2 min read: Why real estate agents overprice your home

Realtor-Evaluation-21

overpricing a home

The toughest part of my job is listing someone’s home for sale. It doesn’t matter how long I sit at the kitchen table with the owners, explain the process, go over the comparables, talk about the pros and cons about their home or how many recommendations I make to improve the home’s value. As soon as I leave, none of what I said matters. The next time I meet with them, it’s like meeting them for the first time and now I feel like I am a defensemen on a football team and I’m about to get blitzed.

Even though they agreed with everything I said to them the last time we met, now they agree with nothing. The price I recommended to list the home at is now too low even though I explained the dangers of over pricing, now all the recomendations I made won’t be done because they feel they have already spent enough money making whatever improvements they made already and suddenly, I am the bad guy.

See, people don’t really want to be told the truth. They want me to lie to them by telling them their home is worth much more than what it is actually worth. They want me to tell them their home is perfect just the way it is. And because of that mentality, this is why the real estate industry has such a bad reputation, in my opinion because there are those real estate agents who just don’t care. They want the listing at all costs and they want the money from the sale no matter what. So, they will lie about everything and anything to the owner. Once they get the listing, they will spend the next 6 months to a year butting heads with the owner trying to get them to lower the price of the home to where it should have been, when I met with them and told them the truth. The difference between me and that other agent is, I gained their respect and walked away from the listing and the other agent lied and made the money. So, to me, respect means more than the money and that’s why for me, listing a home is the toughest part of my job. See, you can’t pay your bills with respect.

In real estate, you can be excellent at your craft. Be an expert negotiator and be spot on with the values of homes, but none of that matters when you are up against a liar for a listing which is the majority of the time. 9 out of 10 times the owner will go with the liar over truth.

So, here’s my question to you, would you rather a real estate agent lie to you in order to get you to list your home with them and if so, do you have the right to be angry with the agent when your home doesn’t sell?

Renee Porsia, is the broker, owner of Sweet Digs Real Estate and services the Philadelphia area as well as Bucks and Montgomery counties.

 

 

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