How do you pick a good agent to sell your property?

In real estate, choosing the correct real estate agency and the representative of that agency is one of the key decisions affecting the price you will achieve for the sale of your property.

It is not easy to choose the right agent and agency for the job of selling a home. Because of this, many sellers tend to base their decision on which agency to choose on the “offer” they receive from the agency in terms of the suggested marketing price.

So if an agency representative said he or she could achieve a higher price than other agencies, you may be tempted to list with that agency as you have no other way to measure the success or otherwise of an agency.

Unfortunately, talk is cheap - some unethical agencies will inflate the price potential of a property even though they will not be buying the property themselves, so it doesn’t matter to them what price they place on your property, which may not be realistic.

Here are some suggestions for choosing the right real estate agency and the right representative of that agency to help you get the best price for your property.

Firstly some legal issues;-

All real estate agencies in Australia must be operated by an individual licensed real estate agent who must have a current licence issued by the appropriate State or Territory Government and hold Professional Indemnity Insurance so if the agent were to make a genuine mistake which cost a customer or client money, then the customers or clients loss would be covered by the insurance.

A salesperson working for a real estate agency must either hold a full real estate agents licence or be registered by the relevant State or Territory Government. A salesperson that holds a certificate of registration cannot imply that he or she is a licensed real estate agent.

A real estate agency has a duty of care to work in the best interests of their client – the person who is paying the agency commission which in most cases is the seller or though there are buyers agents who work for buyers to find the best properties at the best price for a fee.

Real estate agencies must obtain the best purchase price in the marketplace in the quickest possible time and they have to submit all offers from prospective purchasers except in some states where a property is being sold by auction.

When discussing price with a potential seller a real estate agent or a registered salesperson is not allowed to inflate the price potential of a property just to get a listing as this would be in breach of State, Territory and Federal Legislation.

In most States and Territories a real estate agency has to supply details of recent sales and listings of similar properties so the seller can gauge the correct price for listing the property.

By the same token, a real estate agent or a registered salesperson must not indicate to a potential buyer that he or she could obtain a property at less than the asking price as this would be considered misleading and against consumer laws.

Successful real estate agents and salespeople have the following traits and this is what you should look for when choosing an agency to represent you in the sale of your property:

EXPERIENCE: The combined experience of the agency team is very important, as whilst a new salesperson to the team can be a very effective and successful, as they would have just completed training and be full of enthusiasm and energy, they would need the experience of the team to guild them through “the ropes” – age doesn’t matter – its experience that counts.

ENTHUSIASM: You need an agency with enthusiastic sales staff that are motivated and on the ball.

REPUTATION: Check with your friends - which agency or salesperson has the best reputation for achieving results and who have they had a good experience with?

KNOWLEDGE: Local knowledge of the property market is very important for every seller and your agency should have knowledge of market conditions, finance, town planning laws and future developments.

CONSULTATIVE APPROACH: The best agents and salespersons work with sellers to achieve the best results – they do not bully buyers or sellers to do a deal. Don’t list with pushy salespeople, as you need to feel comfortable working with them.

MARKETING EXPERTISE: Your agent and salesperson should know the best way to market a property and have experience in marketing properties using a variety of tools, including traditional and non-traditional (social media and web 2.0) methods.

DATABASE OF BUYERS: You real estate agency should have a database of ready and willing buyers in your properties price range so you can obtain a quick sale.

Posted by Reality Bytes - Real Estate Training Blog on 05/11/2009 at 11:24 AM | Categories:

3 Comments

Property Software

Property Software wrote on 24/01/2010 11:37 PM

Choosing the right agent to sell your property or buy or rent a property for you is the thing that can make or break a property deal. Opt out for big names as they have more contact and more daily inquiries for property.
Res

Res wrote on 20/02/2010 4:52 AM

I think that the most important thing when picking a real estate agency and an agent is honesty. If you don't find an honest agent all sorts of problems may emerge no matter how beautiful the actual real estate may be!
lily

lily wrote on 18/03/2010 8:13 PM

Thank you for your ways for selling your property. I'd like to say your post is very good!

Write your comment





Leave this field empty: