We haven't signed a contract with a realtor but we have a friend whom we're going to use. However, the comps we were given are not great and I'm wondering if it's worth our interest in getting other realtors opinions on the comps? We trust our friend, we know they are giving us the harsh truth but I'm just super disappointed and feel like I want their comps either confirmed from other realtors or get some other ranges.
but I feel like I'm using realtors knowing we likely wouldn't be using them to sell our property?
What's the stance on getting multiple comp quotes from realtors?
byu/Cocoa_Elf4760 inRealEstate
Posted by Cocoa_Elf4760
8 Comments
You can easily find an agent to tell you the number you want to hear. It doesn’t mean that’s what your house is worth. You have even admitted you’re getting the “harsh truth.”
I don’t think it hurts to get a variety of opinions. But when you say, the comps aren’t great, do they not reflect your property, location, and condition? Because it is absolutely a thing to puff up comps to “buy a listing”, and then to badger the seller down to a reasonable price. Your friend may very well be being honest. If another agent comes up with properties that appear to be a better fit for your comps you can always have that discussion with your agent as well if you still want to use them.
As for feeling bad about utilizing the free labor of a real estate agent. This is built into their costing structure already. There are some that would like to completely disrupt the system, but we’re just not there yet and agents do a lot of free work before they get a commission.
Pulling comps is easy. A lot of agents would help you out for free. It’s good business. A little bit of driving and on-site inspection on your part might be advisable as the numbers themselves do not always show a clear picture.
Something that almost no seller ever does, and it makes sense…..just get an appraisal from an actual appraiser. They know How to compare your property to sold comps and how to Adjust for things like pools, different size lots, upgrades, etc. probably cost $400-$500…about 1/10th of 1%.
As a listing agent I paid for a few appraisals myself on properties that were more difficult to comp.
This doesn’t speak to the Desirability of your home, which is a whole other issue, but you’ll feel confident with your valuation when you go under contract.
You either trust your friend or you don’t. If you need other comps from another agent, you need to not work with your friend as you’re not going to trust them the entire transaction.
If you are shopping for agents it’s perfectly fine to ask them to give you comps. If you are picking your friend no matter what it’s not ethical to ask agents to perform free work with no expectation of winning your business.
Keep in mind that unless you see something wrong with the comps (like they are too old or not representative) you are better off trusting your agent. Don’t make the mistake of over pricing your house and having it sit on the market.
Let’s read between the lines here: “super disappointed” and “other ranges” …
Don’t know where you are, but on the few occasions in my life I have interviewed agents, they generally all came with the same comps. You want a property that has sold in the last six months, as close as possible to your house and as similar as possible to your house.* There usually aren’t that many, and if there are, go with the most recent.
The comps should all be close. Drive by. Look at the photos online. Pull the property tax cards. Make sure you understand the market.
Does your friend/agent have a good strategy for pricing and marketing the property?
*the art and science come in when you’re trying to calculate differences between comp houses and your own (better lot, extra bedroom, etc.)
Always talk to more than one agent, more than one lender, more than one insurance company.