Often, I hear of agents claiming to be “neighborhood experts.” This is an old school way to look at the real estate game and it works for some sellers even to this day. The concept behind it was that agents only worked in certain areas, called “farming.” They had to get to know the area, the streets, and the buyers and sellers. However, it doesn’t hold nearly as much weight as it used to. Here are three reasons why:
- The data is there: Before the internet age, you had to be an expert in the neighborhood. Now, agents can pull up past sales in an area, view permit information online, and even use services such as Google Street Scene to see if one street looks better than another.
- It takes common sense: When looking at the data, it’s all about interpretation of the information. For example, when determining a value of a home, you might notice that homes north of a specific street are selling for more than those on the south side. This means that street is a demarcation for the area, and you should focus on sales on the same side as the home you are evaluating.
- Look at the overall strategy: Keep in mind, when someone claims to be a “neighborhood expert,” that title is self-imposed. It doesn’t mean they have the resources or know-how to really get the home sold quickly and for top dollar. Many times, our real estate team has set record sales in neighborhoods we have never worked in. This includes beating out the “neighborhood experts.”
The best thing you can do is to ask, “how will you sell my house?” That makes all the difference. As a home seller, you need to know what the agent is going to do to make sure you are protected, promote your home, and how to handle offers and get the home closed.
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