10/11/2024
Using a reputable estate agent offers real value, even in a market where consumers might seek out a lower-cost option. At RE/MAX, we understand this. With over 150 agents who collectively sell around 60 properties each month, we’ve experienced countless stories of both triumph and adversity. This exposure shows us every day that the role of an estate agent is about far more than just selling houses; it’s about building meaningful relationships, offering sound advice, and navigating complex situations to achieve the best outcomes for clients.
One story that highlights the value of using a skilled, reputable agent involved a top-performing agent on our team. She had a friend considering selling her property, facing financial challenges due to recent life changes. Being supportive, the agent offered detailed advice on pricing and strategy to help her friend achieve the best possible outcome. However, after weeks of silence, she discovered her friend had chosen a discount agency, listing the property at over 20% above market value. The friends driving motovation, to “save on commission.”
This was a tough moment for our agent, who felt undervalued. She had invested time and guidance, and the choice to pursue a low-fee service at an unrealistic price left her questioning her role in the situation. The property has now sat on the market for over six months, with repeated price reductions bringing it in line with market value, yet it remains unsold.
Buyers today are informed and less likely to view a property that is significantly overpriced. As a result, the listing has become stale, affecting both visibility and appeal. Long market exposure and numerous price cuts can lead buyers to question if there’s an issue with the property, further hurting its appeal and value.
Furthermore, with a reduced commission, other agents and agencies have little incentive to refer buyers from their networks, limiting the property’s reach primarily to portal advertising. Buyers also know the seller is saving on commission, which can prompt them to offer even less, reducing the seller’s potential earnings further. Sadly, this story is all too common in our industry.
The truth is, discount agencies do sometimes sell properties, but they cannot consistently deliver the same results as established brands and seasoned agents. Reputable agents invest in professional marketing, industry expertise, and client service, which are reflected in their results. Good agents who deliver top-notch service and fair outcomes are not the cheapest, but they are worth every cent.
