Jeremy interviewed 9 agents over a 3 week period and chose The Real Estate Shop to sell his home. In that 3 weeks Jeremy learnt all the tricks from the ‘Average’ Agent and learnt that he could TRUST the team at The Real Estate Shop to do a better job than anyone else.
We interviewed Nine agents
Jeremy: I’m Jeremy. The property that we sold was in Torrens in the ACT. We used The Real Estate Shop in Mawson. The agent that helped to sell the property was Jeremy Redgrove. We interviewed nine real estate agents. The real estate agents’ guess at what they thought the value of the house was, was going to be tempered by what they thought we thought they wanted to say. That made it very unreliable. There is always the risk that the agent will say what they think you want them to say. We weren’t interested in what they thought we wanted them to say. We wanted to know what they really were.
Jeremy’s fee is certainly at the higher end. But, it isn’t what you’d pay that counts, it’s what you get that counts. In the end, we were always sure that the house would sell for exactly what it was worth. What we wanted to do, was to find an agent who would work for us to achieve that. That meant taking something other than the most direct route. The most direct route might have been a direct auction, it might have been a tender process, it might have been any one of a number of things.
After three and half weeks of interviews…
The whole process of selecting the right agent took us about three and half weeks. But, that was a really well spent three and a half weeks. We learnt more about real estate in that three and a half weeks than we ever knew. It’s the fact that we learnt so much about the process, and about the way real estate agents work, that in the end, that’s what made us really sure that we were making the right decision.
The ‘average’ agent
Many agents will take an auction route because it’s the easiest one for them. Many agents will push you to do an open house because it’s the easiest way for them to meet new clients. Many agents will try to convince you that you need to set a price, and as soon as you get close to that, you should sell because that’s the easiest way for them. These are things that work for the agent, but they’re not necessarily the same things that work for you as the seller.
Fundamentally, what we were looking for was someone who cared about what we were trying to do, and who was genuinely interested in and cared about the house that we had prepared for sale. In The Real Estate Shop and in Jeremy, that’s what we found.
The Auction Issue
The issue I have with an auction is very simple; that if I was wanting to buy a property at auction, I would go to an auction hoping to get a bargain. If I was selling at auction, I’d be selling at auction hoping to get the best price for the property. Fundamentally, at the same auction, those two things cannot be true. Fundamentally, it’s either going to be a gold mine for the seller, or a bargain for the buyer, but it can’t be both. If it can’t be both, then there must be something fundamentally not right about it.
We sold for significantly more than expected
In the end, the price that the property sold for, was more than the price that Jeremy had suggested would be about right. We were very happy with that. It was significantly more than we expected, and we were very happy with that.
The house was advertised at a fixed sale price, and the property sold for more than the fixed sale price. In Jeremy’s shop, we had two agents working for him for us. Each of those was working with a set number of clients. Those two agents are able to say to their clients whether there is or is not an offer on the table. They’re not able to say what that offer is, simply because there’s a wall between the two agents where one agent does not know, legitimately does not know what the offer is that the other agent’s holding. The agents cannot pressure a would be buyer by saying, “Oh, gosh, you’ve got to go higher than that.” They can say to a prospective buyer, “There is another offer on the table, and I genuinely can’t tell you what it is.”
In fact, in the way the process worked, Jeremy didn’t know what either offer was until the day that he came and spoke to us. It’s that segregation, and that ability to have one agent working with each prospective buyer, that means that the agent can work for you with that buyer, and be able to understand the extent to which that particular buyer would be prepared to go. The agent who worked for Jeremy looking for the best possible price that an individual buyer would be prepared to go to, and encourage them to make that offer. If that is more than the asking price, then that’s how it is. We were never part of that process. We weren’t consulted as about whether or not we were happy with that offer, or that offer, or that offer. We weren’t aware of either offer, or any offer until such time as Jeremy came to us and said, “Well, here is the offers. You make a decision.”
There was no pressure at all on us at any stage of the process to sell or not to sell. We were never pressured to accept any offer. In fact, we were never made aware of any offer until the day Jeremy came to us with the final offers and said, “Here they are. You choose.” Jeremy brought those offers to us, and we sat at a table, and we discussed the offers, and he showed us the offers on paper.
Buyer Price Declaration
At that stage of the game we could either accept them or reject them. Or we could have accepted the low one or the high one depending upon what we wanted to do. We’re very confident that using that buyer’s price declaration process means that we have an assurance that the buyers are genuine, that they have made their very best offer. That gives us some satisfaction that we’ve made the right decision by not taking it to an auction.
Jeremy’s business works a different way
I think it’s important if you’re selling a property to bear in mind that the real estate business is very competitive, and a real estate agent is empowered to tell you whatever they need to tell you to get your business. Jeremy’s business works a different way. He works to get you the best value, and that means that you need to be prepared to trust his judgement, and that’s a big call. But when you meet a few other real estate agents and you talk to them, you realise that making a decision about who you can trust is not that difficult.