If you do not have faith in your REALTOR and in your marketing plan you will always question your selling price.
All financial transactions carry with them an element of risk. That includes transactions involving real estate. What causes real estate transactions to stand out, however, is the amount of money involved and the importance of the transactions to the principals. That’s the best reason to hire a REALTOR and it’s why you should interview me for the job. Here are some things to keep in mind whether buying or selling a home.
Seller Risk Points
Assuming things are going along nicely. Don’t assume anything. If you have questions, ask your REALTOR for the answers. If you have concerns, voice them. Get involved and stay involved.
Mis-pricing your home. Price it too low and you’ll leave money on the table. Too high and there won’t be any money on the table at all. Magic occurs when the price is attractive enough to bring in multiple buyers who bid up the price.
Not understanding what it means to market your home; it’s not all high tech. In comparison to a few years ago, the MLS has transformed the way homes are bought and sold. That said, there are low-tech things that can have a huge effect. For example, I asked a seller-client to write a short piece about what it was like to raise her kids in a home that backed up to a huge county park. We distributed what she wrote (I helped her edit it) at open houses. It made a powerful connection to families with kids and the house went under contract in 13 days…to a family with 3 kids.
Not realizing the importance of time-on-market. Time is the currency buyers use to assess the demand for your home. Being on the market for a while is a clear signal that a home is priced too high. While it might seem reasonable to assume that sooner or later someone might to come along who will pay the asking price (or close to it), the truth is that no buyer is going to pay a price that no other buyer has been willing to pay.
Leaving money on the table. If you do not have faith in your REALTOR and in your marketing plan you will always question your selling price. On the other hand, if you have worked as a team, with everyone pulling in the same direction, you won’t be left second-guessing yourself.
Buyer Risk Points
Buying a headache. A few houses ago (my first home, actually) I thought I had gotten a great deal. When I discovered that it was built over a spring the deal didn’t look so good. I should have known better and I should have selected a more qualified REALTOR.
Paying too much. An asking price is a benchmark of sorts, but it’s not a benchmark to establish an offer price. An offer price should be arrived at from the bottom up…what does the market say the price should be…not from the asking price down.
Being pushed into a compromise. When you walk into an appliance store you expect high pressure. When you are shopping for a home, high pressure has no place. If you get it, push back.
Not understanding who your agent works for. Let’s say you ask a REALTOR to show you a home. Unless you establish a buyer’s agency relationship, the agent is acting as a sales agent for the seller, and you are considered a customer, not a client. As a Certified Buyer’s Agent, I work for you and you alone. You are my client, not a customer.
Click the following image to view my credentials presentation.