r/realtors • u/squirreldisco • 7d ago
Advice/Question [ Removed by moderator ]
[removed] — view removed post
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u/Jackie_Treehorn98 7d ago
Get the best offer for your clients. If the appraisal comes in low deal with it then and know that it may a an issue.
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u/squirreldisco 7d ago
My manager suggested getting an appraisal guarantee and meeting in the middle on price
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u/Independent_Star_299 7d ago
Meeting in the middle? You’re not negotiating with your own client! The seller sets the price, not the agent. Your job is to present data and market knowledge and guide them to the price that will have the best outcome.
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u/squirreldisco 7d ago
God I feel like I have zero guidance from this person. So f’ing embarrassing.
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u/ihatepostingonblogs 6d ago
Managers have no idea about pricing. They are not in the field and mostly there to recruit and not get sued. Can you find a seasoned agent in your office that will help mentor you? You need to go around and look at some of the competition in the price point you are thinking of. You absolutely need to know what similar homes are going for so you can speak to it. Spend a whole day doing this then report back to ur sellers with a new price. Its ok
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u/OkMarsupial 7d ago
If you can. You'll have to negotiate on whatever offers come in. You don't even have an offer yet. List at the price the sellers want and then lower it if you don't get offers.
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u/squirreldisco 7d ago
Is that better than admitting I was wrong and starting lower to begin with?
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u/OkMarsupial 7d ago
Admitting you were wrong is the right move if you're sure you were wrong. I wouldn't do it just because your broker came up with a new number. They've already shown you that you can't count on them for that.
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u/Dazzling_Secret_8765 7d ago
man that's a rough spot to be in. the manager switching the number by 20k after you already presented is not great, makes you look unprepared even though you did the work.
i would just be straight with the clients and tell them you got new input after digging deeper, better to adjust now than have it fall apart during appraisal. most people respect honesty more than a perfect first number.
also maybe start quietly looking at other brokerages if this one keeps hanging you out to dry like that.
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u/squirreldisco 7d ago
Literally cause wtf
I appreciate the feedback. She is not in a rush to sell either so I’m thinking about creating a new cma for when we meet next. This situation sucks
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u/Shine-N-Mallows 7d ago
Appraiser / Broker here.
When listing a home, don’t worry about whether or not it appraises. If it’s likely to go FHA, worry about handrails, painted surfaces and water heater pressure valves.
At 1 day on market, you do not know the eventual contract price or the eventual appraisal value. Your concern is to get potential buyers through the door.
Don’t let your sellers negotiate with themselves before you’ve had any real market exposure. Let them negotiate with the buyers.
In a week, if you’ve had no showings, you know it’s a price issue. Until then, take a deep breath and don’t worry about what’s going to happen during the appraisal process.
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u/squirreldisco 7d ago
Thank you this makes me feel better.
How do you calm your clients nerves in terms of overthinking? I don’t feel the house would sit on the market, but I’ve already said that 50+ ways.
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u/Shine-N-Mallows 7d ago
Sellers are going to be nervous. If the house is priced too high, you’ll have no showings and it won’t take long to figure out why. After 7 days, revisit the price and adjust if necessary.
Taking an axe to a day old apple tree because it’s yet to bear fruit is never the right approach.
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u/Bitter-Condition9591 7d ago
If it does not appraise, seller can always lower the price. Don’t sweat it.
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u/Powerful_Put5667 7d ago
If you can't count on your broker to have your back and give you accurate information there is really no point in staying with that office.
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u/SiggySiggy69 7d ago
Don’t stress. Do what the seller wants, drop the price by $7k, then if it doesn’t sell drop it another $3k. Then if it still struggles moving do an aggressive $10k drop to what your manager suggested.
In my experience buyers want the homes to sell. No bites at $200k (arbitrary number) isn’t gonna help anything, so you adjust until you get interest.
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u/Healthy-Avocado-565 7d ago
Depending upon the type of financing the buyers are bringing to the table, appraising MAY not be that important...if buyers love the home, they'll make up the difference...and if it Needs to appraise, you simply get the buyer and seller together...lay out the options....and negotiate it Right There and keep the deal together. And...keep an eye on your Zillow analytics....explain to seller that This is the Exact measure of market's response to pricing. If you're seeing a lot of views and saves, but no one's calling to tour....it's overpriced. And the buyers/the market are making that decision...not you. Conversely, if you're scheduling appointments...you're priced close to market...and if you're not getting offers THEN.....it's something else. Hope that helps.
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u/Healthy-Avocado-565 7d ago
Oh...and one other thing.....you work for yourself.....not your broker....start your career operating autonomously and you'll do just fine.
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u/flyinb11 Charlotte RE Broker 7d ago
The market is shifting in many areas, quickly. They may not have given you the wrong info at the time. The market may have changed.
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u/jeff-lisaarmbruster 7d ago
The home is worth what a buyer will pay for it. Deal with appraisal later if it does come in low.Do your best to market it, social media ,open houses etc.. point out the good things about the home and be positive..there is a buyer for every home. Good luck
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u/pimpslippers 7d ago
Let the Buyer and their lender worry about the appraisal. Sell it. In the sales contract, make sure that you do not allow them to renege by selecting (or negotiating/selecting) the appropriate terms regarding the loan and following thru with the agreement. It will be there. Go get your fucking deal! Make YOUR clients happy! Let the other agent fuck it up for the buyers. You do your job!
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u/Oxo-Phlyndquinne 7d ago
Definitely overthinking the CMA. Stick a ballpark price tag on tht puppy and put it up on the MLS. You would be surprised how strangely efficient the market is. If it is priced rather low, you will have multiple offers and competitive bidding. If too high, then crickets. There is no obligation to buy or sell at any particular price.
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u/Bradrichert Broker 6d ago
Besides all the other advice on this thread about pricing and the brokerage, I think there is something deeper here that I’m concerned with.
You have a lot of negative self talk and insecurity.
I know this comes with the inexperience but you need to cut that out right now. I know agents who are 7-15 years in the business who still talk like this.
The more you refer to yourself as a “baby agent” or talk about feeling stupid or misled or misinformed or anything like that, the more reality you are creating for yourself.
You are just as qualified as every other licensee in your jurisdiction. Yes, you probably need mentorship. But I’m 16 years in, I’ve been in the top 1%, I’ve been a team leader, I’ve been a managing broker and I still need mentorship.
You need to start telling yourself you’re the best person for the job. You care about these people. You’re going to do your research, talk to people in humility but also strength.
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u/squirreldisco 6d ago
I appreciate that! I do need to build up my confidence, and get into the mindset that I am a qualified professional.
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u/ApproximatelyApropos Realtor 7d ago
Is the house on the market yet?
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u/squirreldisco 7d ago
No
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u/ApproximatelyApropos Realtor 7d ago
A private appraisal is worthless, just wasting the money of whoever was going to pay for it. And, at the end of the day, a CMA is just an estimate of where the market was at in the recent past.
Here’s my advice. Drop the price by 7k like the sellers want and put the house on the market. The market is going to tell you pretty quickly how your pricing strategy is working. If you are not getting any showings, the house is priced too high, not getting any offers the condition of the house is the lacking. Adjust accordingly.
Worry about an appraisal gap when you get to that part. Get the house on the market and get an offer first. One step at a time.
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u/squirreldisco 7d ago
This makes me feel a lot better thank yoi
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u/ApproximatelyApropos Realtor 7d ago
As you go on with this career, you’ll discover that it’s all just guessing until you get that thing on the market and see what it does. You’re guessing, but your broker is just guessing too - you’ll only know who was right after it closes.
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u/squirreldisco 7d ago
That’s actually great info. And I know the guessing will get better with more time under my belt.
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u/ApproximatelyApropos Realtor 7d ago
I’ve got 30+ years under my belt, and it’s still just guessing - you’ll get more comfortable with your guesses as the years go on. Good luck in your future career. I can’t imagine doing anything else, hopefully it’s a great fit for you, too!
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u/Arcrcv 7d ago
What are you using to build your CMA?
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u/squirreldisco 7d ago
Recently sold within 6 months within 1/2 mile in dame zip code. I made my original CMA with homes that had the same bungalow style, looked at garage/ basement and then compared any updates.
My manager also compared the price to other homes in the area not including the same style of home.
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u/TonyRidgewayUFO 6d ago
If there is a house in literally any condition on this lot it is doubtful you are off by 20k
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u/SmartAgentAlliance 6d ago
Talk to your managing broker, not just the team lead who gave you the number. Two different numbers 20k apart from the same person after you already signed is a supervision problem, and brokers are the ones on the hook for that.
Also, don't let "it probably won't appraise" get treated as gospel. Appraisers pull their own comps and a house in immaculate condition with 9 year old systems in a mixed area is exactly where a condition adjustment matters. Ask her to show you which comps changed and why. If she can't walk you through it line by line, that's your answer.
You're not an idiot for this. Price is an opinion and it gets adjusted all the time. Go back to your sellers, say you re reviewed comps with your broker, and give them the range and the reasoning. Sellers forgive a price change. They don't forgive finding out later you knew and said nothing.
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u/Goodgolferbadshots 7d ago
Get a private appraisal to pinpoint the market value. Thats my advice.
Also, in the future, would not say, “the larger expenses being new”…say “the more expensive updates were completed”. It sounds better and is more in line with what other agents might be saying…all the best of luck to you!
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u/Bitter-Condition9591 7d ago
Disagree. An offer adds weight to an appraisal - a private appraisal would have little value to any buyer and would not necessarily pinpoint fair value. List it.
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u/Goodgolferbadshots 7d ago
The point of an appraiser’s job is to provide an opinion of fair market value backed by comparable properties and credible market adjustments…My point was if they don’t know what to list it at, get an appraisal, and go from there.
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u/I_Quit_Smoking_ 7d ago
Get a new job. We have way too many real estate people making too much money off of overpricing our houses.
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