Estate Agents can they do this

Originally posted by Amused observer ↑

I am not defending the real estate industry as it attracts some shocking practises without a doubt and there is actually a process for redress, in fact more than one, but in the case of the opening post in here it appeared the potential buyer made a verbal offer and possibly so did another potential buyer of which neither is binding. So the best way for the agent to drive out a binding offer without going to auction (and incurring further cost on the seller) is to advise both potential buyers it is tendering the property and advising both potential buyers of the process.

I did post what she could do and like anything else she needs a clear plan of her approach to the acquisition. If she isn't up to it, don't go to your local homie's, family and friends (this approach usually ends in tears on so many fronts) but seek the engagement of an (real estate) advocate to do the buying or negotiating on her behalf and pay for the service.

Stay with whatever plan and stay professional and she either gets what she wants for what she is prepared to pay or walk away. Good outcome either way. If she wriggles and twists and turns and is undecided but likes the property the real estate agent will seek to garner the upper hand for their client (the seller).

As a seller of a property, what would you do?

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morning amused,

Sorry I couldn't get back yesterday - full day.

I actually had one of my properties with 2 offers at the same time several years back.

In conversation - the agent asked me if I wanted to see if either of them would go to a better price - I said - nope, the price is set, if I wanted to have an auction thanks - I would have already put it up for auction.
I don't work like that.

The two contracts were different - one wanted a long settlement conditional on the sale of a property and the other was just subject to finance - approved in ?? 7 days from memory and a normal contract time.

I took the latter.

so - you asked what I would do - well, I have done it already - and, I would do the same again.

I noticed a few comments later in the thread about the sale of property being legally complex - and, hence requires agents etc. and robots would't be able to cut it.

Well, that's hogwash IMO -------------- you can't get more complicated than superannuation - and we see that there are organisations that have made this a lot simpler - and also I believe that a good example would be discount broking as well.

For decades we thought we 'needed' full service stockbrokers ------------ well, we don't - the market has spoken - and discount broking is well and truly here to stay - as is Self managed superannuation.

We now see robotic (AI) portfolio management coming into Australia - and, if it's anything like other forms of AI (eg. medical diagnosis etc.) - then, it is going to be far better in results than humans.

Anyone who thinks real estate agents are immune from the coming thrust of AI etc. really needs to sit down and have a cuppa and a little research ------------ they are dodo's for sure - it's just how long.

have a great day all

Pinto