There are, according to the Property Practitioners Regulatory Authority, some 50 000 property practitioners currently registered in South Africa, which means that many people are spoilt for choice when selecting an agent to sell a property. However, choosing the right fit is crucial to a harmonious relationship and successful sale, which could otherwise be a journey fraught with disappointments and expectations that may not be met.
This generic checklist should help you with your decision-making.
Qualification
First and foremost is to ensure that the property practitioners you interview are qualified or under the guidance of a qualified agent. This means they have applied to, and have been accepted by, the Property Practitioners Regulatory Authority, which among other requirements, means they have passed an examination that allows them to practice as an estate agent.
Referrals
Ask trusted friends and neighbours for referrals but don’t fall into the trap of believing rave reviews. Bear in mind that there are personalities that work well together, and others don’t.
Also, note the agency boards of active agents in your area, and, if possible, approach those currently selling or who have recently sold their home to gain insights into the agent they have/had engaged.
Undertake an online search of agents and agencies specialising in your area, and read the reviews.
Create a shortlist of agents.
Communication
Once you have a list of potential candidates, it is a good idea to send them a text message or an email. In this way, you can test their responsiveness. Ideally, you should hear from an agent within hours. Red flags should be raised for any longer than 12 hours unless there is a reasonable explanation.
You should ask the agent to meet with you and discuss how they will communicate with you and whether they intend to hand-hold you through the sales journey. Make your expectations clear relative to your communication requirements.
Questions to ask the property practitioner
The initial meeting with a property practitioner can be compared to a job interview, whereby you ask pertinent questions to which the answers will assure you of their capabilities, knowledge and experience:
- How long have you been operating as an estate agent? Ideally, aim for someone who has at least two years of experience. If it’s an intern, you need to be assured that s/he is working under the guidance of an experienced agent.
- How many properties have you sold in the past year? You are looking for double digits in that number.
- What percentage of your listings do you sell on average? A good agent will have an average of a minimum of 60%.
- What is the average listing price of your actual sales? Again, look for high but realistic numbers in the answer.
- How will you market my home? You are looking for maximum exposure in the market, so you need the answer to relate to a mix of online, social media, and possible print media campaigns.
- What type of images will you be taking of my home? Are these professional images, with staged settings, or lower resolution cell phone images? Naturally, you want your home to be presented in the most attractive light.
- What is your commission, and how can I judge the value of that? This is how property practitioners earn their income, and you need to be satisfied that the practitioner working for you is confident that s/he will be earning that fee. A good property practitioner will be confident in their service and may not be prepared to negotiate a lower fee. On the other hand, those that appear too quick to negotiate a lower rate may also be a red flag. If they aren’t protective of their ability to earn the rate they believe they deserve, how then are they going to protect the value of your home?
- Are you prepared to refer me to previous clients for whom you have sold properties? Do contact those sellers for a referral.
- How receptive are you to taking my calls, even after hours and on weekends?
Broad knowledge
The agent needs to have knowledge of both the local (micro) marketplace and the macroeconomic factors in play. From a macro perspective, this will include conditions impacting the entire property market, such as potential interest rate hikes and decreases and any shift is power within the local municipality.
From a micro level, property practitioners will need a broad understanding of local developments that may impact the property’s attractiveness, such as whether a big office park development or mall will increase traffic patterns. They will also be able to provide all the necessary neighbourhood information, including nearby schools and hospitals, crime rates, and recent sales and values of the homes in the area, including the number of days that properties stay on the market.
This type of information is readily available to agents through diverse market resources that may not be as easily tapped into by the man in the street. Whilst these are factors that don’t necessarily impact the seller, they are potential issues that the future buyer may use to negotiate a lower offer.
Emotional connection
Working with the ‘right’ property practitioner, will help alleviate or soothe any stress and anxiety that the seller may be feeling, particularly if the property is being sold reluctantly, as would be the case when a financial situation dictates. Professional property practitioners are adept at relating to the emotional roller-coaster ride that a home sale may generate. Property practitioners should also, regardless of the condition of a property, find positive elements that will reassure buyers that there is value in the property.
Most importantly, you should feel a connection with the property practitioner, which may be as simple as sharing a common experience, something that might be shared in a conversation. However, that is not to say that an agent with whom you feel no connection will not sell and market your home professionally.
Final realisation
The agent and seller create a ‘temporary’ business relationship, and whilst there may be an element of camaraderie, it is rare that this crosses over into a long-term friendship. You are ultimately paying for a service, and as such, you should feel comfortable demanding the same high-level consideration for your mid-range priced home as would be given to someone selling a home in the high Rand millions.
Writer : Kerry Dimmer
