Don’t make the same mistakes a lot of owners make and select the wrong agent to sell their property.
11 common mistakes property owners make when selecting an agency / selling agent!
In the current selling market real estate agents income have declined and they are desperate for business and will say and do whatever it takes to get the listing.
1. Selecting the agent who tells them the highest sale price. If the guide price or asking price is too high above market value then you get less buyer interest and as time goes on, you need to make adjustments to the price. You miss out on the strongest buyer interest, which is when a new listing comes to market. The longer the property is on the market then buyers perception is that there is something wrong with the property.
2. Selecting an agency that sells a lot of properties, most of these agencies have goals to sell a number of properties in a year. You will be just a number for them and they may not get the best price for you. They are likely to put pressure on you to sell and likely tell you this is the only buyer and this is the best offer you will achieve. It is common for these agencies to only deal with buyers that have a property to sell.
3. An agent / agency that focuses on selling properties quickly. You need a strong experienced negotiator who can read the play, every property and every negotiation is unique. Some negotiations need more time to achieve the best price rather than selling quickly. Also agents make mistakes in negotiation like: accepting low offers from buyers / responding too quickly / telling a buyer what the owner will accept.
4. Giving in to the pushiest or last agent they meet because they are so exhausted by the process and it’s just easier to go ahead with that agent.
5. Not visiting an open for inspection of the agent you intend to select, some agencies have agents that just list properties and do not attend open homes.
6. An agency / agent telling you they know more buyers than any other agent, buyers are not exclusive to any one agent and buyers contact lots of agencies / agents. All serious buyers would not rely on just one agent to find them a property, they will also look online daily or weekly for new properties coming to market.
7. Selecting the agent that offers you the lowest fee, if they can’t negotiate their own fee how will they negotiate for you. You need a strong experienced negotiator who can read the play, every property and every negotiation is unique. Also agents make mistakes in negotiation like: accepting low offers from buyers / responding too quickly / telling a buyer what the owner will accept.
8. Not dealing with an experienced selling agent. A selling agent with a lot of experience has had to deal with many more issues and can rely of their experience to give good advice.
9. Not dealing with a local agent or agent who has a very good understanding of the suburb in which your property is located.
10. Believing the agent who tells them that the best time to sell is in February, March, September & October, because more buyers are out at this time of the year and it is better weather. It’s as simple as demand and supply, the more properties on the market means less buyers for your property during peak selling periods. We understand that sometimes you can’t avoid these selling periods because of circumstances.
11. You must get 3 agents to compare, not all agents are the same.
Be informed and make the right choice, the process will be less stressful for you and will likely make you more money.