Continuing to advertise sold properties
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| 1 | Curious as to why agents can continue to advertise properties that are already sold. Have inquired after a number of properties recently to be told that they are already sold/under contract. And I see, at least 3 weeks after my inquiry. they are still being advertised on Trade Me and other RE websites. Why are agents able to do this? Is there no requirement for them to take down online advertising once sold (or at least update and say it is sold). Are they just lazy or see it as free bait advertising.(which would be illegal in any other industry) or is there some other reason why the ads still exist weeks after a property is sold? gennie - 2021-05-24 21:58:00 |
| 2 | Given the cost to list a property, I’d imagine they are left listed until settlement rather than risk having to pay again if the sale falls over for any reason. rowlf - 2021-05-25 06:12:00 |
| 3 | If a property is under offer, it isn’t sold which is why open homes are often held at such properties. committed - 2021-05-25 06:57:00 |
| 4 | rowlf wrote:
Sold properties are typically removed before settlement. This could be an example of Hanlon’s law: Never attribute to malice that which can be adequately explained by stupidity or incompetence. committed - 2021-05-25 07:01:00 |
| 5 | It’s not sold until the money is in the bank. lovelurking - 2021-05-25 07:20:00 |
| 6 | My experience is that properties remain advertised until deposit has been paid and solicitors have confirmed the contract as unconditional. paysanne - 2021-05-25 07:47:00 |
| 7 | lovelurking wrote: So the agents should continue to advertise, run open homes and solicit other offers then? sparkychap - 2021-05-25 08:32:00 |
| 8 | paysanne wrote:
Our new house stayed on the agent's website for TWO YEARS after it was sold, despite us asking them to take it down! It had the 'SOLD' sign across the corner. The house I sold also remained for a substantial period of time. Edited by hazelnut2 at 8:36 am, Tue 25 May hazelnut2 - 2021-05-25 08:35:00 |
| 9 | It is called marketing, free advertising for the agency. tony9 - 2021-05-25 08:37:00 |
| 10 | It's also great advertising for the agent, shows they get results. houseofdad - 2021-05-25 08:37:00 |
| 11 | Yes. lovelurking - 2021-05-25 08:46:00 |
| 12 | Post 11 in response to 7... lovelurking - 2021-05-25 08:48:00 |
| 13 | lovelurking wrote: So it was unconditional and the sale fell through? sparkychap - 2021-05-25 08:58:00 |
| 14 | Don’t know the details but they certainly hadn’t settled when they were meant to so I suppose that would have been the case. lovelurking - 2021-05-25 09:07:00 |
| 15 | lovelurking wrote: So they were advertising it because the existing unconditional contract had fallen through. That's completely different. If there is an unconditional contract on the property, should the agent continue to market., hold open homes and solicit offers? sparkychap - 2021-05-25 09:10:00 |
| 16 | sparkychap wrote:
Well the one I’m referring to didn’t hold any more open homes and the sold stickers went up the day we went unconditional but having said that, in a different real estate transaction when we were selling a property we had a back up offer that would have gone unconditional if the contract wasn’t settled... lovelurking - 2021-05-25 09:38:00 |
| 17 | lovelurking wrote: I'm not discussing the legality of it. What I'm asking you is that when a property has an unconditional offer on it and is only waiting for settlement, should the agent continue to advertise, market, and run open homes in the hope of soliciting more offers? sparkychap - 2021-05-25 09:44:00 |
| 18 | sparkychap wrote:
I’m guessing that’s a no, but under contract is not unconditional is it? lovelurking - 2021-05-25 09:51:00 |
| 19 | lovelurking wrote: "under contract" is not a defined term, I'm assuming you mean "conditional" in which case marketing will typically continue. But once unconditional, you agree that marketing and open homes stop. You might say, "it's sold". sparkychap - 2021-05-25 10:00:00 |
| 20 | You might well say it’s sold. lovelurking - 2021-05-25 10:07:00 |
| 21 | sparkychap wrote: apollo11 - 2021-05-25 10:17:00 |
| 22 | sparkychap wrote:
Yes, and what do you mean "only waiting for settlement". It's the most important part. superdave0_13 - 2021-05-25 11:20:00 |
| 23 | superdave0_13 wrote: guess that depends on your point of view - the agent would say it’s the bit before that’s most important! sparkychap - 2021-05-25 12:29:00 |
| 24 | Although it is when the curtains are selected so important to curtain shops. sparkychap - 2021-05-25 12:32:00 |
| 25 | hazelnut2 wrote:
Complaint to the R.E.A.A. and/or Privacy Commission should motivate the agents. Friend had photographs of her house's interior on-line 18 months after settlement. It is free advertising for the agents and unacceptable. amasser - 2021-05-25 12:47:00 |
| 26 | sparkychap wrote:
They would because usually that’s when they get paid their commission. Once the commission is paid they walk off telling you their job is done, regardless of whether the buyer settles or not from my personal experience. Hence why I preach the commission will be paid only on settlement. lovelurking - 2021-05-25 12:57:00 |
| 27 | lovelurking wrote: In fairness, it is their job done, although they still liaise and handle access to the property for final inspections and any other queries. It's the respective lawyers jobs to settle the contract between the parties. sparkychap - 2021-05-25 13:08:00 |
| 28 | sparkychap wrote:
No wonder they hate it when we change when they get their commission then ???? lovelurking - 2021-05-25 13:12:00 |
| 29 | lovelurking wrote: Absolutely. I agree to changing to payment on settlement, but I also understand the agent's perspective that they get paid when their job is done, and why should they be penalized if one party fails to settle? sparkychap - 2021-05-25 13:16:00 |
| 30 | As far as I’m concerned their job is done when the property changes ownership, not when a tosser with no money signs a piece of paper.,. lovelurking - 2021-05-25 13:39:00 |
| 31 | lovelurking wrote: The agent doesn't get paid when the agreement is signed, but when the purchasers lawyer confirms to the vendors lawyer that all conditions, including any finance conditions are satisfied. The agent has no legislative authority to "vet" potential clients funding. Not even the vendors lawyer does that. So even if we all agreed that was required, its the vendors' lawyer who should be doing it, not the agent. sparkychap - 2021-05-25 15:17:00 |
| 32 | One thing agents are very good at is chasing deposits. Good luck getting your Lawyer to do it. By the time the listing and selling salesperson see any of their money the property has probably already settled anyway. superdave0_13 - 2021-05-25 19:40:00 |
| 33 | gennie wrote:
From some of the agents I've spoken to... Typically to garner Backup offers in case the current offer falls through -AND- obtain buying contacts (leads) for possible future property deals. House I most recently purchased had two more open homes after the seller accepted my offer, with a number of backup offers coming in behind my one (should I for some reason ended up pulling out e.g. unmet conditions) cognition - 2021-05-26 09:51:00 |
| 34 | cognition wrote:
Back up offers are great when you are the vendor so the agent really was focusing on the job of getting it sold... lovelurking - 2021-05-26 10:11:00 |
| 35 | lovelurking wrote: yes. spead - 2021-05-26 21:32:00 |
| 36 | The reason they have so many on the window with sold written across and bugger all for sale not sold is that they would need to buy curtains if they removed all the sold ones. ash4561 - 2021-05-28 18:57:00 |
