Choosing a real estate agent in a changing market
Over the past few years we've seen a lot of new kids on the real estate block. A booming market has attracted a lot of new players. Which is great – choice is always a good thing right?
Did you know that approximately 30-40% of real estate agents don't make it past the first two years of being in the industry?
It can be a fickle game. One minute the market's running red hot and houses are practically selling themselves, the next it's positively chilly and there's way more leg work required, often with an uncertain outcome.
You get the picture.
Now that the market is showing signs of slowing, it's important to think about what to look for in a real estate agent if you are selling your home.
Having a skilled operator is imperative to getting a good result.
I started my career in real estate in 2006, as a fresh, young, 23-year-old. A year later the global financial crisis hit and, I'll admit, it was tough.
It was also a great learning curve. Having an unwavering sense of self belief that I was going to make it was the key!
That's not to say that those who are new to real estate can't get results, of course they can. After all, I've been there myself and enthusiasm goes a long way.
But when you're choosing a real estate agent, particularly in a slow market, there are some key things to look for – many of which come with having been around the real estate block a few times.
What to look for in a real estate agent
- An appraisal should be aligned with genuine, comparable sales.
- What do other sellers say about their experience? Facebook reviews can give you a good indication.
- An estate agent shouldn't be afraid to have frank discussions with you, and to give you honest feedback. If what they're telling you sounds too good to be true, chances are it is.
- Communication is a two-way street. Ask the hard questions. Like, what will they do if your house doesn't sell in 3-4 months? How does this affect you and your family's position?
- If you're not getting results, something needs to change. It's a constantly changing market and your sales strategy needs to reflect this. From re-writing the script to getting fresh photography, a savvy agent will keep reinventing the property.
- Check out their credentials. Does the agent have a good track record of selling properties like yours? How quickly did those properties sell? Does the agent have good knowledge of the area?
If their credentials stack up, there's one last question to ask yourself – are you comfortable with them?
Real estate is all about trust. You're selling what is likely your biggest asset and you need someone who instils a sense of confidence and security.
If the answer is 'yes', you've found your agent.
Rodney Fong is a Licensed Salesperson and Auctioneer working with clients throughout Tauranga, Mt Maunganui and Papamoa.< Back to Blog Articles