Your home is often your largest financial asset so when it comes time to sell, selecting the right agent requires careful consideration.
Knowing which agents and agencies are active in your area is important as local agents can draw on their database of interested property seekers, in particular buyers who may have missed out on a similar home in the same town or suburb.
It’s also a good idea to research homes for sale in your neighbourhood – and how much they are selling for. It’s advisable for potential sellers to attend a couple of local open for inspections as this will allow you to see how the different agents conduct themselves as well as their knowledge of the local market.
Before deciding on an agent, sellers are advised to have their home appraised by at least three sales agents from competing agencies.
Agents appraising your home will use comparable sales to provide you with an estimated selling price for your home in the existing market.
An appraisal also provides an opportunity for you to ask agents what services they provide, the strategy behind their marketing and advertising campaign, and what their commission fees are.
Commission fees will vary depending on the agent and the area in which they operate, however they generally range between 1.5-2.5 per cent of the sale price.
While comparing commissions is important it should not be the only criteria. You’re looking to obtain the highest price for your home and the cheapest agent may not necessarily be the best agent to do this.
Remember, it’s a competitive market and sellers are in a strong position to negotiate commission fees with their preferred agent.
There are a number of agent comparison sites in the market, but it’s important to bear in mind that these services are not free and will often obtain a share of the agent’s commission.
I’d also advise against attempting to sell your home yourself. Negotiating a sale is a skill honed with training and experience and is an area where a licensed agent can add significant value.
An experienced agent can not only advise on the initial listing price but, importantly, negotiate the final sale process and price with one or more interested buyers, achieving the best possible outcome for your most valuable asset. Trying to sell your house “on the cheap” can cost you significantly in the long run.
To search for REIV members by town or region, head to reiv.com.au.