A survey of Sydney and Melbourne agents, conducted by auction livestreaming app Gavl, found that, after securing a listing, the most common challenge for agents is managing the price expectations of vendors.
Fifty-three per cent (53%) of agents admitted that managing the price expectations of their clients was their biggest challenge for the year, while 31% said their biggest challenge was achieving a sale price that aligned with vendors’ expectations. Just 16% of agents said that attracting an adequate number of interested buyers for a property was the most challenging aspect of the job.
Sydney agents feel greater pressure to meet the price expectations of vendors (45%) than their Melbourne counterparts (27%).
Attracting an adequate number of potential buyers to a property is particularly challenging for newer agents. Thirty-five per cent (35%) of agents with under 12 months’ experience, compared with just 8% of agents with 20-plus years of experience, found this to be the most difficult part of their job.
Justin Nickerson, Gavl spokesperson and auctioneer, said the survey’s results match his own experiences and the feedback he’s received from agents.
“Vendors in the second half of last year expected properties to grow as fast as in the previous five years,” he said. “This year, agents will be tasked with convincing vendors that growth has slowed, with recent figures from CoreLogic revealing dwelling values have fallen 0.3% [nationally], but also ensuring they get the best price in the current market.
“This will come down to their marketing and sales strategy – and agents will need to commit to trying, testing and refining new strategies this year.”
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