Posted on February 26, 2013 in Miscellaneous, The Industry
This may come across as surprise to many people, but Real Estate Agent’s today are not exactly the most respected group of people in Toronto (gasp). In case you don’t believe me, fire up the ol Globe and Mail on your computer machine, go to any article that mentions a Real Estate Agent, then look over reader comments.
There are likely many reasons for this, not the least of which being the sheer number of Agents being pumped out every year (month, week, day, hour). Currently there are approximately 36,000 of us that belong to the Toronto Real Estate Board, so it goes without saying that barriers to entry are not exactly high.
So as a result we have a lot of agents that don’t know what they’re doing, either because of a lack of proper training or simply because they aren’t the sharpest knives in the drawer. Either way, it looks bad on the industry having a large chunk of the TREB membership who are not great at their “jobs”.
However, in my opinion, the biggest hurdle the industry faces is a lack of perceived value that comes along with hiring an Agent. I think this perceived lack of value is what is going to push a big portion of the 36,000ish of us out of business and change the industry permanently.
In the near future, I see polished, highly skilled, high value Agents that command top dollar and have the necessary skill set to back it up, thriving. On the other end of the spectrum, I see the discount model: throw a house on MLS for $700, stick a sign on the lawn and call it a day. I don’t see much room for anything in between.
It’s crucial to know if you’re getting good value (or more importantly, a return on your investment) for the thousands, sometimes tens of thousands of dollars you shell out for an Agent to sell your house. I, no surprise, think there are a number of things of value a good Agent brings to the table. These include strong communication/negotiation skills, market/area knowledge and an understanding of the legal process.
But, I think properly marketing a home is the most tangible and worthwhile value added service a good Agent can offer. This is what seperates the men from the boys, the cats from the kittens, the…. you get the idea.
It’s way too common to see a property up on MLS with a horribly written description, god awful photographs and just a complete lack of effort put into actually marketing what is likely someone’s most valuable possession. So, how do you know if who you are thinking of hiring to sell your house is going to market it to it’s absolute full potential?
Well, for starters, are they going to spend significant money marketing your home? Do they offer to bring in a home stager, make floor plans, have a graphic designer make their feature sheets? Will they advertise on and off line? Does their personal website have the design and functionality to adequately showcase your home? Will they make a video trailer, hire a pro photographer, touch up your landscaping, get a pre-listing home inspection done? I could go on and on. In a real estate market like Toronto’s an extremely well marketed home can increase the eventual sale price dramatically.
Just so it’s clear, we do all of the above and more. Check out a complete list of services offered via the link below and get in touch if you’d like more information. We welcome the opportunity to show you our value.
Nicholas Humphries 416-526-2791, nick@nickandhilary.com
Hilary Browning 416-735-4665, hilary@nickandhilary.com
