Recent polls have shown that real estate agents aren't loved by the public. The statistics show that the least trusted person is a second-hand car salesman. Second on the list (without any surprise) is the estate agent.
The polls show that the public is tired of being lied to by inexperienced estate agents. The public doesn't like the 'cheap sales pitches' and being forced to sign an offer to purchase when they aren't ready to buy a property. But each story has two sides. Let's find out who's the guilty party ...
- It's well known among agents that members of the public arrange a time to view properties be never show up for the appointment. This makes the agent look bad when having to explain to the client why nobody showed to view their property.
- Not asking if the agent is registered with the EAAB. An estate agent is now required by law to be registered to perform real estate duties to the public.
- Not researching the agent's reputation. By performing a simple search online you should be able to find all the information you need about the agent and his/her agency. If you are unable to find anything, it's time to find another agent/agency.
- The public thinks that one can purchase a 3 bedroom house for R600,000 or buy a vacant land for R200,000 in Langenhovenpark. The public then gets angry if the estate agent starts laughing at them. It's time for the public to do a reality check!
- Giving wrong contact numbers on show days. If you don't want the agent to contact you, rather just tell them that you don't wish to supply a contact number. It's really that simple.
- Not using the agent's advice for pricing a property. The client then wants to know why his/her property is not selling. Use the advice given by your estate agent. They know the market better than the public!
- The all-time favourite - the public thinks that they can sell their own property at a high price, but purchase their new property at a low price. This tactic has been proven to fail every time!
- The public tries to sell their property to make a profit and to pay off bad debt. They overprice the property and expect the agent to sell it at that ridiculous price. And when an offer is presented, the public wants the agent to drop his/her commission to an all-time low!
The Estate Agent
- It happens on a daily basis that the estate agent assumes that the public knows and understands the current state of the market and how much a property should sell for. The estate agent then can't understand the ignorance of the public.
- It should be the estate agent's duties to not only inform, but also to educate the public about the industry. The rules are ever changing and this information should be shared to the public on a daily/weekly basis.
- Not asking the client for a sole mandate. The estate agent can and will provide a client with so much better support and advice if they would only ask the client to give them a sole mandate. Read more about a sole mandate.
- Estate agents using 'pushing' selling strategies to force clients to purchase a property not really fit for their needs. The public should be wary about these agents and walk away! A professional and experienced estate agent should LISTEN to a client's needs and provide them with a solution for their property needs.
- Many estate agents are using basic tools (like a measuring wheel) to correctly determine a client's property cost per square metres. It's well known among estate agents and the public that a property's value is calculated by a property's size and the asking price. If the estate agent is too 'lazy' to perform this task, the public should question the agent's authority.
Well, it seems like both the public and estate agents are to blame. If the public were to simply use basic tools like the internet to research the estate agent/agency and the industry, agents may be treated with more respect and 'liked' more! However, if estate agents were only willing to invest more time to educate the public about the industry and the methods used then the public might just trust the estate agent a bit more.
So, do you trust your estate agent?