I have a semi-detached single story house that i want to sell.

This is my first ever property and I want to sell it because of I feel like I do not want to commit to it and also financial issue.

I have appointed a REN on exclusive agreement for 6 months to sell the house.

The house loan balance is 400k. Current bank value is 520k. My price for the house is 480k (under value). Bought the house in 2016.

Somehow, there is another REN from another agency interested just to view the house as he know that I am still in the exclusive agreement.

I have no problem to have him to view my house with potential buyers.

From this scenario, is there any advise for me in selling this house?

Thanks!

If you have signed exclusive agreement, need to redirect this case to existing agent. They may agree to share commission.

I think what you can do, if the second agent or another agent has a buyer, ask him/her to contact your exclusive agent to co-broke. If no potential buyer from them, then just wait only. If you yourself found a buyer, you may ask buyer to deal with your agent, or tell your buyer to wait for 6 months then only deal. Depends on how urgent you want to sell.

how much could the second agent get?
is there a standard percentage (or market rate) of co-broke?

I don't think there is standard percentage but only on mutual agreement between agents

50/50

No agent has an upper hand when co-broking.

One has the property, the other a buyer.

This post has been edited by mini orchard: Apr 10 2022, 06:47 AM

rm 480k for semi-detached is too low.

Even my condo 1000 sq ft can sell at rm 430.

Just wait for the economy to go up and sell after two years, it will shoot up to at least rm 600k.

Don't hire exclusive agents, they are not reliable. It is when there are many agents who work for you, then only it will sell faster.

I made the mistake of hiring exclusive agent in the past, can't sell after 6 months. Just advertise in mudah.my and many agents will bring customers to view.

More competition is better.

Noted but I cant undo the exclusive agreement so will need to wait 6 months to terminate it. This is my first time so i learned from this.

Price 480k is only for me to sell it without any profit. I just want to settle the remaining house loan around 400k.

What is the penalty for breaking the agreement written on it? If there is no penalty or very little penalty, then just break the agreement.

I doubt these people will hire a lawyer to sue you because hiring a lawyer takes many years and they have to pay a lot of money to the lawyer, it's not worth their time and money.

Don't wait for 6 months which is too long, just talk to other agents on how you can break the agreement.

If there is no stamp duty stamped on the agreement, then it is not a legal document. Just say you are not happy with their service, you have the right to terminate it.

This post has been edited by ericthai: Apr 11 2022, 10:27 AM

Agreement can be in writting or verbal. As long the plaintif can prove an 'agreement' exist, it suffice.

LHDN allowed late stamping of agreement with small penalty.

This post has been edited by mini orchard: Apr 11 2022, 10:48 AM

Even if late stamping, if the T&C do not impose a huge penalty on signer or signer thinks that the penalty is too harsh, he can always go to small claims tribunal to fight the case.

Penalty are per LPPEH guideline.

It is signed Letter of Agreement between me and the agent/firm.

Its not called penalty, but i need to pay full amount of 'profesional fee' as compensation if i sold the house myself or third party.

You got cheated by that agency to sign this type of one-sided agreement. That's why they can do things slowly because there's no urgency to sell your house.

Like I said, I advertised in Mudah.my and 100 agents called me, no need to sign any one-sided agreement.

I dont think cheat is the right word. There are pro and cons in exclusive listing ..... smilar to open listing.

A property will sell if the price is right....doesnt matter exclusive or open. Owner can also diy with the right price and save on commission.

Having exclusive listing in the pocket doesnt make money. Turnover of listing determines how much agent earns in a month. The quicker he sells a listing, the more money he earn for the month. Not sure your reasoning for delaying a sale thou.

One can research iprop with few agents handling a property. After 3 to 6 months, the property is still in the market with further new agents joining in .... why ?

This post has been edited by mini orchard: Apr 11 2022, 05:24 PM

Its not cheating, my bad to not understand about the Exclusive agreement. Noob mistake

Yes agree. So what is the pros of an Exclusive agent? Of what happening i dont see any.

When a listing dont sell by exclusive or open agents is because price doesnt match location comparing to neigbouring similar properties.

Any property can be sold if price is right.

Exclusive listing is good when you dont want to deal with many agents.

There is only one selling price quoted unlike open agents where one property will have few prices quoted by different agents. Every open agent will try to undo each other over price.

Experienced agents are very smart when closing a deal. Some can close deal below owner final price .... similar to calling a bird from a tree.

Buyers esp newbies will be confused on why a similar property have different prices in the market.

Experience buyer will go for the lowest quote since price set by 'owner' is 'flexible'. Too many negotiations will affect closing price.

He will go through different agents to press the price down. Seller will think there are many 'buyers' which the fact is ONLY one !

Exclusive listing will have the closing price more stable. Buyer either buy or dont. He cant deal with other agents to bring the price down further.

This post has been edited by mini orchard: Apr 12 2022, 09:13 AM

Many years ago, I was as naive as you. I hire exclusive agent in the hope that it sells fast but after 6 months, he can't sell it. I didn't have any harsh penalty like you stated in the agreement.

So I hire more than 1 agents to sell for me after that exclusive agent expired, within 1 to 2 months, the new agent sold for me.

There is no pro to exclusive agent unless you are not in the house and need someone to clean up the place and fix repair.

This post has been edited by ericthai: Apr 12 2022, 09:55 AM

Yes actually the house is vacant.

Do you mean the agent can do the clean up or fix repair?

Because the house actually need repair on the flooring in the living room area. The 3x3 tiles is popping almost 70%

This one i blame the developers contractor because they must did it cincai 6 years ago

A good agent (in western countries) can hire cleaners or technician for you but you have to pay for the costs of repair but most agents in Malaysia are lazy and only want quick money with little work.

It's better that you hire the repairmen yourself and watch that they do the work properly.

By right, your exclusive agent should be able to help you repair by hiring someone. If they don't, they are useless agent. The agent has no penalty/loss of money even if your house is not sold for more than 1 year, whereas you have bank loans to pay.

The lesson is NOT to hire exclusive agent in Malaysia because most are useless and lazy agents. The property agents in western countries are more professional.

This post has been edited by ericthai: Apr 13 2022, 08:07 AM

Noted bro and thanks

Let just see how this exclusive agent i appointed within this six months