Selling your own home is one of life’s most emotional moments for most people and emotions can replace logic.
Calling in agents for advice on what your property is worth often creates more confusion.
Most sellers do not realise that there are many factors that can contribute to the value of their home. The real estate agents appraisal of the value of a property is only an estimate of the likely selling price and not a true independent market valuation. To make things worse unethical real estate agents, in trying to win your business, overestimate the value of the property so you give them the house to sell. At the same time they underquote the property to buyers at a price range below market value to attract buyers.
As a seller there are five things you want and should expect from your real estate agent:
1. TRUTH at all times;
2. RELIEF from the stresses associated with the selling process;
3. AWARENESS of factors influencing the sale of the property;
4. EFFORT to sell the property;
5. And of course the HIGHEST PRICE.
Interestingly enough buyers want the exact same things EXCEPT they want to pay the LOWEST price. A good agent knows how to close this gap, using their negotiation skills to achieve the best possible price for the seller. There are three things that need to be in place to achieve the highest price: the right pricing strategy, the right marketing and the right presentation. The first step in pricing your home right is to establish the true value of your property. If you do not understand the true value, you risk rejecting the best offers. Home sellers who are realistic about their asking price have the best chance of selling for the highest price.
The best way to determine the value of your property is to hire an independent property valuer. It’s money well spent and it will help you determine a fair asking price.
If you don’t want to pay for a valuation, then protect yourself by asking the agent to guarantee the price they quote you. This will safeguard you from any unethical agent intending to mislead you about the true market value of your home.