There are lots of things that don’t matter when it comes to real estate transactions. Among them are the following:
- How much the seller paid for the property
- Why the seller is moving
- How much the seller wants to net
- What I think the property is worth
- What the seller thinks the property is worth
Don’t Cherry Pick the Comps
These last two items are questions the seller will ask and where you let the data do the heavy lifting for you. When meeting with the seller you want to present data that shows the complete picture of the neighborhood. The last thing you want to do is cherry pick which comps you show. Some agents will only show the comps that support their suggested sales price. High price or low price, I believe the seller should see all of the comps because each comp tells a story…a story the seller may need to hear.
The Seller Has a Price
The listing appointment is your opportunity to present all of the data to the seller…the good and the not so good. Although you may show the seller all of the properties that are similar to theirs, you will highlight those 3-4 properties that are most like their property. Most sellers will have an idea as to what the sales price should be. Even if they say they don’t…they do, trust me on this. Often times that price is unrealistic and doesn’t align with the most recent sales. This is the time to let the data do the heavy lifting. It’s not you saying the price is unrealistic, it’s the data.
The Market Sets the Price
Show the seller pictures of the best comparables so they can see how their property measures up…or not. You’ll want to look at the quality of the renovations, square footage and other property amenities. When reviewing the comps with the seller take great care to tell them how their property is better or not as good as the comp. But keep this in mind, although we look at the comps to see what has sold, they don’t necessarily project what the future holds. A lot depends on the current market conditions. And in the end, the seller needs to understand that the market sets the price.
Enjoy less stress by having smoother transactions by implementing these simple strategies today!
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