Relocation Relocation Australia host, Bryce Holdaway, has these tips for dealing with a real estate agent.
1. They wield enormous influence over the sale process and should be seen as crucial in you getting the house you want; and
2. The real estate agent is not acting in the buyer’s best interests rather they are looking out for the seller’s best interests!
With this in mind, it’s important to build a relationship with the agent so that they present your offer in the best possible light - particularly when your offer is lower than the asking price - rather than negatively influence the sellers decision to accept.
But remember, although they may come across as your “best friend”, they are in fact looking to get the best price for their client – the seller!
In some cases it doesn’t always come down to the highest price. To illustrate this, an agent typically gets paid 2.5% of the purchase price, so for every $10k extra they get for their client the commission they receive is $250 - which they need to share with the owner of the agency - so they may end up with $100-150 extra.
Therefore, an offer of a shorter settlement period or less conditions over getting a higher price might be the motivation the agent needs to influence who really gets the property over two or more competing offers.