When you’re in the process of buying a home, it can take a while to feel confident about speaking with real estate agents. However, the more properties you look at, the more you will realise there are some important things to know before you put in an offer.
1. How much is my home worth and why?
The property value is how much an average buyer in the area is willing to pay for. An experienced real estate agent can usually give you a valuation of what the property might be worth in your area. An agent will determine the market value of your property using comparable listings and past sales in your area. The more experienced the agent is, the more accurate their Market Appraisal would be. The agent should be able to justify the price they are marketing your home for and deliver on their promises. They also need to be adaptable to new features and technology in marketing your home and bring a level of enthusiasm and excitement to your property.
2. How experienced are you in this market?
It’s important you find a local agent who has a good understanding of the demographics and the suburb your property is located in. Over time agents build a database of buyers looking to purchase and you want to work with the agents that know who the buyers are in your market. You should look for an agent with sufficient sales experience to deal with any situation that arises. Usually, the best way to determine this is to look for an agency with the highest market share in your region. Be wary of agents who overinflate your expectations just to get the business. Remember, an overpriced house may cost you in the long run as the longer your home is on the market the less attractive it is to a potential buyer.
3. Communication
You want to know how your agent communicates with you and be sure that they are adaptable to your schedule. It’s important to ask when and how often you’d be updated about the progress, and what kind of schedule does the agent operate on.
You also need to determine if you will be dealing directly with the agent. It can be very frustrating if you agree to work with an agent, only for them to push you off onto a junior salesperson or another team member.
That being said, there can be advantages to agents who use a team structure. It can free up more of the agent’s time, allowing them to concentrate on finding buyers, but you need to understand what the team structure is, who will be dealing with buyers and who will be communicating with you, so you don’t get left in the dark.
4. How will you market my property?
How will your agent make your home stand out from the rest. Marketing a home has never been more important with buyers shopping online first. With most buyers only inspecting a property once before purchase, your buyer has usually looked over your property a number of times online.
Currently, a growing number of customers are purchasing real estate without ever having seen it, thus your property’s web profile is essential.
5. Have you recently sold properties in my area, and how will you find a buyer?
Make sure your agent has local real estate sales experience and is aware of the location advantages that will draw customers. They probably already know a number of potential buyers who would be interested in your house if they have previously sold or are presently selling properties in your neighborhood.
Additionally, a reputable agent should have a database of potential purchasers they may get in touch with directly to tell them about your house. This can be a huge benefit because it will allow you to gauge interest in your house before you launch your marketing effort. Even better, you could even be able to sell your house without even launching a marketing campaign.
REX Real Estate agency is based in Northern & South Eastern Suburbs of Melbourne and we specialise in residential and commercial properties. Contact us via our website www.rexrealestate.com.au or call at 0405 100 003
