Off the plan: how brokers and agents can work together
“Our valuations weren’t stacking up so we referred every single buyer to a broker, and regained complete control of the sales.”
It’s an agent’s worst nightmare when they’re selling off the plan: properties selling for more than what they were originally valued at.
When Ray White Robina agent Shaun Darcy started selling 152 properties off the plan in Palm Beach Heights, that’s exactly what happened. “We were selling for $300,000, but the properties were valued at $220,000. We saw very quickly that this was a major flaw - our sales weren’t going to stack up for finance,” he said.
Shaun worked quickly and engaged Loan Market broker, Jason Cuerel. Four things happened.
They settled stage one
Working side-by-side, Shaun and Jason settled all the pre-existing sales that had valuation problems.
“We sent every single buyer to see Jason. He assessed each situation and found a solution for everyone. Jason became a critical part of our process because he was able to steer our buyers not only to the right lender, but to the right valuer as well,” Shaun explains.
They controlled the sales
Bringing Jason into the sales process gave Shaun and the selling team complete control.
“As we moved into the next stage of selling, about 90 per cent of our buyers had a finance clause. We kept on referring everyone to Jason and because he knew the development so well, he was able to identify which buyers were going to run into trouble. That knowledge gave us control throughout the whole sales process.”
They made educated decisions
Having Jason on-hand meant Shaun could call on him for guidance when tough questions came up.
“Often we were told “I need an extension on my finance”. Given our initial struggles it was a gamble to allow for extensions. Jason had reviewed everyone’s finance so he was able to advise whether or not we were in a position to grant the extension. It meant I could consult Jason, make on-the-spot decisions, and be confident of the outcome.”
They created a long-term relationship
Such is their partnership now, Shaun brings Jason in on every listing presentation. Most recently, Shaun won the listing of a new Chinese development on the Gold Coast, Coral Apartments, and beat the likes of CBRE.
“It was something no other agency offered in their listing presentation. I went in and showed the developers the level of control and education a broker brings to the table. We introduced them to Jason and walked them through how the process of qualifying buyers worked. We won the listing because of it.”