No Interview = No Information = Thousands $$$$$ Lost
SOME VENDORS hit the phones to conduct a quasi interview with as many agents as possible, in an attempt to short list 2 or 3 potential agencies. The aim of this process is simple - to see which of the agencies are flexible on their fees.
Then, they’ll only invite those agents that agree to discount, without taking into consideration the differences between their services.There is a much smarter strategy of ensuring your property sells for more and in a shorter time, and it has nothing whatsoever to do with the agent’s fees.
Here’s what to do. Start by interviewing 2 or 3 different agencies. You’ll treat this a little bit like you’re interviewing a new employee. Yes that’s right, shop around, but not on price. You see, shopping purely on price could ironically be the costliest decision you make.
Rather, you need to ask some key questions that will reveal much about their business practices and commitment to you before proceeding any further.
“Ask some key questions that will reveal much about their business practices and commitment to you.” Ask them:
- “How will you promote my property and how will you get me the highest price?”
- “What value-adding services do you offer?” (eg: property styling)
- “Do you offer a Service Pledge or Guarantee? What is your undertaking if I need to enact them?”
- “Tell me about your experience and success selling similar properties to mine”
- “I’d like the names and phone numbers of several vendors you’ve recently sold for.” “Can you show me some testimonials that demonstrate specifically how you have helped your clients?”
Finally, ask them to give you an appraisal in writing by way of a “Comparative Market Analysis” (CMA). This will document similar properties that they have recently sold.
THE IMPORTANCE OF THE CMA:
Whatever you do, don’t list your property with anyone who is unable or unwilling to give you a written CMA. Don’t ever compare your home’s value against what other homes in your neighbourhood are being advertised for.
The only numbers that matter are the prices comparable homes are really achieving upon sale. That’s why the CMA is so vital. It’s a tangible, specific indication of what is really happening in your local area.
Ultimately this is a business relationship. It’s important that you feel 100% comfortable with the agent you choose. Get the specific answers to your questions so you can make a sound decision. Whichever agent you choose one thing’s for certain. Choosing an agent – a good one or a poor one - to sell your property will have a lasting impact on your future. You owe it to yourself to undertake sound research and choose wisely.