Agents should focus less on promoting their brand and more on achieving the best result for vendors, write Mark Armstrong and David Johnston.
REAL estate agents put considerable pressure on vendors to spend big on branded advertising yet the effect on the ultimate sale price is negligible.
It’s a time-honoured practice in the real estate industry work out the desired sale price for your client’s property, then recommend that they spend an additional 1 per cent on advertising to attract buyers.
For a property worth $700,000 (not a large sum in many areas of Melbourne) this equates to $7000; a large sum considering that the vendor also has to pay the agent a selling commission averaging 2 per cent….more
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