Local Real Estate Comments from Peter Cooke and the Team at Richardson & Wrench.

> Choosing the Right Agent for You.

Selecting the right agent is one of the most important decisions prospective vendors make. There are many factors that should be taken into consideration, but one of the most overlooked is ‘cultural fit’. Too often vendors base their decisions on agency size, fees charged or a previous relationship without considering whether the selected agency operates in a ‘vendor supportive’ manner. The best sales results are achieved through a partnership between vendor and agent that sees both parties effectively contributing to the process. So take the time to find an agent that you can work with, the one that ‘fits’ you best.

There are a number of ways to market & sell real estate, including auction, private treaty, expression of interest and tender. There is no ‘best’ way, and the selected method should only be arrived at after considering the specific property and its attributes, the vendor’s preferences and motivations for sale, whether the market is rising, falling or is stable and the general seasonal conditions. Make sure that your agent can justify in detail why a particular method is being recommended and how this will deliver the best results for you. Request information about what is being achieved right now.
When it comes time to have your property appraised, remember that the agent who puts the highest value on it is not necessarily the ‘best’ or even the agent that holds your property in the ‘highest regard’. Agents should always be able to justify their appraisal by reference to recent comparable sales and taking into account the particular features of your home. The consequences of listing your home at an unrealistic price can be significant. This might include many months (or even years) on the market, disruption to family life, dissatisfaction with the agent and eventually selling at a price way beneath what you had hoped for. As far as pricing your property is concerned, all that glitters is rarely gold.

Marketing is one of the most vital elements in an overall sales strategy. Vendors often do not get involved in developing a marketing plan and allow the agent free reign on advertising what, when & where. Take control of your property’s marketing by requesting that the agent prepare a detailed marketing plan, including a web strategy, setting out which publications are to be used, what ad sizes are to be run and on what dates.
This will allow you to make comment on the breadth and depth of the marketing to be employed to ensure that it meets your expectations. Keep the agent accountable for delivering all the advertising promised.
Vendors often simply look at the fees charged when making decisions about selecting agents without stopping to assess what the underlying value of their offer is. An agent’s commission should reflect the services they provide and the value they add in the provision of those services. Look for agents that have marketing, advertising and sales processes in place which maximise the sale value delivered to you, their clients. Saving a few dollars on fees up front might cost you thousands later.
Spend the time to identify the right agent. It could be a very lucrative and worthwhile investment.
To all those responsible for selecting R&W to receive an Armidale & District Chamber of Commerce New Business Award for 2009, we were greatly encouraged. Thank you.