What Is The Real Role Of Your Real Estate Agent?
Now, I believe it’s time to discuss this as the lines can often get blurred as to what our role actually is. Most sellers would probably assume it is to
- Put a value on the property
- Advertise and open the property
- Negotiate the sale of the property
This to me, is a gross oversimplification of what our role should be, and is not commensurate with the fee that we receive.
What is the REAL role of your REAL ESTATE AGENT?
The role of a good Real Estate Agent, in my view, is to add value to your property through giving excellent advice as to what to do to prepare the property for sale. The difference between good and bad presentation is about 10% of the actual selling price, so on a million dollar property the wrong advice could cost you $100,000 or more.
Another role is to manage the expectations of your buyers so that you do not set them up for a disappointment, as this will never result in a sale. A classic example is over-pricing. They are expecting a certain product and then you underdeliver. A sale in this circumstance will never happen.
Another example of this is misrepresenting the property on the internet by using lenses that make rooms and outdoor areas appear bigger than they actually are. The buyer then comes to the property and is let down badly by what they see. Definately no sale there.
It is important to understand that no property has a “set value” – it will be worth different amounts to different people, depending on how much they like the property, how many attributes it has that they require, and how they perceive the location. The job of your Real Estate Agent is to elevate that value in the buyers’ eyes.
This involves finding ways to overcome or minimize what are likely to be objections to the property, making suggestions to buyers as to what they can do to overcome drawbacks they might feel the property has, and to emphasize the positive points to create a balanced viewpoint.
It is important to understand that no property has a set value
Every situation is a bit different when a house is getting sold and the role of the Agent is to execute a smooth sale, with the least possible problems emerging during the process. This can require a lot of foresight by the Agent to be able to gauge possible situations arising and to have the ability to “head them off at the pass” so to speak by avoiding such occurrences or making absolutely sure that their seller is protected in such an event.
This involves mediation between parties selling, diplomacy when emotions run high, and managing stress levels of clients if the going gets tough.
Your Real Estate Agent should not just be a middle man in the process of selling your home – to be at the absolute top of their game and the greatest asset to you, they must be a great marketer, a top communicator, a trusted advisor, a psychologist, an interior decorator, a diplomat and have confidence to give their sellers the advice that they need to hear, not what they want to hear. When you find that true professional – they are worth every cent of their commission, and a lot more.