According to Grant Smee, CEO of Only Realty Group and property entrepreneur, a collaborative relationship between local area specialists and estate agents is what makes a development stand out from the crowd and helps developers meet buyers' evolving demands.
Grant Smee, CEO of Only Realty Group
“The more experience an agent has in an area, the more value they can bring to developers. So often developers choose to operate in isolation and apply what worked in one area in another,” explains Grant Smee, CEO of Only Realty Group and property entrepreneur. “By including your local estate agent in the process, developers can easily pick up on any issues that might otherwise go unnoticed. Even the smallest of things can make a big difference to buyers.”
Collaboration of great benefit to buyers
“Agents are experts in selling the dream of what a home will be, tailored to buyers’ preferences and considering finishes and fittings which are available from the developer. Talking to your area expert is, therefore, so important as it helps developers both understand the insights on both buyer and market trends as well as buyer specifications (and expectations),” explains Smee.
Smee offers important tips and advice for collaborative working relationships between developers and agents that will greatly benefit buyers:
- Relationships, relationships, relationships: Estate agents and developers have a common goal - to sell and shift units as quickly as possible at a good profit margin. “Developers need agents to boost their revenue and agents need to shift units to earn commission, it is therefore a mutually beneficial relationship. Developers and estate agents need to work together as a team.”
- Expand your network: “Estate agents and developers are talking to the same audience – property buyers and investors. Having a solid relationship with an estate agent will open up doors to additional buyers and a greater database of property investors.”
- Select an agent that represents you best: Remember that your estate agent is the public face of your development. “Choose wisely and make sure your estate agent aligns to your goals and objectives. Spend some time getting to know who your area experts are. Consider their track record, their knowledge of the area and their network.”
- Leave the selling to the experts: Estate agents both understand property law, the sales game and how buyers think – do not get involved in the sales process if you do not have the right expertise. “This could both risk the sale and damage relationships. Estate agents have the skills to highlight the property's best features and qualities and in turn fetch the highest prices.”
- Transparency is key and good communication is vital: “Discuss and agree to fees and commission percentages upfront. Make sure there is transparency from the get-go so that there are no surprises along the way.”
- Be open to feedback: Be open to suggestions from your local area specialist - especially in the pre-build stage.
“In short, developers and estate agents/area specialists should collaborate closely because both parties are set to benefit from the sale,” Smee concludes.