Thinking of Selling? Here are the skills to look for in a real estate agent

Real estate agents or real estate companies in Sri Lanka are licensed professionals who assist clients in buying, selling, and renting properties, whether you want to buy a land for sale or house for sale in Nugegoda, or put up a house for sale in Kandy. Their role encompasses a wide range of responsibilities and tasks aimed at facilitating real estate transactions.

Roles and Responsibilities

1.      Market Knowledge:

·         Stay informed about current market conditions, property values, and trends.

·         Provide clients with information on neighbourhoods, schools, and other factors influencing property value.

2.      Client Consultation:

·         Meet with clients to understand their needs, preferences, and financial capabilities.

·         Advise clients on pricing, property types, and market conditions.

3.      Property Listings and Marketing:

·         List properties for sale or rent on various platforms, including MLS (Multiple Listing Service).

·         Create marketing materials such as brochures, online listings, and social media posts.

·         Host open houses and showings to attract potential buyers or renters.

4.      Property Search:

·         Help buyers and renters find properties that match their criteria.

·         Arrange and accompany clients to view properties.

5.      Negotiation:

·         Act as an intermediary between buyers and sellers or landlords and tenants.

·         Negotiate terms of sale, purchase, or lease to achieve the best deal for their client.

6.      Documentation and Legal Compliance:

·         Prepare and review contracts, agreements, and other legal documents.

·         Ensure all transactions comply with local, state, and federal laws and regulations.

7.      Closing Transactions:

·         Guide clients through the closing process, including inspections, appraisals, and final walkthroughs.

·         Coordinate with other professionals such as mortgage brokers, attorneys, and inspectors.

8.      Post-Sale Support:

·         Provide after-sales support, including follow-up on any issues that may arise.

·         Offer advice on home improvements and future real estate investments.

Types of Real Estate Agents

·         Residential Real Estate Agents: Specialise in buying and selling homes, apartments, and other residential properties.

·         Commercial Real Estate Agents: Focus on commercial properties such as office buildings, retail spaces, and industrial properties.

·         Listing Agents: Represent sellers in marketing and selling their properties.

·         Buyer's Agents: Represent buyers in finding and purchasing properties.

Real estate agents play a crucial role in the real estate market, providing essential services that help clients navigate complex transactions and make informed decisions.

What skills to look for in a real estate agent if you are selling a property

When selling a property, choosing the right real estate agent can make a significant difference in the speed and price of the sale. Here are some key skills and attributes to look for in a real estate agent when selling a property:

1.      Local Market Knowledge:

·         Understanding of Local Market Trends: An agent should have a deep understanding of the local real estate market, including current trends, pricing strategies, and the characteristics of your neighbourhood.

·         Comps Analysis: They should be adept at performing comparative market analyses to price your property competitively.

2.      Marketing Expertise:

·         Effective Marketing Strategies: The agent should have a robust marketing plan that includes online listings, social media, open houses, and traditional marketing methods.

·         Professional Photography and Staging: They should use professional photographers and possibly home staging services to showcase your property in the best light.

3.      Negotiation Skills:

·         Strong Negotiator: Look for an agent with a proven track record of negotiating favourable terms and prices for their clients.

·         Experience in Handling Offers: The agent should be skilled in evaluating and negotiating offers to maximise your returns.

4.      Communication Skills:

·         Clear and Consistent Communication: The agent should keep you informed throughout the selling process, providing updates and feedback regularly.

·         Listening Skills: They should be attentive to your needs and preferences, ensuring they understand your goals for the sale.

5.      Professional Network:

·         Connections with Buyers and Other Agents: An agent with a broad network can attract more potential buyers to your property.

·         Access to Industry Professionals: They should have connections with home inspectors, contractors, mortgage brokers, and attorneys who can facilitate a smooth transaction.

6.      Reputation and References:

·         Positive Reviews and Testimonials: Look for agents with positive reviews and testimonials from previous clients.

·         Reputation in the Community: An agent with a good reputation in the local community is likely to be more trustworthy and effective.

7.      Experience and Track Record:

·         Proven Sales Record: Review their past sales history, especially how many homes they have sold in your area.

·         Years of Experience: While not the only indicator of competence, experience often correlates with a deeper understanding of the market and transaction processes.

8.      Attention to Detail:

·         Detail-Oriented: They should be meticulous in preparing your home for sale, ensuring all documentation is accurate and complete.

·         Problem-Solving Skills: Ability to anticipate and address potential issues before they become major problems.

9.      Professionalism and Integrity:

·         Ethical Standards: The agent should adhere to high ethical standards, being honest and transparent throughout the process.

·         Client-Focused Approach: They should prioritise your interests and work diligently to achieve your selling goals.

10.  Technological Proficiency:

·         Use of Technology: Proficiency with digital marketing tools, virtual tours, and online listing platforms to reach a broader audience.

·         Responsive to Digital Communications: Quick to respond to emails, messages, and online inquiries from potential buyers.

By focusing on these skills and attributes, you can select a real estate agent who will effectively market and sell your property, ensuring a smooth and successful transaction.

How to find a good real estate agent

Finding a good real estate agent is crucial when buying or selling property. Here are some steps to help you find a reliable and competent real estate agent:

·         Ask for Recommendations: Seek recommendations from friends, family, neighbours, or colleagues who have recently bought or sold property. Personal referrals can often lead you to trustworthy agents.

·         Check Online Reviews: Look up real estate agents online and read reviews on platforms like Google, Yelp, etc. Pay attention to both positive and negative feedback to get a balanced view.

·         Attend Open Houses: Visit open houses in your area. This allows you to observe agents in action and see how they interact with potential buyers. You can also ask them questions directly about their experience and approach.

·         Research Local Market Experts: Identify agents who specialise in your neighbourhood or type of property. They are likely to have in-depth knowledge and experience specific to your area.

·         Interview Multiple Agents: Set up interviews or consultations with several agents. Treat it like a job interview where you ask about their experience, track record, marketing strategies, and how they communicate. This helps you gauge their professionalism and compatibility with your needs.

·         Evaluate Their Experience: Inquire about how long they have been in the business and their success rate in selling properties similar to yours. Experience often correlates with expertise and the ability to handle various situations effectively.

·         Check Credentials and Licensing: Ensure the agent is licensed and in good standing with the relevant state regulatory body. You can usually verify this online through state licensing boards.

·         Look for Professionalism and Compatibility: Assess how responsive and accessible the agent is. They should be prompt in returning calls and emails and demonstrate a commitment to your priorities. Choose someone who listens to your needs and preferences and communicates in a clear and respectful manner.

·         Consider Their Network and Resources: A good agent should have a network of professionals they can recommend, such as mortgage brokers, home inspectors, or contractors. This can streamline the buying or selling process.

·         Trust Your Instincts: Ultimately, trust your gut feeling about the agent. You should feel comfortable and confident in their abilities to represent your interests effectively.

·         Review Their Marketing Strategy: Ask about their marketing plan for selling your property. Look for agents who use a variety of marketing channels and strategies to maximise exposure for your listing.

·         Discuss Fees and Contracts: Clarify their commission structure and any additional fees upfront. Review the terms of their contract carefully to ensure you understand the terms and conditions of your agreement.

·         Get References: Request references from past clients. Speaking directly to people who have worked with the agent can provide valuable insights into their performance and customer satisfaction.

By conducting thorough research, you can increase your chances of finding a good real estate agent who will guide you through a successful property transaction.