Selling your home? Pick the right agent
Appointing an estate agent to sell your property can make an enormous difference to the final price you get for it, the time it takes to sell it and the stress that you may or may not be subjected to during the sale process.
Home sellers need to always carefully assess certain factors before appointing an estate agent. These factors are:
- The agency’s or the agency group’s infrastructure and operating systems.
- The agent’s track record to date, especially in the last six months.
- The agent’s knowledge of the neighbourhood. This can usually be revealed by asking for a comparative market analysis.
Sellers can verify this information by doing the following:
- Check up on the sophistication or general appeal of the agency’s online data; a really good website is almost always indicative of an efficient agency.
- Follow up on the agent’s own marketing techniques and his negotiation skills. This can often only be investigated by talking to previous clients and testimonials lodged with the agent, if he has any.
- Enquire about the regularity and effectiveness of the agency group’s training: some are excellent, while others only pay lip service to training, or neglect it, usually with serious consequences.
Throughout South Africa there is a belief among sellers that the more agents they appoint, the better their chances will be of selling quickly and at a satisfactory price.
“One can understand how this belief has come about, but all my experience shows that this concept is false.”
With open mandates there is always the agent’s fear that he may be “pipped at the post” by a rival. Agents will therefore often scramble to be the first to come up with an offer - whether it's a good one or not.
On a sole mandate the agent is contractually committed to providing a really comprehensive service, and has the power and the time to negotiate with those putting in unacceptable bids so as to ensure that they revise their deals.
Furthermore, the agent with a sole mandate is far more likely to focus on that property, spend heavily on advertising it and probably come up with a better than expected price, particularly in today’s market where many buyers, having decided they like a property, simply do not have the time to let it go and look for another.
18 Feb 2015
Author Barry Fourie