As a listing agent, correctly pricing a home is essential to success. By correctly pricing a home, clients will sell their homes faster and for more money, but this can be difficult in a changing market.
While navigating a changing market can be intimidating for sellers, real estate professionals can use several tools to ensure their clients are educated on pricing. Keep reading to learn five ways real estate professionals can help their clients price homes accurately.
5 ways to price clients’ homes accurately
1. Comparative market analysis (CMA)
A comparative market analysis (CMA) is a report that compares the price of a home with similar properties that have recently sold in the area.
A CMA considers a property’s location, size, age, and features to determine its market value. Real estate agents can help sellers understand why an agent suggests a particular price by providing clients with a CMA. Although a recommended home price may or may not meet a seller’s expectations, showing a client that their home is priced accurately with a well-researched CMA will be much easier.
2. Local market knowledge
As a real estate professional, you know your local market extensively. Using this knowledge to educate your clients can keep you both on the same page for pricing.
Educating clients on current market trends, demand, supply, and the average price per square foot in the area help sellers price their homes accurately, ensuring factors such as the time of year, competition, and other market conditions are considered. It also helps build trust between you and your clients, making them more likely to be receptive to your pricing suggestions.
3. Property condition
A home’s condition can significantly impact its value and selling price, especially in a changing market. If a client wants to increase the value of their home, you can provide advice on repairs or renovations. Doing so helps sellers understand the impact of the property’s condition on the price while giving them options on whether to sell their home as is or invest in improvements.
4. Online valuation tools
While a client shouldn’t solely depend on online tools, they can increase their understanding of accurate pricing. Similar to a CMA, valuation tools often use public data and algorithms to calculate the value of a property.
Although online consumer valuation tools can be somewhat misleading or inaccurate as they don’t always represent current market conditions, real estate professionals can help clients interpret the results for additional pricing information and research.
5. Feedback and networking
As real estate professionals spend the majority of their time networking with other agents, potential leads, and buyers and sellers, they can gather valuable feedback.
For example, an agent could hold a broker’s open to see what other agents think. Their feedback or thoughts about price can help agents recommend an accurate price for their sellers.
Further, if potential buyers have looked at the home, but no offers, agents could ask for feedback. This additional feedback from buyers could help price the home more accurately to sell.
Sell your listing faster with real estate photography
While correctly pricing a home is critical to selling it quickly and for the most money possible, having high-quality real estate photography is also important.
Homes with real estate photos, floor plans, and 3D tours are all likely to sell faster than online listings without. Professional real estate photos show buyers the beauty of a home and that it’s worth its price tag. Virtuance offers customizable HDReal® image packages to ensure your listing shines. Even better, every order comes with a single-listing website and access to our Marketing Suite, getting your listing to market faster.
