Considering selling your development site? What to look for in an agency

The selling process...widely regarded as one of the most daunting let alone challenging missions people come to face in their life - a frenzied combination of making the move to finally sell, selecting an agent (out of hundreds), filling out paperwork, preparing the property for sale and of course, the nerve-wracking and tense demands that a campaign demands.

So, how does one simplify this problematic endeavor and free themselves of the stresses of selling? In a marketplace literally flooded with agents from companies as diverse as the eye can see, the question becomes not whether to acquire the services of an agent, but rather, which agent will be the most effective in representing your house throughout all stages of the campaign?

In selecting a suitable agent to sell your home, it is recommended that one considers the following fundamentals to ensure a seamless transaction in securing the most effective outcome: 

1) Neighborhood knowledge & experience

‘The only source of knowledge is experience’ – select an agent who has a thorough understanding of the local market and knows where the buyers are and most importantly, what it is they’re looking for. Your local agent should at a minimum have a comprehensive history of sales in the area, a substantial database of buyers and investors looking to purchase, intelligence on local infrastructure and the residential buildings that lie within the regions boundaries, and last but certainly not least what makes the area an attractive proposition for individuals to reside in.  

2) Accredited and highly qualified staff

‘Education is the most powerful weapon’ – with hundreds of agencies in the marketplace all vying for business, it’s critical to make the distinction between a routine agency led by promises, to an exceptional agency led by outcomes and results. Choosing an agency with fully qualified staff accredited with the Real Estate Institute of Victoria ensures a level of credibility and comprehension of the regulatory responsibilities influencing the sale of property. Moreover, a quality company’s team should be experts in their field and have the aptitude to dispense information with reference to any property related matters, regardless of the degree to which the client is a first time purchaser or seller, or an established client. This incorporates providing detailed and precise intelligence to the client with regard to the intricacies of property titles, body corporate complications, marketing and fee structures and the transactional campaign.  

 3) Service Guarantee

‘Everything starts with the customer’ – real estate is an industry dominated by constant engagement and interaction at all points of the relationship, yet unfortunately more often than not, sellers are kept in the dark as to the progress of their property. As we know, selling a property can be a testing decision at the best of times, and being kept informed of interests levels, open for inspections and contract requests are critical to ensure vendors are at the forefront of the agencies best interests. Pay specific attention to the regularity and method in which the agency corresponds with its vendors, with particular consideration given to the methods and implementation of communication strategies – that is, how does the agency interact with vendors, how often is correspondence provided, how are the buyer register reports presented and how well does the agency follow up with the vendors post-sale.

4) Negotiation

‘You don’t get what you deserve, you get what you negotiate’ – perhaps the most critical asset to look for in selecting a suitable agent to sell your property is their ability to negotiate. As we know from market experiences spanning thousands of years, the act of conjugating buyer and seller is a process that demands lengthy conciliation between two parties both requiring undertakings from one another. In Real Estate especially, the act of facilitating the exchange between potential purchaser and potential seller is one that is often fraught with liability. Typically, the buyer is always looking at ways to implement a strategy of value reduction, whereas the seller is constantly seeking a more attractive fiduciary proposition for their property. During this tense process, a skilled negotiator is able to effectively consider the absolute positions of both parties and determine what amendments need to occur in order for the deal to transpire. Through calculated consideration, the negotiator should be able to bridge the obstacles both parties experience and reach a mutually beneficial agreement that emphasises the upsides for the deal to progress.

When considering selling your property, mandate that the agency you choose adheres to these guidelines at a minimum as this will assist in easing the pressures you experience throughout the sale process and enable you to enjoy the next phase of your life – whatever and wherever that may be.

Development Ready would happily provide agency guidance for your development property.  

Contact; [email protected]
or Ph: (03) 9631 5476

Authored by Rob Langton of DevelopementReady.com.au