*This article first appeared in the June Midland Express
We often hear about buyer beware but when did you last get warnings for the seller to beware?
Choosing between real estate agents can be a complex task. In any given area, there could be dozens of agents from a broad standard of real estate agencies. It is important to identify that not all agents are the same.
With that type of competition amongst real estate agents, prospective sellers have the clear advantage to sift through and find the right agent for their sale. Agents are put under increasing pressure (and rightly so!) to ensure that the vendor gets the absolute best deal possible.
With margins being pushed across the board, some agents will reduce their fees drastically to secure the sale. The allure of more money in the vendors pocket appears from the surface to be one to be enthusiastic about. However, like everything in life, when you cut one expense to save yourself a few dollars, something else will be in deficit along the way.
So how do people manage the sale of their homes with the best possible sale price and lowest commission, and ensure that their marriage or sanity are still intact at the end?
When deciding on a commission, it is important to weigh up what is a fair fee for the agent while garnering the best outcome at sale. It is also important to recognise the value in paying a fair percentage for the agent because you want the agent to work for you.
A responsive agent who picks up the phone after hours, manages offers in a professional way, one who is thorough, kind to your children and pets and manages every single stressful aspect of the sale on your behalf is worth the extra small margin you feel you might gain.
Crunching an agent too much might cost you so much more in the end.