Dear Ozbargain Community,
My Father is in his late 60's and looking towards retiring. He had planned to sell his investment property to pay off his mortgage. The property has been rented out for nearly 12 years + with one real estate company (A very large Australia wide company), we have had many agents take care of the property in the rental department and they have been a mixed bag. He in August made the decision to sell the property. We made a contact with the agency in regards to selling the property, to compensate the agency depending on their performance. Eg if they received offers that were very high compared to the market price we would give them nearly double the normal commission, for the price they managed to obtain above the value we expected. I think we all expected a price in the 300000-330000, the agent managed to get an offer of 360000.
We were happy with the offer and signed the contract on Monday (4th October), all parties had signed. Today the real estate agent called my father demanding a further doubling of the percentage they would receive over the expected price. When my father kindly advised her we had already signed the contract and that she was already being compensated more than any of the other real estate quotes we received, she said she wanted to crush the contract and would be advising the buyers that they are overpaying for the property. I personally don't work in this field of work, however, this feels morally ambiguous.
Is there anything that we are able to do?
Are there any government bodies we can convey this information to?
My father was quite shocked by this, he is quite scared to raise this with the manager of the agency, as he worries the agent will try to interfere with the contract.
Any advice is very much appreciated and thank you in advance.
Further clarification, the Property is in outer Brisbane area (Ipswich), it is a small house on a small block and quite old. Hence the pricing. Unfortunately we do not live in Brisbane but interstate:
The contract with the buyer has a 2 weeks period for pest, building and finance. If the buyer in those two weeks decides not go ahead with the purchase we have no recourse.
My dad has already agreed to increase the real estates commission because of their ability to get a higher price. For the 30K they managed to get more than we anticipated they will be getting an additional percentage on top of he normal rate. They came back to us yesterday asking for a bigger commission.