Comments on: Agency Agreements

By: Rhino

Rhino — Thu, 04 Sep 2008 05:48:13 +0000

I suggest that all property owners who are thinking of selling should check up on their rights before they deal with an agent. Each State and Territory has an Office of Fair Trading (or equivalent) who regulate all agents. Alternatively, the real estate institutes in each state are another good place to find material for consumers.

Before you sign an agency agreement the agent is required to provide you with a copy of that states agency agreement fact sheet. This document outlines your rights as a consumer in very basic terminology.

Once you know your rights then you can stand up against these half wit agents. I am an agent and their are a heap other honest decent agents out there just like me who are working hard for property owners.

By: Rodney Munch

Rodney Munch — Wed, 03 Sep 2008 05:48:18 +0000

No, i was stating how it is! I certainly don’t condone it.

By: T-Bone

T-Bone — Wed, 03 Sep 2008 00:54:25 +0000

Rodney, your quote “It isn’t always the case they are working with you but sometimes against you” I hope you are not saying this behaviour is acceptable??

It is an agents duty to make sure they are acting in the interest of the vendor/proeprty owner and not in the interest of the purchaser or for their own personal interest.

If all agents were doing this it would be a chaotic marketplace.

By: Donna

Donna — Tue, 02 Sep 2008 21:19:45 +0000

In the past agents would receive regular commission because properties would sell very quickly. Now that properties are not selling the income they earn from commissions has substantialy reduced.

They are now desperate to make a sale and will do anything to get both parties to sign a contract.

By: Rodney Munch

Rodney Munch — Tue, 02 Sep 2008 05:37:37 +0000

Thanks for sharing your frustration with us paringa. Agents are known for their pushiness and persuasiveness, it helps them get ink to paper.

The agent should have backed down if you clearly outlined in the Agency Agreement that no “conjunction arrangements” were allowed. If this is what the agreement said then the agent had no right to expect you to pay the commission to the other agent.

This is further conclusive evidence that you need to have your wits about you when dealing with agents. It isn’t always the case they are working with you but sometimes against you!

By: paringa

paringa — Mon, 01 Sep 2008 04:22:00 +0000

Hi, Im new to this site & upon reading some of the blogs, thought I would add my experience with Agents. I had intended selling my home privately & did so for about 6 months, unfortunately in the downturn of the market. I didnt receive much interest. I then went with an agent as I was too far from the property to open it . Apparently there were a few interested parties but no offers. The listing period ended & the very next day the agent rang to say they had an offer & I would need to resign. I did. when I received the offer, it was well below my asking. The agent basically told me that the offer was probably the best I was going to get & to take it (whereby making a loss). I told the Agent that I would accept if the buyer rented until settlement & that it be within the month as they had told us they had preapproval. They agreed verbally but wrote the usual 28 day finance & then settlement periods saying that it woudnt be the case but to save paperwork in the event it was the case. Anyway, they didnt rent it, they took nearly the whole 2 months, then charged me extra to pay the conjuncting agent. At this, I spat it, as I had originally stated no conjunctions on my contract. The Agent basically bullied me into accepting the charge (by then I was so mad, I just said ‘do what you want’ before I said something to negate the sale). All that being said, I am furious at Agents & their tactics. I have another house I need to sell in this crappy market & dont want to have to pay thousands to an Agent to end up with nothing in my pocket again. Thanks for the vent.

By: Rodney Munch

Rodney Munch — Tue, 22 Jul 2008 21:23:52 +0000

That is true, you are in control of the sale but obviously your number one concern is making sure the client’s (potential property buyers) needs are addressed.

By: Donna

Donna — Sun, 20 Jul 2008 11:53:03 +0000

After reading these comments it sounds like it is worth trying the sell it yourself style like Privatepoint. That way you get what you ask for.

By: Penny

Penny — Mon, 14 Jul 2008 04:00:56 +0000

I often learn things the hard way (it could have been harder if it wasn’t for the kind agent) and I encourage all other property owners to make sure they read and understand what they are signing.

By: T-Bone

T-Bone — Thu, 10 Jul 2008 02:51:37 +0000

Penny, you were lucky! I reckon a heap of agents would have charged you the full commission.