely the vendor would like to see an offer ASAP. If I couldn't present it (i.e. vendor has gone away on business), I'd tell the buyer why as they would be waiting for a response.
    Perhaps my inexperience is showing but isn't that best customer service to both the vendor and the buyer??!!

  4. #4
    Join Date
    Feb 2008
    Location
    Auckland
    Posts
    241

    Default

    Quote Originally Posted by waterbabe77 View Post
    I'm interested to see what other replies you get regarding this. I'm very nearly a real estate sales agent (just waiting for final paperwork) and I can't imagine why I wouldn't get in contact with the vendor as soon as I could with an offer. Surely the vendor would like to see an offer ASAP. If I couldn't present it (i.e. vendor has gone away on business), I'd tell the buyer why as they would be waiting for a response.
    Perhaps my inexperience is showing but isn't that best customer service to both the vendor and the buyer??!!
    The vendor pays the agents commission, so surely the agent HAS to work on behalf of the seller, but very often doesn't because they know that any sale at any price nets them money.

    The real estate profession is riddled with improper activities: --

    -- - inviting friends along to auctions to give the impression that there are many interested parties in buying (impresses the seller, and also puts pressure on potential buyers).
    -- - getting some friends to put in bids throughout the auction process in order to spur along other bids.
    -- - when wanting to get a sole agency on a property, the potential value of the house is inflated so that the vendor chooses the agent who values it the highest. When the offers come in below the asking price, and the vendor is possibly getting tired of too many open homes, low offers and generally frustrated, the agent suggests that a lower price is
    "where the market is/what the market is prepared to pay" thereby managing and lowering the expectations of the vendor.

    In my opinion, most of them are a necessary evil. AND don't try to convince me otherwise because I have had first-hand experience in all of the above scenarios.

  5. #5

    Default

    I also know of some dodgy dealings that friends have had. Am going to be one of the honest ones because there are some out there. But geez, you've had some real sh*tters.
    Re. your point 3 - do you think vendors would list with an agent who gives them a realistic market price to begin with or go with the one who promises them the earth? I suspect I'm not going to get any listings because I refuse to inflate a property's value in order to get a listing. The flip side of that is that I would consider myself the employee (albeit temporarily) of the vendor so I must list a property at the price they give me - not sure I'll be able to be tactful if they are pricing themselves out of the market.
    Anyway thanks for your reply, I think I have a lot to learn and am probably being very naive at the moment.

  6. #6
    Join Date
    Feb 2008
    Location
    Auckland
    Posts
    241

    Default

    Quote Originally Posted by waterbabe77 View Post
    I also know of some dodgy dealings that friends have had. Am going to be one of the honest ones because there are some out there. But geez, you've had some real sh*tters.
    Re. your point 3 - do you think vendors would list with an agent who gives them a realistic market price to begin with or go with the one who promises them the earth? I suspect I'm not going to get any listings because I refuse to inflate a property's value in order to get a listing. The flip side of that is that I would consider myself the employee (albeit temporarily) of the vendor so I must list a property at the price they give me - not sure I'll be able to be tactful if they are pricing themselves out of the market.
    Anyway thanks for your reply, I think I have a lot to learn and am probably being very naive at the moment.
    Stick by your principles, remember who pays your salary and deliver outstanding customer service. Offer honest advice on what you believe is a realistic selling price, and give a "band" of pricing so you can manage expectations openly and up front.

    Good luck and don't be tempted over to the "dark side"!!!!!!

  7. #7
    Join Date
    Sep 2007
    Location
    Auckland
    Posts
    8,447

    Default

    WaterBabe77 don't listen to a word BTDT says. He/she is obviously bitter and has lost money to the likes of BlueChip etc.

    You'll find in real estate your colleagues will be some of the most honest and hardest working people you'll ever meet. Wherever you work.

    You'll also find the public very hard to deal with. They'll go behind your back in an instant and yes they will want you to sell their house at way above it's market value - and should you suggest it can't be done they'll simply move on to another agent telling you you're no good.

    Most new real estate agents last 12 months or less.

    It will be a fairly tough time to get into it right now with vendors having high expectaions of price and buyers looking for bargains. It will be hard to bridge the gap but you'll learn a lot. If you can carve a living out for yourself in the current environment, you'll be a very successful agent in the long run. All the best.

    David (ex agent)

  8. #8
    Join Date
    Feb 2008
    Location
    Auckland
    Posts
    241

    Default

    Quote Originally Posted by Davo36 View Post
    WaterBabe77 don't listen to a word BTDT says. He/she is obviously bitter and has lost money to the likes of BlueChip etc.

    You'll find in real estate your colleagues will be some of the most honest and hardest working people you'll ever meet. Wherever you work.

    You'll also find the public very hard to deal with. They'll go behind your back in an instant and yes they will want you to sell their house at way above it's market value - and should you suggest it can't be done they'll simply move on to another agent telling you you're no good.

    Most new real estate agents last 12 months or less.

    It will be a fairly tough time to get into it right now with vendors having high expectaions of price and buyers looking for bargains. It will be hard to bridge the gap but you'll learn a lot. If you can carve a living out for yourself in the current environment, you'll be a very successful agent in the long run. All the best.

    David (ex agent)
    David, I would have thought that the advice I gave on my last post was sound and honest.

    And no I am not bitter about anything, its what I know about having had quite a few close friends in real estate for over 20 years; being invited to rigged auctions; asked to put in bogus bids on others and discussing the methods of securing sole agencies.

    I think your denigration of the general public says more about you, than the profession.....take a look at what you wrote again!!

  9. #9

    Default

    Hi,

    Thanks for your replies - we ended up missing out on the house in the end....so we will continue to look

  10. #10
    Join Date
    Oct 2004
    Location
    Invercargill
    Posts
    283

    Default

    I think BTDT and davo's observations are both correct. There are plenty of salespeople out there of both ilks. The overriding necessary ability is closing. Closing on the listing, closing on the sale.
    My preference in agents is those who do not browbeat, but are conscientious hunters who get the job done without splatter.


 

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