What is your real estate agents job description?
Assuming, that is, you want the help of a real estate agent to sell your property.
As we discussed here – being clear about what we want, is the first step to achieving anything. Remember, first comes the goal, then a plan (a proven formula, a recipe) to achieve the goal, followed by actions.
It’s no different when it comes to engaging an agent. Before we go hiring one, don’t you think it may be wise to first outline a “Job Description”? To be clear about exactly what it is we expect them to do for us?
Your job description dictates your hiring process. If we need a new employee in our business, we don’t just hire the next person who happens to walk in the door. First we clearly define the role, then we invite people to apply (who believe they have the skills to fulfil that role). We narrow down the applicants to a short list, interview them to ensure they can do what we want, and if we are smart, check their references before finally hiring the best match for the position.
This is all common sense really, yet amazingly, when it comes to selling their home, many sellers give this little thought. They make the mistake of selecting their agent based on the wrong criteria, because they didn’t clearly defined what they want from their agent in the first place.
If your goal is simply to ‘sell’, then you will probably ask prospective agents… “How will you sell our house?”. This is where you start being lead down the wrong path. The focus will shift to all the reasons why they can ‘sell’ your property better than the next agent… we have the biggest team, we do the most advertising, we’ll sell the most, we have the most buyers, we have a guaranteed sale program, we have this fancy new gimmick, list with us and go into the draw to win, … etc etc.
Now here’s the point. It’s not a matter of who can sell your property, anybody can ‘sell’ it, any agent will do that, in fact as previously discussed you don’t even really need an agent – you can just ‘sell” it yourself. The reality is that you, and only you, are in total control of if your property ‘sells’ or not.
Some sellers focus on selecting their agent based on getting the best price. “How much can you sell our property for?” This is also dangerous. Sure, getting the best price is the first step to maximising profit. But focussing on this question alone often leads them to selecting an agent that “quotes” the highest price – the agent that tells them what they want to hear. There is a big difference between telling you a high price, and actually achieving it. The first is nothing but words plucked from thin air. The second requires a proven formula, a plan, and of course the skills to implement that plan competently.
Now, if your goal is to ‘bank the most profit from the sale’, then your selection process will revolve around exactly that. Instead of choosing just any agent, your interview will be focussed on ensuring they have a proven formula (a plan, a recipe), combined with the skills needed to do what you are hiring them for – to maximise your profit.
As previously discussed, maximising profit requires you to firstly get your sale price as high as possible and secondly minimise your expenses. Profit = Sale Price – Expenses. So instead of asking prospective agents “If they can sell your property?” or “How much they can get” … smarter questions would be… “
How will you maximise our profit?
Outline your proven formula to increase our selling price and reduce our expenses?
Please show me recent case studies of your approach in action and supply me with references from previous clients.”
Before you go interviewing agents, there’s one more very important thing to consider. Other than maximising how much you bank from your sale, what else do you expect from your agent?
Have a look at the choices below – tick what you want and expect from your agent…
I expect my agent to:
☐ Work for themselves. ☐ Work for me
☐ Focus on whats best for them. ☐ Focus on whats best for me.
☐ Tell me what I want to hear. ☐ Tell me what I need to know.
☐ Be a smooth talking ‘Salesperson’ ☐ Be a straight talking ‘Advisor’.
Ok, so hopefully this has helped you clarify exactly what you want from your agent.
If your ‘job description’ is simply ‘sell’ at all costs and you ticked down the left hand column above, then we are not the right agent for you.
If on the other hand, your ‘job description’ is an agent that will…
☑︎ Maximise your profit
☑︎ Work for you.
☑︎ Focus on whats best for you.
☑︎ Tell you what you need to know and
☑︎ Be a straight talking advisor
… then we hereby apply for the position of being your agent.
Soon we will dive into some nitty gritty on exactly how to maximise your profit. However, first we’ll share some fundamental home truths, some guiding principles, that will help you along your path to maximising the profit from the sale of your property – regardless of which agent you choose to engage.
Next… Home Sellers Truth #1