Is The Seller Doubting Your CMA? Try The Seller Participation Market Analysis.
I do the exact same thing for a Southern Maryland Market Analysis as Broker Bryant outlines below. When the Seller has to select the four for me to hand the appraisal to justify the sales price, it becomes REAL real that overpricing or unrealistic expectations serve no purpose. Interaction helps the Seller own the number and own the good marketing results that ensue by proper pricing.
Hi folks. Have you ever had a potential Seller question your market analysis? Maybe they wondered if you cherry picked the comparables. Arrived at a lower value just so you could get the house sold and get paid sooner. You left the listing appointment wondering what you could have done differently.
Try this: Do the market analysis at the house in front of the potential Sellers. When I've done this I noticed that the Sellers were much more receptive to what I was telling them about price. It's difficult to dispute hard cold data.
What I did was...after we toured the property, and had our talk, I whipped out my laptop and logged into the MLS. Then I entered their property details and pulled up the active listings. At my first appointment there were 569 listings that showed up!!! The Seller's jaw dropped at the amount of competition he had for his property.
He could see how low the listing prices were. It was pretty dramatic.
Secondly, I pulled up the sold listings and had the Seller pick the ones that he thought were most similar to his property, not based on sold price but based on features. Then I hit the statistics button to see what the average selling prices were. Another jaw drop!!!
Then, I pretended I was a Buyer's Agent, searching for properties to show my Buyer. My goal was to make a short list of 10 properties that I would show.
Once I had this list on my screen I simply turned my computer screen around and told the Seller "This is where you property needs to be if you want Buyers to look at it".
This entire process took about 15 minutes and I have to say, it was very, very effective!!!
I think I'll call this my "Seller Participation Market Analysis".
What do you think? Is this something that will work for you?
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