In the past, estate agents have been regarded as ancillary in the whole buying and selling process by the public. This perception has slowly been changing over the past few years, but in order to completely overcome the obstacles presented by discernment and myth, it is crucial that the veil surrounding estate agents is lifted.

Due to the fact that buying and selling property in the past was considerably less complicated and less regulated, the industry remained largely localised and informal. 

In stark contrast to this, today’s complex world of global cross-border transactions in real estate sales and property investment has made these everyday actions of the industry very intricate indeed. 

Alex Papagiorcopulo, manager, Homes of Quality

Stringent due-diligence laws apply to every single transaction and to exacerbate the situation, the advancement of new technology, digital online marketing and worldwide anti-money laundering legislation have made the selling of property a very specialised 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 often 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. Following 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 perfectly suit your criteria instead of you trawling the vastness of the internet for properties. Very often, properties you find online have been sold and are off the market. An agent will know this beforehand and these candidates will not form part of what they present to you, saving you a lot of 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 versus a local ‘shotgun approach’ most sellers will deploy should they prefer to sell their property themselves. Additionally, agents will also filter out curious ‘bogus buyers’ who merely want to snoop around and have a look at your home.

Knowledge of the market

Estate agents deal with property for a living. They are immersed in it every second of the day and know the stock, new listings, the history of any given property and even if it is suitable to present to a potential buyer. They know the areas, market conditions, what is trending and which properties to avoid, whereas a buyer that scours the market does not.

Professional estate agents know the rules and regulations, the laws applicable to each property and every transaction and have all the right connections. 

Most of us, as buyers and sellers, have other jobs and do not deal with property transactions for a living, so we might not give it our undivided attention. This 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 a seller will not have. 

Professional and qualitative real estate companies invest heavily in marketing Malta at foreign fairs, on international portals and creating international agency agreements with third-party firms. This 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 reading situations and people. Whether you are a buyer or a seller, you will most likely 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 impartial: they have an obligation towards their reputation, acting in the best interest of both the buyer and seller and are not emotionally invested on a personal level with a property, as they do not own it or intend buying it themselves. They can, therefore, make a far better and clear-headed 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 is 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 arriving at the right price for your home, estate agents will carry out a comparative market analysis of your home, as they have access to information and historic records of sales in your area that you will not have, while 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: typically 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 similar-sized properties recently sold in the area. This may not always be the case, as the agent has based their advice on the cold truth: simply what the market will be willing to pay for your home. 

"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 expected"

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 an overpriced property. 

On the other hand, all is not lost, as an initial marketing price that exceeds (within bounds) the expected selling price can always be adjusted over time, should the property 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, while 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, estate 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 when sellers can afford to accommodate viewings. 

A big part of an estate agent’s day is taken up by scheduling appointments that are convenient for both buyers 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 expected.

Agents will set up and organise 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 unlikely that your agent will be doing the same, as they will still be at the office. 

Last thoughts

It can be said that the days of the ‘informal’ estate agent or ‘sensar’ are over. In order to be considered a professional agent, extremely hard work is involved, knowing the law, serving your clients well and sacrificing a large share of your personal home life to stay on top. Those of us who have used estate agents in the past realise all of the benefits: estate agents save you time and money. The fact that they relieve all stress and worry is priceless. This alone is worth every cent of their income.

Alex Papagiorcopulo is a manager at Homes of Quality