Recently a friend who lives across the state called to ask how she should choose an agent. She knew two women, one who had worked for her in another field and a second who came highly recommended.
She had invited both of them in to see the house and give an estimate on price and explain their marketing.
The acquaintance came in about $50,000 in price over the other Realtor, and my friend was puzzled. While she wanted to believe in the higher estimate, she was leary of it. The second woman explained her pricing: "I would love to tell you that the house was worth more, but the comparables just don't support it. I want to sell your house, not just list it.
The acquaintance suggested that they could "start at the higher price, and if nothing happened they could always reduce it. It was taking 6 to 9 months in the area for a house to sell anyway."
While pricing is one indication of which Realtor to choose, it speaks volumes about motivation. The first woman wanted to please her clients, the second one wanted to get the job done, and therefore please the clients.
A while back in Skaneateles I went up against every broker in town, it seemed, for a comparably priced house. I came in low, actually the lowest. The owner chose me to list his house because he had read somewhere that the agent who prices the home the lowest (reasonably) actually wants to sell it. This was exactly what played out here with my friend.
Unfortunately, the "buying" of a listing happens very frequently. Just to have a house listed, especially in a higher price range, is perceived as a good thing for a Realtor's career and prestige. The owners want to believe the inflated price and the Realtor is complicit in this desire. The result is usually that the house sits and sits, then sells for less than it would have if priced according to the market.
My friend's home is listed now - I'll add a footnote when it sells.
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