It seems like everyone has their Real Estate Salesperson’s License
How do you choose the right Real Estate Agent to represent you in the sale of what for many people is their largest asset? Many people delegate the job to close friends or someone they meet through referral without doing much research, thinking that it cant be too difficult to price and market a home, right?
This can be quite costly for sellers who want to get the maximum value along with buyers who don’t want to overpay for property and have it hurt them in the future. This topic came to mind with our most recent listing in the Eastchester School District, where we were given much feedback that the property was overpriced by several brokers whom showed the home. Suffice to say, by 4 days on market, we had received 7 offers, 3 of which were over asking price.
Why Did This Home Appear Overpriced to other Real Estate Agent’s?
Why did the feedback we received not reflect what actually occurred after the home came onto the market?
There are a couple of ways Agents, Appraisers, or Investors price property. One of these ways many are familiar with, and that is looking at similar properties of like-kind that have sold in the area to determine what the fair market value of a home is. This is a pretty standard practice in the Real Estate Industry. Although there is one flaw with this method, and that is that is does not always reflect current market conditions. Supply and demand will have a strong impact on market conditions within any given neighborhood, even as specific as a school district or small new development. If there are very few homes available while there are many people looking to purchase, this would create a strong demand for that particular style home or a home in that neighborhood, causing the prices to rise, the less inventory available, the more dramatic the increase in pricing.
This is what happened with our most recent listing. If the seller had in fact decided to list with an agent who encourage the seller to list the home at an even lower price point then we had, who knows how that could have influence the sellers overall net value? On the other side of the coin, buyers that were interested in the property may have been deterred by brokers that were not familiar with the marketplace or whom were convinced that the property was overpriced.
The moral of the story is, when choosing an Real Estate Agent, don’t choose just anybody, choose the best agent for the job who is going to give you information you need to get the best value for your home when selling or help you make an informed decision when buying.
Licensed Real Estate Salesperson