It depends on the price range you are in, the bottom end of the market is still pretty strong, the middle and upper market are weak and the higher the price the harder it is to find a buyer.

For instance, in my area the bottom end is between $350,000 and $450,000, in this range, if the price is as the agents and the market suggests, the property should sell within weeks or to one of the first 5 to 10 people to view it, if it takes more than that, it is either to dear or you have the wrong agent.

-- Edited by Benwerrin on Wednesday 29th of February 2012 09:43:27 AM

I got that book a few years ago, it has now been updated, I just phoned the Jenman office and a guy there sent me a copy, (a few years ago) now I see they are selling it for $29.95 plus shipping, still worth getting at that price.

Here's another book and it's free, not really free as you have to provide your details to get it posted to you.

http://www.brianmark.com.au/sell-home-without-agent.asp

-- Edited by _wombat_ on Thursday 1st of March 2012 09:36:22 AM

Ma wrote:

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My brother, an agent, says he is unrealistic.  But then they would wouldn't they he's exposing all their little rorts to the public.

 

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With respect,  I repeat.

-- Edited by Ma on Thursday 1st of March 2012 10:22:25 AM

Benwerrin wrote:

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Wombat...nobody said that you weren't entitled to an opinion, I am only saying it as I know it, which is also an opinion.

I spoke about Jenman himself, not the agent or salesperson that sold your property, remember  99% of them are fine people as are most in all walks of life...unlike the opposite picture that Jenman would have you believe.

-- Edited by Benwerrin on Thursday 1st of March 2012 10:26:16 AM

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 Benwarrin, sorry it was not my intention to upset you, I was only voiceing my opinion, and I do respect yours.

I did talk to Neil in the first instance and then contacted his agent in my area at the time.

It's great to have different opinions, what a world it would be if we all thought alike

-- Edited by _wombat_ on Thursday 1st of March 2012 10:44:52 AM

ChiChi1 wrote:

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What I'd like to know, is what is the incentive for a salesman to get the best price for your home.

They can put a price on it and will receive a certain commission for that price. Usually a % of the selling price. I am being asked to drop the price of a home $75k!!! Lots of pressure to do this. The agent will only lose less than a $1000 commission.

It seems that the aim for agents is quick turnover at what ever price because they stand to lose so little. I think their attitude is that it is better to sell a house every week for $10k commission than do some work and sell over three months for $11k commission. The "punishment" is you will not get another offer for a long time and you eventually have to sell because by keeping it it is costing you money.

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 Firstly Chi Chi, I should declare, I am a drycleaner by trade and Real Estate Agent by choice...

The salesmans commission is not set in stone Ch Chi, it is negotiable and flexible to the point of exchenge of contract.

I am rather disturbed by the fact that your salesman has asked you to drop the price by $75,000!!! Did the salesman price the home, or did you, who originally set the price?

If the salesman priced it at the listing price and now wants that reduction...sack him/her!! If that's the case, go to the office and complain to the principal and ask for a release from the agreement. Frankly, if I had a salesperson that overpriced to that extent and then asked for that much reduction, I would sack them myself, its an insult to the vendor and just not on.

Judging by the amount of commission you have quoted, it seems that your property is in the $400,000 range, if so, it is in the saleable range (depending on location ofcourse).

In answer to your question of what is a salesperson is paid, they are generally paid about 35% of the total selling fee as a commission, which is then offset against any salary paid, once the monthly commission exceeds the monthly salary, they are paid the difference in the form of a bonus or commission. In truth, about 75% of salespeople are not earning a commission above their salary in this current market and that salary is surprisingly moderate $36,000 pa. (which includes car and phone allowance) on average, as we all know, things are tight at this time, hence some, and I emphasize some, salespeople may try to push vendors down in price, however, the salesperson has to record his/her opinion of price on the original listing agreement, so if they overpriced it to gain the listing I would be pointing this out to them and seeking a release, it is a requirement of the act that the salesperson must itemise their reasons with 'examples' for the price given on each listing...if this price is now way out of whack, you have recourse to seek a release.

Always bear in mind that YOU own the property and the agent works for YOU, not the other way around. If the sal;easperson and the agent haven't performed to your satisfaction, tell them and at least ask for a discount on fee...you also have the right to dispute the agents fee for a sale if dissatisfied with the department of Fair Trading in your state, that is the law in NSW and I presume in other states also.

Best of luck with the sale.

-- Edited by Benwerrin on Thursday 1st of March 2012 11:32:00 AM

Benwarrin, Mulwala. Thanks a lot. 

-- Edited by ChiChi1 on Thursday 1st of March 2012 12:39:24 PM

I found it interesting even if Benwerrin did not agree with me, but that's life ain't it, everybody has their own opinion.

and then along comes an old crank

-- Edited by _wombat_ on Thursday 1st of March 2012 03:39:47 PM

I think Jenman has some very very good points.  You will find that 99% of agents will tell you that he is a load of garbage and that his views and recommendations are just that.

My brother, an agent, says he is unrealistic.  But then they would wouldn't they he's exposing all their little rorts to the public.

Like Wombat says, it's definitely worth a read of Jenmans words.

Benwerrin wrote:

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Why does everyone consider Jenman a saint? I went to a couple of his conventions about 15 years ago, that was enough for me.

He was 'selling' salespeople that he 'trained' for $10,000 each, guaranteeing that they would writr at least $200,000 per year in commission, no wonder he sent salespeople and business's up the creek, ofcourse they couldn't perform. He also sold tickets to a 'boot camp' at $10,000 each and in those days was building a network of franchise offices around his preachings.

One of his preachings to his followers was..."Only advertise a property 3 times", after that, the vedor had to either reduce the price or had to pay for the add, failing that the salesman paid or there was no more advertising. Every single add from that point had to have a price reduction or the same as previously noted...yes, a true agent of the owner and the people... not!! (lol)

Is it any wonder that today, that network virtually longer exists and many agents and salespeople have been badly 'burnt' along the way. Neil is a very smart operator who is extremely good at selling himself and making money from others, unfortunately he left a trail of disasters in his wake within the industry, and now profers from selling his wares direct to the public and utilising his 'skills' by now classing himself as a "consumer advocate" and white knight and defender of the people, ofcourse the new persona is seized upon by our gullible media always on the hunt for an industry insider thas turned turtle and is now a 'public protector' where he is given prime space to espouse his knowledge of all the 'baddies' that are after your dollars. (lol)

Having said that, his handbook is not a bad read and quite helpful, sometimes I think that it is a manuscript derived from the principles that were once self practiced.

I could go on, but I won't...needless to say, I am not a believer!!

 

-- Edited by Benwerrin on Thursday 1st of March 2012 10:01:22 AM

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 Benwerrin, you are entitled to your opinion as I am entitled to mine.

Having sold a house with the Jenman method I was very happy with the result.

What I'd like to know, is what is the incentive for a salesman to get the best price for your home.

They can put a price on it and will receive a certain commission for that price. Usually a % of the selling price. I am being asked to drop the price of a home $75k!!! Lots of pressure to do this. The agent will only lose less than a $1000 commission.

It seems that the aim for agents is quick turnover at what ever price because they stand to lose so little. I think their attitude is that it is better to sell a house every week for $10k commission than do some work and sell over three months for $11k commission. The "punishment" is you will not get another offer for a long time and you eventually have to sell because by keeping it it is costing you money.

ChiChi1 wrote:

---

What I'd like to know, is what is the incentive for a salesman to get the best price for your home.

They can put a price on it and will receive a certain commission for that price. Usually a % of the selling price. I am being asked to drop the price of a home $75k!!! Lots of pressure to do this. The agent will only lose less than a $1000 commission.

It seems that the aim for agents is quick turnover at what ever price because they stand to lose so little. I think their attitude is that it is better to sell a house every week for $10k commission than do some work and sell over three months for $11k commission. The "punishment" is you will not get another offer for a long time and you eventually have to sell because by keeping it it is costing you money.

---

 I suggest you get those two books and make up your own mind, I know the way I would go if I wanted to sell again.

There must be other books and info online that would help answer your question, but I do think you have answered your own question.

Benwerrin wrote:

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Wombat, sorry it was remiss of me to not ask, how are you going out there with the rain, not flooding I hope.

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 We don't get any rain in WA

Oh you must be getting mixed signal's because of my sig, sometime ago a member here said I had my own postcode, a place called wombat in NSW so I use that as my sig

Sorry to confuse, and I also feel for those people in the floods.

JRH wrote:

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_wombat_ wrote:

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Benwerrin wrote:

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Wombat, sorry it was remiss of me to not ask, how are you going out there with the rain, not flooding I hope.

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 We don't get any rain in WA

Oh you must be getting mixed signal's because of my sig, sometime ago a member here said I had my own postcode, a place called wombat in NSW so I use that as my sig

Sorry to confuse, and I also feel for those people in the floods.

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 Nor is he a cuddly as his Avatar suggests.

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 Thanks John, about time you got up

The price was suggested by the salesman. It was priced at what I thought was a very reasonable price. The house was on the market 4 yrs ago and an offer was made for and not accepted for $10,000 > the current listed price. You are right, the offer was an insult.

What I really objected to, was the pressure to sell at that price. e.g. "it is costing you money." "Now is the prime selling season, If you don't sell now you probably won't sell it for another 12 months." "The market is in a bad way" So bad that it is worth $85k less than it was 4yrs ago? I don't think so.

The house is in a prime location (virtually waterfront) a very popular holiday spot in NSW. One of the GN favourites.