With the headlines pointing to rising home values and stock shortages, it’s easy to assume that real estate professionals don’t have a lot of work to do when it comes to selling homes.
After all, property basically sells itself… right?
This is definitely not the case. Real estate agents are probably some of the busiest people in the country, working day and night, and on weekends to help their clients get results.
Here’s a rundown of what your agent is up to behind the scenes during your property sale.
Before your campaign
Before your home is ready to be put on the market, there are a lot of things to be done. Your agent will:
• Research recent results in the area: Your agent will be doing their best to work out the correct value for your home. To do this, they need to see what the asking price has been for similar homes in the area, and what they have recently sold for. They will compare these results to your home and look at the ways your home is the same or different; even a few square metres in size or the level of slope your block sits on can make a difference.
Right now, results are fluctuating and real estate agents need to have their finger on the pulse. Understanding value is a critical part of the process.
• Identify potential buyers: Real estate agents usually have people on their radar who are on the hunt for properties and have been turning up to open homes. Your agent may decide to give these people the first chance to look at your property before it is advertised. If you are lucky, one of these preview buyers will make a strong offer.
• Speak with their network: Agents who work with franchise brands have extensive connections and will talk to their colleagues about the properties they have coming up. This can help to unearth more interested buyers. Your agent is also likely to keep in touch with a few buyer’s agents who will also have an active database of interested parties in the area.
• Prepare your marketing content: The more interest your home attracts, the more competition you will have from buyers. Your agent will talk to you about the type of platforms to advertise on, whether you should do mailbox drops or request a premium listing etc, and will arrange a photographer and copywriter to make sure your home stands out online.
During your campaign
Once the marketing begins, it’s time for your agent to start talking with buyers and inviting them to attend the open home. While there are always buyers out there, it can be difficult for them to make decisions and take action, especially because buying property is such a big move. Your agent’s job is to get buyers excited and create a sense of urgency so they don’t move on to the next listing without at least making an offer.
• Encouraging people to attend the open home: Once your home is on the market, your agent will touch base with interested buyers and urge them to come and check it out.
• Calling them to follow up: Once you have held your first open house, your agent will call everyone who visited, to find out their thoughts. Having this feedback can help you figure out if you need to make changes to the price or make some upgrades to attract more people.
• Help buyers realise the home is right for them: People don’t always see the potential of a property right away. A quality agent often has a sixth sense about things. If they feel your home is what a buyer is looking for, they put in the work to help them come to this realisation. It can take a few conversations but the buyer is usually thrilled to find that their dream house was right under their nose.
• Helping people figure out what to bid: Buyers often need some help in figuring out what the right offer is to make on a property. Your agent will guide potential buyers into making an offer everyone is happy with.
• Achieving the right price: It can take a lot of work to reach the point where everyone is comfortable. For a real estate agent, this can mean full days and even nights going back and forth on the phone with all the relevant stakeholders.
At the end of the day, your agent wants what is best for you. Buying a home is a big decision and they play a strong role in inspiring buyers to take swift action and make strong offers.
After the offer is made
Just because the offer is in and accepted doesn’t mean the work is over for your agent. There’s still lots to be done.
• Connecting you with a property law specialist: Once the offer is in, the paperwork begins. Your agent will contact a solicitor or conveyancer if you don’t already have one, so you can get this side of things underway.
• Liaising with your legal professional: If necessary, your agent will also act as a go-between for you and your conveyancer to ease the process along.
• Helping you and the buyer negotiate final terms: Before they move on to their next job, your agent will help you and your buyer negotiate the final terms of your property exchange agreement. For example, you may need your agent’s help to figure out the exact settlement date. They will liaise between you, your conveyancer and the buyer to finalise this detail.
In addition to the above, your agent is there to provide support and advice, answer your questions and help you make decisions about your home sale. A reliable operator will keep in touch with all updates so you feel reassured, and will do everything they can to make sure you achieve a price you are happy with.
Ready to sell? Get in touch today at teresa@teresaberger.com.au.
