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Thread: First Rental!

  1. #16
    Legend minimoke's Avatar
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    Quote Originally Posted by Topagent View Post
    Sorry one more point most of you would be the worst buyer in this scenario as you don’t use agents.
    As a buyer I don't need an agent. There are enough networks already available to identify most properties on or coming to market.

    Quote Originally Posted by Topagent View Post
    But when your selling who do you want to sell too?An investor active in forums like these or a motivated buyer working with an agent.
    I want to sell to a motivated seller. Motivation is easy with private sales as buyer / seller can talk direct. Or if a buyer prefers to work through an agent thats fine to. I'd also sell to an investor active in forums like these - I presume we are both going to be well informed on he market through our own skill.
    Quote Originally Posted by Topagent View Post
    When you are successful it will be because no one else wanted the house, probably not the best choice when you are looking for gains.
    We are successful when the Golden Rule is met: that is a willing buyer and Willing Seller come together as one.

  2. #17
    Legend minimoke's Avatar
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    Quote Originally Posted by Topagent View Post
    On average $15000 plus gst. So on many houses there would be quite often a difference of value from buyer a to buyer c greater than this.
    OK. Lets call it an average 3% on a $500,000 property.
    Quote Originally Posted by Topagent View Post
    Just sold a property for $46,000 more than the asking price. We received 5 in total the worst being 10k under asking. The two best offers came from agents who had been working with their buyers for some time.
    When selling I allow a 10% buffer that I might need to be willing to drop to meet market at the time of sale. That makes me a Willing Seller.

    10% is also a nice round number to negotiate around. ( I laugh at these UK property shows where they sell for 395,850 pounds and they dick around of multiples of 50 pounds. to me its value is $395,000 or $396,000 - who can be bothered arguing over a grand?)

    Asking Price is not settling Price. Its purely a market indicator. It might mean the vendor is under or over valuing property.

    I could put my $500,000 property on the market for $500,000. Through the process I reckon I reckon I would attract bids of between to $450,000 to $550,000 (because I am 10% out in my estimation)

    An Agent doesnt magically conjure up an extra $46,000. The $46,000 was already sitting in the market. So there simply was a Willing Buyer who saw value at $546,000. (though in reality probably saw it at $550,000 and wanted to knock of a bit in the negotiations - we all love to deal!)

    That said, receiving 5 offers on a property (without knowing any other detail) seems to be quite the result. Most properties I watch from time to time are luck to get one. Probably an indication the owner had under pitched value. But if he was a willing seller at $500,000 should Agents be interfering with the market - a purely rhetorical question but one I ponder from time to time when discussion about Auctions comes up)

  3. #18
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    I think it all comes down to perceived value. I know I add value and make my clients money. Maybe your yet to find an agent who can add value for you. The top 5% make 95% of money.

    Also when buying my time as an agent is free and costs the buyer nothing. So buyers working with me get the knowledge and expertise of an agent negotiating in excess of 200 contracts a year.
    Last edited by Topagent; 09-01-2018 at 08:07 AM.

  4. #19
    Antiquated & irrational t.rexjr's Avatar
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    Quote Originally Posted by Topagent View Post
    I think it all comes down to perceived value. I know I add value and make my clients money. Maybe your yet to find an agent who can add value for you. The top 5% make 95% of money.

    Also when buying my time as an agent is free and costs the buyer nothing. So buyers working with me get the knowledge and expertise of an agent negotiating in excess of 200 contracts a year.
    So you’re saying you don’t get any commission for introducing a buyer?

    I offered a commission to an agent once that was structured to only pay out if we surpassed my expectation of sale price. With their many decades of experience they stated that they do not believe they could negotiate a buyer to pay anymore than what they wanted to pay or what the house was worth...

  5. #20
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    We get paid by the seller commissions are halved sellers/buyers

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