At a recent industry event, Don Jones, Assistant Commissioner, Compliance and Enforcement at NSW Fair Trading spoke of the main errors that real estate professionals make which can sometimes get them into hot water.
Among the top mistakes made are:
- Agents making false representations to vendors and purchasers, and
- Hiring the wrong staff and/or not training them properly.
Dubious vendors or purchasers are often wary of false representations being made when they are short listing an agent or property, especially in an auction situation. A vendor wants to achieve the highest possible price for their property and many vendors will base their decision on which agent to use on price alone. In order to win the listing and win your vendor’s confidence you can substantiate your property valuation with RP Data.
The Comparative Market Analysis (CMA) is one way of achieving this. You can analyse and compare properties with the advanced predictive CMA report functionality or provide vendors and buyers with up-to-the-minute updates. The reports can also be customised to reflect your branding or they can be used in your newsletters, proposals or during inspections to confirm your pricing strategy.
When it comes to hiring the right staff and ensuring they are trained correctly, it might be worth checking whether potential candidates have been trained on the RP Data system so that they can hit the ground running. Similarly you can sign up new staff for RP Data training when they commence employment with you, to ensure they use the system properly.
Log in to RP Professional to build your next Comparative Market Analysis report. For more information on our solutions or training please call us on 1300 734 318 or visit rpdata.com/training to book an Advanced Training session.