FINDING THE PERFECT AGENT TO SELL YOUR LUXURY HOME IN LOS ANGELES
Identifying the right luxury real estate agent to sell your home in Los Angeles can be a challenge. LA is a very expansive market so in addition to being an area specialist, there are a number of key components that you should be looking for. Real estate is not the same ball game as it was even 5 years ago, in order to survive in today’s market and generate successful results for clients, agents and their teams need to collectively demonstrate expertise, innovation, resourcefulness, friendliness, negotiation skill, networking ability and determination. If an agent doesn’t demonstrate all of these qualities, you may regret hiring the wrong person for the job. Below we went ahead and have hand selected the qualities that you should be looking for when hiring a luxury agent to sell your home.
YOUR AGENT MUST BE A CLOSER
There are two types of agents, ones who close deals and ones who let them slip. In the long run, determining an agent's competency lies in his or her ability to close a deal that is favorable for their seller. LA is full of realtors and teams, so finding an agent or team who has a successful track record is something you should keep top of mind.
YOU NEED A STRONG NEGOTIATOR
In the real estate world, being a strong negotiator comes down to more than being aggressive when it comes to the terms and the numbers. A successful agent must be able to not only sell your property, but sell the idea behind what the property stands for and represents to a potential buyer. When families purchase homes in this city, they are actually making a lifestyle decision. Working with an agent that has a strong understanding of a potential buyers motivations and understanding not only that they are purchasing a home, but what that home purchase means to them is key. Furthermore, keeping track of the various features, components, and selling points of a property, as well as all details in a transaction, and knowing how to frame certain aspects of the home is paramount. If your agent is stumbling over small details, or mixes information up during various stages of the transaction, this may mean bad news when it comes down to being effective at the closing table. The last thing you want your agent to do is fumble over details of the home in front of another party. This could lead to disastrous results. The best agents know everything about a property and the transaction like the back of their hand. Lastly, how an agent communicates can make or break an amazing deal as well. A luxury agent must be confident but also strategic in how they position your home.
MUST BE A NEIGHBORHOOD EXPERT
A second and sometimes overlooked quality in choosing an agent is their familiarity and expertise in the local market. Especially in a city such as Los Angeles. The DTLA market, versus the West Hollywood market are radically different. Can your agent recite the average home prices of your area for the month? Do they know the historic swings in property values and sales statistics? Does the agent know the local schools, hospitals, lifestyle facilities, restaurants, etc? If the agent you are interviewing can’t provide you with information and demonstrate expertise of the local neighborhood, this is usually a big red flag. Now this isn’t to say that an agent who hasn’t sold a home in the area isn’t qualified - if the agent that you are interviewing has shown enough initiative to at least do their homework and become familiar with your neighborhood, you should be in good hands.
CAN YOUR AGENT MARRY TECH WITH MARKETING SAVVY?
Earlier we mentioned that selling a home today is different than what it was 5 years ago. The truth of the matter is that selling a home today is different than what it was like to sell a home even one year ago. Technology changes faster than many of us have the capacity to keep up with! In today's luxury market, engaging video content, social media, publisher relationships, storytelling, live content, mega-open houses, and ubiquitous marketing campaigns generate top dollar for a home. There is a difference between selling a $500K condominium, a $4MM penthouse, and a $55MM luxury compound. Each property needs to be marketed differently, to different audiences, in different contexts, and in different ways. Having a deep understanding of what type of property will resonate with what type of consumer is everything. Furthermore, the mediums with which an agent is able to communicate information about a property across to different audiences is extremely important as well. An agent selling your luxury home needs to be able to create positive perception in the minds of the correct consumer, as well as everybody that consumer engages with.
THE POWER OF MANY OVER THE POWER OF ONE
When you are going through the process of hiring an agent to sell your home, you will come to find that not all agents operate in the same way. Some agents are sole agents/brokers who operate by themselves perhaps with an assistant or two. There are other agents who partner up and forge two or three person small teams. Last but far from least are agents who operate on teams that are made up of a number of agents who represent sellers, buyers, marketing, research, analysis, office work and more. Sometimes the sole agent or team who currently has 10+ listings for sale may not be the best man/woman for the job. While they may look amazing on paper, the reality is that they may be scattered, only having so much bandwidth to invest into your home. Another thing to consider is that agents who work with one or two other agents may not have the resources to dedicate their full attention to both selling & trying to find a buyer for your home. There is a difference. On large teams, you often find that there are a number of agents that are exclusively dedicated to working with buyers - that is, in addition to helping promote the team's listings, they are also going out of their way and tracking down buyers at open houses, networking events, online marketing efforts and a whole host of lead generation tactics. Many consumers being their home search online today, and working with a large team who has nurtured thousands of ready, willing, and able buyers in their database who are waiting for the right home to hit the market have the advantage. And finally, one of the most significant benefits to working with a team mean that instead of one or a few agents working to sell your property, you have an entire group of experienced agents working to sell your home!
PASSION IS THE NAME OF THE GAME
Selling a home is more than just that. You want to work with somebody who loves what they do and invests their heart and soul into taking care of you and your family, as well as one of your most valuable assets. No real estate transaction goes 100% smoothly - we live in the real world where the unexpected must be expected. An agent that not only puts their everything into selling your home, but who does so in a way that mitigates stress and minimizes incident as best as humanly possible is an agent you want on your side.
FIND THIS INFORMATION HELPFUL?
If you'd like to learn more about how we can work with you to sell your luxury home in today's market, for top dollar in the shortest amount of time, connect with us HERE.