Despite the widespread belief that all real estate are born equal, a closer look might uncover differences that could impact your property sale’s outcome.
It doesn’t matter if you’re selling privately or at auction, we’ve got some suggestions to assist you make an informed decision when choosing the agent to handle your sale.
Cut down your options
Depending on where your property is located, you’ll probably have a handful of agents to choose from. In larger cities, there might be dozens. There are many different types of real estate agents, ranging from small suburban companies to national organisations. You can easily slim down the field to agents who:
- have knowledge about your neighbourhood or town
- have experience selling the kind of property you own, such as a home, apartment, business, or investment property
- have prior experience selling using your chosen method (off-market, private sale, or auction), or can at least explain the different approaches and why they’d recommend one over another
- possess a history of sales results and accomplishments.
It might take some effort to check real estate websites like Domain and Real Estate over time and compare the results of certain agents, but patterns typically appear quickly.
Look for agents in your area who have a high turnover of private sales for properties like yours or who have auction clearance rates that are greater than normal. While agents from other locations might not be as knowledgeable with the local market, those who are highly active in your area might have the details of a wide range of possible purchasers.
Ask agents about your neighbourhood, which you most likely know quite well. Pay attention to their answers when you enquire about nearby shops, schools, and – most importantly – coffee shops (or is that just us?). Do they align with your opinions? How much can they really ‘sell’ the benefits of your location?
Websites for selecting agents
Numerous “agent finder” websites exist, and the majority of them work similarly: you provide an email address and a description of your home, and they provide you a list of agents to choose from.
Even though this might be a helpful service, some sites aren’t entirely up-front about the selection of agents they offer. Additionally, they frequently charge an estate agent a finder’s fee if you use their service to get in touch with one. This could be passed on to you by the agent in the form of increased commissions.
Another piece of advice: if you’re using these online services, think about creating a free webmail account just for this use.
Regardless of whether you decide to accept their advice or not, some sites may sell your contact information to other companies that offer goods or services, such moving companies. This might be handy, but be prepared for unsolicited contact.
Style and reputation
Finding out if the agents on your shortlist are decent people is now simpler than ever. You may find out what actual buyers and sellers think of specific agents by using social media and agent review websites like Rate My Agent.
You can also contact Mortgage Broker Group’s expert brokers for free help comparing agent clearance rates to the regional average. You can also audition agents by just observing them at work, at open house inspections and auctions. And you can also make sure that they are well-liked by past buyers and sellers. Are they sly or friendly? Do they seem reliable and knowledgeable about the property and area?
At an open house, pose challenging questions regarding a home and observe how people respond. Check to see how interested they are in finding out what kind of property you are seeking. And then watch to see if they call you after your visit to see if you’re interested.
All about the numbers
Hopefully, you will have narrowed down the field after conducting your background research. Make plans for them to visit your home if you are still undecided between two or three agents. Ask agents to explain their plans for selling your property:
- How are they going to advertise?
- What kind of format will the brochures take?
- What is the duration of the campaign?
- Do they provide free advice on home styling?
- What’s the marketing cost?
- How much do they actually believe the property is worth?
- Do they have local buyers on their books?
- And the major one: How much do they get paid?
Don’t be fooled by a higher quote than seems reasonable, or a lower commission. This matters, but so does friendliness, trust and your intuition.
After selecting your agent, maintain communication and be involved in the campaign. At an open house, think about arranging for a friend or neighbour to pretend to be a buyer and then report back on the agent’s actions. It’s never too late to change your mind, although it might cost you.
Sell by yourself
Naturally, you can sell without an agent by managing your own campaign or by using one of the many online property selling platforms that have emerged in recent years, such as No Agent Property and Buy My Place.
The upside is that you won’t have to deal with real estate agents and you won’t have to pay commission. Of course, you also won’t have a pool of potential purchasers on your books, and you’ll need legal help with contracts and other important paperwork. It’s a steep learning curve. Prepare yourself in advance and know what to anticipate from this choice. It’s not for the faint-hearted.
Talk to us
As well as helping you find the right home loan for your personal circumstances, we’ve also gathered insights into agents and the selling process over many years.
For additional advice and details on selecting the best agent for your situation, with zero cost and zero obligation to you, get in touch with us at Mortgage Broker Group.