When looking to select a real estate agent in Torquay, the two worst criteria to base your decision on are:
1. The value they assess on your property; and
2. the commission or selling fee they quote.
Many people inadvertently select their agent on one or both of these criteria. In a strong, rising market the downside on selecting a high quoting agent, or a cheaper one, is less likely to surface. In a rising market, the market’s collective confidence is a big factor in selling the virtues of a property. However once supply is higher than demand (more sellers than buyers) the skills of a real estate agent really come to the fore. This is when it is really important to have selected an agent that you trust, have good communication with and who is also a very good negotiator.
The best real estate agent will not always be able to deliver the vendor’s aspirational price. The vendor’s aspirational price may actually be above the best offer in the current market. An agent cannot be criticised for this unless they have initially overquoted the potential sale price just to win the listing.
The best real estate agent will be able to deliver their client the best possible price with the least stress and risk. It is difficult to have a risk free and stress free campaign if the agent has promised you a price well above the market, or what they think you wanted to hear.
The Torquay property market has been very strong for a number of years and is still showing strength despite many markets seeing a downturn. Nearby the City of Geelong property market is also still bringing in amazing results, and is in fact bucking the statewide and nationwide trend. It is important to note that the market price for many areas elsewhere have continued to decline throughout 2018, and in many cases agents have had to tell clients mid-campaign, that the price they were all hoping to achieve is now looking unlikely. Vendors who have selected a real estate agent that they trust and know to be experienced will feel confident in the advice that their agent delivers. In the case that the feedback on a property is unexpectedly negative or resistant, having an agent you can trust and you know will honestly tell you the feedback, is far better situation than that which you were lured by a lofty appraisal price and they don’t tell you the honest feedback in order to save face.
An experienced agent will be able to offer the right sales process for the current market environment and will deliver the best possible result. Vendors need to hold a collaborative mindset towards their negotiation with buyers. Favorable terms can often be a huge factor in negotiation, and often trump price. A good agent will look at the bigger picture, looking to reach a harmonious conclusion with good settlement terms, and a fair price – a weak negotiator will focus only on price and often break down the negotiation between seller and buyer.
At One Agency, we believe that the right sales process is fundamental to the success in any market. In a transitioning market it is imperative to have an agent that you can trust to give you honest feedback and to guide you through the process to reach the best possible outcome for your situation.
If you would like to chat further about the current Torquay property market and where your property sits, we’d love to help. Call our office on 03 5261 4711 or email firstname.lastname@example.org