Have you ever listened to a Real Estate Agent pitching their service to sell your home and wondered if they were ‘buying your listing’? This means agents inflate the price to win the listing. The reason behind this could be a lack of experience, or the agent being commission focused instead of client focused.  Either way, as a seller it is important to determine which agents are suitably qualified to partner with you for the sale of your home from those who are simply looking for a quick sale.

Experienced agents understand that the BEST price will only come from demonstrating VALUE of what they can bring. ‘Buying a listing’ happens more than you would think and to unsuspecting sellers this can be a costly error, as you only get one chance to launch. Not only may it exhaust the marketing budget quickly, but it can also be detrimental to the price leading to a drastic reduction in price over several months and an adverse negative perception about the condition of the property from prospective buyers if it doesn’t sell.

A reputable agent understands the sensitivity with pricing and will make suggestions based on market sentiment and salability. They provide reliable comparable market data so the customer can form their own view which allows them to feel comfort before actioning an offer.

Unfortunately, we see our community falling for these methods listed below.

Here are common traps to be aware of: -

1.I chose only one agent because they assured me of a price above my expectation.

An agent should be selected on what VALUE they bring not quoting the highest price.

2.We were provided a mid-week online auction program as it was demonstrated to us that a superior result should follow, and they had the best record. 

A proven fact is that the BEST price achieved by auction is often paid by the emotional buyer who is bidding on-site and experiencing firsthand the process. This is void when online. This method only came in to use during COVID restrictions. You should ask yourself why an agency would still choose to sell under this method and not hold the auction onsite?

3.My neighbour chose the agency that had sold signs on them very quickly after the sign went up.

Many locals get concerned with the under-selling of property nearby to them which generally happens when an agency is just looking for ways to clear the property off their books to then move onto the next sale. Methods are used to ‘hard close’ the property down quickly and hence the price achieved is much lower.

4.They chose the agent with the lowest commission rate.

Another reason to overcome lack of knowledge and experience. If the agent has secured the listing by dropping the commission at the appraisal, then what will that agent do when negotiating on your behalf. Generally, the saving from the commission cut may only equate to a $1,000-$2,500 saving however often the end sale price achieved can be $25,000-$50,000 less.

5.I kept receiving calls every 2 weeks from an agent so eventually they broke me down.

Some agencies use ‘Call Centre’s’ to speed up the process of listing. Once you are on ‘their list’ you will continually receive phone calls every 2-6 weeks asking you to sell or lease. The caller will often say they are representing the agent as their support staff and what normally transpires is that an appraisal is generated for the agent who then lists and possibly sells the property. Once that transaction settles the ‘Call Centre’ can receive a referral fee or the like. This service is usually supporting larger franchised brands.

 With 30 years selling experience locally and Brisbane-wide, ! continually receive feedback from past sellers, but often our friends and neighbours of sellers who reside around these properties, concerned that the sale price is often not the BEST price and accordingly will impact the value of their property. As a local Sherwood resident and business owner I would have to agree.

We can help! Honest and straightforward advice to get you sold at the BEST price from your local agent!

The most concerning feedback that we often receive from friends, sellers or neighbours of sellers is that the final sale price was not the BEST price, and this can unfortunately negatively impact the value of their own properties. In my experience selling both locally and Brisbane-wide this trend is real and ongoing, but it can be avoided.

At Hood Estate Agents, we pride ourselves on honest, informed and value driven advice which, coupled with our strong negotiation and communication skills throughout the pre and post-sale process, will leave you knowing that not only did you get the BEST price for your property, but that the whole sale process was seamless and as stress-free as possible. 

Martin Hood | Principal, Licensed Real Estate Agent, FREIQ | 0411 220 736 | martin@hoodestateagents.com.au