Sellers Consultancy: How My Service Works
Your trusted partner when it comes to selling your Australian property.
When you come to sell your Australian home or investment property, you only really have two choices: do it yourself, or use a real estate agent.
Using a real estate agent is virtually everyon's default choice being unable to do it themselves. Sadly Roy Morgans Image of Professions survey in 2021 was especially harsh on estate agents, with only 5% of Australians rating them highly for ethics and honesty, putting estate agents amongst the bottom of all professions for honesty.
The most recent Ethics Index in 2022 compiled by the Governance Institute of Australia also revealed that Real Estate Agents are among the bottom three of all professions, just ahead of politicians.
YOUR REAL ESTATE AGENT WILL ALWAYS TO DO WHAT THEY DO BEST
When you work with a agent they will do what they do best:
- Prepare all the paperwork, ensure the tenant legally vacates, instruct repairers and contractors.
- Handle the marketing, photography, video's and advertising schedule.
- Open the property at the scheduled times, and attend the open house.
- Prepare for the auction if that is planned.
- Introduce buyers through their own database.
- Qualify potential buyers and encourage offers.
The challenge sellers have is how to choose an agent? And how to know that the marketing budgets submitted by agents is being spent wisely, is the Open House schedule the right one for the property, and is the selling price is in fact correct.
They will independently advise you whether an Auction is the best selling method, or whether another way is better. Most real estate agents will try to convince you that you MUST go to Auction to "get the highest price".
There are reasons they do this. And it is not always to get the highest price.
BUT SURELY MY REAL ESTATE AGENT WANTS TO SELL FOR THE HIGHEST PRICE, AS THEY WILL MAKE MORE IN COMMISSION?
One of the biggest mistakes sellers make is believing their estate agent will extract every dollar from a buyer, as it "benefits both parties". While it is true that your estate agent has a fiduciary requirement to work in the best interest of the seller, it’s important to note a "bird in the hand" is far more attractive to a selling agent that trying to get more money. Here is why.
Assume you are selling for $1M with 2% commission. That is a $20, 000 commission. However, out of that $20,000 the Agency will take a large share, as will the lister, and the actual salesperson (the person who actually sells your house, deals with the buyer, takes car of all the after sales work) will usually get around 20%, or $4,000 ,for themselves. The temptation to take the $4,000 now, often offsets the delay and effort to get YOU say another $100,000, of which the real estate agent him or herself will only make an additional $400. THAT is why many agents will prefer you take the quick sale of $1M now rather than wait, perhaps for months, to get you $1.1M.
, perhaos for months, to get you
Your independent vendor's advocate, not driven by commission, will help you understand what is a good offer to accept, and when to wait, especially if your estate agent is pressing you to accept an offer.
Your independent and trusted vendor's advocate advisor who is dependable and responsive to oversee the process is invaluable.
MOST ESTATE AGENTS, EXCEPT THE REALLY TOP ONE'S, DON'T ACTUALLY MAKE BIG INCOMES.
There is a huge belief that real estate agents are highly paid, wear fancy suits, drive flashy cars, and negotiate massive sales every week. The reality for most agents is far from that. Which helps explain why many are desperate for commission, so they prefer the $4,000 mentioned above immediately. Rather than wait weeks, or months, for $4,800. Which can cost you potentially hundreds of thousands of dollars. According to Payscale Australia in 2023 the average real estate agents base salary was $50,000 a year, and then they made around the same again in comission and bonus.
Most of the contractors coming to fix your house and get it ready for sale make more than that. That's why every deal they can get sold - quickly - matters so much to them. Rather than waiting and getting you a higher price, and why they have to sign up your property exclusively and ideally go to Auction, so they can guarantee a sale, and their monthly income. It is the rare top % of agents who out-perform, but most don't.
BUYERS ARE NOW BEING REPRESENTED BY HIGHLY QUALIFIED, SEASONED NEGOTIATORS
Until recently, sellers were represented by their estate agents, and buyers in Australia had to deal directly with these agents when buying. Buyers were at a huge disadvantage, but they didn't realise it. They thought the agent was working for both parties. But in recent years, buyers have become wiser, and many now employ their OWN Buyers Agent to represent them. These seasoned professionals are usually highly trained, highly experienced and ruthless. Your estate agent was used to dealing with the public, the buyers themselves, who in most cases, buy one or two houses in their lifetimes, and lacked sufficient experience to deal with the selling agents. However the tables have now turned, and the estate agents are now facing formidable opponents when representing you, their vendor.
- Buyers Agents have one goal - to get YOUR property as cheaply as possible for their client - the buyer. Make sure your estate agent is up for the challenge.
- Get a second opinion from an expert helping you, not motivated by commission, your own sellers advocate to turn the tables back onto your side.
- Your estate agent is often ill-equipped to deal with the new breed of Buyers Agents - highly skilled, highly trained, highly experienced hardened negotiators representing buyers.
- Enter the Vendor's Advocate, to level the playing field on behalf of sellers.
YOUR ESTATE AGENT WANTS TO GO TO AUCTION.
Your real estate agent will suggest you go to auction. And pay the marketing costs and all the auction fees. But it is a fact that in most years, only around 25% of properties actually sell at auction. So what is going on?Your agent will take photos of your property and compile all the pertinent information needed for a listing. You will be asked to fill out a seller disclosure. You will need to disclose any problems the property has had while you were the owner. You will need to sign a exclusive, so that NO OTHER AGENT can sell your property. Sometimes for 6 months. Your agent will handle all of the marketing and listing your house for sale online. And will try to sell it quickly, BEFORE the auction.
It is important to get independent advice about this system, strategy, and the reasons and techniques behind this, and get someone to review the proposed marketing your agent intends to make sure you don't waste money.
SHOWING YOUR PROPERTY
When you work with a Vendors Advocate, they will ensure your estate agent attends the showings. Most estate agents show the property twice a week. Once on Saturday. Once midweek, usually Wednesday. But nearly all agents show their homes at exactly the same times! So buyers simply cannot see all the homes they are interested in!
If it is an investment property with tenants, you will need to be extra careful not to break any laws. And most important, decide whether to keep the tenants in the property or sell it vacant.
Your Vendors Advocate will advise whether the home should be "Staged" or not. Your estate agent will ALWAYS suggest it should, with YOUR MONEY.
RECEIVE OFFERS AND NEGOTIATE
When your home is well priced and presented nicely, you should start to receive offers. All offers are worth negotiating even if someone sends in a very low offer. You can always negotiate by providing a counteroffer. If your price is competitive and based on comparable sales, don’t be afraid to provide a full-price counteroffer. You always have the option of declining an offer. Your estate agent is likely to press you to accept an offer. This is when you really need independent advice from your Vendors Advocate.
Your Vendors Advocate can help mediate between your potential buyer, your estate agent and yourself, and help you keep a level head. This is one of the most important jobs of the Vendors Advocate. Tens of thousands, even hundreds of thousands of your money is at stake.
YOUR TRUSTED ADVISOR
We are engaged to act for you, the seller, to advise and help you in the execution and sale of your property. Your trustworthy, dependable and reliable partner when selling, Mike Bentley can smoothly assist and help with everything for you, providing regular updates and recommendations and brings strong negotiation skills when it comes time to secure the best possible price, providing independent advice, strategy and support.
Let's Discuss Your Property!
I have a passion for helping people with all their Australian property needs, whether buying, selling, renting, financing, renovating or developing.
If you are thinking of SELLING and need advice as to price, timing, selecting agents and more, and need a trusted partner with strong negotiating skills who is dependable and responsive without any pressure or hidden agenda, give me a call!
"Michael, you are without doubt the best Australian property agent I have come across, and certainly the most honest agent I have ever dealt with"
Discover why I love real estate and why I am the best choice for you.
I have a passion for assisting clients with various real estate needs. I am a trusted and well trained professional who strives to provide you with the best solution.
Clients are impressed by the dedication and effort I put into making sure that they receive top quality service and amazing results. Explore my website to find detailed listing information, buying guides, selling guides and other features that suit your real estate requirements.
Discover why I love real estate and why I am the best choice for you.
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