Pricing Your Home--a Minefield of Styles

Many sellers interview two or three REALTORS® before they decide with whom to list their home. Sellers want to feel comfortable and confident in the REALTOR® they choose.

They also consider reputation and trustworthiness as two critical factors in evaluating whether the salesperson is the right fit. That’s why 64% of sellers use a salesperson who was referred to them or they had worked with before*.

Of course, as a seller, you want a professional who will evaluate your property to achieve the best market price. To this end, salespeople employ a variety of styles and approaches.

  1. One salesperson may walk through your home and suggest a price on the spot. It might be based strictly on experience and possibly a couple of comparable sales that quickly come to mind. This price blurting is hard to substantiate to you and can often be off the mark—sometimes low and usually too high.
  2. Another might arrive with some neighbourhood sales to review with you after inspecting your home. There is little attempt to analyze features and benefits closely, just an attempt to arrive at a ball park. Again the result can be less than accurate.
  3. A third approach is to show up with a pricing and presentation. On inspecting your home the salesperson quickly makes mental adjustments on your home’s value based on how your home compares with sold and listed properties included in the presentation. Even the most experienced can err with this on-the-spot analysis.  
  4. A fourth will take the time to inspect the neighbourhood and your home closely, take notes, ask questions about the care and maintenance of your home and uncover features and benefits, as well as any needed repairs. This individual does not discuss price in this initial meeting.

A Proper Standard of Care to Achieve Your Best Price

This fourth salesperson has learned that appropriate preliminary research is essential to applying a standard of care that more readily achieves best market price, within a reasonable time frame and with the least amount of hassles for you.

Back at the office, and armed with your home’s information, this salesperson will research the market and perform an in depth analysis and evaluation. The purpose is to meet with you a second time to review and discuss their findings.

This professional approach helps you to more confidently determine your best price with substantiated market information, thought out adjustments and accepted valuation practices, greatly minimizing the possibly of error. A professional approach is always best.

*NAR 2010 Profile of Buyers and Sellers

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