Will I need 3 brokers to estimate the value of the home?

Asked by Sharon, Mount Scott - Arleta, Portland, OR Mon Feb 28, 2011

I live in Sequim, WA (4 hours away)and we have just had a sale for her belongings and what didn't sell will be donated. The rooms need to be painted (have scheduled that job)and cleaned up. I suppose after the home is freshened up it would be best to make an appointment with 3 brokers as suggested.

Thank you all who responded to my question. Sharon

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Steve, Agent, Portland, OR
Mon Feb 28, 2011
Sharon yes, you should have a couple of estimates,

I specialize in giving market valuation reports and have completed over a hundred for banks and loan servicers.

When it comes right down to it you have to choose someone you like to work with and that "can get the job done"...many people will say they can, but you really need to know their track record in this market which is pretty tough.

Sincerely, Steve
1 vote
Lana Lavenba…, Agent, Grants Pass, OR
Thu Mar 3, 2011
I think you need to look at what an agent is going to do for you not just what price you can get for the home. This is a market that needs an agent that is not going to tell you a higher price just to get a home listed. You really need to make sure the person you work with has a marketing plan.
0 votes
Heather Wrig…, Agent, The Dalles, OR
Mon Feb 28, 2011
Hello Sharon

Its is always best to get a few opinions. Agents will come in and give you a free market analysis of your home. Good Luck Sharon
0 votes
Simon Justice…, Agent, Austin, TX
Mon Feb 28, 2011
Although you're asking about pricing your home I don't think that's really the question you should be asking. The main questions you should be asking are about how you and the agent are going to sell the home.

If a good agent with a solid marketing plan comes to the table they might be able to get you more money for your home. While a weaker agent comes to the table and says your home is worth less they might be able to sell your home on just price alone. Both agents can sell your home and the market will determine the price.

Clicking with your agent makes a big difference as well. You want an agent who will communicate with you as the listing progresses. You also want an agent who has strong negotiation skills in addition to marketing skills. If no one sees your home, who's going to buy it? If your agent caves too easy you're going to be swayed right into falling profits.

I'm a big advocate for tech savvy Realtors who flood the market with your listing online. Starting here on Trula should be a good indication that your Realtor is with the tech savvy crowd. They should be able to promote your property online and in traditional media if the area requires it. It depends on the home, and its potential buyers.

The market will determine the marketing plan. A marketing plan based on price is a poorman's plan. A discounted or over priced home will cost you money in the long run. If it is over priced you're going spend your money on mortgage payments and common maintenance as it sits on the market. A home priced too low is a fire sale that will cut your profits right off the top in no time flat.

So, interviewing multiple brokers shouldn't be based solely on who tells you your home is worth the most but how they negotiate their commission with you. How they respond to questions about the area, the housing market, job market, local events, etc.. an agent who knows that X festival is held in the park across the street every July knows their market. The agents who don't know which way north is will have a hard time selling your home to potential buyers. Agents who have been in the business for years and years might be the best resources but they might be behind the times. I'm an agent who has a degree in communication design (digital media). I have grown up around real estate and my veteran agent mother is my mentor along with other competent mentors.

I hope you find the right agent for you. That agent shouldn't be hired soely on the estimated price of you home or thier "fee." Some agents are worth less than the typical 3% and some agents are worth 5,6 or 7%.That agents value to you can only be determined by you since you are hiring them to do the job.
0 votes
Janeese Jack…, Agent, Portland, OR
Mon Feb 28, 2011
S: you need as many estimates as fits your comfort level. Pricing a home is not rocket science but it does take someone who will
Web Reference:  http://fabulousportland.com
0 votes
Thomas Eilers, Agent, Lake Oswego, OR
Mon Feb 28, 2011
3 brokers opinions is reasonable. They should generally be within 5% of each other. If not, ask questions. I'd advise going with a full service real estate agency as opposed to a discount broker, simply due to the number of homes on the market today...you need good exposure. If you'd like more info, call me. Sequim, huh? I lived on the Kitsap Peninsula for 10 years...my favorite place. Tom 888-721-4346 toll free direct.
Web Reference:  http://myportlandhomes.com
0 votes
Mark Harter, Agent, Portland, OR
Mon Feb 28, 2011

Its recommend to get 2-3 market evalutions, not just for the brokers' price opinion but for their recommendations on how best to stage the home, their marketing strategy, and to find a good "fit". Someone you know is experienced, sucessful and you trust.

Mark Harter
Principal Broker
John L. Scott
0 votes
Rian Muleback, , Portland, OR
Mon Feb 28, 2011
Sharon, sorry for your loss as it must be a tough time for you. I have dealt with estates before and I am aware of the emotion that is involved. Your welcome for responding to these questions and if I can be of any further assitance then please don't hesitate to contact me. Most people will advise you to get 3 different opinions and you will be amazed at how different those opinions can be. It won't hurt to have more than one Realtor give you an opinion of the homes value but one thing to keep in mind is you need to also find someone who has the experience you need. Sometimes that person may be the one who gives you the lowest dollar amount on the homes value and that is ok. The best thing to do is ask a lot of questions so you best understand how they came up with your homes value. One more thing to consider is the person themselves. This is someone you will be working closely with in the coming months so it is best that you get along well with them and feel comfortable asking them lots of questions, even if this means asking the same question more than once!

I know that it will all work out for you in the end and remember that it is my fiduciary duty to always do what is in your best interest once you are my client.

Take care,

Rian Muleback
0 votes
Joshua Svaren, Agent, Portland, OR
Mon Feb 28, 2011
We can also do a conference call if that works best for you... I also like the appraisal route too but most brokers are going to give you the same info as far as most recent sales...the appraisers call us for concessions on each sale that closed so in the end talking with real estate brokers you should be able to determine a good listing price.

Joshua Svaren
Web Reference:  http://www.svarenrealty.com
0 votes
The Stephen…, Agent, Portland, OR
Mon Feb 28, 2011
Three is a good number. You don't want to just get an estimate - you also want to see what their marketing plan is! Agents do not all provide the same services. I love stacking up my marketing plan against other agents. I haven't lost a listing appointment in ages. So yes, I highly recommend meeting with at least three agents.
0 votes
The Hatch Ho…, Agent, Portland, OR
Mon Feb 28, 2011
Hi Sharon,
I suggest talking to a Realtor prior to working on the home. A good Realtor can make lots of suggestions to help you save as much time and money as possible. We have had a lot of experience with estate sales and may be able to offer some suggestions/contacts and make it as stress free as possible.
Best regards, John
Web Reference:  http://www.hatchhomes.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 28, 2011
When trying to establish value, why not have more than one opinion...or you could consider hiring a professional appraiser.
0 votes
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