21 Oct Should you change your property agent?
The current market
There has been a marked drop in property transaction volume compared to a few years back because of well publicized reasons. Besides the drop in transaction volume, it is also a fact that most properties are now taking longer to sell. In recent months, I have received calls from concerned sellers who were contemplating changing the property agents that they have engaged. When I asked them why, the most common reason was because their property agents were “taking too long” to sell. The time frame told to me ranged from a couple of weeks to a few months.
When a property takes a while to sell, the easy thing to do is put the responsibility on the property agent. But in certain cases, it may not be down to the property agent because the successful sale of a property is dependent on many factors. My next question to these sellers would always be, “Has your property agent sat down with you to review the situation? What are the reasons the property is not selling?”.
These are the things that a competent property agent should review with the seller who has engaged him.
1) Review the current property market & economic trends.
2) Review the marketing approach. Is there any other possible marketing avenues that can be adopted for a wider or more reach?
3) Review the property presentation process. Is the property presented in the best possible manner? Is the property set up to leave the best possible first impression?
4) Review the feedback that prospective buyers have given. Can anything be done about those feedback?
5) Review the property’s pricing – is this the property priced right? Read my blog post on property pricing.
Are you in a similar position and contemplating changing your property agent? Has your property agent been doing such reviews with you? If reviews have been done and the points put forth by your property agent are reasonable, then it could be true that everything has been done correctly but you just have to wait for the right buyer to show up. Changing to another property agent may not be the most appropriate move in this case.
However, if your property agent is not able to conduct a proper and thorough review with you, then you would have to decide if he or she is still the right property agent for the job. Appointing a competent property agent to handle the sale of a property is a very important factor that helps determine the successful sale of a sale.
My property agent is not good
A few years ago, I received a call from a property owner who wanted to engage me to help him market his property. When I met up with him to inspect the property, he shared that he actually had a property agent working on the property. The owner has engaged this property agent exclusively to help him with a few of his properties over the last few years but in the last couple of months, he felt that she was not delivering because she just became a grandmother and was busy.
According to the owner, the property agent had assured him that her marketing efforts were still the same and the property itself is the reason for the challenge. For some reason, the owner did not believe her words. The owner was very eager to sign an exclusive agreement with me on the spot so that I would start working on the property but I asked for some time to do some checks.
When I went home to do further research, I found out that what the owner’s property agent said was true. She had indeed worked hard on the property. I shared my findings with the owner and it was then that he realised he had “wronged her”. I encouraged him to have faith in her and to trust her because she had been helping them for years. The owner expressed his sincere thanks and I have not heard from him since.
The best thing to do in this case is to stay with the same property agent. I am very glad to have helped clear the misconception and preserve the faith and trust the owner had with his property agent. Clinching and closing deals is not always the most important.
Photo credit: Flickr/Forgemind Archimedia