HOW TO DEAL WHEN OTHER AGENTS APPROACH
So your house has hit the market and suddenly every agent in the district is on your doorstep. Your mailbox is likely to be bombarded with details of everything that is for sale in the area. Perhaps you have been warned to be prepared for this onslaught.
Don’t be surprised to receive a call from other agents mentioning that they’ve noticed your sign board, that they have a buyer for your property and that they have cheaper marketing rates.
Agents contact vendors to secure new leads and listings. This is common practice, especially for agents who are new to the industry. They chase you in the hopes that they can sell you one of their listed properties or convince you to move your property over to list with them.
But don’t be quick to jump ship. When another agent informs you that they have a buyer for your property, and asks what figure you would accept – be cautious. It can be tempting to respond to the promise of a sale, however if you give a figure that is below what your current agent is attempting to achieve for you, there is every chance that you will sell yourself short. Your own agent should be looking to extract the best price by following the right process. Other agents are simply looking for cracks. Suddenly an offer that would have come in $20,000 or $30,000 above is coming in at $30,000 below because your existing agent wasn’t the one to manage the conversation with the buyer.
These days, no agent ‘owns’ a particular buyer. Most buyers are seeing a property in the newspaper, or on a website such as realestate.com.au or domain.com.au, and they will only directly approach a par-ticular agent if that agent is selling the exact property they’re after, or if they know from experience or referral that this agent is likely to have the portfolio and scope to find the right property for them.
With that said, you can be fairly certain that the only situation in which a buyer would be genuinely loyal to a particular agent is when that buyer has sold with that agent in the past, or if the buyer is a family member or friend of the agent. In such cases, you are still able to remain with your current agent, as there is likely to be a ‘conjunction arrangement’ in place. This means that your current agent can liaise with the other agent to offer them a percentage of the commission on the sale if the other agent’s buyer purchases the property.
In all cases, allow your current agent to manage negotiations with other agents. When another agent contacts you, let your current agent know. You are paying your agent to manage all the matters that concern the sale of your property, and by keeping these matters within the context of your current arrangement, your agent remains the sole source of accurate information for your property in the marketplace, ensuring that you achieve the maximum possible sale price.