What es­tate agents do be­hind the scenes

Lesotho Times - - Property -

IT is said that on av­er­age, for ev­ery hour that a real es­tate agent spends with the home­owner of the prop­erty they are sell­ing, they will spend around nine hours out of eye­sight work­ing on the seller’s be­half. The rea­son for this is fairly sim­ple — if they don’t sell the prop­erty, they don’t get paid.

This is ac­cord­ing to Adrian Goslett, re­gional di­rec­tor and CEO of RE/MAX of South­ern Africa, who says the ma­jor­ity of real es­tate agents work on a com­mis­sion ba­sis, mean­ing that they will only re­ceive pay­ment for their ser­vices if the prop­erty is sold.

While this is a risk, he says it is also highly mo­ti­vat­ing and pushes them to go the ex­tra mile to en­sure that the deal is closed.

“Un­like other pro­fes­sion­als who bill their clients for the amount of time they spend work­ing for them, agents run the risk of com­ing away empty-handed - this is sim­ply the na­ture of the real es­tate in­dus­try.”

Goslett says there is of­ten de­bate re­gard­ing agent’s com­mis­sion and why cer­tain agents charge more, while oth­ers charge less.

“A lot has to do with the agent’s ex­pe­ri­ence and what they can of­fer the seller. If an agent can achieve the agreed-upon sell­ing price within the stip­u­lated time frame, should they not be paid a fair com­mis­sion?”

Goslett shares few things real es­tate agents do be­hind the scenes to get the prop­erty sold:

Mar­ket­ing the prop­erty Added to the fact that an agent will only be paid once the home is sold, agents will ac­tu­ally put money into en­sur­ing their listings re­ceive as much ex­po­sure as pos­si­ble.

As part of their ser­vice to the seller, an agent will mar­ket the prop­erty by tak­ing out mag­a­zine and news­pa­per ad­verts, print­ing fly­ers and brochures, hav­ing pro­fes­sional photos taken of the home and en­sur­ing that the home en­joys pre­mium place­ment on prop­erty search por­tals.

Other mar­ket­ing meth­ods in­clude us­ing the ser­vices of a pub­lic re­la­tions of­fi­cer to en­gage with tar­geted me­dia, post­ing listings on so­cial me­dia and hold­ing show days.

Goslett says a fair amount of money and time is spent to en­sure that the home is ex­posed to the right tar­get mar­ket and sells for the high­est pos­si­ble price, within the short­est amount of time. Deal­ing with buy­ers and writ­ing of­fers Much of an agent’s time is spent talk­ing to their net­work of buy­ers and en­sur­ing that the buy­ers are matched with the right homes. The agent needs to have an in-depth knowl­edge of the homes that they are cur­rently mar­ket­ing, along with what each of the buy­ers in their net­work is look­ing for, says Goslett.

He says once they have matched a buyer with the right home, much of their job would then en­tail deal­ing with the of­fer from the buyer, as well as any counter of­fers that the seller may bring to the ne­go­ti­a­tion ta­ble. This is an im­por­tant part of the prop­erty sales trans­ac­tion, as the agent can ei­ther save or net the seller thou­sands on the sale dur­ing this stage of ne­go­ti­a­tions.

The agent will spend a lot of time writ­ing up of­fers, ex­plain­ing them to the seller, if nec­es­sary, and show­ing them how to counter of­fer if they wish to do so.

Re­search Goslett says much of an agent’s time is spent re­search­ing prop­erty sales prices and data to en­sure that they know their area well and have a good han­dle on the mar­ket. In or­der to ac­cu­rately price a home for sale, an agent will need to com­plete a com­par­a­tive mar­ket anal­y­sis (CMA).

Fac­tors taken into con­sid­er­a­tion dur­ing a CMA would in­clude the av­er­age price per square me­tre in the area, re­cent sale prices of sim­i­lar homes and com­par­a­tive prices of other prop­er­ties that are still on the mar­ket. This in­for­ma­tion will help es­tab­lish a rea­son­able price bracket for the prop­erty.

Once an es­tate agent has the cor­rect price bracket for the home, they will de­ter­mine what fea­tures or unique qual­i­ties could set the prop­erty apart from oth­ers in the area to give a more ac­cu­rate gauge of the home’s value.

Be there dur­ing in­spec­tions Goslett says a seller might not be present dur­ing a home in­spec­tion, but a good agent should be. This will give the agent valu­able in­for­ma­tion re­gard­ing the home and as­sist with ac­cu­rately set­ting an ask­ing price.

En­sure a smooth ride Un­for­tu­nately not ev­ery prop­erty sale will go smoothly. How­ever, an agent will, as much as pos­si­ble, try to shield clients from any un­nec­es­sary drama, un­less there is a need to in­form them.

Goslett says an agent will work tire­lessly to en­sure that the prop­erty sales process is as has­sle-free as pos­si­ble for both the buyer and the seller.

A prop­erty trans­ac­tion can be stress­ful and peo­ple get emo­tional. A good agent will need to be a prob­lem-solver, keep a pos­i­tive ap­proach and come up with a con­struc­tive so­lu­tion to any is­sue. — Prop­erty24

AN agent will work tire­lessly to en­sure that the prop­erty sales process is as has­sle-free as pos­si­ble.

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