Having an experienced listing agent is crucial to ensure you earn the most for your property no matter what the current state of the market is. Here are a few reasons why experience is key:
A GREAT AGENT WILL SPOT B.S.
Whether it’s nonsense in the media or B.S. from another agent, a great realtor will know how to assess the property, read the market and will hold strong when necessary.
In the last month, I sold three identical properties in the same building. As I listed each property I received countless low-ball offers from agents who were suggesting their buyers had plenty of choice in this changing market. I simply declined outright knowing full-well that the units were worth far more than the offers received. In the end, each property was sold for listing, a price that the sellers deserved and more importantly for what the property was actually worth. The last property sold for more than $21,000 than the first. Despite the cries from these agents that it is was a “buyer’s market”, the exact same unit sold for about 5% more in just over three weeks! If that doesn’t convince you we’re not in a buyer’s market, I don’t know what will!
DON’T BE PERSUADED BY FALSE NARRATIVES
As of the last few months the media has been inaccurately interpreting the data that has been released with the intention of creating ‘clickable’ news headlines. Unfortunately, this has turned to alarmist headlines and fear-mongering.
A great agent will call B.S. and look at LOCAL comparatives and your specific neighbourhood when selling your property. If you listened to the headlines, you might think we’re in a buyer’s market, but the reality is that Toronto Condo prices are still climbing. My reality (as of the beginning of August) is that my listings have been priced and sold at comparative prices to that of that market at its peak before the fair-housing changes.
EVEN IN A SELLER’S MARKET THERE’S STILL WORK TO DO
Selling a property isn’t just about listing it on MLS. Even with low inventory and high demand, your agent shouldn’t bank on this alone. Whether its a buyer’s, seller’s, or balanced market your agent should always be striving for top dollar.
This means pricing your property appropriately through a thorough understanding of the neighbourhood, the property, your unit and comparatives. Ensuring your agent is a local expert is key along with ensuring they know the right strategy for the market at hand. Should you hold an open house and hold back offers or should you take offers anytime? A great agent will develop a strategy for listing your property and will help you understand both the plan of action now, as well as a backup plan in the chance it doesn’t sell by the desired sell-by date.
Realtors don’t have a magic crystal ball and we can’t predict the future, but a great agent should know how to react and when to react. If your place isn’t selling, a new strategy might be needed and your agent needs to know when it’s time to try something different.
FIRST IMPRESSIONS REALLY COUNT
Whether it’s complimentary staging or suggestions on how to improve your property, your realtor should come with ideas on how you can make a better first impression. A great first impression — especially through photography — is key, especially in a buyer’s market where your property needs to stand out amongst increased competition.
Setting your property up for a successful sale includes ensuring it is decluttered, clean, bright and welcoming, well staged and photographed impeccably. Take a look at your realtor’s past listings and compare them to other agents’. Do the rooms follow the aforementioned formula for a great listing? Do the photos make you want to book a viewing? If not, it’s time to find someone who will showcase your property it in the light it deserves!
AGENTS SHOULD DEFEND THE PRICE OF THE PROPERTY
The role of a listing agent is to defend the price and integrity of your property. This is your largest asset and their job is to get you the most money for it. A great listing agent will have the experience, knowledge and authority to successfully navigate the market you’re selling. Years of experience and tough negotiation skills are key.
If there’s one thing we know for sure, the real estate market is always in flux– for better or worse – but it always balances out eventually. Most of us though can’t afford to wait for a “perfect” market to buy or sell with confidence.
This is exactly why the skills of an experienced agent are imperative. Your experience should be hassle-free, enjoyable and you should feel confident that your realtor is ready to take on the market in whatever state it’s in. If you’re getting ready to sell make sure you do your homework and consider all of the above before choosing the right agent for you. You might also want to download our Buyer’s Guide to get a head start on the planning!