Putting your home in the MLS will not guarantee the sale of your home.
Discount broker services and many Listing Agents subscribe to a marketing strategy I call the 3 P’s. PUT the sign in the yard, PUT it in the MLS, and PRAY. Although I do believe in the power of prayer, I also believe you get what you pay for. Especially relevant, hiring a Real Estate Agent that specializes in your area is well worth whatever rebate that discount broker service is offering. (Your wife’s niece who just got her real estate license also falls into this category!)
An example of how a novice Agent can misinterpret the MLS
Today’s “Master Planned Communities” can incorporate properties that range from $500,000 to $2,000,000. The price points are separated by different “villages” within the neighborhood. Let’s say that the whole subdivision you live in is known as “Lakeview Ridge.” Within Lakeview, you have Lakeview Country offering homes between $1.5 — 2 million. Lakeview Shores has homes between $1 — 1.5 million. Lakeview Village homes are priced between $750,000 — $1 million, and Lakeview Manor has properties starting in the $500,000 range. So, you can see that having an agent that understands the layout of your area is incredibly important!
Comps don’t always tell the truth
Now this whole community is planned around a beautiful lake and park with the most expensive homes backing to the lake and creek. Obviously the lot size and finish out in the $2,000,000 dollar home is more elaborate than the finish out and lot size in the $550,000 home. It is interesting though, how many times a Real Estate Agent who is not familiar with the neighborhood of Lakeview Ridge might try to convince a Seller that his 5,000 square foot home in Lakeview Shores is worth the same as the 5,000 square foot home in Lakeview Village. After all, the comps are the comps, right?
An Agent with true expertise will know what your home is worth
Your wife’s niece (who is giving you a great “deal” on the Listing Agent fee. . .) will not know how to negotiate with a potential Buyer’s Agent on the nuances of your neighborhood and why your street justifies a higher value and price per square foot than the home that is “just around the corner.” A Real Estate Agent that prepares a Comparative Market Analysis using the MLS on a subdivision like Lakeview Ridge as a whole is not necessarily presenting an accurate analysis of your home’s value. An Agent with true expertise will know what your home is worth, understand why, and have the ability to negotiate powerfully on your behalf.
Your agent’s ability to price and market your home effectively is what matters. Please call my direct line at 972-841-3110 to schedule an appointment, I look forward to talking to you personally.
Related article: “Showing with a Purpose”
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