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Beware sparkly, tight lipped real estate agents when selling a home
According to property renovation expert Deanne Heath, from Property Extreme, there is still important work to do.
“The key to getting the best price for your property is to find the right agent,” she said.
“There are many real estate agents out there, most of which have the best interests of their clients at heart.
“However, there are a few that wish to get your business no matter what.
“Remember a property to sell in this market equates to dollar signs for some agents.”
Deanne said like any business transaction, there are a number of strategies a seller should stick with as they work out who they want to sell their property.
“For some real estate agents having a buyer before you sign on the dotted line is a legitimate scenario,” she said.
“However, this is also a strategy used by unethical agents to lock buyers into signing a contract of sale.
“The best way to avoid being taken advantage of is to ask to speak to the potential buyer before you sign your life away.
“You also want to wary of agents who say they can sell your property at a much higher price then all of the others you interview.
“Be wary of agents who high-ball compared to other agents. This can be used as a strategy to let you think they will get more for your property, but realistically your property is only worth what the market will pay.”
Deanne said a seller also needs to look out for agents who dramatically drop their commission.
“Dropping commission is not a cardinal sin, however, if they drop it by a large amount, you have to consider whether they are the right person for the job,” she said.
“Ideally you want an agent who is selling your property to be able to negotiate strongly, and communicate effectively why they are worth that amount of commission.”
Deanne said to watch out for the charismatic and charming agents who may have very little else to offer.
“These sparkly agents can talk the talk but can’t walk the walk. Something that can help you with this is to ask to speak to the agent’s previous customers,” she said.
“A sign of a great agent is if they didn’t make a sale but the customer is still happy.
“You also want an agent that keeps in contact with you. If the agent is tight-lipped you’ll never know how you can increase your properties value, if it is staged correctly for the market or if there is anything you should change in the house renovation.”
What to look out for
1. Agents who have a buyer before you sign on the dotted line.
2. Agents who say they can sell your property at a much higher price then all of the others you interview
3. Real estate agents who drop their commission too much to get you to sign with them
4. Sparkly agents
5. Tight-lipped agents
For more tips on all things property renovation, go to www.propertyextreme.com.au