High Appraisals = High Price = Top Agent = Best Choice?
Lastly, for those who believe that a high appraisal guarantees a high price, well…you may really be in for a rude shock (to put it bluntly).
We do miss out on listings because other agents have provided a figure that’s, to put it bluntly, in ‘la-la land’, and have even thrown in free advertising (see below).
And guess what? We are fine with losing such listings.
In this industry, we get paid for selling your house successfully, and we get nothing if we don’t. Collecting listings which fail to sell do not pay. Selling them successfully do.
Such over-appraising tactics invariably result in a lesser return for the vendor. We do need to get paid for our work and time, and we believe that our interest should always be aligned with yours.
The last thing we want to do is to spend all the time telling you, the vendor, that your property’s value has dropped by tens of $’000 or even hundreds of $’000 from the appraised price. You’ll feel deceived, and rightly so. We prefer to spend time working with your potential buyers who are not scared off by an overly-inflated price (which suggests an unrealistic or unmotivated vendor) and persuade them to make an offer on your property.
We also do not want to waste your time (and ours) by listing your home and then withdrawing it later because we are simply unable to achieve the ‘la-la land’ price.
You may think that’s fine and you can always re-list. But buyers who are attuned to the market often know even if the same house is re-listed with another agency or agent. Those who work with selling agents will also know from property records that the house has been on the market previously. And they will wonder what’s the problem and simply never show up to view.
The truth is this: Your property is worth what it’s worth in the current market.
We, as your real estate agents, are there to create competition on your home through unique and cutting-edge marketing strategies. And then we negotiate, from a position of strength thanks to the buyers’ competition which we have generated, to a level where the purchasers have committed to their top dollar and there’s nothing left to extract from them!
The decision to sell is then entirely up to you.
In my humble opinion, the qualities of great real estate agents are that of marketing expertise, honesty, efficiency, empathy, extremely skilled ‘selling skills’ and tenacity.
For agents who give unrealistic appraisals that are so far off the market, wouldn’t you agree that some of such qualities are clearly lacking?