Is the agent who gives you the highest appraisal price the best choice?

Is the agent who gives you the highest appraisal price the best choice?

Appraisals will vary from agent to agent. But how do you as a seller decide who to proceed with? Is the agent who gave you the highest appraisal price the clear winner? Is the agent who gave you the lowest appraisal price taken out of the running of your short list? How do you examine those who came in with similar figures in between? To answer these questions read on to help you make an informed and educated decision.

 

Typically most sellers may call out anywhere from one to four agents when selling for the first time to get a feel for the agent, the agents professionalism and the agency they work with. Sellers are equally keen to discover the agents appraisal price. Between all of the appraisals when multiple agents come out to appraise, there will be a range of value, hopefully reasonably close to each other. If this isn’t the case and the appraisal prices vary significantly we suggest you make your decision with the following considerations:

 

- The agents years of selling experience

- Is the agent familiar with your suburb

- Does the agent have a strong understanding of market trends

- Does the agent have experience in selling with different methods of sale such as auctions and private treaty

Has the agent sold properties similar to yours

- Has the agent supplied you with a market analysis and explained how recent sales compare to your property to justify why they believe in the figure they have presented to you

 

Many sellers will gravitate towards the highest appraisal price, but that's not always the best strategy to end up with the most in your pocket at the end of the day. Never assume the agent who gives you the highest appraisal is the best choice. At Hinternoosa we run a comparative market analysis which involves finding similar properties that have sold within the last 90 days within your local area. The closer we are able to match your property to others sold in the area, the more accurate the appraisal will be. It is important to note, however, that the most accurate market appraisal can only be given if an agent has experience with the properties being used for comparisons and also takes into account current market trends. A comparative market analysis used in isolation, particularly in the current hot market, can be inaccurate and cost a seller thousands. As long term, experienced Noosa Hinterland specialists we understand no two properties are the same in our region, what buyers put value on and the impact of a changing market.

 

An appraisal does not mean the home's value is fixed to that appraisal price. Ultimately it’s the home seller themselves who selects the list price and sale strategy from the information provided to them from their agent. A key thing to remember is that you the seller need to be comfortable with the agent, the quality of information they provide and what they have to offer. They are, after all, selling your most important asset.