Sellers – What is the focus of your Estate Agent?
“Residential property owners who are completely satisfied with the sale of their property all have one thing in common. Their estate agent was seller-focused” says Phil Wilson, Director of Alexo Property Brokers “I regularly speak to property owners who have experienced marketing or selling their property through an estate agency. A happy seller always feels like they were the estate agent’s top priority throughout the sale process. On the flip side, unhappy sellers often comment on the buyer winning or the agent being paid too much.
There are only three parties involved in the marketing and selling of a residential property, the seller, the buyer and the agent. It is where the focus of the estate agent lies that determines how satisfied owners are with the sale of their property. The estate agent can be either seller-focused, buyer-focused or, in the worst case scenario, agency-focused.
When sellers mandate an estate agent to sell their property, they become the client.
Non-urgent sellers do not need to sell. If they decide to sell, they have the luxury of time on their hands. Six to eight months may be worth the wait in order to achieve a selling price close to their aspiration. The mandated agent needs to protect this type of seller from the cash bargain hunter. Advertising week after week may convey the wrong message of urgency to the market. Showdays every Sunday, in addition to the inconvenience that they may cause to the seller, will attract the bargain hunter through an open front door. Potential purchasers should be qualified extremely well by the agent prior to a viewing appointment convenient to the seller. The number of viewings will be low, but this method will ensure that only written offers within 10 percent of the asking price will be presented to the seller.
The common theme in both cases is that sellers must ensure that the estate agent is completely focused on their specific needs. The property owner has contracted the agent and, on transfer, will pay the agent’s commission. The needs of the buyer and the agency should always be secondary. Prior to signing a mandate, sellers should request from the agent a detailed marketing plan that suits their requirements as either an urgent or a non-urgent seller.
So, to sell or not to sell in a buyers’ market? Unfortunately, urgent sellers have no choice but to sell. Should non-urgent sellers choose to sell, they should ensure that their property is not exposed to the market in the same way as an urgent seller’s property. In short, the process of selling must match the seller’s need or desire to sell.”
Author: Phil Wilson