There’s no doubt that Sydney’s market has dropped from its heady peaks.
While things are certain to rebound in the long-term, selling in the current market poses new challenges. The right agent can help you navigate these successfully to ensure the best outcome.
According to the April property report from REA Group, Sydney, Perth and Darwin are the cities that have been most impacted by the current property downturn, with Sydney seeing prices down 10% in the last eighteen months. Prices in the inner city have dropped in the last year with falls seen in areas including Alexandria (-15.85%) and Erskineville (-7.65%) according to CoreLogic data.
If you are currently looking to sell, choosing the right real estate agent can help make the process smoother in countless ways, minimising the impact of the softer market on the price you ultimately achieve.
A good agent with a solid track record has seen the market through good times and bad – not just the recent boom times. They will know how to negotiate with prospective buyers, be able to advise you on the best way to sell (auction or private sale) to achieve the best price for your particular property, and have a top-notch marketing strategy that will maximise the appeal of your property. They will also have a big contact book with connections that could even help you sell off-market.
Finding a reputable agent with a good history is just a matter of doing your homework. Look for reviews from past vendors who were selling a similar type of property in the same local area. Don’t be afraid to ask the agent you’re talking to for a list of references you can contact – a good one should have no problem with this! Then contact their former clients and ask questions such as:
- How honest was the agent about the potential sale price?
- Did the expectations they set meet the outcome?
- How well did they communicate and keep you up to date?
- Were they transparent about their fees?
- How strong was their marketing campaign?
- Was the final price they paid in line with the initial estimate?
You can also look online at the agent’s selling history. They should have a consistent track record of selling properties for a reasonable price and in a reasonable timeframe, which indicates they’ve met the expectations of vendors and buyers alike.
Local knowledge counts
Local knowledge always counts for a lot when it comes to finding the right agent for your property and even more so when market conditions are challenging. An agent who knows the area well will be able to advise you on what you can realistically expect to achieve in the current market, as they will know what similar properties have sold for recently, and also how best to appeal to buyers in the area.
Find someone you can trust
Ultimately, it’s all about finding an agent you can trust. A trustworthy agent will be honest and open in their communication. They’ll have genuine knowledge of, and enthusiasm for, the local area and your property. They’ll also be respectful and considerate, not only of you but also of your prospective buyers. Finding an agent that you can trust will make the process less stressful and more successful.
If you’re interested in buying or selling in the inner city, contact our team today.