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Getting What You Pay For

PPG_Blog_May_image 4_getting what you pay for

Sue and Peter loved their spacious family home of 15 years, but it was time to downsize and find something with a smaller more manageable garden. After meeting with several real estate agents they decided to use the one who offered them a discount on his commission. They were pleased with their choice and looked set to save several thousand dollars once the property sold.

Despite the concession, Sue and Peter were still expecting their agent to work conscientiously in sourcing potential buyers as well as negotiating the best possible price when an offer was presented.

Unfortunately, it did not take Sue and Peter long to realise they had employed a poor negotiator who also lacked motivation in finding a suitable buyer. The agent was unable to successfully negotiate with the interested parties and ultimately the few thousand dollars they saved on commission quickly disappeared when their home eventually sold well below their expectations. It was a frustrating and disappointing process for a couple who were selling their biggest asset.

Sue and Peter’s experience is not uncommon. We all like the thought of saving some money and some real estate agents will go to any lengths to win over vendors. A great agent, however, knows their value and will have a proven track record to back their beliefs. Fee discounting occurs across many industries but you generally get what you pay for!

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