Buying a property can involve a lot of leg work, even if the buyer has a specific property in mind. That’s when years of experience and expertise can be invaluable when you need to go the extra mile to get the property you want.
Client Brief: Three bedroom, single level new property close to the Rockhampton CBD. Budget up to $350,000.
Queensland State Manager, Steve McGee was contacted by a Melbourne based prospective client who was looking to buy in Rockhampton with a future relocation of family in mind.
The prospect had already identified the property they wanted, but had not actually been able to contact the sales agent to enquire about a potential purchase. Getting frustrated with all of their attempts to reach the agent failing, the prospect contacted Steve to ask for help. They then became a client of NPB Queensland and Steve was tasked to take over efforts to purchase the property, which would include an assessment and the negotiation of the sale.
Steve’s preliminary investigations discovered that the property was being marketed by two sales agencies, which under Queensland legislation could mean that it was an ‘open listing’.
Almost all properties for sale in Queensland are listed under an exclusive agreement with a single selling agent, however a seller can elect to engage in a joint exclusive agency listing between two nominated agencies. Alternatively, the seller can also engage in a ‘Sole’ agency agreement with either one or two agencies. This means the seller can still retain the right to speak directly to prospective buyers and sell the property themselves as long as the agent was not ‘conducive’ in the cause of the sale. It also means a buyer (or buyer’s agent in this case) is able to present an offer directly to the vendor.
If that was the case with this property, it would mean Steve could present his client’s offer to the vendor, making negotiations easier and give the client a greater chance to secure the property. All Steve had to do was find the owner.
This was unfortunately easier said than done.
During his due diligence Steve found that the property was owned by a developer based in the Toowoomba region. However, there was little in the way of contact information to get in touch with them.
Still, Steve kept digging. After trawling through countless online databases and sales records, he eventually came across the floor plans for the property, on the bottom of which listed the architectural firm who had designed them.
Steve got in touch and asked if his details could be passed on to the developer. They got in touch the next day. Finally Steve was on to the person he needed to speak to. Even so, all this work may have still been in vain if the vendor had a joint exclusive listing agreement with the selling agents.
Thankfully, they didn’t. The vendor had an Open listing agreement and were free to talk. Steve advised he had an interested buyer and presented the offer to them – which was considerably under the advertised sales price and Steve’s comparable price value. The vendors still happily accepted the offer as they now had no sales agency fees payable, and the client was exceptionally happy that they could secure the property under budget.
Steve met with representatives for the vendor and at an agreed half way point between Brisbane and Toowoomba (a petrol station of all places) and Steve secured the purchase of the property for an ecstatic client.
Following a flight up to Rockhampton to inspect the property and attend a scheduled building & pest inspection, all conditions of the contract of purchase the property duly settled.
This purchase is somewhat unique in terms of the work involved, but is proof of the benefit of engaging a buyer’s agent, according to Steve.
“Any buyer’s agent worth their salt wouldn’t just be looking at the obvious when it comes to a purchase” he said. “They would always be looking to add value to the client and do whatever it takes to secure them the best property.”
As always, speak to a property professional about securing your ideal property.