New research has revealed the biggest challenges that real estate agents face in the climate of new technologies, slower markets and increased competition.
A survey of Sydney and Melbourne agents conducted by live-stream tech outfit Gavl has found that after securing a listing, the most common challenge for agents is satisfying the price expectations of vendors.
As many as 53 per cent of agents admitted that managing the price expectations of their clients was their biggest challenge for the year. A further 31 per cent said that the biggest challenge was achieving a sale price that meets vendors’ expectations.
Just 16 per cent of agents admitted that attracting an adequate number of interested buyers for a property was the most challenging part of the job.
Sydney agents are feeling the pressure to meet price expectations more than their Melbourne counterparts.
In Sydney, 45 per cent — against just 27 per cent in Melbourne — admitted that securing a sale price that meets vendor expectations is the hardest part of their job.
Newer agents found attracting an adequate number of potential buyers to be a challenge — 35 per cent with under 12 months’ experience against just 8 per cent with 20-plus years.
Gavl spokesperson Justin Nickerson said that the survey results match his own experience.
“Vendors in the second half of last year expected properties to grow as fast as in the previous five years,” Mr Nickerson said.
“This year, agents will be tasked with convincing vendors that growth has slowed, but also ensuring they get the best price in the current market.”
Mr Nickerson added that the challenges are linked to marketing.
“Properties will need a multi-tiered strategy that can be measured and bring in results, and unfortunately, many agents lack the skills or technologies to ensure success in this area.”