Real Estate Article: A Smart Seller Won't be Fooled
03/26/2007

As a seller you will often find yourself subject to the influence and pressure of others:

1) For instance, a few of your neighbors might contact you inquiring or complaining about why you are selling at such a low price. They will mention a listing down the street selling for $50,000 more than yours and attempt to convince you to raise your asking price. It is important not to let your neighbors cloud your judgment, it is only natural for them to want you to sell for as much as possible. They live in the same neighborhood after all. When selling a home, you should hire an agent you trust, and go with his or her intuition. Your neighbors’ opinions will more than often be biased and they are not experienced professionals. It is possible that the property down the street has a swimming pool or more upgrades, this is not something your neighbors know. In addition, there might be another property down the street selling for $50,000 less than yours but your neighbors just haven’t mentioned it.

2) In addition to neighbors, your competitors will also pressure you. If they have overpriced their property they will probably complain to you about how you are ruining the real estate market for everyone with your ridiculously low asking price. The reason they do this is because they feel threatened by the competitive edge your property holds over theirs. If you crumble under this pressure and end up not selling or raising your price, your competitors might decide to lower their price and end up making a sale that could have been yours. It is important to be cautious of these types of scenarios and not get caught up in them.

3) Valuation software and programs will also often times hinder a seller’s judgment. A lot of these programs and websites will valuate your property above its actual market value. This will end up making seller’s believe their agent has under-priced their property but if you think about it, who would you rather trust, an experienced professional or a computer program? There are many things agents are capable of taking into consideration that computers are not. Things such as the benefits and setbacks of a property being in a specific location, the property’s condition, the number of upgrades, the aesthetic value of your property, etc. People can see things from different perspectives and evaluate more intricately than computers. It is important not to let these computer generated estimates affect your decisions. After all, he purpose of the valuation software is to give you a rough estimate or an idea of what you might be selling around not to provide you with an accurate estimate.

4) The last thing a seller should be careful of is what other agents might tell you. There are some sellers who like to confirm their selling price by getting the opinion of another agent after their transaction is already underway. I cannot stress enough how important it is to disregard what these agents say. Almost 100% of the time an agent will always tell you that your price is too low and that they can definitely sell it for more. Do not lets these baseless words affect your decisions. Remember that all the agents are competing with each other and it is in their best interest to make you their client.

When deciding to sell their property, a smart seller will know how crucial it is to come up with an accurate estimate of their property’s value. Once they have found a reliable source to aid them with that such as a local agent, they will trust that agent’s judgment and stand strong against outside influence and pressure.

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