247 - What To Do When You Don't Know The Value Of A House

Our real estate pricing strategy can take a turn when we don’t have enough comparables for a CMA, or if the CMA is leading to a suggested pricing range that you know isn’t accurate. How do you approach this?

As real estate agents, we think that it’s our job to know the value of every property. That’s not the case. Our job is to interpret data and make suggestions based on a seller’s goals. As we progress with our careers, you’ll gain a sense of what a property will sell for, but there are always those properties that we just can’t predict.

In this video and podcast, you’ll learn how to approach a conversation with a seller when you don’t know the value of the property.

0:00 Intro

0:45 Why are we unaware of the value of the house?

3:55 The simplicity of pricing: overpriced vs. underpriced

5:31 Probability vs. lines in the sand

6:40 Being honest

8:23 CMAs are historical

9:48 The most important piece of data that informs our pricing strategy

12:39 How to adjust price quickly

14:27 What’s the motivation for moving

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Rev Real Estate School is here to teach real estate agents how to become successful in their careers and 2x your production while working 5 days per week by working your SOI. The real estate agent tips and tricks will benefit beginner agents and growing REALTORs® with marketing ideas, database marketing, social media, scripts, dialogues, habits, mindset, networking, skills, and negotiation.