As a Realtor, I often do what is called ‘comps’. This is where you try to find the value of a home by comparing it to other, similar homes that have sold recently in the same area. Typically, there can be a $40,000 difference (or more!) between similar homes in similar neighborhoods that are in similar condition.
That $40,000 difference is the difference a Realtor can make. A skilled Realtor makes you a lot more while a less skilled Realtor makes you less.
Part of my job as a Realtor is to help you, the seller, understand that. To help you understand what updates are necessary and which ones are optional.
I recently had a new Realtor come with me and shadow me as I did comps for a client. On this particular home, the comps were everywhere from $240,000 all the way up to $310,000. That’s a huge discrepancy! Knowing the neighborhood and the market, I was able to advise him on what updates would be necessary to get the higher price but actually ended up advising him against those updates! Simply because the cost and work involved in the updates wouldn’t be a good return on his investment in the end.
Want to know if YOUR Realtor is skilled- or a lemon? Check out my article from last week- 5 Ways to Tell if Your Realtor is a Lemon!
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