Deciding which real estate agent you want to represent your property is the biggest decision you will make during the sales process. Choose the right estate agent and they will be able to draw on years of experience to sell your property promptly and profitably. Choose the wrong agent and your property could be languishing on the market for months. To ensure you land firmly in the former category, watch out for these five common pitfalls.
Look very closely at what your agent sold over the past year, and pay even closer attention to how many properties they listed. Selling 25 properties may be an impressive statistic to use during a presentation, but find out whether they sold 25 out of 25 properties or 25 out of 100 properties. Instead of choosing the agent who sold the highest number, choose the agent who sold the highest percentage. Their service is likely to be more tailored.
Falling for flattery
Some agents may tell you your home is worth more than it is to encourage you to choose them. However, overvaluing a property can be just as dangerous as undervaluing it. If the price is too high for the area or property type, your home could end up on the market for months. Eventually it will be necessary to drop the price, and some buyers may interpret this as a sign of desperation and will offer even less than the property is worth.
Choosing a family member or friend
It is only natural to want to work with someone you already know. Sadly, transforming a personal connection into a business one is often fraught with problems and can put a severe strain on your relationship. Your friend may feel that they don’t need to work as hard for you, as a friend is more likely to forgive small mistakes than a stranger would be. Even if they are a fantastic agent, there might be some bitterness if they are unable to get you the price you were hoping for.
Not checking references
You are hiring a professional to sell your property, so it’s important that you also treat this as a professional arrangement and thoroughly check their references. In addition to reviewing the references provided, gather your own. You can Google the agent’s name to find out how they are marketing their current properties, and phone their current clients to find out if they would recommend them.
Not considering agency reputation
Many independent real estate agents are good at what they do, as are agents that work for boutique companies. However, there are numerous added advantages to selecting an agent with international clout and immediate brand recognition, such as Engel & Völkers. The instant familiarity and reputation will immediately put potential buyers at ease, while larger marketing budgets ensure that high quality photographs of your property appear on globally recognised websites. Of course, there’s also training. Every E&V real estate agent is trained to an exceptionally high standard, with ongoing education throughout their career at the E&V Academy. For more information, visit us online or in-store.