7 Tips on how to choose the right real estate agent
Are you looking for a good real estate agent to assist you in selling a property but you don’t like any of them?
Here I will provide you with 7 tips that will prove beneficial in choosing a suitable real estate agent.
Before you invite real estate agents to appraise your property, it’s important to carry out a bit of research first. Ask family members and friends of real estate agents that they have dealt with before. Additionally, visit a few home opens to see how the sales consultants present the property that they are selling. Is that how you would like your property sold?
Furthermore, search online for local real estate agents and visit their website. Which agent within the individual offices presents the best? Make sure that you look for testimonials on the websites as well as their recent sales in the area.
Once you have selected a pool of 3-4 real estate agents, invite them around your property to carry out an appraisal with the aim of asking the following questions:
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Appraisal
Let the agent explain why and how they have come up with the appraisal value that they provide. Because at the end of the day, only the market determines what your property is worth – what you and the real estate agent thinks it is worth is irrelevant. Establish if the agent has a clear strategy of how your property can be sold or is simply trying to guess what you want to hear.
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Negotiation skills
Good real estate agents need to demonstrate their negotiation skills with relative ease. Insist on evidence to show that they are strong negotiators or simply try to negotiate their selling fees. If you can negotiate the agent down, then you may be a better negotiator than they are.
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Presentation of your property
Ask the agent about how your property presents itself and what can be done to improve it. A good real estate agent will be able to provide tips that will make the property more appealing to a greater population of buyers.
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Time frame
The sale of a property is a lengthy process. Know about the average selling days in the market as well as the agent’s average selling days. A good real estate agent should be able to explain the buying cycle as well as what can be done to maximise it to your advantage. For instance, if you own a villa in Perth metropolitan area, you will get the most interest in the first 3-4 weeks.
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Commission fees
Typically, commission fees are the focus of most sellers when it comes to the selling price. When it comes to this, one question that should come into your mind is: Is the agent offering a performance based fee structure with a sliding scale or a fixed percentage? If the agent offers a percentage, make sure that GST is included. Afterwards, once you have all the fees, make a comparison of your lowest appraisal against the highest appraisal value. You may be surprised that the percentage comparison may not make much of a difference. However,you should never select an agent on fees only.
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Marketing investment
More exposure and better presentation will always lead to better offers. Always make sure that you have a full internet exposure with your property being listed on as many property portals as possible. On the other hand, you should be aware that some of the marketing fees may be used to promote the agent rather than the property. For instance, if you agree to run newspaper advertising, make sure that there is no photo of the real estate agent in the newspaper advert as you would be paying for it.
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Communication
A good real estate agent is one who keeps you informed all the time. The less time you take to contact your real estate professional, the better. Ideally, the real estate agent should speak to you at least 2-3 times per week when the property is up for sale. You should receive written weekly property report updates. However, most importantly, you should feel that you are fully informed at all times. Ask for testimonials or better yet, request to speak to past clients for their view on the real estate agent.
The task of choosing a good real estate agent should never be taken lightly. The sale of your biggest asset depends on them. It sounds too good to be true! That’s because it is!! Hence make sure that you do your due diligence.
Readers should always seek their own independent advice prior to making any decisions regarding property or finances.
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7 Tips on how to choose the right real estate agent
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