CHOOSE AN ESTATE AGENT AND AGENCY

TAKE NOTE: There are only two reasons why a house takes long to sell:

1. The agent / agency is not “working” on the house
2. The price is not market related

Most people are extremely careful about their choice of doctor, lawyer, or stockbroker, yet, surprisingly casual about the next most important professional in their lives – their real estate agent.

It is your investment – your money he or she is looking after – and you should be confident of getting the best return. The estate agency you choose should not be just another name on a list, the agency of your choice and the agent forms a very important part of the process.Owning a house is every South African’s dream, selling it is often a nightmare; it could mean thousands of rands either way – the difference between realizing the best possible price and selling it below market value. Your choice of agent is vital.

Ensure that the agent of your choice is well equipped and qualified to handle one of your most valuable assets.

To select an agent, take note of the following:

• Ask for references
• How well does the agent know the area
• Personal achievements in the area
• Does the agency have a permanent presence in the area
• Attend show days and evaluate their presentation of the property on show
• Are you satisfied with the way they talk to prospective buyers?
• How does the agency advertise? Colored pictures or just written lines?
• Do they seem to be after a quick sale, using terms that suggest a “DESPERATE BARGAIN” or do they present a house in the best possible way to maximize the price?
• Did the agent present you with a proper marketing plan?
• Is the price he/she suggests market a factual market related price or just a thumb suck?

Shortlist two or three agents and arrange to meet them, don’t be passive when they present their “credentials” – Look for PROFESSIONALISM, KNOWLEDGE, EXPERIENCE, ENTHUSIASM AND POSITIVE APPROACH.

Ask if real estate is the person’s full-time career, what training they have had, personal achievements, whether they are registered with the Estate Agency Affairs Board, and what management back-up support they receive.

Remember the agent you choose will be your adviser and representative with potential buyers. You must relate well, and have the confidence that the agent will work with and for you – never against you. Your peace of mind and a large sum of money are involved.

Make sure the agent is not unrealistically inflating the price and over-valuing your property – telling you what you want to hear in order to get a sole mandate.

CHECK THE FOLLOWING:

• How the agent will actively work to find buyers, market and advertise your property?
• How will potential buyers be qualified?
• Once you have given them a mandate how often will they retain contact and be in touch with you?
• Will the agent be personally responsible and accountable to you once you have given him / her a mandate or will they benefit and depend on someone else to market and sell one of your most valuable assets?
• Does the agency have a reputation for honesty and ethical behaviour?
• How long has the agency been in business?
• What training and management back-up does the agency provide to its agents?
• Does the agent operate within a TEAM or as a stand alone?
• Will you invest money on the stock market with a broker who works from his / her garage, home, or car? Can you trust the marketing of your property with someone like this?
• Does the agency have a consistent advertising campaign in a widely distributed publication? Or do they just advertise in a locally distributed newspaper? Buyers from outside the area generally pay better prices than local buyers who are very familiar with local properties and prices
• Does the agency consistently present and advertise properties for sale with photographs? Statistically a far more effective method of advertising
• Does the agency only operate locally or also on a national and international basis? This will give you a better opportunity to sell your house at the best possible price.
• Does the agency have an established referral system in place to assist the agent to find a suitable buyer for your property?

For your part, your first responsibility is to hide nothing from the agent you appoint. Being open, not only about your home’s good points and aspects you enjoy, but its shortcomings, will help the agent to present it in the best possible way.
Heed the agent’s advice on improving your house for sale – major changes and large cash outlay are rarely recommended, but take note of what to repair, replace, cleanup or remove.

Once the buyers are brought round, let your agent do the selling.

On a show day, you will be asked to be away; at other times say “hello” with a smile and get out of the way. In an innocent effort to help sell their homes, sellers sometimes say things that work against them.

Buyers like to discuss (or criticize) the house freely without offending the owner, it is an important part of the negotiating process and they can’t do it with you present. So, let your agent get on with his / her work using professional negotiating skills. It is what he / she is paid for!!

Finally, while it is the agent’s duty to “protect the interests of the client at all times” this is “with due regard to the interest of all parties concerned”
Although acting on your behalf, the agent must ensure a win/win outcome to the transaction – that the buyer is happy with the price paid for the property bought and you are happy to have achieved a fair price, based on true market value.

DON’T BE FOOLED AND GET CAUGHT IN A TRAP!!

Agents all operate from the same pool of LOCAL buyers, e.g. Buyers visit competing Agencies’ show days and list with them, read the local newspaper, drive trough the area and respond on “For Sale” boards, therefore it follows that 5 separate estate agents working on the property does not mean 5 times the number of Buyers, or to illustrate the marketing strategy to obtain a sole mandate of a known group of small locally based agents  – we are 80 plus agents and if each one have a buyer – 80 buyers??? No, be assured that will never be the case, what really happens is that all 80 will fight over 1 specific buyer who is currently in the market to buy a property like yours.

DOES THE AGENCY YOU ARE GOING TO APPOINT TO TAKE CARE OF PROBABLY YOUR BIGGEST ASSET HAVE A PERMANENT STRUCTURE IN PLACE TO DRAW ON BUYERS FROM OUTSIDE THE AREA ASWELL?

TO SUMMERISE

WHAT DO YOU EXPECT FROM YOUR AGENT..?

• To get the BEST possible PRICE for your home….
• ….In the QUICKEST possible time….
• ….With the LEAST inconvenience to you, the Seller.
• Choose a professional Agent from a well represented agency in your area and get to know and trust each other.
• Build up a good relationship and remember the Agent is not to blame if your house does not sell quickly.
• The market place may be quiet, the right buyer may not be around, the price may not be market related, perhaps the house or garden need a quick “going over”
• PATIENCE is the keyword
• Remember your IKONIC Real Estate Agent is well qualified and successful; the Company well-known and reputable; your Agent is happiest when an IKONIC Real Estate SOLDboard can be placed on your property.