Sydney, for example, last week recorded its lowest auction clearance rate in more than two years, while the national clearance rate has been below 70% for five straight weeks.
One member of the real estate industry believes there is an often overlooked way vendors can ensure they don’t miss out on getting the best possible price for their property.
“For anybody, no matter how experienced they are in property, I definitely recommend they use a seller’s agent,” Michael McKenny, director of Seller’s Concierge said.
“The main reason I’d recommend using one is that it’s free for the vendor. If you use a seller’s agent it’s going to cost you the same as if you sell the house without using one,” McKenny said.
Seller’s agents aren’t paid by a vendor, rather they receive a portion of the real estate agent’s commission on finalisation of the sale, and McKenny said it’s this point that many people don’t realise.
“When I talk to someone who hasn’t used a seller’s agent before, they always want to know what it’s going to cost them or what the catch is,” he said.
“But really there’s no catch. A seller’s agent works for the vendor and with the real estate agent and our aim is to get best possible price for a property.”
A sellers's agent will work for the vendor during the entire sale process, providing services such as choosing the best real estate agent for the property, advising whether to sell by auction or private sale, advising what inspection reports the vendor may need, asessing offers made on the property and whether anything should be done to the property before it is put up for sale.
Of those, McKenney said choosing the right real estate agent is the most important step.
“You could go to any real estate agent and they would probably be able to sell your property, but you want the one who can unlock the hidden 10% or so – the premium price – that others can’t.
“Seller’s agents work with real estate agents across the country and they have a real understanding of which ones are the best for a particular property, which is a real advantage.”
McKenney acknowledged that there will always be some vendors who wish to go it alone, and he did offer some tips for those people for when they want to pick their real estate agent.
“The good real estate agents are always the one who are 100% professional through the whole process.
“They’ll be good communicators and they’ll be able to show you the processes they have in place to sell your property and examples of the results those processes have delivered in the past.”
Michael McKenny will speak at The Property Buyer Expo that takes place 30 October until 1 November at the Sydney Showgrounds in Homebush.
Come say hi to the YIP team at the Expo and hear from some of the best minds in Property. Get your free tickets by entering the code YIPPBE when you register at www.propertybuyerexpo.com.au.