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Hey Jim Duncan, Nest Realty and RealCentralVA.com here in Charlottesville, Virginia.
The question is: if I’m getting ready to put my house on the market, is it a good idea to get three different competitive market analyses from three different realtors and then choose the best one?
The short answer is yes, absolutely. You should get at least two opinions on the value from different professional prospective resources.
The challenge comes in determining what is the best. The best may not be the highest, in fact, the worst may be the highest because that realtor may be trying to buy your listing and then in three months come and say: well, you know, we really kind of missed it, let’s reduce the price.
You want to try and price it right from day one, as challenging as that may be and the worst may be the lowest because that realtor may be trying to just get a quick sale and not look out for your best interest.
Here is what I do and what I think works at least for how I do business in Charlottesville: I look at all the data that I possibly can, all the actives, all the competition for your property, the recent solds that are competition or were. Look at the amount of inventory in your segment of the market and look at those trends, the pricing trends, the market trends and anything that I can look at and then what I do after I come to my conclusions of a price range and look at my market plan, I give everything to my potential client so that they can see what I’m looking at and so that I can back up my advice.
Ultimately the decision is my clients, but I want to make sure that they are as educated as possible on what my marketing strategies are and what my pricing strategy is because again, it’s not my money we’re talking about or my life, it’s my clients. So when you’re looking at it, I really think it’s important for the seller to see the analysis and see the nuts and bolts of what went into the equation.
So, in short, is it a good idea to get three CMA’s? Absolutely, but choosing the best CMA is where the real challenge comes in.
If you have any questions, jim@realcentralva.com My cell phone is (434) 242-7140. Give me a call anytime. Thanks.
Jim, as always, makes excellent points in this post. There are Realtors out there who don’t take the time to do the proper analysis and therefore put the seller at risk of not having their home priced properly. Getting three different opinions helps give the seller the facts they need to make an educated decision. Another benefit of meeting with more than one Relator is everyone has different ideas. No matter what Realtor you choose, you can implement some of the ideas learned from the other agents interviewed.