SHOW NOTES & TRANSCRIPT
Hi there, and welcome to today’s episode of the property Journal. Today we’re going to be discussing how to choose the right real estate agent when you’re selling your home. This is a topic that has a lot of opinion out there in the marketplace as to the best way to go about this. So what we thought we do tonight is get on an industry expert. And today we’ve got Jacqueline from the semi Fox Property Group. Now separate box these days, I think he’s more in the buyer’s agent space and the Property Valuation sort of side of things. But Jacqueline herself has spent a large body of her career in the selling arena. So I’d like to welcome Jacqueline Nicole.
Hello, I guess. Thanks for having me. It’s really good to be here.
Yeah. Now we’re really excited to talk about today’s topic. So look, why don’t introduce yourself to the listeners and just tell them a little bit about your experience in the selling arena. Because I know these days, you’ve obviously got your successful buyers agency. But you did actually started out as a selling agent of blink down in city if I’m not correct or not mistaken.
Yeah, I actually did start selling for one of the big brands McGraw, our estate agents down in Sydney. And I started off as an assistant. And then I migrated over to selling real estate. So in a traditional real estate agency selling real estate for moms and dads and everything in between. Before I actually went to the dark side and represent exclusively buyers, which is my current business savvy Fox Property Group. And we’re buyers, agents and values.
And so how long did you spend in the role of selling real estate down there in the cinema? Because you’re in a really competitive market? Also?
Yes, I worked in alone offshore, which Yes, I would say the most competitive marketplace in all of Australia. And I had about 12 years of selling real estate in that area, Marcus.
Okay. Now, you’ll probably hate me bringing this up on the podcast. But I do believe you were quite successful, and you haven’t won a few awards throughout your time with selling real estate.
Yeah, sounds like you’ve had a chat to my mom. So yeah, they look I was lucky enough to quite dominate the I looked after a small marketplace, I chose instead of crossing all over Sydney, I chose to look after a smaller market place and try to dominate that. And that sort of led me to being having a little bit of market share. And then I was nominated and actually won the real estate Institute of Australia, award for excellence and the real estate Institute of New South Wales award for excellence. so
fantastic. So it’s advice we can we can really take to the bank then. So let’s jump into a few questions and try and break down for our listeners How to Buy or how to sort of hire the best real estate agent possible because look, for a lot of people, they don’t sell a lot of homes in their lives. And so it’s a very sort of stressful and very personal time to sort of go through this process or you know, often moving through family homes where there’s a lot of emotion attached to that. So firstly, let’s just start by breaking in like what is a traditional selling agent? Because as we mentioned at the top of the show, you work more as a buyer’s agent these days. So do you want just clarify quickly? Yeah, what is a selling agent? And what is their role in the process?
Okay, so a traditional selling agent, most people would be aware of this, they would have had someone in their family at some point own a home, decided to move so they had to go and sell that home. So that would be you every day. Myron par, Joe Bloggs investors, etc. And they are getting contact with a number of selling agents through a real estate agency. And they come in price the property and then go on to do open homes, negotiate with buyers and hopefully have a solid sticker up at the end of it all. So that’s the traditional selling agents role. What a buyer’s agent does is ends up exclusively representing buyers. So we don’t have a commission whatsoever from the selling agent or from the person selling the home. It is a you’re employed 100% from the buyer, and you represent them in a real estate transaction.
Yeah, okay, great. So that’s, that’s more what you’re doing today. So going back to sort of the selling side of things, what stage in the process should someone engage a real estate agent,
when you first have a thought an inkling that you want to be in a different place to where you are, or if you decide that you want to build some financial wealth through investing, then that’s a sign that you should probably have your first initial chats, and it might take years before you actually end up buying or selling. It’s, it’s very much a process, but you have to start with a good information up front so that you can put the stepping stones in place to actually make a move.
Okay. And so when we go through the process of finding a real estate agent, what are some of the questions that you’d recommend asking to sort of find out whether or not this agent is firstly, the right fit for you. But more importantly, that, you know, they understand what you’re trying to achieve with your sort of, you know, your property. So,
I be in selecting an agent, the thing that I would look for most is, who’s got sold speakers up on signboards in the area that you believe or wanting to sell your property. So it’s so so important that it’s an active agent, and not someone that has maybe had a listing one listing in the past six months, they wouldn’t be currently talking to the buyers out in the marketplace. So they’re not, they might be a lovely person, and someone that you know, goes to your local tennis club, but they’re not actually the most active agent in the area that’s doing all the deal. So first and foremost, I would be asking an agent, what have they sold recently, that is lock your property, if they’re a luxury home seller, and $5 million homes and you’ve got a two bedroom house? Maybe they’re not the right agent, just because they’re making sales. Maybe you’re not talking to the right buyer pool that your property is in? So I would say make sure you ask the right questions to the right agent. And in relation to other questions,
without a fee? I mean, when do you approach that subject? It’s
a it’s an important question fee. And one of the things I’d be really cautious of is just going with the cheapest agent, you’ll find the agencies that end up shutting up shop or the discount agents that have a guaranteed 5550 all inclusive price. They are not particularly driven by getting a you a better sell price, because that it doesn’t make a cent of difference to them. So it is really important the discuss face structure with with your selling agent, but don’t necessarily screw them down or choose the cheapest agent because it It may not be better for you in the long run.
So I mean, obviously they might not be the cheapest agent, but would you still recommend negotiating on price at all?
I definitely ask the question, one of the things I would definitely do is say can you buy me through a role play of how you would negotiate with a purchaser. So get them to do a dialogue with you and and explain and if I can prove that they’re actually worth there for free. If you sit there and think oh, that’s they’ve just got me an extra $25,000 through the way they negotiate, then yeah, they are worth 2% plus GST as opposed to getting down to 1.8%, inclusive GSK. So if you feel that they are worth their fee, through making them prove it, then by all means painful thing,
because I guess at the end of the day, that’s the thing is often miss, it’s not just about selling your property, it’s best selling your property at the best price. So you do want somebody in your corner who you feel comfortable can actually negotiate well and get you more for your property.
It’s not just about putting ads in the paper and up on the and organizing a signboard and photos and having an open home It is it that’s all fantastic and have to be an organized person. But what it’s really about is when it comes to crunch time, and there’s a negotiation in the heat of the moment that your agent is working for you.
And so let’s sort of look at the other side of things. What should you do? Or what would you recommend if you’ve engaged an agent and you’re a low low ball down the road now and your properties not selling you’re not seeing the results come through that you’re hoping for what would sort of be your recourse or I guess plan of attack then?
Well, there’s a few things on this one, Marcus, there’s, there’s a few things to look at. So the first thing that I would look at is the presentation of the home. So if you have a tenant in there, and it is a pigsty, then I would probably it’s not going to impress buyers when they come in and let some people can’t see the vision and can’t look past what a place looks like empty. And so what I would recommend is maybe offering for to get a clean out the day before the open home and have it clean or clean for an hour or two. And you pay for that. So that you know that it’s going to be presented welcome the open home. So the first thing is definitely presentation. The other thing I would look for his placement. So if your ads are now on page four real estate.com because you’ve had that opportunity on page one, and as more properties list in front of yours, yours bounced back to page two and three people generally don’t click, click that far back. So maybe you have to look at some more marketing and maybe doing some priority marketing to get you back front of front of house on page one. The other so that comes into promotion as well. I think it is really important to take really good don’t don’t skimp on photography, get yourself a floor plan. That is the first place that people will see you is the how you present it online at got to it’s absolutely gotta pop, it’s got to stand out from the crowd, a doc photo is not going to make your property. So it’s like taking a photo on a rainy day, it just doesn’t look as as amazing and inviting as a beautiful sunny day does for photography.
And I guess the other thing is,
the big one I haven’t checked off here is price. Now nobody wants to hear this. Nobody wants to hear this because and it’s why I leave it to last is that you cannot stop buyers from putting off offers on contracts if if they think it’s good value. So I would have if they have a property, asking 600,000 and signed the properties probably worth 500,000 I would have very few people turn up at the open home at when it looks more expensive than it should for a two bedroom two bathroom property. When all the other ones online, they look at the photos and I think oh, it’s still too bad, too bad. That’s a little bit of a process 600. So they don’t actually you can’t get them in the door to your point for you to come and do it in the first place. If you put that same property on at offers over 490, you would have 5060 people come through the open home because it looks like really good value. From there, maybe you’re negotiating up. So once you get people through the door, then maybe you’ll end up in the five somewhere. But if you get the price wrong, you just want to have people come through, and it’s so important to adjust your pricing. The market will tell you if you’re overpriced, you won’t get office.
Yeah. And I guess what’s, what are some of the tips you might give for I guess, listeners out there who I think he’s saying I am Hello, I guess understand the market because one thing that we do see a lot is when the agent comes in with a market value, but the the seller, or the owner of the home has a predisposed idea of what they’d like to get for the property. And often if that property or that process you said was higher than what the market is prepared to pay, then you can find your property just sitting there and stagnating a little bit. So where can people go to get a better idea of maybe what their house is priced? For? Like what price point they should be listing
agency size do you have to give you they have to base it on market analysis. So they can’t just say, oh, what do you want for your home are 700 Yeah, we can get you 700, maybe 727 50. And the agents that tell you what you want to hear, I’m not doing you any favors. So they’re more maybe buying your listing telling you what you want to hear in order for you to get that agent believes in my home. And it’s Sorry about that, generally speaking someone middle of the road, the agent that says it’s worth six, it is probably the agent, it’s on the money, they’re probably being very honest. And what I would say is that,
that what you need to do is have a look online in the real estate.com section, go into the sold section, click to bed, two bath, whatever your property is, and see what other properties is selling for in that sort of quite similar to yours. So do your own research. Potentially, if you like you can hire a valuable to do a pre sale valuation for you. If you want to completely invested interest someone who’s going to come and tell you, it’s worth between six and 720. That will give you a real indication of what is likely to sell for in the marketplace. So that’s probably the best way of working out true value of your property.
Well, there you go. Well, any final thoughts that brings us to the end of this show? I think there’s been a lot of interesting information, a few gold nuggets in there for people who are potentially looking to sell their home. Thanks very much for joining us on today’s episode, Jacqueline.
Thanks, Marcus. It’s been great.
Thanks, guys. And we’ll see you in the next episode of the Property Journal Podcast