Choosing the right agent - why the perfect match matters
Category Property Tips
Well over 90% of all property sales are still concluded by physical property agents despite advancements in Proptech, but choosing the right agent makes the difference between a property selling or staying on the market.
With so many newcomer agents who often look to secure property mandates by any means the risk for sellers has increased. Appointing the wrong agent can waste valuable months during which the property could already have been sold. It also risks putting off potential buyers who will be distrusting of putting in an offer.
Choosing the right agent offers many benefits - from pricing properties more appropriately for the market to generally selling faster and achieving better prices on average, and a smooth and efficient sales process.
There is no "one size fits all". Each neighbourhood is different and often requires unique insight and experience. An experienced local area agent will have spent many years building their reputation and will not want to risk it by giving the wrong advice, or to simply secure your property mandate.
Choosing the right agent
If you are unfamiliar with who the top agents in the area are, ask for recommendations, or look around to see which agent/agency boards appear, especially those which show "sold".
Be careful to not just choosing the first agency board that you see or choosing the agent who offers the lowest commission. Make a shortlist of three agents maximum and set up meetings to interview each.
Some probing questions to ask during the interview:
Probe the agent on their experience and ask for a list of their recent sales. A top area selling agent will usually be a good negotiator which is vital for any seller.
Check that the agent is registered with the PPRA (Property Practitioner's Regulatory Authority) and that they are in possession of a Fidelity Fund Certificate which must be valid for the current year.
The agent should be able to provide information about the current market conditions as well as how they would go about determining the correct asking price to attract buyer interest and a good offer/s.
The agent should also provide advance to the seller on how to prepare the property for the market including any maintenance which needs to be done.
You should also ask how the agent will be marketing the property and what activities they will undertake. Do they have a database of buyers and a network of agents?
Do they have backup, systems and processes to see the transaction through to registration of transfer including assisting with all steps necessary? Inexperience can cause delays in the process.
How does the agent pre-qualify buyers so that no time is wasted? An experienced local agent will already have a particular type of buyer in mind as soon as they see the property.
The agent should be enthusiastic about the sale of your property, yet be open and honest about the market, and provide you with the best advice, even if it is not quite what you had hoped to hear.
Granting a Sole Mandate to the agent is another important aspect to ensuring sales success.
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Author: Gina Meintjes
