Real estate leader talks about how to look for a good agent
“With prices softening and buyers taking their time and throwing out cheeky offers, vendors need an agent who can push back on their behalf yet still close a deal,” said Tim Kearins, owner of Century 21 New Zealand, adding that what is needed to ensure a sale in this market is not charm or good luck, but “to engage a proven and proactive professional.”
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When choosing an agent, Kearins said there is a need to ask for some recent references, as well as inquire how they’ll achieve the best possible price, who will manage the open homes, how they’ll work with their colleagues to widen the net, and what methods will they use to attract the right prospective buyers.
“The quality of marketing does vary, but not as much as the quality of an agent or agency,” Kearins said. “People, not advertising, sell properties in quieter or challenging times. Ideally, you want an 80:20 agent – reflecting the fact that 20% of agents sell 80% of homes. On a rising market when demand is strong, the agent may play a lesser role, but in a softening market, the agent is all-important. They need to be hungry but not desperate, fully prepared, and have the skill to target the most likely buyers and keep them interested.”
Many vendors end up disappointed, Kearins said, when the agent they engaged was not the one who fronts the open homes or potential buyers, or when agents talk up the property’s value to get the listing, then drown the vendor with negative buyer feedback to lower their expectations.
“You want your chosen agent to front every weekend,” he said. “You also want your agent to stand by an agreed realistic sale price until all the options are exhausted. If a buyer can sense an agent doesn’t believe a property is worth what the vendor’s expecting, they’ll smell blood and start low-balling their offers.”
Prior to marketing a property, a good agent will work with the vendor to settle an acceptable agreed price. Accurately pricing a house from the start is as important as defending that property’s price to potential buyers.
Kearins reminded vendors that there is still demand even in a quiet market, with new buyers entering the market every month.
“Ideally your agent will have comparable listings in your wider neighbourhood, so they can bounce buyers around from property to property,” he said. “You want buyers referred to your property if they’ve missed out down the road.”
Kearins also advised vendors to ask their agent to physically take them through their planned walkthrough, so they will know how to better present the house.
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He also said a good agent knows the government-assistant schemes available to first-home buyers, as well as any avenues and opportunities buyers can tap on if they need extra credit.
“Many buyers presume it all begins and ends with the big banks,” Kearins said. “However, mortgage brokers like Julius Capilitan of Century 21 Financial do all the running around, to deliver competitive rates and greater borrowing flexibility than the traditional lenders.”
With expats returning and borders re-opening, vendors could also choose to engage a real estate agency that’s part of a global network.
“We’re seeing increasing searches of our local listings via Century 21’s global website which can be translated into 19 different languages,” Kearins said. “With New Zealand an attractive place to migrate and invest, having your property visible from anywhere in the world is increasingly important.”
Bendigo and Adelaide Bank
