Questions Smart Sellers Ask – Price

Hi everyone, Richard O’Byrne from King & Heath here.

You might have received one of these in your letterbox recently.

We’ve been talking a lot about the 8 Questions that Smart Home sellers ask a real estate agent before they engage their services.

Today I’m going to talk about another important one. Price.

When deciding on the correct real estate agent for you, one of the next questions should be:

What price do you think my house is worth?

Now this might seem like an obvious question, but some agents will rarely give a clear and direct answer.

The two most common untruths told in the real estate industry involved the price estimate quoted to potential sellers. They are:

  1. The improbable untruth or fib: this is when an agent intentionally inflates a property’s potential selling price; it’s the fib most people are aware of and dislike about real estate agents.
  2. The lie of omission: this is when an agent, knowing the probable selling price, chooses not to tell the owner; it’s a more subtle lie, but still prevalent in the industry.

Setting a price range on your property will invariably have a purchaser commence negotiations at the bottom  end of that range or maybe even lower than that.  All have the capacity to hurt you financially and emotionally.  An agent who is honest about all facets of selling, including price, is a rare, true professional. They deserve your trust.

Ensure any price discussed with a potential agent is based on evidence in the form of comparable, recently sold properties in your area.

The agent should provide you with a CMA report, a Comparable Market Analyst report.

Does the agent seek feedback on price from within their own team?

An agency working as a team will give you a more experienced opinion on price.

Remember, a real estate agent should be chosen on their ability to find the best buyer for your property and to negotiate that buyer’s maximum price. This often means as much as $20,000 or more in your pocket.

Agents should not be chosen on their ability to simply quote the highest price.

If you’d like to know more about the ‘8 Questions Smart Home Sellers Ask’, give us a call or drop into one of our offices and we’ll happily give you a free copy of our booklet.

Thanks for watching, tune in again soon for another great question smart home sellers ask when choosing their real estate agent.

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