5 Ways to Help Clients Price Homes Accurately in a Changing Real Estate Market
As a professional who specializes in listing properties, accurately pricing a home is crucial for achieving success. The right price can make all the difference in selling a property quickly and for a higher value. However, this can be challenging in a market that is constantly fluctuating. Although it can be daunting for sellers to navigate a changing market, real estate professionals have access to various tools to assist their clients in understanding pricing. In this article, we will discuss five effective ways that real estate professionals can help their clients price their homes accurately.
Ways to price clients’ homes accurately
1. Comparative market analysis (CMA)
A comparative market analysis (CMA) is a report that evaluates the price of a property by comparing it to similar properties that have recently sold in the area. It takes into account factors such as location, size, age, and features to determine the property’s market value. Real estate agents can use a CMA to explain to their clients why they suggest a particular price for their property. Although the recommended price may not always match the seller’s expectations, providing a well-researched CMA that accurately prices their property can make the process much smoother.
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.
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Pricing a home correctly is crucial for achieving a quick and profitable sale, but having top-notch real estate photography is equally important. Listings featuring high-quality photos, floor plans, and 3D tours are more likely to sell faster than those without. Professional photos showcase a home’s allure and help justify its asking price. Havah provides customizable HDReal® image packages that can elevate your listing’s appeal. Furthermore, each order includes a dedicated website for the property and access to their Marketing Suite, streamlining the process of getting your listing to market.
