How to pick an estate agent

WHEN one is shopping around for or planning to sell a property it is imperative that one understands how to and the need for picking out an estate agent.
Most estate agents have an in-depth knowledge of market trends, property values, location potential, ownership verification methods that are not normally within the scope and knowledge of the layman.
To safeguard your money and potential investment, it is prudent and wise to contract the services of an estate agent.
It is critical that one is diligent when picking an estate agent because you are entrusting them with safeguarding your hard-earned money by investing it in a property that will give you a fair return on your investment.
It is important that you ascertain that your selected estate agency is registered with the Estate Agency Council, whose job is to regulate the activities of all estate agents in Zimbabwe.
You can verify registration either by visiting the council at No. 24 Mon Repos Building, Newlands, or by simply asking the estate agent of your choice to show you their updated compensation fund certificate.
These certificates should reflect the current year that it compensates for.
A historical investigation into the previous dealings of the potential agency would be highly beneficial.
This would assist in understanding the estate agents principles of operation, whether they might be your proverbial fly-by-night outfit or that they are in the business for the long term.
Asking about the kind of properties the estate agent specialises in will greatly improve the chances of a quick disposal of your property.
It will also assist you in measuring their area of influence plus capacity. Evidence of their company profile, modus operandi and the length of time the company has been operating should guide your selection process.
Ask your potential agent about their proposed marketing for your property. Whether the estate agency has its own website, utilises electronic methods of advertising like the internet.
Assess its capacity to reach potential buyers outside our borders and the level and extent it uses local newspaper advertising, magazines and weekend periodicals.
Verify whether it uses other methods like billboards, direction boards and show days.
The size of its database in regards to potential buyers cannot be overlooked. The size of their database could also determine the speed at which the property is sold.
Most buyers leave the details of their preferred properties with their trusted agencies, so when sellers with the ideal property present themselves, it becomes simply a question of linking the two parties.
Thus a transaction in some instances is expedited to the extent that the property will not go on the open market.
The do’s and don’t’s of picking an estate agency is simply be not to base all your trust on the fact that the purported estate agent is a friend.
Satisfy yourself that had they not been a friend will they still have qualified to represent you after undergoing a vetting process by you.
The shortfalls of just trusting a friend are varied and some unlucky people in our country are nursing broken hearts from mixing business with friendship.
It is not wise to just offer your property to every estate agent in town, although this in most instances give the seller the perception that it will cause the property to be sold faster due to the increased scope of influence.
It actually has a reverse effect of allowing the same property flood the market, and makes buyers sceptical.
The potential buyers would naturally assume that the seller is having a hard time selling the property.
This gives rise to one of two possible situations: the potential buyers may assume that there is something terribly wrong with the property and completely ignore its adverts or they might assume that the seller is extremely desperate and drive a hard bargain. In either case the potential seller loses out.
An asset like a property normally ranks at the top of all personal acquisitions, so it is incumbent upon every potential real estate client to be stringent in their selection criteria of which agent they choose to use.
When the selection criteria have been done, then buying or selling properties becomes exciting.
l Vengai Madzima is a property consultant and analyst. He can be contacted on telephone 0772468093; or email [email protected]