Hi folks,
I’m feeling frustrated with my sales agent who has the listing for my renovation project currently on the market. The numbers presenting at home opens are low, despite excellent presentation and great photos. When I asked REA what more we can do to get numbers in the door, his only suggestion was a newspaper ad. I chose to run this one weekend and we had even fewer visitors that weekend (rain didn’t help). He has not made any other suggestions and I am not sure what if any action he has taken to get people through the house.
So it got me thinking… What should I expect from the REA? What methods do good REAs use to get numbers in through the door? What strategy has worked for you in the past and what can I suggest and then hold him accountable to?
The way I see it right now is putting an ad up online and an occasional newspaper ad, all paid for by me, and he just rocks up to the home opens – doesn’t really justify a $14k commission cheque!
I would appreciate ay advice on what questions I could ask him, what strategies we could consider etc. There are other homes in the area receiving more attention, and this home is fairly priced. (just put a price on this week after passed in at auction last week. being on auction may have kept some buyers away)
Thanks,
EmmaHi Emma,
It can be very frustrtating finding a good agent. You should ask them a number of questions before considering any real estate agent. For example:
1) Does the agent listen to you or simply provid generic responses?
2) Do they ask question or ask for feedback?
3) Are you comfortible dealing with them?
4) Do they know the area?
5) Experience on your individual niche?
There's a lot more detail at my blog (link below), and select 'finding an agent'.
Goodluck!!!
Maybe the market is telling you some ?
You might need to look at plan b an rent it out if it’s not alreadyI meant telling you something
Hi Emma,
There are a couple of great books that highlight how real estate agents operate – good and bad ones. Once you know these things you can evaluate your experience.
Have a read of these articles (the books are listed after the first article)
How To Lose Money Selling Your Home
Auctions – Why They're Bad News
10 Questions To Ask A Real Estate AgentIan
http://www.theblockblog.com
Free Property Investment Info, Tools & Resources For Switched On Investors.The key is always do your research before listing with an agent.
But now you're there, there are a few things you can do:
- Don't just ask for an inspection register, also ask for feedback as to what the buyers have said about the property. If your agent can't provide any, it's an indication as to whether he has contacted them after the inspections to gauge their interest. Tell him you require feedback as part of his report.
- Remember it may be the market conditions in the area. Consider renting the property out in say 3 weeks if there is no genuine interest or offers and let buyers know that date. Sometimes buyers who see a property on the market for quite some time think that they have the opportunity to shop around because it has been there for so long.
- Tell the agent you are unsatisfied with his results and ask what he intends to do about it short of suggesting more advertising – more money for you to spend!
- As much as it may be an expensive exercise to cut your losses and choose another agent, it could mean the difference between a quick sale and months on the market. Check the agreement your have with the agent as to whether you can cancel it now. Research local agents really well and don't just choose on price, check if they have sold something similar or in the same street recently – they may have contact with buyers looking for a property just like yours. Another plus to changing agents is the listing will be fresh on all the real estate portals and therefore come up first on buyers' searches.
Below is a link to a thread with tips for choosing an agent:
https://www.propertyinvesting.com/forums/property-investing/general-property/4344370
I wish you the best of luck!
just an update for those who took the time to reply… a couple days after my moan online, my agent presented me with 6 offers! we have accepted and contract has gone unconditional.
there was a lot of research put into finding the agent, based on sales history.
I guess what I was really looking for in this thread was suggestions about actions agents can take during a campaign to better promote a property. I wanted to know what was realistic for me to expect… There is no doubt now my agent got me a good result, I just wasn’t entirely pleased with their methods and communication. I had not heard from them after a brief conversation on Monday and heard nothing until a text on saturday evening many hours after home open just saying “will call soon, busy writing offers”. So for that whole week I had no idea what my agent was doing, who they were talking to, what interest there was on the house, hence my frustration.
It was a good experience for me to go through and will improve the way I deal with agents in the future, I’ll be upfront about what communication I would like and also have more trust in them… perhaps
Thanks for the update, good to hear you got the result you were looking for.
You're right, it is a good idea to be upfront about your expectations in terms of the communication level with your agent.
Best wishes for the future!
Congratulations on the sale. I think with REA there are 2 kinds – the ones that you would want to sell your property and the ones that you would want to buy property through and generally they are not the same person.
haha its true Brian, the REA I bought the property off was a dream from my perspective!! got everything i asked for and seemed to take my side not the vendors! and for that exact reason i chose not to even consider appointing him after the reno!
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