How To Effectively Work With Estate Agents
It is not unusual for people to put in weeks’ worth of research and due diligence into finding the right family doctor, family lawyer, and even the right family dentist. This is because these people are entrusted with the overall wellbeing of the family and as such, need to be highly qualified and capable of delivering. In these cases, once chosen, the professional in question is completely in control and their opinions as well as directives are considered decrees because, as mentioned, they are charged with the overall wellbeing of the family and members believe that these professionals know what they are doing; they trust them.
Why is it then that the same level of due diligence and trust is not accorded to the estate agent? After all, this is yet another professional who is charged with managing or handling one of the most important assets the family may own, their home.
The Value of Your Estate
Have you ever thought about it this way: with the right estate agent, your estate value could more than just marginally increase during a sale? Your estate agent has the expertise and capability to both oversell and undersell your property, thus directly affecting the kind of profit or loss you make from the transaction. If you want to get the most out of any property deal, you should learn how to maximise working with estate agents. Here are a few tips that should help.
Choose the right one
This is by far one of the most important aspects of getting the most out of this partnership, it has to be the right fit. By doing your research and taking the time to know how your chosen estate agent likes to work, you will be well on your way to forming a lucrative partnership that could see you buying and selling many prime properties in the future.
Be open and honest with your agent
It is only logical that you will have several agents on your short-list. Be open with all of them and tell them that you will be verifying any given information through other sources. Most people do not like being second-guessed, but many dislike being lied to even more.
Should the agent feel like you do not trust them, this partnership will be headed for choppy waters at full speed. By being honest and open about your need to verify information such as home valuation, the agent will immediately know that you are not to be taken for a ride and that you are someone who is invested in the process. They will also respect the fact that you didn’t do it behind their backs and in return, will only provide you with valid and verifiable information.
Stay out of their way
Depending on how invested you are in the process, you could either help or make life more difficult for your agent, especially during viewings. In some cases, your agent could ask you to make an appearance during some viewings just to shake hands and smile with the potential buyers. This gives the home a more ‘homely’ feel as opposed to being just another transaction. But in an attempt to help sell the house, many homeowners end up revealing information that goes towards hurting the overall price.
Even if your estate agent asks you to make an appearance during showings, do just that and then get out of the way. Let them do the selling. In fact, just shake hands and then disappear from earshot and eyesight. Many buyers like to criticise properties during the negotiation period…it is all part of the process. They might not be very comfortable doing so with the owner around. Besides, you are more likely to take things personally and ruin the sale.
Give the agent some leeway
You must realise that the estate agent is acting as a referee during this sale. This is to say that they are trying as much as they can to be fair to both parties. On one hand, they want to get you the best possible sale price for the house because it is their duty and their commission depends on it. On the other, they want to make sure that they are fair to the client as well. At the end of the day, they need to know that both parties are happy with the purchase because their overall reputation and future business depend on it. As such, there are going to be compromises. Trust that the agent knows what they are doing.
Keep in touch and facilitate their sales process as much as they want you to. Do not second guess them at every turn and let them describe your home in their own words. They know best what captures the attention of potential buyers. This is how to maximise working with estate agents.
For additional reference on how to talk and work with real estate agents, you may want to check out this Rick Otton podcast, which I myself have found particularly useful. Enjoy!