With the proliferation of property agents in the property industry, it has become difficult to know which agent would be able to market and sell your property well. Many a time, we would ask the property agent the standard questions or rely solely on word-of-mouth recommendations.
In this extremely competitive industry, it is not easy to tell whether the property agent is the right fit or not based on a few simple questions. Most of them have slide decks, introductions, and standard details all ready on hand, which we have no choice but to take at face value. However, these well prepared introductions that most property agents have already perfected and prepared beforehand do not necessarily mean that they are good at selling your property.
Here are a few questions you can consider asking a property agent to see if they meet your expectations.
#1 Marketing strategy
If you are planning to sell your property, get to know what kind of marketing strategies the property agent has in mind that is tailored to suit your needs. These days, buyers are increasingly well-informed and highly sophisticated. Coupled with the endless listings in the resale market, it is easy for listings that are not optimised and with poor planning to disappear in it. Get to know how your property can be well represented to achieve the most optimal results.
Digital marketing has become widespread nowadays, especially with the advent of virtual tours due to Covid. However, that doesn’t mean that all of them have the right digital tools, equipment and experience - check with them what are some of the virtual tour works they have done before, and what can they do for your unit. Make sure that you are working with a property agent that is comfortable and have experience across different social media platforms: Facebook, Instagram, Tiktok, and more to be able to generate traction and views for your unit in the most efficient way possible.
Also, get to know what is their marketing schedule and what kind of updates they will provide you across the whole time you are working together. Check if they will provide you weekly and monthly updates on your property’s performance online, and how much traction it has generated over time.
#2 Sourcing strategy
When it comes to selling units and buying units, the property agent should be able to effectively save your time by dealing with all the essential requirements and sourcing another party that can match your needs.
Their ways of doing so can vary greatly - from their well-connected network of existing buyers and sellers, from their team that can get effective leads, or from other resources that can find the right person to buy your unit or sell to you the right unit.
However, this also means that the performance of each property agent may vary greatly as well. Some of them might not be as experienced in the area that you are looking for a unit in, or not well versed in the property type that you are considering.
Get to know whether your property agent has the right experience in what you are looking for, and ask to see what are their past cases when it comes to effective sourcing strategies.
#3 Market analysis
When it comes to property dealings, it is extremely important to know what the current marketing is faring to know how to price your properties effectively. Else, you risk setting too high a price and chasing away potential buyers, or price it too low and suffer unearned profits.
The same goes for buying a property, as you would not want to go through the trouble of negotiating for a property only for someone to outbid you immediately due to lack of preparations.
This means you need a property agent that knows the ins and outs of the property market. They need to know how the government’s Master Plan will affect the investment potential of the property, or how the new property measures or new establishments within the district can affect their property value.
Other than micro factors, property agents also need to be an expert in identifying macro factors that could also affect the prices of the property greatly. Covid was already an excellent example, where it affected the supply chain of construction materials and construction works were all placed on hold for a very long time. Being able to anticipate such changes depends on the sensitivity and agileness of the property agent, which is crucial if you want to buy or sell at the right time.
#4 Unit analysis - key buying or selling points
A skilled Property Agent will also be able to do an effective unit analysis.
For buyers, they should be able to assist you to discern why you should avoid the unit because of certain flaws that are not easy to identify. Or else, they should be able tell why a unit is worth the investment and advice you to negotiate accordingly.
For sellers, they should be able to tell why your unit should be fixed at a certain price, and how to position your unit to sell it effectively.
Before settling on a property agent, reach out to them to get a brief analysis and see if it aligns with your understanding and research.
#5 Timeline for asset progression plans - both long-term and short-term strategies
Sometimes, meeting a property agent is not just about selling or buying that one property. It is about your asset progression plan and your long-term property investment journey.
Check with your property agent what is their advice on how you should invest in properties to achieve the lifestyle you envision - this could mean downsizing your property, investing in a second property, getting a private property or progressing to the next property type. The property agent should be able to tailor the advice depending on your needs and the resources you have.
#6 Past selling experiences and referrals
Finally, you can wrap it up by asking them what are their past selling experiences. If they have clients that have commented on their social media platforms, reach out to them to get an unbiased and direct review. This will serve as an indicator of their performance and your potential experience working with the agent.
If you are looking for the right property agent that can meet your needs and provide you with the most up-to-date and in-depth property analysis, look no further. Reach out to us and our professional team of property professionals to know how we can help you in your asset progression journey.