Choose Your Agent Wisely
When choosing the right agent to sell your property, there are steps you can take to achieve the best result and save you time, money and stress.
Should you trust without question what an agent tells you, your experience could be less than ideal. Imagine for a moment you have entrusted an agency to market and sell your property. Initially it is all exciting. You have been promised your selling price of $2,100,000, a top marketing campaign and the assurance of a competitive auction.
Interestingly when the property hits the market it is advertised for $1,700,000 - $1,850,000. The comparable homes used for your property are within the range for which it is advertised, but not representative of the $2,100,000 you were promised.
Throughout the six-week marketing campaign the home attracts buyers with around $1,800,000 to spend. The $2,100,000 buyers are nowhere to be seen.
On auction day, it sells at $2,030,000. It is considered a successful sale because it sells above the advertised range, but has the agent achieved the highest price from the right buyer? The property has sold below what the agent had initially promised.
You ask why the agent initially promised you your dream price but then advertised and marketed the property at a lower price. You wonder how the top buyers with healthy budgets were being attracted to your home throughout the marketing campaign and you are told that by advertising at a lower price it would attract more buyers and then on auction day the competition would push the price higher.
The agent has now achieved a price well over the advertised bait price. However, the selling price is well below the agent’s promised price.
Throughout the sale process the disappointment in not achieving the dream price you were promised coupled with upfront advertising fees you owe whether you sell or not, understandably leaves much to be desired.
Had the agent been upfront with you about the property’s market value based on comparable sales and then advertised a genuine asking price, there would have been transparency, trust and belief that the agent’s negotiation skills would have taken the well attracted buyers to their best offer on the property.
When it comes to choosing the right agent to sell your property look for the agent that reports on the market.
•Always ask your agent to show you the comparable sales they use when they quote you a potential sale price for your home.
•Look for the similarities and differences with your own home.
•Avoid choosing your agent based on the highest quote and the lowest fees.
•Understand the agent’s ability to negotiate on your behalf to achieve the highest sale price possible.
•Negotiate to only pay advertising costs once the property sells.