This has always been a classic. We are coming to an end of a decade, did the principles changed over the years since January 2010?
Slower Resale Volume since 2018
According to SRI Research, the resale volume has dropped from 2017 – 2018 on comparison and if we were to button 2019 to 2018, the trajectory has shown at least a 50% drop in number of resale transactions (including sub-sale)
Marketing Engagement has Evolved
Since then we see marketing methods has evolved because of the drop of resale buyers. We see less emphasis on print media and higher concentration on online media. Realtors primarily depend their listing advertisements on both Property Guru and 99.co where most of the consumers sought their day to day real estate listing needs.
The online portals know, and because of that the cost of advertising on the portals has gone significantly higher. In order to get good “first page” coverage, a typical Realtor might have to refresh their listings with chargeable credits often.
Online video marketing has also gone viral, with realtors looking for the right type of buyers and creating their own brand awareness.
Staging of the homes has became apparent too with a substantial cost loading in order for the apartment to look good. Coupled with great looking photos, it’ll attract good attention for buyers to pay heed.
Evolvement also simply means cost has gone up, in which realtors might not work at their best to your interest if it is not an exclusive appointment considering the efforts and monetary loading.
Same Principles, But Trust is of Utmost Importance
Recently, there has been a high profile case of an agent who was charged by CEA because of irresponsible selling. That was unfortunate and puts dent on our industry, but fortunately most other cases are happy ones according to the recent surveys that we gathered from radio discussions.
There is always more benefits for the clients to have an exclusive appointment compared to leaving it open; Unless you are a season investor who is monitoring the price action, and is aware completely of the market and loves to manage between realtors’ expectations, you are better off appointing a responsible realtor to take care of your home sale. Season product owners also understand the importance of appointing sole marketing distributor, let alone real estate.
Clients will usually be looking out for accolades and experience of a realtor to take care of their home sale, but it works best and most effective with friends whom recommend them one as they would have positive experiences from their own.
If you decide to engage in one and would prefer formalising the process by interviewing and reviewing plans of individual realtors, go with your gut on whether you can connect well with the serving realtor alongside with his/her credentials.
Trust and responsibility would be still the primal factors to look for. On this end I would also urge any clients who are appointing any realtors to be upfront with their expectations before the appointment is signed (ie. the amount on professional fees, the intent to sell, your requirements on viewing schedules) so it would be a pleasant experience through the journey of your home sale. Trust is a two-way street.