Choosing an agent can be a really big decision. The negotiation skills and experience of a real estate agent should be their most looked-for quality. When the market is thriving and sale prices go above reserves and expectation, agents don’t really need to draw on their negotiation skills. But, in other markets, when there is a mismatch between what buyers are prepared to pay and vendor expectations, your agent’s negotiation skills are worth the commission and become part of your costs to sell. Engaging an agent with excellent negotiation skills will help you to overcome any fears you may have about selling your home.
Learn more in this video, where Joanne Danckwardt explains why it is essential to choose an agent with outstanding negotiations skills and why negotiations skills are so important and why they should be a part of a good real estate agent's skillset.
If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist.
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Experience
An agent’s experience will dictate the way in which they respond to tough market conditions. Not all real estate agents have experience in this kind of market because they may not have been in the industry long enough. New agents will sometimes overvalue a property’s price in order to secure the listing. By monitoring agents, you will learn to recognise who these agents are as their listings tend to stay on the market, and asking pricing are reduced every couple of weeks.
Test
Take the opportunity to test a real estate agent to see if they have good negotiation skills. At your first meeting, when discussing fees, see if your agent will negotiate their commission. If the agent is a good negotiator, they should be to prove their value in the service they provide for the price they provide it for. If they are unable to negotiate a good commission fee for themselves, how will they negotiate a good price for you?
Another way to test a real estate agent is by proposing an unrealistic asking price. If the agent agrees without evidence, they may be just telling you want you want to hear. But if they reason for a more realistic price, this is an opportunity to see witness their negotiating skills first-hand. Agents have to be able to back their asking price up with facts, and the only facts you have are comparable sales.
If the listing price is unpractical and the agent has weak negotiation skills, the property may become stale and stay on the market for too long. If this occurs, buyers will start to wonder what is wrong with the property, and the asking price starts to decreases. An experienced negotiator with local-market knowledge will increase your chances of a rewarding sale result. The agent should be able to tell you everything you need to know at this initial meeting.
Research
When selecting your real estate agent, ask for references. Take the opportunity to speak with those who the agent has successfully sold for in the current market conditions. Ideally, these references or client stories should come from recent sales that required a degree of negotiation by the agent to get a great result for the seller.
If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist.
YES, DOWNLOAD MY CHECKLIST
If you feel you could benefit from our experience with buying and selling, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, we’d love to talk to you. Our number is 0426 264 771. We look forward to talking to you soon.
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