For most the prospect of selling a home at the moment seems to be somewhat daunting. Never before have vendors had access to such vast amounts of information about market conditions, and while knowledge is definitely powerful, it can also be confusing.
Add to this the continuing contradictory media speculation about the state of the market. Some weeks it looks as though interest rates are set to go up and there is an undersupply of properties, the next the commentators may be reporting that there are affordability and supply concerns. Buyers can definitely be excused for being perplexed!
When hiring a real estate agent, vendors are essentially trusting the person that sells their home to provide them with the most accurate market information. This will enable them to make an educated decision about various aspects of the sale, including the price to accept, whether to take a property to auction, and how to best negotiate on price if the auction is not successful.
In conditions where the market outlook is somewhat uncertain, good agents will be frank and honest with you as their client, both through the stages of securing your business and as your property is taken to the market.
I have no doubt that when pitching for your business, less credible agents will give you overly positive information regarding price expectations and the like, that may not necessarily be reflective of the true state of affairs. However, it could very well be what you want to hear, and thus it is tempting to believe them.
Good agents will refrain from over-exaggerating the positive state of the market to obtain your listing. While you may not like to hear it at the time, receiving an honest assessment about market conditions from the beginning should help to make your selling process a lot easier to handle.
As a vendor you will also need to trust your agent to guide you through the price reduction process; that is, if your property has not yet sold, lowering its price to a level that meets buyers’ expectations. Believe me, this won’t be an easy conversation for your agent to have with you, however a good agent will approach you respectfully and should display an understanding of your situation. They know you don’t want to hear that your expected price may not be attainable, and will attempt to deliver the disappointing news in a truthful way.
Working with an agent that you trust and whose professional opinion you believe, is incredibly important when selling a property. It is an agent’s job to educate you and prepare you to be able to make the best decision for your individual circumstances – try to appoint your business to an agent who is truthful and realistic with you from the outset of your sales process.
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