Understanding the role your agent plays when selling

When it comes to selling your most significant financial asset, it pays to understand the role your agent plays in ensuring a successful outcome. It is only when you understand the role that you can make an informed decision on the agent you choose.

According to President of the Real Estate Institute of WA (REIWA), Damian Collins, a good real estate “helps the seller to sell their property at a realistic value in line with market expectations, provides sound presentation advice and a structured marketing plan”.

Let’s break it down…

1. Marketing

Always ask a prospective agent to explain their marketing strategy to you, including the signboard, the home open schedule and approach and their structured marketing plan. Ask them also about their use of social media to share details about your property and what retargeting methods they use. At Shelmark we use the latest technology and marketing techniques, including our state-of-the-art digital property brochures called ‘web books’ (click here for an example) and professional marketing copy and photographs.

2. Property presentation

Home sales can be compared to a popularity contest. If you had genuinely comparable properties listed next door to each other, the one that presents the best will sell faster and for more than the other one. This is true even if both properties have the same size land, the same number of bedrooms and bathrooms etc. Why? Because a beautifully presented property gives the impression that the home has been well loved and maintained. It also engages buyers on an emotional level, which is necessary to prompt buyers to take the next step and make an offer. At Shelmark, we offer a free property presentation advisory and project management service, including a professional styling/staging option to maximise your sales outcome.

3. Managing buyer expectations

A professional agent is skilled at managing the expectations of potential buyers. This entails helping them see the value (including the hidden value not seen at face value) and the specific benefits to them (this depends on each buyer’s motives and stage of life).  Another critical factor in managing buyer expectations is accurately valuing the property in line with the current market and recent comparable sales. At Shelmark, we provide you with a detailed report to show how we arrived at the figure when appraising your property. There are many factors involved in the process and we believe strongly in complete transparency and honesty at all times.

Mr Collins says, “With property listings sitting at levels not seen in six years, the demand for good, quality stock is quite high which is why when determining a listing and selling price, it is important to heed the advice from your agent.”

4. Negotiating to secure the best price

At open homes, one of the first questions buyers often ask, is “What can I get it for?” You want an agent who says the listing price (or price guide) in response, not someone who indicates that the price is negotiable.

For example, if your property is priced at $499,000 and the agent knows that you might accept $480,000, you don’t want them to tell a prospective buyer, “I reckon they’ll accept $480,000”. If this happens, the buyer will be baited and think, “Well, if they’ll take $480,000, I might offer $470,000.”

You want an agent who stands their ground for you and the value you have set together. You want an agent who says, “I understand why you’re asking that but, look, we believe the listing price is fair. However, if you’re willing to make an offer, I’m happy to present it.” You want an agent who will work for you and try and extract as much as possible from the buyer before presenting their offer to you.

Look for an agent who will go into battle for you and is prepared to negotiate on your behalf. As Mr Collins says, “the role of your agent is to elevate the value in the buyer’s eyes by finding ways to overcome or minimise what are likely to be objections to the property.” A professional real estate agent is a skilled negotiator. We invite you to put us to the test and role play a negotiation scenario with us.

5. The right fit

Selling your home is about being willing to release it to a new owner and that can be a very difficult decision, especially when it has been your home for many years. That’s another reason why it is so important to find the right real estate for you. Come and have a chat with us to learn how we work and see if we are the right fit for you.

Post by ShelMarkblog 02 Oct 2020 0