It’s a Seller’s Market – But Are Agents Becoming Complacent?

How many times have you been to an Open House and never received a follow up call? As a buyer’s agent, we attend lots of inspections and I am continually surprised at how few agents will actually bother to call us afterwards for feedback.

Yes the market is incredibly hot. In fact, this weekend saw the highest ever clearance rates in Sydney – above 88%! People are so desperate to get into the market, they are buying out of desperation, frustration and fear which usually means overpaying. Properties are basically selling themselves, with the agent merely facilitating the transaction as opposed to proactively managing the buyers to achieve the best possible outcome.

Don’t get me wrong, there are many parts of Sydney where the agents work hard for their sellers – in these areas it’s more of a cultural thing. It’s a standard, a level of service that is expected from buyers. However in others, you can’t be blamed for thinking the agent is happy to just sell the property and move on to the next listing.

Parts of Sydney where you have 30-70 parties inspect a property on the first day can be a real challenge for an agent. However these buyers are accustomed to such conditions and can often be seen lining up to give verbal offers to the agent at the first open house.  In fact, a lot of properties in the Western suburbs are sold on the first day. A great way for the agent to avoid making all those follow up calls!

I often wonder whether the agent is working to get the absolute best price for the seller, or just to make a sale. I know that we have picked up quite a few great deals for our clients due to complacent agents. And I wonder how these agents will survive once the market tightens up and they actually have to work the buyers, instead of the buyers having to do all the work!  Only time will tell!

In the meantime, to all those agents who follow up and over deliver on customer service, congratulations on maintaining such a high level of professionalism in such a busy market. And to those who don’t, thank you for assisting us to keep more of our clients money in their pockets!

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