May 30, 2014 by Craig Pontey
As I have often discussed here real estate is a people to people business, it’s a face-to-face relationship that requires a lot of communication. I also realise that when anyone takes the step to sell their home, no matter the circumstances, they have a choice of which real estate agent they will use. I also understand that potential vendors are also keen to know who will be the sales person looking after their sale.
This week I would like to expand upon some of the key questions I am always very happy to discuss with anyone looking to sell their home. From my experience there appears to be ten key points and each one always gets my full attention.
The first point of conversation usually revolves around reputation, which is normally wrapped up by two measures. The first might be seen as the brand value and the general standing of an agent and the second, and possibly more tangible is the sales track record. I think that these two measures, brand value and track record are good starting points for anyone to consider.
I always find that when clients think about reputation their minds also turn to market activity, which I suggest is best measured by quality and not quantity because numbers and statistics need to be weighed against market activity related to any property being discussed. Market activity needs to reflect local market conditions because that type of experience will also help tap into potential buyers looking in the same area, or for similar property.
Another item to consider will be the fees that will be payable, the sales commission. Commissions have been de-regulated for many years and so they have tended to find a natural level driven in part by local market values and conditions. Fees do tend to flow on from reputation because the vendor can be re-assured that they are getting value for money, but this bring me to another key point and that is time frame. While commissions and values are very black and white points, if your sale is not expertly managed a lot of time can be wasted, there can be a hidden cost or lost opportunity that, I think should never be overlooked.
Then possibly one of the biggest questions I am asked is what is the best method of sale. Today auctions are very popular and while there are other options, the power of an auction is tried and true. However I do find that even the most experienced of vendors still the professional reassurance that their auction will be expertly managed. And so when planning an auction I never skirt over the detail. How an auction will be managed is always a key area of concern, the management of open house inspections, the most suitable advertising and the auctioneer are key.
Another key point that I am always asked about is access to potential buyers. Over the past few years, mainly driven by database marketing and the spread of on-line media options the ability to access potential buyers at an almost one to one level has taken on a new level of prominence. I am very pleased to say that Ray White Double Bay has been a leader in this area; our ‘Sneak Preview Club’ was a first
Now we come to the question that I suspect will always take up a great deal of time, and that is the estimated price that a property might achieve. And from my point of view the best way to answer this question really revolves bringing together all of the topics we are talking about. While market knowledge is paramount, I think that actually getting the best price is all wrapped up by reputation, track record and experience.
Price somewhat naturally brings us to what improvements to make to help the property sell, and last week I talked about this in my topic Style To Impress. Yes it’s necessary to fix any obvious repairs, but overall it’s important to address each property and sale on an individual basis.
So to the last point, and the most personal and that is which actual agent will handle the sale. Which brings me back to the start of this topic, the value of personal communications, the need to face-to-face involvement and personal commitment. Every client wants the 100% commitment that a dis-interested third party’ will simply not manage them – it’s a promise I always happily give.
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