The Importance of a Second Opinion 🏡
In the second video of our live video series, The Most Critical Step to Selling Your Home on Vancouver Island, John explores the most common motivator for homeowners seeking a second opinion: price.
The pricing of your home is one of the most important steps in the successful marketing of your property, and the accuracy of this will directly impact your results. Pricing your home too high out of the gates can lead to a less than stellar market response, and pricing your home too low can almost guarantee you will leave money on the table, even if your low price results in a bidding war. (This is a key piece of information that John will elaborate on in a future video, so stay tuned!)
So, you’ve established that pricing your home accurately is important, but how do you make sure this happens? We’ve provided some easy tips to help you navigate this topic when you meet with prospective agents. In order to make a clear, educated decision, you need to gather the most organic, unbiased and honest opinion possible from each agent you meet, and understand their reasoning behind it. This is not the time you want to be told what you want to hear.
Here are our top tips to achieve this goal:
- Keep your personal opinion about price to yourself: By leading with your own expected sale price, you run the risk of engaging an agent who tells you what you want to hear to ‘get the listing’, rather than providing you with an unbiased opinion based on expertise and market knowledge.
- Do not share other agent’s opinions: Assuming you’re doing your due diligence and meeting with more than one agent, we advise keeping the price suggestions from previous meetings to yourself. Sharing this information can also cause bias and therefore an inaccurate representation of each individual agent’s expert advice.
- Be cautious of publicly available home value sources: Property assessment data is not a reliable source for accurately pricing your home. These are mass appraisals used for the purpose of taxation, and they can be very inaccurate and outdated. Any agent referencing assessment data as an indicator of value or a reason for their pricing strategy is using a flawed metric.
Online home evaluations are also problematic, as they expose your sensitive information to unknown sources and will never produce an accurate result. We advise avoiding these altogether. It is impossible to properly value a home without viewing the property in person and taking into account the condition and features of the specific property, and any updates that have taken place.
We encourage sellers to ask the agent you’re meeting with to differentiate between their pricing strategy, and what they think your home will actually sell for. Pricing strategy and your home’s actual market value are two different concepts, and a good agent should be able to clearly articulate how these important differences relate to your desired outcomes.
If you would like more information on any of these points, please feel free to get in touch. In the meantime, stay tuned for the next video in the series, where John will explore the second key reason to get a second opinion: market plan viability and thoughtfulness.
If you are thinking about selling and looking for a second opinion, we’re always happy to help. Book a 15 minute meeting directly with John by accessing his calendar here, or get in touch with us by email or phone: [email protected] or 1-866-956-6228.