Sellers! Be Informed!

Updated May 2023

**Setting the Right Listing Price**

Accurately pricing a property involves analyzing recent sales of similar homes, ideally ones that sold close to the current date, not those from six months or more ago. We also factor in how long we expect the property to stay on the market before receiving an offer. Appraisers generally use comps from within a half-mile radius, so that's where we look for comparable sales.

For example, I checked a FSBO listing in Vancouver. The closest comparable property sold for $396,500 a few months ago. Projecting from this, and adding a bit of optimism, the correct price should be around $414,000. However, this FSBO is listed at $450,000. We’re no longer in a market where overpricing guarantees a quick sale. This home has already been on the market for 44 days, which may seem like a long time to Buyers. Buyers often assume a property with such a duration has issues, even if it’s in good condition.

Even experienced professionals sometimes start with the wrong price. In cases where good comps are not available, we make an educated guess. The market’s response, whether through showings or lack thereof, tells us if the price needs adjustment. In a slower market, determining the "right" price can be challenging.

**Lack of Service Options**

Some brokerage brands prohibit their agents from writing offers on properties with only one agent involved due to liability concerns, a situation known as dual agency. This restriction often applies to larger firms. As a result, those firms' agents might not participate in showings, leading to fewer offers. If you're selling and representing yourself, be aware that 86% of transactions involve both a buyer's agent and a seller's agent.

If you still choose to sell FSBO, I can help you list your property on the MLS and advertise it across multiple platforms. My role is to provide information, not restrict your options.

**Photo Quality**

The RMLS allows up to 45 photos per listing. Including only 10 or using poor-quality images, such as irrelevant or poorly lit photos, can harm the listing’s appeal. A picture of a shower head, for instance, won’t attract buyers. I recently saw a listing with overexposed photos where key features were barely visible, like a "kitchen" that only showed chairs with no other details.

**Listing Descriptions**

Listings now allow up to 2,000 characters for descriptions, up from 500 in 2022 and earlier. Short, vague descriptions like "Nice home. Hurry before it is gone!!!" are not compelling.

**Choosing the Right Agent**

Avoid hiring an unresponsive agent. Test their responsiveness by calling them at different times. If an agent is often unavailable or only reachable via text, especially after hours, this can hinder your transaction. Some agents may become less attentive over time or only work within regular business hours, which can be problematic.

**Unfamiliar Agents**

Be cautious when hiring agents from online-only firms or those you can't talk with on the phone. Many brokerages often have high turnover rates and prioritize transactions over personal service. A new agent might also follow strict guidelines and lack the creativity or negotiation skills needed for a successful sale.

**Resistance to Innovation**

Hiring an agent who resists new methods or ideas can limit your options. For example, if you want to experiment with a unique approach, like offering a lower broker’s commission, ensure the agent is open to such strategies.

**Negotiation Skills**

Effective negotiation is crucial. A skilled negotiator can help you get better deals, whether for repairs, appliances, or other terms. Look for agents who demonstrate strong negotiation abilities and a track record of achieving favorable outcomes.

**Team Activity**

In real estate teams, the team leader often gets credit for transactions, not the individual agents. Ensure you’re not just paying for the team’s brand name but for effective individual representation.

**Repetitive High Fees**

If you repeatedly pay top fees to the same agent, consider seeking a second opinion. I offer reduced fees by leveraging technology and not maintaining a physical office, which can save you money.

**Get a Second Quote**

Just as you would compare prices for insurance or contractors, getting a second quote for real estate services can be beneficial. Don’t hesitate to contact me if you need assistance or more information!