I’m not going to pretend that I don’t derive my income from selling real estate. Of course I do. And by far the best source of business I have is referrals from people who appreciate that I did the right thing for them, and often the right thing was something other than listing or selling property for them.
A chunk of a regular week for me is helping people determine the market value of their home. In that vertical, my opinion on a great many other matters comes into play. For example, I’m almost always asked for insight on what work or preparation needs to be done in order to sell, and what impact it would have on value. A sizeable chunk of these consultations doesn’t result in a listing or transaction in the next 60 or 180 days. Sometimes people wait for years, and that is fine by me, because after nearly 30 years in brokerage I’ve watched far more referrals passed from happy people than from folks with a bad taste in their mouth.
Here are a few more reasons why I give homeowners a market analysis when they aren’t selling:
- Determining if they should grieve their property taxes
- Seeing if they have enough equity to borrow on a home equity line of credit or other loan
- Projecting the potential change in value of an addition, renovation, or home improvement
- Getting an estimated rental figure for leasing the house to tenants
- Curiosity. Yes. That’s ok with me. I’m here to help and foster relationships because I LIKE REFERRALS
- Whether or not selling or one party buying the other out is the right decision in a divorce
That last point is no small thing. Anyone paid on commission can be suspected of having a conflict of interest if they advise a home owner to sell, and that’s why the math should be the determining factor, not a real estate agent’s clever dialog. That’s also why some people are shocked when I advise them that selling isn’t their best option. That makes me no money in the short term, but in the long run it is absolutely the only way to go. I have people calling me that I gave a valuation to 5 or more years prior to list their property because they valued my honestly.
So, a good agent should be able to advise people in a matrimonial situation in ways that are far more cost -effective than a cumbersome mortgage process with appraisals, underwriting, and all that comes with it, at least early on. People shouldn’t waste hundreds or thousands on a mortgage and appraisal that may not be a good idea right away. Nor should they list a home if one of them is capable and willing to buy the other out.
Like with many counter intuitive things, I still advise people that when a property sale questions hangs in the balance, one of their first calls they should make is to a reputable and professional Realtor.
