The Hard Sell
THE APPRAISAL
Vendors find it hard to listen to real estate agents who tell them their house is worth $75,000 less than what the neighbours sold for 18 months earlier. Many agents say they lose listings to competitors who are less rigorous with the truth and are happy to talk up a property's value. Agents can cause major problems for their clients if they raise false hopes. If a vendor is planning to buy another property on the strength of an inflated sale expectation for their existing property, they could end up 20 to 30 per cent short on their next house. Many agents lose listings to unethical competitors who talk up the price, knowing full well the property will never achieve the mark. It's so difficult to get an honest agent who will give you a realistic price because most vendors are going to go with the guy who quotes the highest figure. As hard as it may be to stomach, the agent who quotes lowest is probably the most honest. If we don't price a property within 3 per cent of what the market will pay, buyers will sniff it and it won't sell.