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Auctioneers joint fees

  • 06-03-2014 6:55am
    #1
    femur61
    Registered Users, Registered Users 2 Posts: 1,588 ✭✭✭


    Hi,

    I am selling a property but the auctioneer I want to use is not local, I would like to use a local auctioneer as well. Does anyone know how this works before I ask the guy about this I would like to know a bit of information first how this works.


Comments

  • #2
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    femur61 wrote: »
    Hi,

    I am selling a property but the auctioneer I want to use is not local, I would like to use a local auctioneer as well. Does anyone know how this works before I ask the guy about this I would like to know a bit of information first how this works.

    You agree a fee with both, both try to sell your property, both advertise it, both arrange viewings, both inform you of bids. And of course, both get paid regardless of which bid you accept. Neither will accept a "winner takes all" arrangement where whoever sells gets paid and the other doesn't. When you tell both they are joint sellers, expect to be asked for advertising fees and possibly a down payment in advance.


  • #3
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    davo10 wrote: »
    You agree a fee with both, both try to sell your property, both advertise it, both arrange viewings, both inform you of bids. And of course, both get paid regardless of which bid you accept. Neither will accept a "winner takes all" arrangement where whoever sells gets paid and the other doesn't. When you tell both they are joint sellers, expect to be asked for advertising fees and possibly a down payment in advance.

    Surely the fee split must be weighted towards the auctioneer who sources the buyer as otherwise there's an incentive just to let the other guy do the work.


  • #4
    MouseTail
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭MouseTail


    No, afaik, both get paid a %. It is more expensive than sole Agency, so if sole Agency is 1.5%, Joint Agency would be 1% each.

    It used to be very common pre internet. I thought it had become a thing of the past with all agents using Draft or my home, I really don't see the need.


  • #5
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    MouseTail wrote: »
    No, afaik, both get paid a %. It is more expensive than sole Agency, so if sole Agency is 1.5%, Joint Agency would be 1% each.

    It used to be very common pre internet. I thought it had become a thing of the past with all agents using Draft or my home, I really don't see the need.

    This is exactly the way it works, each takes a slightly lower % than if sole agents, both get paid.

    You are right Bigcheese, there is no incentive apart from getting rid of the property and the seller, EA hate being joint sellers. When property sells the EA gets to put their sold sign up showing they were the successful EA.

    There would be no point in having agents in the same area and the internet can be used to advertise it to a wider audience. I can't see the benefit myself, a growing number of owners are now dispensing with the services of EA and selling themselves, you can have a sign printed and advertise on daft/myhome/local paper.


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