Question: We are wanting to sell this spring, in order to move into a bigger house. Our first house has been great, but with a growing family, we need more space. We are constantly getting approached by real estate agents, even before we have considered selling. Our question is how do we find a good agent?
Answer: It's hardly surprising the real estate agents are proactive about securing your home as a listing as the market has cooled.
For years, my own mother was the best agent around in her sales patch in regional Tasmania in the mid-1980s and 1990s. People liked listing with her because she worked hard and was great at closing the deal.
However, picking an agent can be tough for vendors. A lot is riding on your decision, and in most suburbs, there are several great agents who are likely to be well known to potential buyers.
In Canberra alone, there are 764 listing agents, while there are 11,771 listing agents to choose from in Victoria and a whopping 14,433 listing agents vying for your listing in Sydney.
Co-founder of Tailored Buyers Agents, Leanne Spring, reckons it's a waste of time listening to sales pitches from agents.
"Don't waste time listening to sales pitches. Every agent will just tell you what you want to hear," Spring says.
"Instead, attend the open homes of agents you might like to work with. See how they engage with buyers, present a property and demonstrate their market knowledge will tell you far more than any listing presentation.
"Better still, ask a respected independent buyer's agent for a recommendation. They deal with agents every day and know who consistently performs at a high level, and who doesn't," Spring says.
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Shahid Khan, principal of Ray White Hoppers Crossing recommends narrowing down the search and ultimately picking a listing agent by walking around your neighbourhood to see which agents have the most sale boards up More importantly, consider which agents have the most sold boards as well.
Narrow your choice down to a couple of agents and then invite each to look through your home and provide an appraisal of what they believe your property can fetch on the market.
"Pay attention to how well they know the area, how many questions they ask and how genuinely interested they are in understanding your property," Khan says.
"A good agent should know the market, but the right agent will also take the time to get to know your home.
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"Make sure they share what they know about the current market. A good agent will always tell you what you need to hear, not just what you want to hear," he says.
You will also want to check local track records on the many comparison and review sites out there, along with agent statistics on real estate websites. These can help you understand how many sales an agent has handled in your suburb and the average sale price of each listing.
Make sure you understand their commission structure and marketing costs upfront, but don't choose an agent based on price alone. Cut-price agents aren't necessarily going to be the best in the market.
Also, it's worth telling your chosen agent what sort of home you're looking for, because they may know of a property about to hit the market, so they may be able to give you an early sneak peek.
Best of luck with the move.
