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 Once you’ve decided that you’ll use a real estate agent to help you sell your home - Then you need to start the search process. Each of the benefits highlighted in the previous chapter assumes one thing – That you select an excellent agent! This is a big assumption – Perhaps the most critical task you face is the task of selecting an effective agent – one that is going to get the best result for you. In this chapter I’ll offer some advice of how to increase your chances of recruiting an effective agent. Always talk to more than one agent Firstly – you should speak to more than one agent. Don’t jump into an agreement with the first agent that you meet, especially if you are about to commit to an exclusive agreement (more on this later). By talking to two or three agents, you’ll be able to compare their styles and the benefits that each offers. You’ll also get multiple opinions on how they intend to market your property, and their estimates on the price you’re likely to achieve. Choosing the highest selling price Each agent will provide an opinion of the likely sales price you can achieve for your home. It’s really tempting to choose the agent that estimates the highest price. You may find yourself thinking “Wow, can they really get that price?”, or “this agent really appreciates my home”. The true market price for a home is determined by what someone will pay for it. An agent that estimates a high price may: -
Agents understand that they stand a better chance of winning your listing if they tell you what you want to hear (in terms of price) rather than what they believe. You must be very, very careful. An inflated listing price can end up costing you time and money, when your property sits on the market, ignored by the serious buyers who can see that it compares poorly against the competition in terms of value for money. Each of the agents that you meet should present you with a comprehensive list of SOLD DATA to substantiate their claims for the price given to you. What you should look for is a complete set of sales history for your area, along with an explanation of which of the sold properties most closely match yours. This will allow you to understand the most likely sales price you’ll achieve. Agent Fees Each agent will charge a fee for their service. Fees are usually quoted as a % of the sale price, and will often range from as low as 2% to 3.0% + GST, sometimes more! You’ll also need to factor in advertising costs. Some agents will absorb these costs, though most will ask you to contribute to advertising. You need to understand what the total $ cost is to you when a sale is completed. With so many agents competing for your business, it’s our opinion that you should no longer be paying commissions as high as 3% (3.3% with GST). Remember, fees are often negotiable. Negotiating Skills Your agent’s negotiation skills are important. During your interview you should be assessing whether the agent is likely to be a strong negotiator. The last thing you need is an out-of-college trainee that’s got 6-months experience and has no idea how to negotiate. “Size Matters” A Seller may look at office size to help them decide who they should go with, they may automatically think "the biggest office should be the best office...." – there are advantages and disadvantages with this approach. The number one advantage of a large office is the potential for a larger buyers-list. I say the potential, as we’d need to assume that the large office is effective at managing their buyer prospects ( but how many times have you called agents and never heard from them again?). A larger office may also have negatives: -
The downsides outlined above are areas that you need to consider - At the end of the day you need to judge for yourself whether you’ll get an agent that is representing your needs, that is fully qualified, and that you can work with. How will your home be marketed? When meeting with agents, make sure that you fully understand how they intend to market your property (and why), and ensure that you are comfortable with the suggested approach. You should also understand exactly how much the marketing will cost. LONG ESTABLISHED AGENCY VERSUS NEWER AGENCY An agent that grew five or ten years ago, may well have been surpassed by fresher talent in the local area, but the general public are not aware of it (yet). Over recent years, technology has allowed smaller agents to be very effective. Having a large team of foot soldiers is no longer a requirement (and those that do, end up charging higher fees to pay for them!). The more established agencies may not have progressed with the times, they may be a bit dated in their photographic output and internet exposure- areas of high importance to potential buyers: the longstanding agents may not be as enthusiastic, energetic or innovative in selling your property as the newer agents in the area. Experience does not necessarily sell real estate. Energy, innovation, sales skills and professionalism do! Make sure that your agent uses quality photography and descriptions – Check out their own website and ensure that they are taking care and effort, compare the quality with other agents to make sure that your home is going to be showcased effectively. Tip! We discuss marketing later – be sure to read the topic before you meet with your agent – you can then check to see which of the methods they intend to use. Who sold the most homes? The answer here should be the biggest! But is this the answer that helps you? Consider this: –
Agent 2 with multiple listings and probably the larger office is not doing as well as Agent 1 perhaps a smaller agent. If you based your decision purely on the ability to sell - Who would you prefer to sell your home? The point here is large numbers of properties on agents books do not tell the whole story. The bigger agents are not necessarily the best performing agents. Who will actually SELL Your home? I touched on this point above. When meeting with your agent make sure that he/she is the one that you will be working with throughout the sales process. Don’t get ‘signed up’ by a listing specialist, only to find out that from that point on you’ve been assigned the “junior” sales rep! There are many things that you’ll consciously and subconsciously work through when you meet with an agent. some of the most important factors to consider when selecting an agent to sell your property are: who do I feel comfortable dealing with?, who will do a good job for me? who is professional? When you’ve heard what they have to say, it generally all boils down to a gut feeling – The two key questions are - “Which of the agents can I best work with?” and “which agent do I most trust?”. In general I’d say don’t engage an agent If you don’t have a rapport with them. Buying and selling homes can be a stressful process – You need to be able to work with your agent, after all - if you don’t get on with your agent, then it doesn’t bode well for prospective buyers! |
Not understand the market conditions in your immediate area, or may not have access to accurate sold data for your area; 
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