Realmark Coastal director Sean Hughes has credited his success in the latest REB ranking to being patient and maximising the sale price for vendors.
The agent has placed second in the Top 50 Agents WA 2024 ranking, after selling 98 residential properties for $163.6 million during the 2023 calendar year.
The Western Australian property market has and continues to throw many challenges at Hughes, particularly dwindling housing stock.
For instance, figures from the Real Estate Institute of Western Australia revealed that there were just over 2,000 properties listed for sale in Perth as at 12 May 2024, down from 6,157 the same week last year. Hughes said listed properties plunged from an average of around 13,000 to only 3,550 in Western Australia in the recent past.
Nevertheless, his sales transactions remained strong last year due to his vast experience of over 25 years in the real estate industry, as well as a thirst for improving his performance, he said.
“To get stock in this current climate and continue to be at the top of the tree requires experience,” he told REB.
“You have to be known as the local expert and build deep relationships with clients. I think it’s pretty hard for an agent who has only been around for one to five years to compete against someone who has sold three houses for one vendor over the past 20 years.”
However, the Western Australian market has impacted Hughes’ days on market, which tripled from 24 last year to 77 in this year’s ranking.
He explained that taking longer to sell properties is a point of differentiation as it allows him to achieve the highest price point for his vendors.
“Some agents like to get in and out,” Hughes said.
“If they don’t get the result and feedback they want, they sometimes recommend that the seller reduce their property price. But I’ve got clients who specifically come to us because they know we’re not going to work them down on price. They want to hit a particular price. They are here for the result, not a speedy time frame. I take on those listings fully understanding that.”
For example, it took Hughes five months to sell a property in the northern coastal suburb of Watermans Bay in Perth as the vendor wanted a premium price, he said.
“I told them it might take us some time to reach that number because the evidence says that the property price should be a bit lower,” Hughes said.
“But I was there for the journey for as long as it took. It’s less about how quickly I get the desired result and more about making sure I get it regardless of the time frame.”
Capitalising on their database and treating buyers well also bore fruit in a low-stock environment, with Hughes underscoring that buyers remember agents who provide exceptional customer service.
“I see agents who receive tens of buyer enquiries soon after listing a home treating buyers like a subspecies,” he observed.
“But your current buyer could be your future vendor. I think treating them well could lead us to our next listing, especially in a market where you shake a tree and 100 buyers fall out.”
Noting that it is “feast or famine” in a low-stock market, Hughes advised new agents to join an agency for a period of time to work with a team and learn the trade.
“This leads to longevity in the industry for the agents,” Hughes said.
“Once they’ve learnt their craft and housing stock increases, they can morph into individual agents in their own capacity.”
Last year, Hughes saw demand for properties in the middle bracket to the lower end of a suburb, particularly for entry and mid-level price points.
Family homes on large blocks that are close to good schools and valued between $1.5 million to $2 million are in high demand from buyers.
However, the demand has thinned out for properties worth between $4 million and $5 million, and take longer to sell.
To view the full REB Top 50 Agents Western Australia 2024 ranking and report, click here.