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The real work of good estate agents
Category Property News
Ever wondered what estate agents do to earn their commission when you decide to buy or sell your home? It involves a lot more than simply hammering a sale board on your front lawn and bringing potential buyers around to view it. Lew Geffen, chairman of Lew Geffen Sotheby's International Realty said, "Not only does the simplest sale entail months of work from start to finish, it's a.complex process that requires more than a passing knowledge of diverse fields such as marketing, legal processes and finance as well as fluency in legalese." An estate agent is also required to have a thorough knowledge of the real estate market in the seller's area so as to achieve a realistic sale price in a very short time period. Cutting corners and going the cheapest route could result in the loss of a sale or the loss of your dream house. Dawn Bloch, area specialist for Lew Geffen Sotheby's International Realty, recently concluded a sale that was both a race against time and a stressful experience for all involved. "In December, I received a call from the owners of a historical home in Lakeside [in Cape Town] who had less than two months in which to sell their home as they were forced to relocate unexpectedly," Bloch said. The home was only partially renovated, so Bloch needed to find a buyer who was willing to appreciate the full potential of the property and take on the task of continuing the renovation. Bloch was personally involved in staging and dressing the property to achieve the best result in a photoshoot, only to be told by the owners that they had received an offer from another agency, for less than the asking price and subject to a 100 per cent bond approval. Although Bloch was disappointed, she still advised the owners to include a 72hour 'meet or beat clause' to protect them in the event that the purchaser could not produce an approved bond. "It was the right call as an approved bond was still not forthcoming five weeks later and I found a suitable buyer who viewed the property and made an immediate offer — for more than the full asking price," said Bloch. The owner was, fortunately, able to invoke the 72hour clause and get more than their asking due to Bloch's dedication. Geffen concluded, "At the end of the day a good agent will guide you through the entire process and will be your goto person when any issues arise, whether they are a legal bind, a financial stumbling block or even personal issues relating to the move."
Author: Lew Geffen Sotheby's International Realty