I have seen it time and time again. Sellers do their due diligence and interview 3 agents. Good for them. Then they shoot themselves in the foot and just hire the one that says what they want to hear.
Today, I was speaking to one of the agents in my company and she shared with me a conversation she had with a potential seller (let’s call her Jane). Jane said that they had to sell for $400,000 because they paid $350,000 not long ago and they would need $400,000 to cover their selling costs. Unfortunately, as this excellent agent pointed out, buyers don’t assess value based on a seller’s need and Jane should consider herself fortunate to get the $350,000 that she paid for the home in our presently declining market.
When Jane begins to interview agents, what will she look for? Will she focus on a solid marketing plan? An experienced and savvy agent? Staging recommendations? Or, will she be looking for an agent that gives her the price that she wants to hear?
All too often, I see sellers that go with an agent that promises them the price they want, only to spend months on the market doing one price reduction after another. Ultimately, they chase the market. If Jane lists for $400,000 today and spends the next 120 days on the market, she runs the risk that when she is finally desperate enough to ‘price it right’ in 120 days, it might not even be worth the $350,000 it is worth today.
When interviewing agents and come up with a pricing strategy, make sure you are going with the agent that is shooting straight with you about the market and prices. Disappointment today is likely to be far less expensive than it will be months down the road.
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I hear (and live) this story all the time too Linsey. Some sellers get it and some don’t. The more we get the story out though the more people will start to understand. I think it comes down to what we want to stand for as agents….someone who tells the truth will always win in the end.
Unfortunately, I know you relate Tyler.
Dad, if you’re reading, I got nothin’ but love for ya but help me, help you!