What do sellers need to ask agents on how they plan to sell off the property?
All sellers should take note of the idiom,’ ’If you pay peanuts, you get monkeys”; which loosely translates to ‘offering a low incentive/payment will not attract quality labour.
This is a universal truth which applies to all business deals.
Paying comparatively low or below-market agency fees will definitely not guarantee quality service as a measly commission fee will not be incentive enough to act in the best interest of the seller.
Having said that, sellers should carry out their own due diligence when it comes to assessing an agent’s capability. Following are some questions that you should ask your agent:
- What is your pricing strategy?
- What is your marketing strategy?
- Which online and offline advertisement channels are you planning to use to publicise my property?
- What is your experience in selling properties similar to mine?
Besides that, a committed and responsible agent would perform the following tasks:
- Take professional photos of the subject property and all the available facilities/ amenities
- Record down the property details on a fact sheet/listing book
- Present a detailed plan on how to successfully dispose the property
- Ask for a written authorization to sell off the property
- Label the keys handed over by the seller
- Explore the motivation of the seller on disposing his/her property
- Provide justification for the commission charged
How do sellers check an agent’s track record to ensure that he/she is reliable and has the ability to close a good deal?
This can be easily done by asking the property agent to show their portfolio or any evidence of their past sales. These could be showcased through booking forms/offer letters, client testimonials, media interviews/coverage. Also, do check out the agent’s profile on property websites such as iProperty.com. It will be an added plus if the agent is described as an area specialist or a property-type specialist.
What are some of the other points that sellers have to determine or check before they decide to hire an agent?
In protecting their best interest, sellers must take the precautionary step of determining whether the agent is a licensed one or not, and if the agency is registered under the Board of Valuers, Appraisers and Estate Agents (BOVAEA). A real estate agent check can be done at www.propertyagent.gov.my while agency checks can be performed at www.lppwh.gov.my
The seller might also want to research the current asking price of the property he/she wants to sell. This can be done by browsing through similar listings online posted on property portals. For a more accurate reference on past transaction records, sellers can refer to brickz.my, which lists data from the Valuation and Property Services Department (JPPH). Nevertheless, do bear in mind that the latest data provided is only up to 3 months prior to the point of checking.
Ultimately, sellers will have to take into consideration the time factor when selling off their property; if one is aiming for a higher selling price, he/she will have to be prepared for a long wait. If immediate disposal is a priority, then the seller will have to settle for a lower price tag.