When my son was recently unwell, I took him to our preferred paed-iatrician who my partner and I trust, to diagnose and prescribe any necessary remedies based on his competence and experience in the field of medicine.
It is, however, not the first time my partner and I have decided not to take up the recommendations of a qualified practitioner.
I think anybody may relate to this story, in that we all have an inner gut feeling or an intuition that can sometimes irk us into making our own decisions we feel are in the best interest of our family. This analogy can be transferred to several daily scenarios, including but not limited, to pricing your property.
Just like any other professional, the role of an estate agent is to provide a homeowner with the necessary data, market knowledge and experience to make an informed decision.
After all, it is the estate agent who views property on a daily basis, has historical data to forecast trends and is in possession of the live database of sold prices of properties in a particular area.
Though probably the most qualified person to price a property, a homeowner will ultimately always make their decision based on a compromise between the advice given by their estate agent, their expectations, commitments they might have and, most importantly, their own intuition.
More often than not, this leads them to try to sell their home at a higher price than that of the market value which, according to statistics from a credible source, is on average between 15 and 20 per cent.
Marketing a home out of its market value is a common cause of properties remaining unsold for several months. It is proven that the more a property is overpriced, the less potential buyers will even want to view a home for sale. On the other hand, the closer one gets to market value, the greater amount of potential buyers will want to see a property, enhancing the chances to sell the home. If you look at the buyer elimination triangle, you will further understand this concept.
If homeowners market their property closer to market value, the usual occurrence is that the home will sell at the top of market value
Should homeowners consider a an estate agent’s advice more seriously, they not only would sell their property faster but will also sell at a more reasonable price. This is because potential buyers who view homes for sale marketed on several property websites for a long time tend to discount the homes that have remained unsold, with homeowners potentially being subjected to reducing their property price below market value.
If homeowners market their property closer to market value, with some room for negotiation, the usual occurrence is that the home will sell at the top of market value.
A real estate agent should have the tools to sit down with a homeowner and provide what is called a competitive market analysis (CMA). A CMA compares property listings that are similar to the home in question against sold properties of the same kind.
By comparing historical data and presenting market information, an estate agent should have the competence to narrow down an accurate valuation together with the homeowner.
The price of a home is one of the major factors that will define the length of time it will take to sell, as well as the selling price of a property. There are other factors that will help you sell a home, including the presentation of your home and small enhancements that may also improve the value of a property. These tips and more maybe found out by your local estate agent.
The role of the real estate agent in today’s market has changed into a professional one where real estate companies are investing thousands of euros in training their staff and associates to be able to provide a superior service.
A professionally equipped estate agent is able to provide the necessary exposure, together with competent seasoned real estate agents, to provide the right guidance required to secure a timely sale of a property.