A recent exchange by one inner-city Building Manager has left this agent wondering why a property owner would EVER enlist the services of a Building Manager when offering their property for sale.
Here are the facts:
1. I was recently engaged to sell an apartment in a large building and contacted the onsite manager to arrange access. At the time I suggested they may know someone thinking of moving into the building and offered them the opportunity to work with me, sharing the selling fee.
2. The campaign was carefully planned and proved a real success on the day of the first Open Home, with the Building Manager receiving a full price offer from an out-of-town investor.
3. During the Open Home a first time purchaser came forward and offered to buy the apartment for $10,000 above the listed price. The first buyer was asked if they’d be willing to increase their offer and they declined.
4. The apartment was then sold to the second buyer and the Seller was absolutely delighted!
5. On the Sunday night following the sale I received an abusive phone call from the Building Manager angry that we had sold the apartment for more than the listed price. They felt we had acted unfairly by creating competition amongst the buyers which ultimately resulted in the second buyer agreeing to pay more for their new home.
Their comment: “How dare you sell it for more than the listed price?!”
So what does all this mean?
Onsite managers are business owners who pay a lot of money for the right to manage their building. When a sale is made, and the new owner decides to move in, the value of the onsite manager’s business reduces as another potential property management or ‘income source’ is lost.
In this case the onsite manager was upset we had sold to someone moving into the building when they could have sold to an investor, having kept the management of the apartment and continue to receive a fee for their service.
It’s a real conflict of interest. Some of these agents are smart enough to know that we all work for our seller clients, they pay us, and our own interests must come second. Some of these onsite managers realise that future opportunities will open up if you simply look after your clients.
The message here is simple. There are agents who are good to buy from and others who are good to sell through. Make sure you choose your agent carefully.