Most people understand that a great agent can make tens of thousands of dollars of difference to their selling price through a combination of a superior selling process and professional expertise.
In a fickle and patchy market, like the one we’re currently experiencing in Perth, the extent to which your agent understands your local area will also be a significant factor to how well you sell or sometimes even if you sell at all.
An experienced local agent brings three crucial things to the table:
- Intimate knowledge of the area
- The ability to discuss in detail comparable sales with buyers
- Existing buyer relationships & buyer exposure
Why are those things important? Because it’s all about helping buyers to validate their decision, firstly about buying the property in the first place, secondly the price that they’re paying.
When it comes to knowing the area, a great local agent can drill down to what’s motivating a buyer to look in that particular location and provide them with all the necessary information to tick those boxes: school zones, public transport routes, the best dog parks and places for coffee, the difference between one side of the suburb to another, the time it takes to get to the beach or airport – and if they live in those areas they’ll be able to speak about it with passion, authenticity and authority. That’s a powerful tool to help put buyers at ease with their decision.
The second is an intimate understanding of the sales in the area. If there’s one thing I’ve noticed in the last two years it’s the increase in the extent to which I often have detailed discussions with buyers about comparable local sales or listings in order to get them to move on price. The advantage of selling a lot of homes in an area is that I’ve usually sold most of the places that buyers might be comparing a property to or been in them.
It breaks my heart when I see properties undersold – one because I know it makes my job harder when it comes to selling something similar, but also because I believe sellers deserve better.
And the last point comes down to existing buyer relationships & exposure. I’ve lost count of the number of times I’ve sold property to buyers that I’ve dealt with before, in some instances for years, and of the number of buyers that feel like they know me because of my sales record and social media activity. That often gives me a huge advantage in the process because buyers know my reputation, know that my properties sell quickly and that I have a lot of expertise in the local market. It also means that I have existing relationships with many of the hot local buyers and know what they’re looking for. Both factors make for a much stronger foundation for negotiation than one where the buyer feels like they don’t know the agent or are wary of their expertise and reputation.
Buyer management is critical to a great selling result. Buyers can be like deer in the headlights in this market and it can be easy to startle and lose them.
So if you’re thinking about selling, go local. But not just any local! You still need to still look at our track record of days on market and results – that’s when you’ll realise we’re not all the same!
Natalie Hoye is the Founder and Licensee of Red Fox Property Group – a boutique agency doing things differently in the suburbs surrounding Beaufort Street. We call it ‘real estate alchemy’: a genuine blend of science and intuition, marketing and magic, head and heart. The Red Fox Way. And we’d love to chat with you about your local real estate needs. Call us now on 0405 812 273.