How Do I Know If I've Found The Right Real Estate Agent? They All Tell Me They Are The Best In The World!
Property is typically the biggest financial asset that each of us will own, and so it’s essential that when the time to sell comes, we achieve the best possible price. The difference between achieving a successful sale and a disappointing one almost always comes down to whether you’ve selected the right real estate agent.
While there is no shortage of real estate agents to choose from, and most will quickly tell you they are the best in the area, selecting the right one requires great care and is not an easy process.
So, how do you choose an agent that is right for you? The perfect agent is not necessarily the one with the most years of experience (some agents never properly understand real estate or what selling real estate is really about) or the most sales (having lots of sales does not mean an agent has the skills to negotiate the best prices). The ideal agent will need to be a blend of a great many attributes, the most important of which we discuss below.
How To Select The Right Agent For You
1. Select an agent that you trust and feel comfortable working with
Trust is the most important criteria to look for. From the outset of the selection process, ask yourself if you feel able to wholly trust this person with the sale of your property.
You need an agent who is upfront and completely honest with you throughout the entire sale. Your research will, in part, help you establish if they can be trusted. But you will also need to rely on your intuition - how you “feel”. If you are not absolutely certain that you can trust them, don’t instruct that person.
You also need to be sure that you can work with a particular agent. You’ll be in a close relationship with them over some weeks and there may be times when the sale becomes very stressful. Look for an agent who is calm, considered and enthusiastic.
2. Select an agent familiar with the area where your property is located
You will need an agent who knows the area well and who understands the value of property in surrounding locations. They must also have a good knowledge of local schools, new and potential developments, infrastructure, and so on. This ensures the agent is up to date with latest property values and is likely to be better able to secure buyer interest in your property.
We think an agent who lives in the same local area as your property is also an advantage. They should have personal local information at their finger-tips.
3. Select an agent who has good experience and understands different sale methods
Find out how long the agent has been selling real estate in your area. The longer they’ve been in the industry, the more knowledge and skills they should have when it comes to both showing your home and negotiating for the best price. Having said that, some agents with lengthy experience may have become stagnant and do not always exhibit the high level of enthusiasm and determination that is required to achieve the best sale price for you.
A good experienced agent should be able to advise you on what is the best method of sale for you and your particular property (i.e., private treaty, expression of interest or auction). Make sure that you understand the benefits of each and decide which is best for you rather than what’s best for the agent. Some agents, for instance, push owners towards auctions not because this is right for the owner but because it ensures the agent more quickly secures their commission.
4. Select an agent who actively listens and understands what they are being told
Too many agents want to do most of the talking with very little active listening. And when they do listen, often they don’t fully understand the seller’s or the buyer’s requirements. If they don’t understand one or both parties requirements, they are not going to negotiate a successful sale - having someone with strong negotiating skills on your side is essential.
When you meet an agent for the first time, monitor the flow of conversation and see if they actively listen and understand what’s being said. If you get this right, it will save you a lot of money, stress and time.
5. Select an agent who has industry and licensing credentials
The Real Estate Institute of Queensland (REIQ) is a regulatory body that controls both licensing of agents and disciplinary actions. Membership of the REIQ helps ensure that agents remain up to date with the latest changes in real estate sales practices and law.
You should verify the licensing status of an agent you are considering working with to determine if there have been any disciplinary actions or complaints filed against them. Also, check that the agent is a member of the REIQ (although membership is not mandatory).
6. Don’t necessarily go with the agent giving the highest property valuation
A valuation is just that – a valuation. It is not necessarily the price you will receive for your property (some agents knowingly over value properties in the hope this will make the owners more likely to select them to undertake the sale). More important than a high valuation, you need to consider the agent’s trustworthiness, fees, quality of service, communication skills, and their professionalism. Placing an unrealistically high value on your property won’t help you to sell it.
7. Don’t necessarily select the agent with the lowest commission
Many agents offer discounted commissions and they do so because they need more work. Often when a seller selects a discount agent, the seller later finds out that the agent does not have the necessary experience/skills to achieve a good sale or the agent is so busy they can’t provide an adequate level of service to each client. Either way, these agents rarely achieve the highest sale prices - as they say “penny wise, pound foolish”.
Conclusion
To help ensure that you achieve the highest sale price for your property with as little stress as possible, the key is finding the right real estate agent for you. As a minimum, that agent needs to be someone that you completely trust, has good experience, has the right skills and plenty of enthusiasm.
There is no short cut to selecting the right agent. But we hope this article has been helpful in providing you with direction on what you need to look for.
If you should have any questions about this article or you would like a confidential discussion about the sale of your property or buying a property, please contact Peter Turner.