It’s important to do your research when choosing a real estate agent in Melville to represent the sale of your home. Be wary of pushy agents and take your time to meet with a few and you are sure to meet one that you feel confident to trust with your biggest asset. Remember you are allowed to ask as many questions as you like. Your questions are always valid.
We have complied a few considerations below to help guide your decision-making process…
1. Check your Appraisal
In order to justify an expected sales price for your property, the agent should present evidence of comparable sales. Further to this, the agent should know the market well enough to be able to comment on the comparison properties, explaining the similarities and differences between that property and yours and how this might relate to any differences in price.
2. Be Wary of Misleading Promises
“We already have a buyer for your home.”
Sound familiar? An agent has sold nearby and wants to piggy-back off that and sell your home to a buyer who missed out, for a “top price”, because that buyer has a budget above your asking price. Sounds very enticing, but does that agent really have a buyer locked and loaded specially for your property? Keep in mind the buyer hasn’t even seen your property yet.
If you do consider a quick sale with the agent who says this, here are a few steps you can take to test how genuine the ‘offer’ is:
- Ask the agent to get an offer from the buyer, subject to the buyer viewing the property.
- Agree to sign up with the agent but only for a couple of weeks. This allows plenty of time for a viewing and an offer to be made.
- Make sure there is no marketing spend included in the agreement.
- Request a special condition in the listing agreement which restricts the agent from advertising the property to the public, even at their own cost.
3. Analyse their Marketing Strategy
Remember that property advertising benefits the agency/agent so it’s important to be sure your marketing spend is used where it best serves you. If you are unsure on any recommendations, ask for data from previous campaigns where the agent has used the same piece of marketing and a comparison to a campaign that did not.
The items that should be included in almost all campaigns are:
- Quality photography
- Online advertising
Items that require a higher spend like videos and staging should be carefully considered for each property to ensure the seller is not over-investing just for the agents’ own interest.
When it comes to home opens, your agent should treat it like it is their only listing. I’ve experienced first-hand agents at home opens suggesting a different property they have listed nearby. This is more common when the agent is dealing with a high-volume of listings and want to turn over ‘stock’ quickly.
Attending an agents’ home open before you meet with them gives you an opportunity to test their motivations if you ask the right questions.
4. ‘Property Expert’ or ‘Cheap Salesman’?
You want to leave your biggest investment in the hands of a property expert, however this industry tends to attract a lot of people wanting to try their hand at sales. Initial conversations with an agent should help you determine whether they are experts in their field and core area or if they are just pushing for a sign up. Do they discuss how the property compares to other homes in the area, who the potential buyers might be, any recent comparable sales or how you can improve your property’s appeal to buyers that are currently looking in the area? Knowing property involves a lot more than just knowing sales in general.
5. The Value of Relationships
“We meet more buyers” is a phrase commonly thrown around by large or franchise real estate offices, but high-volume agents often lack the time to invest in the number of people they meet at home opens. Relationships are built on trust and trust takes time, this is where a “quality over quantity” business model shines. Meeting a buyer is one thing but actually knowing each buyer, their individual needs and behaviours, is invaluable when it comes to the marketing and sale of your home.
If you’d like to consider MGP Property for the sale of your home, call James today to discuss on 0447 120 125