How much should your agent tell you when selling your property?
Samantha is a Sydney-based real estate and home improvement writer. She is currently Head of Marketing at OpenAgent.
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Communication is important in any relationship, no more so than with your real estate agent.
Why?
Because the more effectively you communicate with them, the more successful your whole experience is likely to be. But if you haven’t sold property or dealt with an agent before it's difficult to know how often you will hear from them once your sale gets underway.
Besides helping you get the best possible price for your property your agent has a pretty crucial role in the sale process, which includes:
- Liaising with you to set the best price to ensure a timely sale, based on property sales in the area over recent times.
- Informing interested parties about your property details
- Showing potential buyers your property via open houses or inspections
- Relaying offers to you from potential buyers
The key to a happy and productive relationship with your agent is to make sure they know what you want from the relationship. You should look to:
Establish your expectations from the start
Often a lack of feedback from your agent can translate into a perceived lack of agent activity, but this often isn't actually the case. That's why setting expectations from day one is so important.
Your agent should be fully briefed on your personal circumstances, time-frame for selling, how you want to be contacted and how often.
After your property is listed a large part of your agent’s role is to keep you up to speed on developments as they happen. And the best agents always put your interests first, and make you feel informed and supported throughout the sale process. Expect to be contacted with offers more often in a ‘hot’ market and vice versa in a slow one.
They also need to know when to make the call if your property is not selling, and to let you know why and what needs to be done.
The best agents always put your interests first, and make you feel informed and supported throughout the sale process
Read: 10 most expensive mistakes sellers make
Here are some things you should be looking for in a good agent:
An agent should understand your time-frame and work to it
Your agent should be across the time frame you wish to sell in, and any personal circumstances which are relevant to this.
If you're in a rush to sell and need to settle asap they can then adjust their marketing strategy with this in mind. If there is no particular urgency your agent knows that you're willing to hold out for a better price.
A good agent will liaise with you using your preferred mode of communication
The more efficiently you communicate the more successful the relationship with your agent will be. To avoid any misunderstanding by setting this up from day one and clarify exactly how and when your agent communicates with you.
Do you want them to call, message or email you? You also might like to meet them face-to-face for a chat. Clearly set out how often you want updates and when you want to meet.
The more efficiently you communicate the more successful the relationship with your agent will be
Your agent should get back to your queries within a reasonable time-frame
Do bear in mind that your agent could be very busy and that you're unlikely to be their only client.
They are likely to have multiple listings but should still be able to give you a typical timeframe for getting back to you. Agents should also let you know where you stand with any interested buyers and offers as they receive them.
Do estate agents have a code of conduct?
Besides having a list of desirable traits, all agents must have a working knowledge of the relevant regulations and legislation pertaining to their profession. They learn this as part of their training to be real estate agents.
In addition agent associations like the Real Estate Institute of Australia (REIA) have a code of conduct, which encourages members to, ‘exercise skill, care, and diligence in the conduct of the profession”, and to, ‘complete all work on behalf of the client as soon as is reasonably possible.’
They are also obliged to act in the best interest of their clients. Use our Smart Seller’s Guide to make sure you're across everything before you put your property on the market. It could help your sale go smoothly
