If you’re looking atselling your property, an agent can help youdetermine your priceand sales strategy, market your property to effectively maximise buyer interest, negotiate cleverly on your behalf and handle any ancillary concerns you may have.
In fact, the 2013 Real Estate Business Award winner and sales consultant Mark McGill from Amber Werchon Property in Queensland says there are 137 components an agent will consider when listing, selling and settling a property transaction.
“When prospective clients see how much work is involved, it is usually easier for them to let us handle it all. It’s what we do daily. At the end of the day, they profit from our knowledge,” Mark says.
And knowledge is exactly what you get when you hire a real estate professional. Real estate agents are familiar with the local pricing market, buying audience, as well as local supply-and-demand levels. What’s more, agents usually have flocks of buyers already on their books, meaning you get access to an immediate audience of ready, willing and able purchasers.
Tensions are almost always at their peak when money is involved, and property price negotiations are no different. A real estate agent can not only help get you the most for your property, but they can help the negotiation process itself flow smoothly and effectively to ensure a win for both sides.
“Many buyers don’t feel comfortable discussing price with the owners for fear of insulting or offending them, and some owners may take a transaction personally,” Mark says. “An agent can help keep the process calm to ensure a win for both parties.”
According to Mark, a key hesitation for sellers when deciding to retain an agent is the perceived expense in paying the agent’s commission. However, he says, a good agent will actually create a profit for you.
He also warns against necessarily retaining the agent who offers the cheapest commission. “Cheaper rates or free marketing look good on the surface, but is such a person the right person to sell your important asset? Can they go into battle for you?” he says.
“To sell your property, you don’t need a bargain basement hawker; you need someone who knows how to sell and knows how to stand his or her ground.”
A good agent will do their best to increase your profit because ultimately it will benefit them as well. After all, the higher the sale price, the higher the amount of the agent’s commission. Mark recalls one sale in particular that resulted in a win for everyone involved.
“Recentlywe took a property to market by auction; it was a typical apartment in Mooloolaba. The seller trusted our judgment and recommendation to use a $12,000 marketing campaign,” he recalls.
“The campaign generated 20 registered bidders, a crowd of 200 buyers and, with the competition among bidders, the property sold for $65,000 above the reserve price.”
This profit enabled the sellers to achieve their sale price and pocket additional profit, even after the agent selling fees and the marketing expenses were paid.
When looking for a real estate agent, consider a local agent who is familiar with the area and whom you can draw on for their knowledge and expertise. Moreover, consider their reputation. A good agency has a visible shopfront with lots of properties listed.
“There is a likely chance they know our reputation already,” he says. “Probably one of the key things that sellers want to know is that you have area knowledge and that you are already dealing with quality buyers.”
If you’re thinking of selling your place, think about the benefits you’ll potentially gain by using a real estate agent. When it comes to offloading your most valuable asset, is it really worth settling for anything less?