In a hot market, finding a buyer for just about any piece of real estate is considerably easier than in a comparatively slower market. Knowing this, some sellers are inclined to list with agents known to them by association rather than choosing local practitioners. Caution is advised when taking this option.
Most agents, local or not, will promote their property listings via the well-known portals and by targeting the largest of the buyer groups; the active “unknown” buyer, via this method will probably find a buyer in this market. The other major buyer groups can be described as the “active known buyer”, those the agent have on a data base and the “latent buyer”, those buyers not actively looking but may be tempted to buy after seeing a particular property advertised.
It’s these remaining buyer groups that sellers miss out on when listing with out-of-town agents. Latent buyers are often attracted by large colour press adverts where only local agents advertise (such as those found in the Herald), whilst known buyers respond best to direct contact from local agents where they’ve registered their buying requirements; something missing from non-local agents’ data bases.
Bear in mind most buyers are local folk moving about within their immediate neighbourhood. Local Fremantle agents report that 68% of their buyers come from within the localities of Cockburn, Melville
and Fremantle and East Fremantle.
Given that the majority of buyers are locals then it makes sense to target property marketing locally and thankfully, the nature of the world-wide-web captures everyone else. It follows that sellers benefit from gaining access to a local agents’ network of would-be buyers and data base of active known buyers.
There are, therefore, tangible benefits in using the services of a local agent when selling property. Every area has a uniqueness punctuated with subtle nuances that an out-of-town agent can easily miss, and buyers are usually more comfortable relying on the expertise of the local agent. Local agents are familiar community faces most of whom enjoy a positive reputation that, in turn, boosts a buyer’s confidence in the accuracy of the information the agent provides.
In the new year, if you are thinking of selling in the Greater Fremantle area, it is in your best interests to choose an agent that is inherently and thoroughly local.
With Perth’s property market growth leading the nation throughout 2024 with around 24 percent growth in property values, some property commentators are predicting a slow-down in capital gains as the year progresses. Core Logic data showed Perth ahead of the rest of the nation in growth for 2024 with Brisbane … Read more
Licensed real estate agents are regulated by the Department of Mines, Industry Regulation and Safety (DMIRS) with consumers able to seek advice and lodge complaints about agents’ behaviour to that department. The Real Estate Institute of WA (REIWA) also has a community hotline where consumers can obtain real estate advice … Read more