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There is nothing more dangerous than signing a "standard" real estate industry sales agency agreement.
By signing the "standard" sales agency agreement you permit your chosen real estate agent to carry no responsibility whatsoever in circumstances where you fail to sell or when a less than satisfactory selling price is proposed (even when the real estate agent quoted you the selling price to win your business).
There are no protective devices written into this document to provide any measure of recourse against the mishandling of your property by a poor performing, incompetent or dishonest agent once you have signed it. And this is a big problem.
Over the years we have heard from many unhappy home owners about
their past bad experiences with real estate agents. Nearly every one of them signed their chosen real estate agents documentation without giving a second thought to reading it or seeking a second opinion before signing it, because they "trusted the agent".
Real Estate Agents will claim that their agreement is "normal" and that it is quite okay to sign them to reassure you (so that you do not read the many pages of fine print).
The "standard" or "normal" sales agency agreement document is written for real estate agents by the real estate institutes who work for and protect the interest of their members (real estate agents). These documents are therefore designed to serve the interests of the real estate agents and not yours. It totally protects the the real estate agents position when failure or a poor result occurs.
Unknown to most home owners (because real estate agencies do not want to acknowledge its existence nor want to sign it) there is a Consumer Protection Guarantee document that is designed to protect unsuspecting home sellers from the wrong type of real estate agents that exist comfortably within the real estate industry.
At Wilson Real Estate it is our minimum standard that we provide this Consumer Protection Guarantee document to all our clients. We want to show you our sincerity in looking after your interests ahead of our own.
This guarantee has huge supports from consumers, lawyers, and consumer advocates and was designed to prevent real estate agents (even the nice ones) from hurting you both emotionally and financially.
So whats in our agreement ... we guarantee in writing what we believe will be a fair selling price for your home based on the most recent and most relevant home sales in your area. This way there is no need to worry about having to settle for a low selling price as we are using the most recent and most comparable evidence available.
We guarantee that are our fees will not change for the duration of the sales agreement period (some agents start you off with a low advertising and marketing budget, spend it very quickly and come back for more to continue representing your property for sale) and there are no hidden fees.
We guarantee not to lock you into a long contract where you cannot change agent or take your home back if we fail to deliver our promises.
We guarantee not to use bait pricing to attract buyers at a lower price.
We guarantee to identify and qualify all people who inspect your property and make certain the bargain hunters are kept away.
At Wilson Real Estate we do everything to guarantee you the best possible service.
"So many agents will tell you that they are Number One... Look for the truth and insist on being provided with solid evidence of ongoing past sales success. Do not risk placing your biggest financial asset into the hands of a dishonest and/or incompetent agent, they will lose you money! Select an agent who treats you as Number One by guaranteeing their work result in writing ... if you don't get your money they don't get their money ... why would you accept anything less?"
The most important ingredient in any relationship, business or personal, is trust. If you value your personal savings and do not normally throw thousands of dollars away on events that may or may not happen in the future you should look a bit harder at the real estate industry and how most real estate agents operate.
Unfortunately, one of the worst things you can give to a Real Estate Agent is your trust.
The real estate industry is notorious for not being trustworthy. Opinion polls have demonstrated public sentiment towards real estate agents for years as being the least likely people to place your trust in (for the year 2015 it sits at a 9%). There are too many poorly trained and unskilled agents operating within the real estate industry. They are protected by the sales agency agreement documents you sign at the point where it says ... Vendor Indemnifies the agent.
Before you choose your real estate agent you must qualify them. Ask many questions, check references, insist on receiving genuine past sales performance history both in properties sold and initial asking price to selling price accuracy. This is how you will find out just how good the real estate agent really is. Do not fall for a fake.
If they refuse to do this reject them. After all this is your property, your money, your biggest financial asset. You only get one chance generally in real estate to get a great price, do not sacrifice this through selecting an unqualified and under performing agent.
Above all, insist they sign the Home Sellers Protection Guarantee document (irrespective of whether you trust the agent or not). There is no reason why they shouldn't. It should be a minimum standard of the real estate industry enforced by the government ... but it isn't.
Remember the saying "Buyer Beware". You are a buyer when it comes to selecting a real estate agent. You are "buying" the services of a real estate agent. Make certain that whoever you chose signs a document guaranteeing their performance ... it would be a financial risk (for you) not to do so.
Many will make excuses as to why they can't but you must not give in if you value your hard earned savings and the future potential selling price of your property.
If you sign their paperwork and they do not sign your guarantee document, you are at risk with no written evidence to rely upon later on if the worst case outcome should happen ... as it does for many people. Your only avenue of recourse is civil court and that will cost you tens of thousands of dollars to engage in and even then the "standard agency agreement" paperwork you signed will work against your claim.
A real estate agent who will not sign the Home Seller Protection guarantee is an agent you should avoid.
And finally, ask yourself: Do I feel comfortable with this person handling the sale of my family home?
At Wilson Real Estate we will do our utmost to prove to you that we can be trusted to handle the sale of your most valuable asset ... your home.
Still need convincing? Check out what people are saying about
Wilson Residential. If you have any thoughts or questions,
please reach out and ask us.
Most real estate agencies rely on home-sellers paying upfront marketing fees to advertise to the buying public that their property is for sale. If the property fails to sell, the owners are obligated to pay for all the costs to date for this activity and their real estate agent simply walks away without any responsibility for what has just happened.
All this advertising and marketing has a dual effect. Whilst it advertises that your property is for sale it also facilitates the promotion of the real estate agency and the real estate agent profile at your expense. The longer the advertising is available through the home not selling in a reasonable amount of time, the more exposure the business receives and not expense to the real estate agency concerned.
Unfortunately the longer the property is on the market the less it is likely to sell for. Potential buyers will probably begin to believe there is something wrong with the home and will likely offer you a lower price.
Real Estate Agents should only be paid as a result of achieving a sale price for the home owner at or above the price that was guaranteed in writing. If they fail to achieve this price as a minimum they should forfeit all advertising and marketing expenses they convinced you to pay in the pursuit of a price they promised you they could get.
You shouldn't be rewarding a failed real estate agents efforts by paying for the promotion of their personal profile and that of the real estate agency they represent.
Professional Real Estate Agents should only be paid on obtaining a satisfactory result and not before!
We believe that committing home owners to upfront advertising expenses in circumstances where a satisfactory selling price is not achieved is unethical.
We pride ourselves on carrying the financial responsibility from start to finish for all Internet marketing , sign board, professional photography and floor plan costs as a minimum standard of client care. This means you only pay us once (our professional selling fee) when we sell your home. Not two payments as most real estate agents like it.
Open inspections are filled with nosey neighbours, people looking for free food, the local burglar, buyers, pretty much "every man and his dog (and we have seen dogs inside some agents open inspections)."
Many real estate agents require you to consistently clean your home each weekend in preparation of having these people trample through your home or conversely for nobody to show up.
We recommend you consider a better more secure alternative. Inspection by appointment only allows genuine potential buyer through your property. Those who are truly looking to buy a home in your area and are ready to buy now.
When else would you walk out of your home and leave the door wide open ... when you are at work ... on holiday ... you wouldn't would you! But for some reason you do when you want people to buy your house ...
The same risks still apply.
Insurance companies know the risks ... and so do the real estate agents (but they rarely will acknowledge this issue hence the indemnity clause in the "standard agency agreement" paperwork that keeps them protected from such events occurring.
Check your insurance policy for claims made for theft and property damage as a result of an open inspection having occurred and then check the real estate agents selling authority where it discusses Vendor Indemnifies the agent from all loss, theft, damage ... it doesn't add up.
Agents know the risks but open inspections are the easiest and laziest way for real estate agents (of any skill level) to get people (and we mean anybody not just buyers) through your house.
The main reason home sellers lose money is because most agents are poor negotiators and have never studied negotiation. Many agents do not know how to achieve the best market price. Agents who recommend and promote auctions show this quite clearly ... auctions do not allow negotiation to occur. It is even more apparent when you realize that they have a term for the owners lowest acceptable price ... the reserve ... but they do not have a term for the buyers highest price!
Why is this? ... auctioneers focus on getting bidders to the reserve price (where a sale can be made without further owner involvement / intervention) irrespective of whether the winning buyer can and would have paid more money. Agents who auction property have no real focus on getting the best buyer on the day to pay their highest price they were prepared to pay ... they don't need to. The sale still happens and appears to be a success to everyone in attendance.
Auctions have a big fail point ... the final buyer only has to better the second best buyer by as little as $500 dollars to secure the property, if they had $20,000 more to bid it wouldn't matter. The agent gets the same sale result, the buyer saves the extra $20,000 they were prepared to pay if required to do so and the owner is none the wiser to the fact they have lost the money that could have been obtained by a better technique of sale ... and a better real estate agent.
At Wilson Real Estate we pride ourselves on applying proven techniques to obtain the highest price possible from the best buyer we encounter whilst managing the sale or your property.
Reserve prices are rarely met, and barely exceeded.
In the world of real estate, there can be a big difference between the promises and the actions of a real estate agent. This may seem old-fashioned, but we believe a promise is a promise. You must do what you say you are going to do. No excuses, no exceptions. And with no 'fine print', as so many consumers discover when it's too late to do anything about it, the fine print is where they problems lay in waiting.
The aim of approved is to provide the finest real estate service in Australia based on the highest standards of ethics, values and client care. We want you to be delighted.
And so, here is my personal promise to you... when you choose Wilson Real Estate as your approved agent, they will do the right thing by you. They will achieve the Best Market Price for your property. I believe that most consumers are honest and they want to deal with honest companies. I believe the people at Wilson Real Estate are not only honest but they are also highly competent.
If my family was selling a home in your area, we would choose Wilson Real Estate. I thoroughly recommend you do the same.
If, during the selling of your property, you feel that any promises have been broken, I will intervene on your behalf to make sure these promises are kept. Once you have sold your property, if you show me that Wilson Real Estate has not done the right thing by you, you will receive a total refund of any fees paid to Wilson Real Estate.
The aim of approved is to delight you. I am certain you will be delighted with Wilson Real Estate and you will see why I am proud to offer you my personal recommendation that they will do the right thing by you. No excuses, no exceptions.
You have my word on this.