Choosing the right listing agent can be challenging. Many listing agents are knowledgeable in their field, but those that can provide genuine service and go the extra mile are few and far between. Homebuyers also tend to make the mistake of choosing agents based on factors like commission and listing price.
What to Consider
An agent cannot determine the exact price of the property you want to list. What they can do, however, is present you with a range of relevant sales data (e.g. comparable, pending and active sales). Sellers will then decide on a listing price while giving buyers enough leeway to negotiate rates, terms and conditions. Agents may suggest listing prices that, based on experience, are likely to draw the attention of buyers. The next step is up to the buyer and seller may opt to meet them half-way.
Sorting through a variety of listing prices appears daunting. If 2019 data were any indicator, closing a property sale usually takes three weeks to more than a month. A proper listing price can be achieved if you pay attention to the market and work with a reliable listing agent.
Qualities of a Legitimate Listing Agent
Selling your home or planning to buy one? Take note of these tips before you decide to work with an agent or agency:
1) Ask for real documents and supporting statistics
Some agents have the tendency to skirt around the truth. They tend to take advantage of the fact that listing prices are not fixed and subject to market factors. If an agent suggests a selling price, always ask for supporting documents and relevant data or statistics. It is also important to know the background of the agent or agency you are working with. Legitimate ones would not hesitate to back up their suggestions with concrete evidence.
2) Explore your options
You know you are working with the right agent when they give you not just one sales price, but a comprehensive list. They must be transparent enough to show you a price range. Property prices tend to vary depending on their locations, the extent of repair or maintenance work done and market conditions.
3) The right price exacts the right offer
Sellers need to learn the art of proper pricing. For a quick sale, you would want to attract as many buyers as possible. Refer to experienced sellers and ask them for advice. Pay attention to the market so you will have a clear grasp of what constitutes a “right price” and vice versa. Your property may not get enough showings if priced extravagantly, leading to drastic price reductions. Note: no showings in 2 months indicates the need to reduce the price.
Choosing Based on Commission
Not all real estate agents are the same. They each have their respective techniques and budget allocation. If you choose a popular agent or agency, you could reach more buyers and receive several enquiries about your property for sale in Canberra. This also increases your chances of getting better offers.
Before you commit to an agent, it is best to know what the stakes are. Real estate is a competitive industry and many agents resort to giving discounts as a way of levelling the playing field against formidable players. However, when something is too good to be true (or in this case, too cheap to be believable), it might serve you well to ask about the agent’s motivation and do a background check.
Work with a Reputable Buyers Advocate
For a successful, more smooth-sailing property purchasing journey, it is better to delegate backend matters to an experienced independent buyers agent in Canberra. Agents with a proven track record know how to meet their clients half-way and provide the right solutions to their needs.