Want to Sell?
Category Advice
Selling a property can be a daunting task; from pricing it correctly to marketing it and ultimately negotiating the sale’s transaction. Many sellers start out thinking that the sales process will be quick and easy, but generally soon realise that they need the help of a professional estate agent to manage the process.
When choosing an estate agent to work with Swain suggests asking them the following five questions:
- Is the agent registered with the EAAB and in possession of a valid Fidelity Fund Certificate?
While agents affiliated to one of the well-known estate agencies are likely to be fully qualified and licensed it is always best to double check. Agents are legally obligated to have a valid Fidelity Fund Certificate which they must be able to produce upon request. They also have to be registered with the EAAB (Estate Agency Affairs Board). Sellers can check an agent’s registration on www.eaab.org. “If an agent cannot produce their certificate and are not registered with the EAAB they are practising illegally and should the seller need to lay a claim of financial fraud, the Fidelity Fund will not be able to reimburse them,” advises Swain.
- Experience
When sitting down with an estate agent it’s important to ask them about their experience – an agent who has successfully concluded property sales in the past is more likely to be able to render professional, expert service. That being said everyone needs to learn and a rookie agent can do a fantastic job – however, the seller will need to establish who the senior agent is who will be overseeing the sale, and what their experience and involvement will be.
- Marketing plan
A professional estate agent should be able to provide the seller with a detailed marketing plan which will include listings on the various property portals (Private Property, Property24 and IOL Property), print adverts (where required), brochures and show days.
- Area knowledge
Sellers need to question an agent about the knowledge of the neighbourhood – a successful agent will be able to reveal what similar properties in the area have sold for and what developments are taking place. The real estate agent needs to prove that they work in the seller’s area, as opposed to just popping in and out with no real ties to the community and, importantly needs to be able to demonstrate that they’ve sold properties in the area before.
- Commission
What many sellers don’t realise is that agents work at risk; meaning that they carry the costs of marketing and showing a property (as well as time and expertise expended), costs that are only recouped if the property sells and they are paid a commission. If they don’t sell the property, the commission goes to someone else and their investment goes to waste. Another issue Swain points out is that an agent’s entire goal is to negotiate a sale between a willing buyer and seller, at a reasonable price. If an agent can’t even negotiate their own commission, opting to discount up to 60%, then how will they negotiate the best price for your property?
While selling can seem overwhelming sellers will achieve their desired outcome if they choose to work with a professional agent who can demonstrate knowledge of the area, their experience and a thorough marketing plan.
Author: Leapfrog Property Group
