How Do You Know If Your Listing Agent Will Price Your Home Right?
This post is a well stated honest message for Sellers and Agents to read and take to heart. I had to repost this and spread the word. Thanks Bill and Liz.
How Do You Know If Your Listing Agent Will Price Your Home Right?
One of the most CRITICAL core competencies of your listing agent is to properly price your home! A listing agent is a package deal, and all aspects need to work for your sale to be successful. All the marketing to hundreds of websites, great write up and fantastic photos ultimately mean little if you're not priced right!
Priced too low, you will sell FAST, but you'll have needlessly given away tens of thousands of dollars in potential profit. Priced too high and no one comes to see your home. No visits, no sale! Priced right for your market optimizes your return AND lessens your time on market.
Unless you've got a truly unique property to offer (and that's a VERY small segment of the market that is truly unique), your prospective listing agent SHOULD be able to present you with data to support their pricing strategy. It should be most heavily influenced by recent Sold homes, and to some degree current Pendings, and your Active competition. This isn't a "Just trust me" moment! Your agent should be able to provide the same type of data the appraiser will be using later to justify your sales price. If the rationale doesn't make sense to you, ask the questions now BEFORE you sign the listing agreement!
If you live in a typical subdivision and no one has sold anywhere NEAR the price you want, and the agent tells you they can get that price, what do you think will REALLY happen when you go on the market? Who are you going to be mad at in six months when your home hasn't sold? The agent for not telling the truth about market conditions, or yourself for believing it?
Market conditions change frequently and pricing advice is temporary! As other homes sell or come on the market, your pricing strategy might need to be adjusted. If your agent doesn't have the core competence to monitor the market and offer you the best possible advice as conditions evolve, what are your odds of success?
So the basic question, before you hire your listing agent, did they back up their recommendations with supporting sales and rationale, or just tell you what you wanted to hear? One gets you sold, the other gets you the opportunity to hire another agent later!
Which path one do you want?
If you want a free home valuation for your Warren County home, give us a call! We'll put the engineer on our team to work for you!
Giving it to you straight on Dollars and Sense!
Liz and Bill aka BLizThe Liz Spear Team
Elizabeth & William Spear
RE/MAX Elite, Two Locations: Lebanon & Mason, OH
Direct: 513-265-3004 Toll Free Fax 866-302-8418
MailTo: Liz@LizSpear.com Visit: http://www.LizTour.com
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