It is absolutely imperative that when discussing your go-to- market strategy with a real estate agent that everything is put on the table – and I mean EVERYTHING.
Ask the real estate agent about aspects of your property that may be of concern to buyers. Some agents will promise you blue sky at the start but will then lower your expectations, wear you down, and ultimately convince you that your property is not desired, citing these negative elements.
A great real estate agent will be aware of the limitations of each property and should be up front with you about them BEFORE you go to market.
This will ensure that these issues are not raised DURING the sales campaign as a tool to lower your expectations.
Lowering your expectations is a form of price conditioning that many real estate agents engage in. You don’t want any surprises AFTER you have started your campaign!
The following are examples of surprises used by agents to condition sellers. They are unfortunately all too commonplace:
- There is little backyard
- No one wants your property
- Floor plan does not appeal
- Too much work to be done
- Wrong aspect
– DANGER SIGNS –
Watch out for sales activity reports from agents that note too many price comments or rejected offers that come in below price or agency agreement expectation. These are the first signs of re-setting a seller’s price expectation. Also watch for too many negative comments as they too can be the catalyst for upcoming bad news.
TOTAL TRANSPARENCY between AGENT AND VENDOR
Make sure you get the relationship off to a good start with total transparency on every aspect of selling your home.
Get an agreement from the agent of the price expectation he will be advising potential buyers (you may want to validate this by sending a friend to an open house to see what the agent is quoting by way of price). You don’t want a situation with the agent telling you one price and the buyers another. These tactics are a recipe for disaster, disappointment and the grounds for lowering price expectations.
Some agents are only focussed on the transaction and their commission…. not your sales result!!
We suggest the agent compile a weekly written activity report on all activity and comments outlining the sales funnel of likely buyers and where they are up to in the sales process. So when the agent brings an offer to the table you can immediately relate to the actual buyer, their drivers and background.
Total transparency and communication lowers the chances of changes to your expectations with regard to selling price.
You do not want ANY surprises on sale or auction day.
Andrew Bruce & Samia Malouf
Riverview Realty is a boutique agency focused on achieving the maximum price, with a client engagement that is above the industry standard. We call it the “Ultimate Experience” which forms part of our unique selling proposition.
Ph. 02 9420 0083, 59 Tambourine Bay Road, Riverview.
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