Selling house...Better to use 2 different real estate companies rather than one?

[mrsaneperson]

Having built up quite a portfolio of rental properties .I have decided to sell one .Haven't sold any property for over 15 years now ,so i feel i'm a bit naive to the "sellers" market.Certainly the market selling techniques have changed ;auctions are almost a given now.
Looking at a sole agency right now but getting jumped on by another agent who wants me to list with her as well.

One agent if i go sole with him is offering free advertising in property press to the tune of $1500. 3 half pages.
The other agent that wants to jump onboard on a dual listing isn't willing to give any free "property press" ads unless property sells.

Its all quite new to me & feeling around for more advice..

[KyronGosse]

Where abouts is your property?
It is pretty normal that if you go sole agency you will get some sort of perk - ie. the free advertising (although i would check if that $1500 is retail rate or the agents discounted rate as all the companies get discounts on advertising)

Don't just go with any agent simply because they are jumping all over the listing, you want to do research on the agent and go with the best not just the one who gives you the highest potential sales price - this is known as vendor conditioning, they tell you they can get a higher price for your house than it is worth simply to get the listing and then start conditioning you to take a lower price which is more in tune with the market. I would be doing a bit of research on what other properties have sold for in the area and compare them to your property, as a rental you also want to compare the rents each property gets and compare it to yours too.

Another thing we have started to see recently is people coming direct to us as a licensed buyers agent and going into a private sale as this cuts out the agents fees and advertising fees and is usually a lot quicker and easier for the vendor.

[Bluekiwi]

Having built up quite a portfolio of rental properties .I have decided to sell one .Haven't sold any property for over 15 years now ,so i feel i'm a bit naive to the "sellers" market.Certainly the market selling techniques have changed ;auctions are almost a given now.
Looking at a sole agency right now but getting jumped on by another agent who wants me to list with her as well.

One agent if i go sole with him is offering free advertising in property press to the tune of $1500. 3 half pages.
The other agent that wants to jump onboard on a dual listing isn't willing to give any free "property press" ads unless property sells.

Its all quite new to me & feeling around for more advice..

Give me the address, you never know

[Ivan McIntosh]

Having built up quite a portfolio of rental properties .I have decided to sell one .Haven't sold any property for over 15 years now ,so i feel i'm a bit naive to the "sellers" market.Certainly the market selling techniques have changed ;auctions are almost a given now.
Looking at a sole agency right now but getting jumped on by another agent who wants me to list with her as well.

One agent if i go sole with him is offering free advertising in property press to the tune of $1500. 3 half pages.
The other agent that wants to jump onboard on a dual listing isn't willing to give any free "property press" ads unless property sells.

Its all quite new to me & feeling around for more advice..

They should be paying for the advertising themselves anyway, if it is a sole listing. You never used to pay for the agents advertising themselves and incidentally your property back in the good old days, excepting auctions and that was generally major newspaper ads not property press and the like. Now it seems that you are expected to pay commissions plus all expenses, even though commissions have increased at well above the rate of inflation for decades, and I tend to think there should be some pushback.

If they want the listing then they need to do better. I don't think there is an oversupply of property such that you need half page property press listings. Personal opinon, so take it for what it is worth.

[Maccachic]

The guy I spoke with yesterday who did a proposal for our place offered a package for $800 refunded on sale. Personally for $20k commission I will be trying private sale first and if that doesn't work I may list. However I know the current market well, know prices etc first homes under $400k are moving quite quickly so think its worth having a punt. Marketing background should also help.

[speights boy]

You using homesell ?
Throwing it on Caveat Emptor here wouldn't hurt either...I assume that's allowed?

[Maccachic]

You using homesell ?
Throwing it on Caveat Emptor here wouldn't hurt either...I assume that's allowed?

Must be there are a few property finders / site that chuck adds up on there.

[DaveW]

You say Auctions are a given. If you do decide on Auction with a Agency then you can only go Sole agency., not dual.

If you want to do dual agency then a Tender would do it, or normal sale by private treaty.

However, I prefer going Sole because with dual you could end up with an issue with one of the following:
a) buyers playing off one agency against the other,
b) the two agencies fighting for the same buyer,
c) there is no central control when you have multiple offers in order to play off one offer against the other,
d) the agency might not work as hard with dual because less chance of getting paid, or commission is shared.

[mrsaneperson]

I agree with Ivan in post 4 ;i would have thought free Property Press ads should be all part of the package.Commission in this case if the house sells will be a minimum of $28k.Thats a lot of dough. For the auction process i was told by the other interested agency that different dual real estate agencies are not a problem.
Of course the agent who offered the free property press half page ads made it clear he wasnt interested in joint agency.I didn't call his bluff as he seems like a no nonsense guy.So we have gone with him.Lets see how we get on .

[SwissKiwi]

I agree with Ivan in post 4 ;i would have thought free Property Press ads should be all part of the package.Commission in this case if the house sells will be a minimum of $28k.Thats a lot of dough. For the auction process i was told by the other interested agency that different dual real estate agencies are not a problem.
Of course the agent who offered the free property press half page ads made it clear he wasnt interested in joint agency.I didn't call his bluff as he seems like a no nonsense guy.So we have gone with him.Lets see how we get on .

Print media is just another way for agents to take a cut of something.
They buy pages in bulk wholesale and sell it to you for retail.

I've heard they advertise property on the internet these days...

[td91]

If it was me I would use the company offering the best offer agreeing that they can have sole agency for 4-6 weeks and if there is no decent offers on the table, then flick it onto 2 real estate companies.

[mrsaneperson]

If it was me I would use the company offering the best offer agreeing that they can have sole agency for 4-6 weeks and if there is no decent offers on the table, then flick it onto 2 real estate companies.

I'm not sure what exactly i can expect that any sole agency would be prepared to offer .The one sole agency i have signed up with now is just offering 3 half page ads in property press & the usual free billboard sign, trade me etc stuff.No auctoneering costs.

[NZGEMS]

I am not sure which town you are in, but in our company all the advertising is complimentary so the ads you speak about would not be paid for that was unless you wished to invest in an upgrade of course in which case you would get a lot more.

Honestly at present there are a lot of buyers out there and we have a shortage of good listings so I would certainly recommend a sole agency (which I see you say you have signed up) with a sole agency you get a better cover as the company knows they have a certain time to sell the property where if it is a general or even joint there is still a chance another company (or even you privately in a general) can sell the property so they are less likely to put the extra effort into marketing your home.

Good luck with your sale

[speights boy]

A market where there are lots of buyers and a shortage of good listings is exactly the market in which I would not use sole agency.

If a company doesn't want to compete enthusiastically with another in that environment , they can go earn their fee from somebody else.

[mrsaneperson]

So far i havent received an appraisal from the agent regarding the property...I asked him why & he told me that my property is quite unique as its a home & income & hard to do a fair comparison...Just last weekend agent did a first open home & had arranged with the sole remaining tenant in the 2 bedroom to be there for the scheduled time .This never happened tenant wasnt there , on both days of the weekend ,for 2 open homes.Yet agent just tells me today Monday..
The main house is vacant so no problem there but just thinking to myself shouldnt he be trying harder especially as i gave him sole agency?