Many people think they should entrust the sale of their principal place of residence to the real estate agent who puts the highest value on it.
Not necessarily so according to Christian Bartley, “Talk to people you know who have recently sold in the area,” Christian says. “Act on advice from people whose opinions you respect. Word of mouth is the best source of current information about local real estate agents, doctors or any other practitioners.”
According to Christian, intending sellers should also obtain submissions from agents who are active in their local area.
“You can tell if agents are active by the number of Sold signs they have, and by the quality of their local advertising,” Christian says.
Christian says some of the criteria to consider are level of service, specific advertising details, their experience at negotiating, fees and expenses and commitment to feedback during the marketing program.
“Once you have two or three submissions you are in a position to compare apples with
apples”, Christian says. “It’s no good going with the agent who puts the highest value on your home or offers you the lowest commission only to find they don’t do any active marketing or cannot negotiate as good as the agent who may have cost you $3500 more. The expensive agent will often be the cheapest agent as they can demonstrate how they could achieve you tens of thousands of dollars more than another agent”
According to Christian, many would-be sellers see through this kind of false economy too late.
“Potential buyers recognise overpriced property for what it is,” Christian says. “This makes them cautious and decreases competition for the property.”
Christian says that most overpriced properties fail to attract offers and purchasers end up with the psychological edge once negotiations are under way.
“Take your time about choosing an agent,” Christian says. “After all, it’s not something you do every day and you want to be confident in your choice. Do your homework and don’t be seduced by fantasy prices.”