Blog
Doing the right thing by your Owner
February 28, 2020
I’m heading towards my 12th year in real estate, and thought it was a good time to reflect, and pass on some things I have learned.
- Any agent can sell any property for any price. Good agents (and yes there are a few of us out there) know that we are being paid by the seller to get the maximum return for their property. We are not being paid to get just any price, or collect numbers to win awards. At the end of a sales campaign, we need to be able to look an owner in the eyes and say we turned over absolutely every rock possible to find the PREMIUM buyer, not just any buyer. Our job is to ensure there is no other buyer out there who could say “I never knew you were on the market”. The phrase in real estate is that you are either “on” the market or you are “in” the market. You can’t be half-pregnant – and you can’t be half on the market.
- Buyers never have any loyalty to any Agency brand. Buyers never wake up of a morning saying they will only buy from XYZ Agency – so boutique agencies have just as much chance as any other agency of finding the right buyer. Boutique agencies in fact don’t have any of the restrictions of franchises. Buyer databases to me have always been a misnomer. Fresh buyers enter the market every day, and an agency believing they have every buyer is simply untrue. At my 16 Tazewell Cct, Nicholls listing that sold on 12th February, we had 116 groups and issued 25 contracts during the campaign. It didn’t matter to anyone if they knew us beforehand – they came because of the marketing we presented on the home we were selling. A network agency like ours has as much access to the research on every suburb sale thanks to Allhomes as a local “suburb expert”, and you will still get as many potential buyers through the door.
- Owners will be appalled to learn our legislation doesn’t stop an agent signing an Agency Agreement with a buyer who has visited your home, with the possibility of future business if they’re your successful buyer. Our legislation also doesn’t require your agent to tell you who they have signed an Agency Agreement with when they submit offers to you, or who in the crowd of your Auction have they pre-signed. Think about it – who’s interest is being championed here? Demand answers from your agent, and send your friends through to every open house to keep them honest.
- Read the Agency Agreement – some are illegal. If your Agency Agreement says that the Agent has fulfilled their duty and the fee is payable when an offer is accepted, put a line through it as it goes against the legislation. An agent’s fee is only ever payable once a sale has been executed – and that means sold. Whether you are a seller or a buyer, due diligence between “offer and acceptance” and “exchange” means you can change your mind after you accept an offer, or have your offer accepted.
…. And if you’re thinking of selling, feel free to go to ratemyagent to see our reviews and how we are different!