Many sellers think that the best real estate agent is the
one who gives them the highest "potential" sale price to sell their
home, and the lowest commission fee. But does this really represent good value?
When gaining market price appraisals from agents to sell a
property, sellers should be wary of those that price their property above the
others without comparable sales to substantiate that price estimate.
Unfortunately some agents will overprice properties because
they are either not educated in the area, or are simply just trying to win the
business. Choosing an agent on price alone can actually cost a lot of money
down the track when the property is not selling. An overpriced property that is
not selling can put the seller into the unfortunate position of having to sell
below market price to gain a quick sale (due to commitments elsewhere).
Incorrectly pricing property targets the wrong buyers.
Additionally, most buyers watch and know when a property has
been on the market for a long time. Even if the price is later adjusted to the
correct market price, the previous activity tarnishes the property and buyers
often think there is something wrong with it! All of this wastes a lot of time
and causes the seller a lot of stress. This inactivity also attracts
"bargain hunters" trying to secure a property at a rock-bottom price.
It is critical to correctly price a property.
When it comes to real estate agents and their commissions,
the ones who are cheap, or cut their fee easily when asked, are not going to be
tough, savvy and smart enough to negotiate with buyers. It's these strong
negotiation skills that sellers need from their agents to gain the best
possible price for their home.
When it comes time to sell, it's important that sellers
choose their real estate agent focusing on their reputation, current sales
track record, but more importantly their sales skills. This is what will get
the best final price!
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