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Thread: NZ realtors and real estate

  1. #1
    naomishiro is offline Junior Member
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    Default NZ realtors and real estate

    It would help us so much if someone could clue us in a bit on how to work with NZ realtors. Is it okay to contact lots of different realtors for details on properties they've listed, or do they each expect an exclusive relationship? Do all realtors know about all the listed properties? How do you know the approximate price on properties that are listed as auctions or as "by negotiation?" When we go over to scout, what can we ask (expect) of realtors?
    And...do we need to work with a realtor at all? Thanks so much!

  2. #2
    kiwiguy is offline Member
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    hi

    >And...do we need to work with a realtor at all?
    Short answer is no but if they have the property listed the vendor sells it privately to you then the vendor still has to pay the commission to them unless you have made the offer before they listed it with the realtor

    You can contact as many as you like. A lot of properties will only be listed with one realtors as they will have an exclusive deal with the vendor
    so they may know of a property but can't sell it as its not listed with them

    have a look at realestate.co.nz trademe.co.nz open2view.com

    The vendor pays about 4% of the sale to the realtor's plus over fees but the % goes down as the price goes up

    Some agents list the resvere or the negotian range I know harcourts tends to do this also the prices have gone down a lot so there is a lot of remove to move

    you can get a report from qv.co.nz on the price that other similar property's or ones on the street have sold for.

    Each property has a government valuation but this does not reflect the sale price as it maybe way more or less. Its a guide though and if you can compare the prices of simaler ones you will be ok

    Oh they will take you to look and run the negiations for you etc and should tell you and defects etc that they are aware of and also indicate price

    You will need a laywer for the actual transfer and your offer should be subject to a LIM (Land Information Memorandum) this is a report that tells you about drainage and things that may effect the property it does not tell you the condition of the building

    hope this helps

  3. #3
    naomishiro is offline Junior Member
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    Default Buyer's brokers?

    Thanks so much, Kiwiguy! Very helpful. One more question: It sounds from what you wrote as though the agent can sell only his/her own listings. In the states, the buyer's broker and the seller's broker usually share the fee, so any agent can "sell" you any property. If it's not their own listing, they only get half the fee. You can select a "buyer's broker" to work with, and they'll show you anything on the market, working in tandem with the listing agent. Is that true in NZ? If not, then it seems you'd have no choice but to work with loads of different realtors.

  4. #4
    MotherBear's Avatar
    MotherBear is offline The missing link
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    I don't know if this will be of any use but here's a link about the house buying process downunder.

    This real estate agency seems to deal with properties up for sale with a variety of other agents.
    Mother Bear

    Try to bloom wherever you are planted.

  5. #5
    naomishiro is offline Junior Member
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    Thanks again, Mother Bear! You are amazingly on-the-case!

  6. #6
    kiwiguy is offline Member
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    As far as I know they do not share the fee eg there is no buying and selling agent normally just the selling agent

    The agent normally works for an agency and they have to pay there agency some of the fee on a sale . I know they will work hard to sell a property that they have listed themselves I assume they can also sell other ones but there fee will be less

    Normally on Saturdays and Sundays there is a large listing of open homes you can just drive around look at each ones and talk to the agent on site and get a feel for prices etc and if you show interest they will be on your case

    Depending on when the house was built and where I strongly recommend that you get a building report for the house as there was a lot of house built mainly in the Auckland area but also other places that leak they were built in the late 90's here some info on that Why homes leak : Background to the problem

    people are still going to court over the problem and anything built before 1978 will probably have little or no insulation after that it was required.

    Only in the last couple of years has increased insulation and double glassing been required. So a lot of older houses can be cold and damp in winter as we don't heat our homes very well

  7. #7
    naomishiro is offline Junior Member
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    Thanks Kiwiguy; I really appreciate all this. It's especially helpful to get the heads up on leaky buildings and so on. Coming from New England, NZ seems to have such a benign climate that the issue of weatherproofing houses would not have been at the top of my list!

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