Most people think all Realtors are pretty much the same. That is so far from the truth. Picking the wrong agent can cost you anywhere from tens of thousands of dollars to $100,000+. Even if your neighbour picks the wrong agent, that can cost you as well. The reasons vary, but the results are the same. I was talking to one prospective client who was selling her deceased father’s home. She had also talked to an out-of-town agent with whom she had a loose family connection. I explained to my client that understanding the local dynamics is important. Sure, her house might sell, but at what price. Pricing it wrong could cost her $50,000. Where I come from $50,000 is a lot of money.
I sold her deceased father’s home for over $100,000 more than she expected, after receiving 5 offers. The same day, a comparable house on a neighbouring street was also listed for sale. That house was in much better condition. The out-of-town agent listed it for the same amount I sold my client’s house. It did sell, but for exactly $50,000 less. My client said to me “there’s that $50,000 you talked about”. And guess what? That house is now a ‘comparable’ sold property for other houses on that street.
The same thing can happen in condos. Everyone thinks their place is the best. That’s human nature. If you start out with a price that is too high, you could kill your chances of selling or experience many agonizing price cuts. You may sell far below what the original market value should have been. I have seen that where condos linger on the market for 3, 6, 9 months. Sometimes even more than a year. No one wants to experience that disappointment.
Another thing to consider is marketing. Will the agent market your home as aggressively as possible? There is one condo I know of which was listed “exclusively”. Exclusively sounds great. But what that really means is that it is not on the MLS and likely not advertised at all. That condo unit had the same layout as one my client-owned. Even as a Realtor I could not find the listing or the price without picking up the phone and calling the agent, who was in another part of town. It wasn’t on the MLS. It wasn’t even on that agent’s website or her broker’s website. It languished on the market and finally sold well below market value. I felt bad because I know the 90-year-old seller needed to get the best price possible. When my client wanted to sell a year later, that lower than average sold “comp” worked against him and others who sold after him.
So, work with an agent who is on your team who will market your property appropriately at the right price.
Call or text me anytime for a personal conversation about your individual situation.