If you don't work with buyers on a regular basis, you don't have the expertise to accurately price homes for market. Many experienced agents snottily declare that they Don't Work With Buyers - they only handle listings and hire buyer agents to show homes. I know a few agents in my area who are huge listers and have never shown or previewed one of my listings. I don't understand how they can claim to be a neighborhood expert when they don't know the competition...don't have an understanding of how buyers think.
Because I work with both buyers and sellers equally, I can help a seller look at his home through the eyes of a buyer... and the buyer's agent. I know what is currently in vogue with the local buyers. I know what will WOW a buyer as he walks in the door...and what will immediately turn him off.
I can advise my client on the upgrades and improvements that truly matter in OUR market, even specific to his particular neighborhood. I know how important a walk-in closet is... or isn't. I know if buyers will overlook a dated kitchen... or if they won't. I know if buyers will balk at the lack of a garage... or if they will be tickled just to have off-street parking.
I know how much value to add for being close to a popular coffee shop... or how much to subtract for being on a bus route. I know how to price an asbestos-sided house so that buyers will consider it... over the vintage brick Tudor they really want.
Other things I know because I work with buyers...
I understand why a 1,200 sqft Bungalow is far more valuable than a 1000 sqft Bungalow (aside from the difference in square footage.)
I understand why a main floor master bedroom is undesirable for many buyers.
I know that in certain neighborhoods, one-story Bungalows are selling far more quickly than two-story Victorians. And I know why.
The real estate market changes on a daily basis and data from the MLS tells only part of the story. What you knew about the market six months ago is irrelevant to the market conditions today. To truly be a "listing specialist," you must also be committed to knowing the inventory... and to knowing the buyer.
copyright Jennifer Allan 2007
Good post Jennifer,
Good perspective on being a buyers agent and knowing your market and inventory.
Good Day!! have a cup of java and a smile on me :)
www.duayneweir.com REALTOR in Minneapolis Minnesota
I too, can not relate to an agent that wants nothing to do with buyers. It DOES get you out into the trenches and you see what is available in the market. Usually when I list I do preview all the current active listings in the area and I work with enough buyers to have a good idea on what is good, bad & ugly.
I'll never understand how an agent can accurately price a home without previewing the competition... but many don't! And if they don't work with buyers, how on earth do they know what else is out there????
I've heard that in some markets, previewing isn't allowed. I discuss previewing heavily in my books and I've had many new agents ask me "What's Previewing?"
Hi Jennifer: Our team could use the wisdom you share.... we are getting our feet wet together. We have an advantage over many by having trusting tenants looking to own, however we realize there's much more to learn. Thanks for your teachings - we are watching, learning, and becoming enriched for the sake of our clients.
Jennifer - Aha.............now I get it. You can not post your vast superior knowledge all in one post. Well, since I happen to agree with almost everything you say (we will just have to agree to disagree on the value of Pizza.) I think you should sit down and write a book.
kiss kiss
Funny, but I just had this conversation with a manager in my office. I really do prefer the listing side as I was saying to him, but he said exactly what you just said. We have to always know what buyers are thinking or we lose our value to our sellers.
Not previewing? Good grief. How did they figure out the market if they didn't see anything else??
Josette - I have no idea how agents function without previewing... but, obviously, I agree with your manager - to truly be a market expert you have to know, first-hand, what the buyers want - and you certainly can't rely on feedback from the agents who show your listing. This is another reason I think Open Houses are important - it's a great opportunity to gather feedback on your listing from the general public, even if you don't sell the house.
p.s. I don't really enjoy working with buyers either, although most of the time, once you're into it, it's fun.