There is so much information out there about the real estate market and agents and we felt like it was time to clear a few things up.
1. A reduced property means that the seller is desperate to sell
A fair assumption that is actually more than often incorrect. From our experience, most price reductions are to bring a property closer to a competitive price and more in line with properties with similar characteristics.
2. An agent will say anything to achieve a sale
There is no shortage of estate agents, this is clear. You will find however, that there’s a reason an agency will stick around, and it’s not by pushing buyers into a property purchase.
It’s an agents job to provide you with a selection of properties to view and then give as much information as possible so that you as a buyer can make an informed decision that is right for you. Remember, you are in control of what you buy.
3. It’s best to come in with a low offer
Making an initial offer on a property is a nerve racking thing. Come in too low however and you risk offending the vendor. It’s a fine balance. With this in mind, the first piece of advice we always provide clients with is to offer with good will.
Another tip, ask your agent. They will be able to provide guidance and advice during this crucial moment.
4. An agent can only show their direct listings
Not the case! Most agents from part of an MLS system in which they essentially share properties. This means that both vendors and purchasers have the option to chose just one agency that they feel comfortable with.
5. It’s advisable to price your property on the high side to begin with
I totally understand the logic behind this one. A high price could mean that you are open to negotiations and encourage buyers to make an offer.
Unfortunately, this often has the very opposite effect. By pricing a lot higher than market value, you run the risk of isolating potential buyers that won’t consider viewing the property as it could be over their budget at face value.
6. All agencies offer the same service
You would be forgiven for thinking this. I mean, how different can one agency really be from another?
The truth is that every agency has a different approach to real estate. From different standards of photographs to marketing budgets and customer service, agencies can vary wildly. Shop around and find the right person to represent you!