Speed Demons

Taking advantage of the prevailing “hot” market conditions, there is an increasing trend among some real estate agents to sell properties, not within days of them hitting the market, but within hours of the first viewing opportunity. The result may be quick, but at what cost? 

It is very rare for a vendor to want to engage in a “fire sale” scenario, and they are unlikely to ever fully appreciate that their property has undersold. But when a property is not being fully exposed to the market, that is the most likely outcome. The skill of an agent is not reflected in the speed with which he or she can achieve a sale (although there are undoubtedly a number who think that is the case), but the eventual sale price.

In a buoyant market, with few rare exceptions, the agents skill is best demonstrated by being able to keep enthusiastic buyers at bay and by not encouraging the vendor to accept an offer prematurely, thereby giving the property every opportunity to reach its very best level. Those are the negotiation skills needing to be demonstrated and by which the agent can prove his or her worth by adding real value. 

Be wary of agents whose average “days on market” indicate a tendency to expedite the sale and marketing process at the cost of achieving a top result.