How To Find Out Who Is The Best Agent In Your Area — Part 1
Finding the best agent depends on what you consider are the best attributes and how good they are at these. They are certain traits and results they should have and it’s more than just being a smooth talker. From my experience in this industry and the research I have done, these are the attributes that really matter to the end selling prices and low vacancy rates.
If you would like a contrast to what I’m going to explain in this article have a look at this page which outlines how to find a bad real estate agent to buy from.
So here goes here are some key things I would look for if I was looking for a real estate agent to sell my home;
Days On Market
If you have a look at a real estate agent’s standard days on market (how long it takes them to sell properties on average) it will tell you a lot about them.
Put it this way if an agent has a lower than average days on market compared to the rest of the agents he is obviously doing something different. I would consider his skill level to be higher and his negotiation skills to be better.
If properties stay too long on the market they become harder to sell as the most interest happens in the first two weeks of marketing a property. We call this a “stale listing” and the public begin to perceive something is wrong with a property if it’s on the market for an above average of time.
Smart agents can educate their seller about this phenomenon. They prepare the seller and get them to act before it becomes an issue. This helps make it a very smooth and lucrative sales process in most cases.
Large Market share
This is not necessarily the agent that has been in the area the longest. It’s usually an indication of how well the real estate agency is running and how well sales, marketing and admin systems/people are working together.
You should get a better customer service experience, because without it they surely wouldn’t have gotten as big as they are. As a bonus they should have a larger pool of buyers for your property, as they will be conducting more open homes and the systems should be sending out “buyer alert emails”.
Do they normally sell your type of property
Let’s say you were selling a commercial property but you call out a real estate agent with the largest market share but it makes up of all residential homes, I doubt they would have a ready to go buyer on their hotlist for your property. I doubt they would have contacts and the in-depth knowledge for making a smooth transaction. Also negotiation strategies for Home buyers may not work on commercial property buyers as they are more business savvy.
Do they specialise
A good example is that we have an agent in our office that specialises in development sites. He has all the contacts to be able to market a development site and also shares that experience and knowledge throughout the office. This makes the entire sales team very good at selling off the plan properties and also helps us communicate with developers to get the best results.
Not all agents have experience with marketing an entire development site, this can be completely different to normal house and land sales. Experience is all the difference as not all agencies sell off the plan well.
Can they demonstrate their negotiation skills
I recommend you to role-play with the real estate agent when you are considering to hire them. Pretend to be a buyer and create an objection that you think a buyer would normally ask. Test their reaction and also get them to explain their strategy.
A good agent doesn’t fly by the seat of his pants, he has a methodical planned out strategy with every interaction and question that was asked by a buyer.
Communications (systems and frequency)
The industry has done many tests and surveys on what is the biggest problem within real estate. They say it’s communication, in particular;
- Lack of communication
- Takes too long to get back to you
- Afraid to tell it like it is
- No systems when it comes to buyer feedback
- The expectations of how often the agent will communicate with you were not set
- Details were not put in writing
These communication points can make all the difference when it comes to feeling as though the transaction is going smoothly and you know what is going on. Make sure your agent ticks all the boxes before you sign an agency agreement with them.
About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.