Real Estate Agent and private bidders

cnocbui

I have an unusual rural property which I was thinking of putting on the market in a few weeks when some legal issues will be squared away.

I have let this be known to a couple of people who are aware of the property, and they are both interested in purchasing it and have already made offers above the questionable valuation.

What is the situation regarding potentially listing with an REA, in terms of commissions? Can I list with an REA on the proviso that a commission is only payable if an eventual purchaser is secured by their efforts, rather than the two I had previously brought to the party?

I can see a case where It might be appropriate to reimburse their listing costs, but not a commission, if one of the two secured the sale.

Nickla

If your buyers have already made a high offer, the EA might feel that there is no point in putting any work into a sale they are unlikely to get - also what happens if the EA does get a higher offer and one of your buyers then increases their offer, does the EA still lose their commission.

Xterminator

EA should be paid for their work. its not a feasible situation that you benefit from higher rice due to work/interest put in by EA & EA doesn't get paid because one of your bidders matches bid.

Have your bidders go through EA, or sell privately.

cnocbui

Yes, I can see a case for the EA to get a commission if one of the currently interested parties raises their offer due to other bidders being brought to the party.

hurleronditch

Why don’t you post it privately on Daft for a few weeks and see if there is any interest

cnocbui

hurleronditch wrote: »

Why don’t you post it privately on Daft for a few weeks and see if there is any interest

I might look into that and the costs. It would be interesting to see if there was other interest as it is a very unusual property which hasn't been put to the market in the past hundred years.

hometruths

A lot will depend on location. Some rural areas a lot more desirable than others.
If it is popular location I’d go the private daft route and see if you can flush out any more bids.

Whereabouts is it?

cnocbui

schmittel wrote: »

A lot will depend on location. Some rural areas a lot more desirable than others.
If it is popular location I’d go the private daft route and see if you can flush out any more bids.

Whereabouts is it?

Connemara - about 25 minutes from Clifden. It's a unique private location, not a popular location.

hometruths

cnocbui wrote: »

Connemara - about 25 minutes from Clifden. It's a unique private location, not a popular location.

Well Clifden is not exactly a sh*thole. I would definitely advertise it. I guess it depends on how realistic you think the original valuation was.

If it is very unique, I'd be tempted to go with an EA - get a few in and see what they value it at currently. Then be upfront and say I already have an offer of X, can you beat it?

If he says yes, say great, and do some deal to allow you to sell if for X to your buyer if he can't beat. You'll have to pay his listing costs in any event I guess.

cnocbui

Good advice and pretty much in sync with my current thinking. It is a very unique property. it's not remotely 'in' Clifden, that's just the nearest town of significance.

hometruths

cnocbui wrote: »

Good advice and pretty much in sync with my current thinking. It is a very unique property. it's not remotely 'in' Clifden, that's just the nearest town of significance.

Whatever happens it won't cost you anything to get a few EAs in to give you an uptodate value and then you'll be in better position to appraise the private offer.

I understand it's not in Clifden - but I presume EAs will market it as near Clifden, Connemara - that will catch eyes. If I was buying, unique, very private, nearest large town Clifden for amenities, would be very appealing.

I recently sold a high value motorhome because there is a bit of a bubble in them at the minute for obvious reasons. The phone rang off the hook. Wouldn't surprise me if private holiday homes were also enjoying a bounce.

chooseusername

you could try an online agent (no affiliation)
You may have to show the house yourself.

cnocbui

chooseusername wrote: »

you could try an online agent (no affiliation)
You may have to show the house yourself.

With a 6 hour driving round trip time, that could be a bit of a problem.