Appointing The Right Selling Agent… For You And Your Property

Selling a property can be a stressful experience. It can also be a smooth, seamless process. A lot of the success or otherwise of the campaign will come down to the agent handling the sale and the dynamic they have with their respective vendor.

As a property seller, it’s crucial to identify and articulate what you want in your selling agent.

Some people will want a high-pressure, high intensity agent. Some prefer a patient, low-key style salesperson. Are you looking for more of a transactional agent or  an ongoing professional relationship? Is the number of sales the agent has achieved, more important than the happiness of their clientele or vice versa? Are you going to select your agent on the price they appraise your home at or on the proposed selling strategy? There are many elements that could be explored to ascertain the best criteria for appointing the right agent.

Some major considerations are outlined below:

Price v process – One of the first questions property sellers ask agents during the interview process is ‘What do you think our property will sell for?’ Sellers will get a better idea of an agent’s skill set, if they leave the price question until later in the interview process. The reason being, the real estate agent is not a valuer, they are not a buyer. The agent is a classic middle person between you and the open market. They are employed to negotiate, market and close the sale on your behalf. Therefore, you are better served asking pointed questions that cut to the heart of their skill, knowledge and ability in negotiating, marketing and closing sales.

When you do get around to discussing price, ask the agent for the comparable sales they used to value your property. Do the comparable sale prices, the date of the sale and the attributes of the sold properties align with your property? If it does not make sense to you, then it won’t make sense to your buyers.

Relationship/trust – Employing an agent is not about employing someone so savage that they scare prospective buyers away, nor is it about employing a new best friend. Employing an agent runs best when you enjoy a professional relationship built on mutual respect. If the agent tries to dominate the vendor or the vendor dictates to the agent, the relationship can become very strained very quickly. If mutual respect exists, when the campaign potentially hits speed bumps, you will work through it in a calm methodical fashion, together.

Trust in the agent is a must. During the interview process, keep asking yourself, ‘How will this agent

respond when the buyer begins asking probing questions?’

Questions such as ‘Why are the owners selling?’ Is the agent likely to respond? ‘… because they bought a new home on the Northern Beaches last weekend’? Whilst it may seem unfathomable that a real estate agent, someone who is paid $30,000 sometimes $70,000 (Sydney-based fees) to sell a vendor’s property, could so easily compromise their vendor. Yet, it happens at Open Inspections every weekend.

Do you trust the agent to be able to acquit themselves appropriately when the buyers begin playing games?

Open and transparent dialogue – as the vendor, have you created an atmosphere where the agent can disclose both the positive and negatives of your property and/or the market conditions? Or are the agents throwing false praise around like confetti in attempt to win favour with you? There may be elements to your property that could potentially hold the sale price back. If discussed in an earnest fashion, you may be able to overcome the issue, to your ultimate benefit. If there is something holding your property back, even if the agent won’t tell you before you go to market, the buyers certainly will, once you are on market.

The only thing worse than knowing about a blind spot is not knowing. Respect and value the agent that tells you pertinent information you don’t necessarily want to hear.

Costs and risk component – we are all susceptible to being told what we want to hear. ‘You look like you have lost weight’. ‘Your children are so well behaved’. ‘Your house is worth $3 million’. ’Yes, the market is falling, but not for properties like yours’.

When it comes to interviewing and hiring a realtor, you are likely to be asked to spend substantial amounts of money on advertising and presentation, based on the agent’s recommendations. The vendor is putting their money, where the agent’s mouth is. What could go wrong?!

After listing service – the least asked but most important question to understand relates to the agent’s service and communication levels once you have listed. Is the market feedback provided after every inspection, every week, the night before the auction, or daily? Do we meet in person to discuss the response to the campaign, via SMS or in an email? How do we ensure that all respective vendors are kept updated during the campaign? Does the agent answer their mobile when you ring them or do they now ghost you?

Is that charming super-duper optimistic selling agent now telling you what a ghastly shack your magnificent mansion has turned into since you listed. Overpricing and excessively praising the home to get the listing and then relentlessly criticising the same home once it’s on the market, in order to get the listing price down to a saleable price, is a tactic as old as the hills.

Find out what happens after you have signed with the agent before you have signed. Do so by asking direct pointed questions during the interview process. The best agents are open to scrutiny.