Many sellers say they find it hard to decide which agent to engage to sell their home and they often end up making their decision based on cost! But COST doesn’t necessarily equate to PROFIT!
I certainly understand it can be difficult to choose an agent, especially when properties to sell are scarce and some agents will try to WIN your listing in many ways! I will NOT be popular with agents for sharing this information but here it is …
Quoting an over-inflated figure to WIN your listing. In this scenario, the agent is very likely to spend the next 2 months trying to drop you down in asking price. Ask the agent show you other comparable sales and prices in the area that substantiate their opinion of your property’s value. Ask for a list of their sales and then compare listing price to sales price. Keeping up with values in your area is a great way to ward against this becoming a problem for you. It has to be realistic. Pricing your property RIGHT is the best way to create competition between buyers, which drives your property sale price UP.
Discounting agent’s commission. It might be natural for you think “great, I want a discount”. However, I would argue that you don’t! WHY? Ask yourself “WHY do they have to reduce their commission to WIN your listing? How can they negotiate the sale of your home if they cannot confidently negotiate their own commission? If they drop their price so quickly, how quickly will they drop yours to the buyer?” A quality agent shouldn’t have to discount their commission because they know they will confidently achieve the highest possible price and more than cover the difference between a discount agent and paying for a professional. Don’t fall for the TRAP of thinking you’re saving $$ when actually you are walking away with less. I have seen many people think that they are saving money when, in fact, choosing the agent with the discounted commission has actually cost them thousands.
Marketing. You are about to sell your most VALUABLE asset. If you’re prepared to pay for marketing to sell a car or even an item of furniture, then you should be prepared that it will cost you to market your property. After all, you want the BEST marketing package NOT the cheapest. The best marketing package is tailored to your property and it will drive more prospective buyers into your home, which will result in a competitive selling environment and therefore equate to the highest possible price (along with a great agent who negotiates this). Ask Kylie to show you a comparison of her sales results against the industry average.
Certainly interview a few agents if you don’t already feel comfortable with one in particular. You’ll want to ask them what their experience is, what type of service they will offer and how they differ from any other agent in the neighbourhood. Ask them to show you their past sales and what those properties sold for compared to listing price. Also, ask them WHY you should choose them as your agent and what are they going to do for YOU?
You should also ask yourself “Do I feel COMFORTABLE with this agent?” You need to work together as a team to achieve a great result for your home, so it’s very important you choose an agent you feel completely comfortable with, knowing they are going to be working for YOU to get you a great price and not just getting a sale and pocketing their commission. Also, ask them to provide you with clients that you can phone. After all – this is your biggest asset and you need to be certain you are employing the right person.
Another thing to look at is feedback throughout the process. Research shows that an issue seldom raised at the start of marketing becomes the main cause for concern when things go wrong: lack of feedback to you, the client.
Above all, vendors should take their time when selecting an agent and not let themselves be put on the spot by pressure selling techniques designed to get them to sign now.
BEWARE: Some Agents will try the old line “I have a buyer for you right now but I need you to sign now to be able to bring them through”. This may or may not be true. It could just be a way to get you to list your property with them. Don’t fall for these tricks! If you want to get the best price for your property, then opening it up to the entire market is the best and only way to ensure you have captured all buyers that are in the market and given them all a chance to purchase your home. If the agent really wants to do the right thing by the seller – YOU – then they will want to open it up to everyone on the market.
Everyone has heard the three most important criteria for choosing a house to buy, “Location! Location! and Location!” Choosing an agent can be summed up in a similar way – “Reputation! Reputation! and Reputation!”
As the business owner and operator of Real Estate by Kylie I take my reputation very seriously – and I can wholeheartedly say that if you’re wanting to sell – I DO have your best interest at heart and I will ALWAYS work for the seller to get the best price! In fact it’s what I am known for. And YES, I will let you ask my clients.
Have a great day and I hope you think of me when it comes time for you to sell.
