Issue link: https://maltatoday.uberflip.com/i/1458618
OPINION 10.3.2022 Alex Papagiorcopulo Alex Papagiorcopulo is Manager at Homes of Quality I n the past, estate agents have been re- garded as ancillary in the whole buying and selling process by the public. is perception has slowly been changing the past few years, but in order to completely overcome the obstacles presented by dis- cernment and myth, it is crucial that the veil surrounding estate agents is lied. Due to the fact that buying and selling property in the past was considerably less complicated and less regulated, the industry remained largely localized and informal. In stark contrast to this, today's complex world of global cross-border transactions in real estate sales and prop- erty investment has made these everyday actions of the industry very intricate in- deed. Stringent due-diligence laws apply to every single transaction and to exac- erbate the situation, the advancement of new technology, digital on-line mar- keting and world-wide anti-money laun- dering legislation has made the selling of property a very specialized profession, warranting the services of an expert: the certified, registered and licensed estate agent. However, apart from the complexities associated with regulation, the core and key benefits of using a professional estate agent from a reputable company are of- ten overlooked and when assessing the value that such services hold, it becomes immediately clear that making use of these services is extremely beneficial to both buyers and sellers in the majority of cases. Here are some of the key benefits: Saving you time in the search for buyers or properties for sale Estate agents save you time in several ways. If you are a buyer, your brief to the agent will result in them compiling a portfolio of properties that exactly suit your criteria instead of you trawling the vastness of the internet for properties. Many times properties that you yourself have found have been sold and are off the market. An agent will know this before- hand and these candidates will not form part of what they present to you, saving you a lot of wasted time. Estate agents will also have access to a database of pre-qualified national and international buyers to whom they can present your property immediately ver- sus a local "shotgun approach" that most sellers will deploy should they prefer to sell their property themselves. Addition- ally agents will also filter out curious "bo- gus buyers" who merely want to snoop around and have a look at the inside of your home. Knowledge of the market Estate agents deal with property for a living. ey are immersed in it every second of the day and they know the stock, new listings, the history of any given property and even if it is suitable to present to a potential buyer. ey know the areas, market conditions, what is trending and which properties to avoid, whereas a buyer that scours the mar- ket does not. Professional estate agents know the rules and regulations, the laws applicable to each property and every transaction and they have all the right connections. Most of us as buyers and sellers have other jobs and we do not deal with property transactions for a liv- ing and also might not give it our undi- vided attention. is is where an estate agent worth their salt will really shine and take all the burdens and stress off your shoulders. Estate agents do not only have a pool of qualified local buyers and investors, but also access to countless foreign buyers that a seller will not have. Profession- al and qualitative real estate companies invest heavily in marketing Malta at foreign fairs, on international portals and creating international agency agree- ments with third-party firms. is is a very important game-changer in the business of property sales, especially in countries like Malta where there is a strong expat appeal. Estate agents are skilled negotiators Good estate agents are masters at read- ing situations and people. Whether you are a buyer or a seller, you will most like- ly be an open book with your emotions and this can be detrimental in getting the best deal. Buyers and sellers are very likely to be influenced by their emotions, thus clouding their judgement in making a sound decision. Estate agents are im- partial: they have an obligation towards their reputation, acting in the best inter- est of both the buyer and the seller and they are not emotionally invested on a personal level with a property, as they do not own it or intend buying it them- selves. ey can therefore make a far better and clearheaded decision during negotiations and the biggest benefit is that you do not even have to be present! Agents are also skilled in reading facial cues and body language whereas the public are generally unaware of any of the signs and signals a potential buyer or seller may display. Estate agents always know best when it comes to price It is not in the best interest of a good agent to overvalue a property, as the property will not sell or at best stay on the market until the expected value of the property is one day reached. In preparation to arrive at the right price for your home, estate agents will do a comparative market analysis of your home as they have access to informa- tion and historic records of sales in your area that you will not have, whilst also comparing your property to similar properties that have just been sold, thus gauging real-time market prices. It must also be noted that sellers' egos usually play a huge role in property: typ- ically when an agent realistically values a property at the right price, the seller will either think they can get more or that their home is far better than sim- ilar-sized properties that have recently sold in the area. is may not always be the case as the agent has based their ad- vice on the cold truth: simply what the market will be willing to pay for your home. Respectfully so, it is always the prerogative of the seller to establish or agree on the final selling price, but if this is completely unrealistic, agents may not feel comfortable promoting a prop- erty that is overpriced. On the other hand all is not lost, as an initial market- ing price that exceeds (within bounds) the expected selling price can always be adjusted over time, should the proper- ty initially not sell. In this case you will most likely recall the agent's primary advice when you went to market! When it comes to buyers, a good agent will also advise them when their offer is what is considered cheeky or "low-ball". Also, whilst a property consultant is duty-bound to pass on any submitted offers, don't expect a good agent to be very keen to present this offer as a "best push" when it is actually considered as an insult. Agents work when you don't Besides normal business hours, es- tate agents also work after hours, on weekends and public holidays as this is usually the ideal time when buyers have spare time to look at properties or sellers can afford to accommodate viewings. A big part of an estate agent's day is taken up by scheduling appoint- ments that are convenient for both buy- ers and sellers and scouting the market to find the right property (which may not yet even be for sale) for their clients. Many agents go beyond the call of duty and will for instance shop on behalf of clients, collect or drop them off at the airport, arrange bookings at restaurants and much more, although this is not ex- pected. Agents will set up and organize appointments with notaries, architects and deal with the bureaucracy of state departments, all of which takes a lot of time and effort. Just know that when you are asleep or at the beach, sharing quality time with your family, it's un- likely that your agent will be doing the same as they will still be at the office! Last thoughts It can truly be said that the days of the "informal" estate agent or "sensar" is over. In order to be considered a very good professional agent, a lot of ex- tremely hard work is involved, knowing the law, serving your clients well and sacrificing a large share of your person- al home life to stay on top. ose of us who have used estate agents in the past realized all of the benefits: estate agents save you time, they save you money and something that is truly priceless is the fact that they relieve all the stress and worry that you otherwise will have had to bear. is alone is worth every cent of their income! The benefits of using estate agents and the services they offer