Let me start by saying some of these will come as a shock to you because they are established clichés. Professional, dependable Vancouver realtors will be upfront in dispelling these myths, whereas your less experienced or shady professionals will trot some of these well-worth lines out at every opportunity. So watch out!
Let’s have a look at our list.
The seller sets the price
“I know for a fact that my home is worth $XXXXXXXXX”. If Vancouver realtors had a cent for every time they’d heard that one! And while the seller will ultimate accept or decline offers, it isn’t really the seller that determines the selling price; it’s the market. Location, services, schools, aspect, all of these factors play an important part and actually mean a lot more to buyers than the fact that your “Mom really likes it”!
Hike the price
Overpricing your home rarely leads to securing a better price. These days there are so many comparison sites available that buyers are savvy and know what they can get for their money and if you are in an area with a good amount of property available the likelihood is that you just won’t sell.
People think that this method leaves room for negotiation, but buying a home is one of those things where people are programmed to negotiate anyway plus you run the risk of pushing away serious buyers.
Time isn’t money
“Look at this an offer on Day 2; imagine how many offers we’ll have had by day 30!” Well, it doesn’t work like that I’m afraid. Your property doesn’t gather viral support in the same way a YouTube video might. In fact, the longer a house is on the market the more prone you are to receiving reduced offers; the market might start to perceive you as desperate and that is a place you definitely do not want to be.
“Oh no; too low!”
A quick offer is often thought of as a marker for the property being priced too low. In actual fact you’ve probably just excited a hot buyer who has been scanning properties for months looking for the perfect one. The other thing is that your Vancouver realtor will know their clients inside out so may well have had some potential buyers waiting in the wings for a property such as yours.
Save on commission
The Vancouver realtor with the lowest commission will get the seller a better return right? Not necessarily. The difference between 3% and 3.5% on a $500,000 property is $2,500. But what if the cheaper realtor sells your property for $480,000 instead of $500,000? Often you get what you pay for in this game!
For more advice on selling your home in Vancouver, call Paul Eviston 604-737-8865 at Remax Select Properties in Vancouver. Paul and his team specialize in promoting Vancouver real estate. Watch ▶️ our latest Real Estate Listings Videos and see how we can market the sale of your home in Greater Vancouver.