Source: Domain
Successfully selling a property in an unusual time can depend on the skills and experience of the agent, including their expertise in the local area and their strategy.By engaging with top-performing agents, home owners can not only create a shortlist of suitable candidates but also gain valuable insights on the factors at play in their local property market, and identify the strategies that will help them achieve the highest price.
Selecting an agent isn’t something that should be left to the last minute, as there is a lot to gain from the process.
Finding an agent
“Any prospective vendor contemplating a sale and going through the agent selection probably has time on their hands,” says Nelson Alexander director and auctioneer Arch Staver. “It’s an opportunity to get online and research how active that agent has been.”
Home owners should examine similar sold properties to understand the value of their own home. By tracking recent sales, it will become apparent which agents outperform in the area.
“Research should start with who’s got the biggest market share in the area,” says Tower Property Advisory director Robert Allanadale. “Find out which agency is most active and who in the agency is most active.”
Home owners should shortlist agents with a proven track record of achieving strong results selling properties like their own.
“You get the benefit of the advertising of the other properties similar to yours,” Allanadale says. “People will go to the other properties responding to that ad, and the agent can say, ‘Well, I’ve got another property over here you can look at’.”
Potential sellers should inquire about similar properties to gauge how well the agent follows up leads, says Richard Matthews director Richard Baini.
“Some people get frustrated that agents call them a lot, but if you’re selling your home, that’s what you want,” he says.
Owners can mystery-shop agents by attending their inspections and auctions when possible. “Get a feel for the service,” Baini says. “How accommodating are they at the open home? How much knowledge do they have when you ask a question?”
Request an appraisal
It’s worth requesting an appraisal from at least two, but preferably three agents.
“You can weigh their benefits and whether they suit your needs,” Allanadale says. “Some people want to sell quickly and others want to get every last dollar.”
Each may recommend different selling strategies or improvements to enhance the appeal of the property and maximise the sale price.
Owners should remember to focus on results, Allanadale says. “They’ll all be charming but it’s a question of how many sales they have had the past three months, what properties they have sold that are similar to yours and how they sold them.”
It’s important to understand the agent’s suggested pricing strategy. Although aiming too low risks undervaluing the property, guiding too high can cut out potential buyers or lead to disappointment on auction day.
“If you are wrong on price in this market, it can be quite unforgiving,” Staver says. “Buyers are well researched and, while they’re motivated, they’re not about to pay more than what a property is reasonably worth.”
Ultimately, the agent’s character and reputation should influence the decision, says Jellis Craig co-founder Alastair Craig.
“Do you feel comfortable with the person you are interviewing to represent you? If you feel like they’re a bit slippery, late to an appointment, unreliable, or if their success rate at auctions is poor, it’s not going to inspire one with confidence,” he says.
“At the moment, every agent is short of listings. A lot of agencies are dropping their commissions just to get the business.
“Often what the less expensive agent wants to do is get the house sold, not get the best price. You need to look at the big picture of what they can achieve for you.”
Some owners may find choosing an agent stressful, while for others the choice is simple. It’s wise to use the process to gain as much of an understanding of the market as possible before signing on the dotted line.