The decision by the Reserve Bank last month to lift interest rates by half a per cent, to 0.85%, surprised many. But it shouldn’t have. After a long period of record prices and now high inflation, it was inevitable. The major cities are faring the worst, while regional prices continue to rise. Auctions are reporting dismal attendance rates, with many being cancelled. Australia’s peak welfare body says that struggling families will be pushed to the brink. It’s not a pretty picture, but it certainly isn’t the end of the world either. Every bubble has to burst, and it was time for a market correction phase. Both borrowers and sellers will be waiting anxiously, while those who’re compelled to sell will have to suck it up. Those bracing themselves to enter the bitter urban property market will need a gun real estate agent. What should they be looking for right now?
Choosing Your Real Estate Agent
When the market turns bad, poor-performing real estate agents get sorted from the winners. That’s how it ought to be. It follows Darwin’s premise of the survival of the fittest. View that as a positive since it leaves only the best agents managing their posts. Anyone brave enough to enter a market with scarce buyers in which prices have dropped by 1% can take heart. At least they’ll have the best agents going to bat for them. That should boost the seller’s morale a bit, but it’s not necessarily axiomatic. The onus is upon the buyer to make sure that they’re choosing the best agent for them. A great agent does not necessarily imply that they are compatible with every buyer. Moreover, there’s still the possibility of a jinx that hasn’t admitted defeat but probably should. Therefore, the seller must compare.
Research Before You Settle On A Real Estate Agent
The internet is a wonder, and there are plenty of search sites where you can list your home. But a listing is just that. Furthermore, if you don’t have the knack for writing engaging copy or snapping a pic, you’re in trouble. A lack of clarity when describing your property, or a lacklustre image, will spoil your chances in an uncertain market. And if you’re relying on price estimates from these sites to gauge the right price for your home, you’re not being thorough. All of which is a recipe for a dead listing. You may need to cut back on costs when showcasing your property, but don’t go to extremes. Bear in mind that buyers that are still out there won’t be skimping on their selectivity. We have investigated the pros and cons of selling without an agent and found that overall it’s not a good choice.
You need to start by doing your research. Picking up the phone and chatting to an agent doesn’t qualify as research either; you need to be methodical. Start by investigating the best-performing real estate agents in your area and adding them to a shortlist. You can usually browse an agent’s profile online. If they don’t have a presence on the web, you’ll want to know why not. By not having a web presence, an agent is either successful by rote of word-of-mouth or completely out of touch. Chances are the latter. From there, find out how well they close a deal. Ask for their sales record; they may talk up a storm but have a lamentable sales history. A real estate agent is only as good as their proven record for selling houses. You need solid proof that they’re familiar with your area, which means testing their local knowledge.
Road Test Your Agent
A valuable way to ascertain the effectiveness of your agent is to accompany them to a showing. Don’t get under their feet or anything like that, or you might just be telling them more about you. Try to observe how they interact with buyers and what sort of vibe they give off. You’ll find out much of what you need to know given that the buying process is emotional. Their bedside manner will come to the fore, and you’ll see how they’ll handle buyers when spruiking your property. Stick around afterwards and see how they wind down. If they hook a buyer, make sure they don’t scramble off and celebrate by going on a bender. That scenario is admittedly unlikely, but it does not harm to entertain such ideas as it shows you’re being careful. When sizing them up, make sure they’re transparent with buyers. Honesty is an essential quality.
By now you should have an idea of what the agent’s sales history is, but it’s best to hear it from them. After all, you want to make certain they haven’t fudged the figures. That would be most unbecoming. It would also be a red flag to get the hell out of there. Not that we’re suggesting agents do that, but we can’t vouch for the character of every one of them. Get them to talk you through their sales history and how they close their best deals. Learn how the deals happened and how they achieved their goal. Find out why they used a certain approach and whether they used it often. By engaging with them, you’re also picking up on their personality and discovering whether or not they’re right for you. If their methods don’t appeal to you, then it’s better to find out sooner rather than later.
Your real estate agent should’ve formulated a strategy by now, but is it working? Having a plan is necessary, but so is ensuring that the plan is running smoothly. Therefore, it behoves you to set clear objectives and check regularly to see what progress they’re making. Is the house listed? View the listing. Is it shared on search sites? Find out for yourself. Were arrangements made to organise upgrades on the premises? If so, find out how they’re travelling with the contractors. By keeping abreast of what’s happening, you’ll come closer to knowing whether they have the right stuff to close with a buyer. You’ll have more confidence that they’ll indeed find a buyer. All of this begins with a presentation. The agent should guide you through their selling strategy, outlining all the essential points with a clear presentation. Then you’ll know you’ve found your perfect agent.
The golden period of housing prices has taken a breather. That was always bound to happen. It’s the law of nature at work. Don’t stress; we each must acclimatise to the elements or else fail. We pick ourselves up, dust ourselves off, and leap back into the fray. There are good and bad times. Without using up every cliché in the book, the point is obvious. If you’re entering the market and in an area feeling the pressure of the rate rise, don’t despair. If, for whatever reason, you have no choice but to sell, then play it smart. By following the sensible tips we’ve offered, you’ll increase your chances of making a favourable sale. Remember, it’s all about the agent you choose. You need the right agent for you. That’s where Perfect Agent can help. We will find you the best agent at no cost. Contact us today!