I could write an essay, and will probably be tagged as the vendor with unrealistic expectations in a falling market, but we chose PW to sell 2 of our properties in Heathmont in July 2017, after we'd had almost 8 years of excellent service from Les and the Property Management team at Philip Webb. I blindly gave the business to their REA arm, that was my first mistake.
We didn't shop the sale of our properties around to other local agents.
Gavin Hoo, the agent given to us, obviously gave us the PW ramp up "this is how great we are" pitch at the authority signing (not that it needed it), indicative selling prices were discussed, endorsed and given no resistance.
As both properties were tenanted, Gavin, not the PM team, briefed the tenants. Somehow, both tenants, with zero record of issues, both turned into the thing of nightmares. Inspections were a hassle, properties were unkempt, and generally made it an impossibility to get any offers, but there was foot traffic to speak of anyways..
First week into both campaigns we were told to drop prices (the first of 2 price drops for a house, and the first of 4 price drops for the unit).
We had to vacate one of the tenants on a month to month just to get some interest, so already we are now bleeding $$$. At auction day for the unit, the unit was not fit for sale. Somewhere in between the routine inspections, we discover the tenant has a cat and is a smoker, there were shredded blinds, but the PM team missed that. No wonder there was zero interest (approx 6 parties came through the unit the entire campaign in 4 weeks, and approx 8 parties came through the house in 4 weeks). I wouldn't have bought my own properties now we knew the true state of their condition.
Neither property received a bid, and then the post auction pain began. Price adjustments continued until the house finally received a solitary offer, which we dragged up $50k more than the initial bid - we were constantly being told to take the offer, we dug in our heels, and eventually the price got to somewhere we can only call modest, but I'm sure PW were happy with the event.
The unit dragged on as vacant possession for months, bleeding $$$ until we reached the bottom of the barrel needing to move the unit give we'd sold the house. Weeks and months of buyers smelling blood in the water (5 months now after authority was given), and we stumbled upon a FHB who showed interest. After rejecting 3 unbelievably low offers we finally arrived at a price we can only call ridiculously low. Relief from PW that a price easily $60,000-$90,000 under the originally endorsed price by Gavin and the property finally settled in February 2019.
Added to the fact that the PM team were still putting rent of the house in our account post-settlement (the tenant paid early that month) and over-paying the tenant in the house as a commercial gesture pre-auction (which we never got back), demonstrates some poor communication between the PM arm and the selling arm of PW.
Final inspections pre-settlement we told the PM we wanted to be at for the house, they forgot; the pre-settlement final inspection of the unit was conducted by a "cadet" who failed to pass onto the buyer (as the selling agent Gavin was unknowingly away), that the purchaser has issues with some elements of the property and wanted to delay settlement. This we didn't find out until the afternoon before the settlement, so running around ensued until both solicitors did what they were pid to do, and complete the settlement.
The $8 bottle of champagne we received for the settlement of the house was duly re-gifted with immediate effect.
I'm sure Sam and Gavin never want to hear or see from me again. REAs can't simply shrug their shoulders and say "it's a buyers market now", something fundamentally broke down during the campaigns. As a silent referrer into the PM team (I work in a related industry), this experience won't be forgotten for a long time. We trusted (and wrongly assumed), the mass machine that is/was Philip Webb would get us acceptable outcomes. They didn't. read more
