In a recent chat with Robert Allanadale, Director and Founder of Tower Property Advisory, he told us about a woman he met a number of years ago and her unfortunate experience with a real estate agent.
Bev had recently moved into an Aged Care facility, having sold her family home. She was just settling into her new life and was happy to chat.
When she found out what I did, she said she didn't need my services to sell her property. "It was all so easy!', she said.
"One day, a nice young real estate agent knocked on my door and asked if I wanted to sell my home. I said I did and he asked me how much I wanted. I named an amount that I thought was fair; he said he would get back to me.
The next day he returned with good news; he said he had someone prepared to pay my price!
The agent then arranged all the paperwork and that was that. I not only saved on marketing costs, but the agent reduced the commission from 3% to 2.5%."
I subsequently researched Bevs property online. It was now listed 'For Sale' for $150,000 more than Bev had just sold it for.
Poor Bev, not only had she over-paid the agent for no service, but she had given a perfect stranger $150,000.
Unfortunately Bevs story is not uncommon. She 'didn't know what she didn't know'. She trusted the nice young real estate agent who abused that trust.
Had Bev got help to select a good real estate agent, prepare her property for sale, obtain an independent valuation and generally outsource the management of the whole sale process, she would have had a lot more money to enjoy her retirement years and eventually leave to her family.
I have seen many people who are inexperienced in selling property (especially the family home), taken advantage of by unscrupulous estate agents keen for a quick, easy commission.
That's why I started Tower Property Advisory - to help keep agents honest and make sure that every property is properly marketed to achieve its best price.