Choosing an agent based on the highest appraisal might appear attractive but is often deceptive. Michael Tomadakis explains that these inflated appraisals can lead to overpricing issues, resulting in long sales campaigns and seller disappointment. Crucially, sellers should resist high appraisals, choosing evidence-based strategies instead.
Drawbacks of the Highest Appraisal
Many sellers mistakenly think that the agent offering the highest appraisal delivers the best service. However, agents sometimes inflate appraisals to win listings, knowing such prices might not be realistic in the existing market. Michael Tomadakis emphasizes the importance of evaluating agents on sales data and verifiable records.
Choosing an agent requires detailed discussions about the local market and a strategy that fits the property, not just enticing appraisals. The priority should be on transparency and realistic projections supported by strong evidence.
The Dangers of Overpricing
Overpricing can extend market time, reducing buyer interest. If a property remains on the market too long, potential buyers may suspect issues and avoid it. Often, sellers find themselves lowering the price below initial expectations.
Success hinges on choosing an agent with a demonstrable track record of selling at competitive, realistic prices. Sellers can protect themselves by seeking agents who provide thorough market analyses and evidence of successful sales.
Choosing the Right Agent
When evaluating agents, consider their past sales and ask important questions. Are their sales consistently close to appraisals? Do they provide a marketing plan tailored to emphasize your property’s unique characteristics? Achieving strong sales prices requires strategic planning and understanding of the current market, rather than inflated promises.
Contact agencies renowned for transparency for guidance and effective marketing strategies. At Collings, Michael Tomadakis and his team offer reliable, insightful advice.
Remember, a choice based on accurate appraisal values the realistic evaluation of market trends over the highest quoted figures.
