Compare Real Estate Agents | Agents Compete For You! (2024)

FAQs

Why don't real estate agents compete on price? ›

Others said competing for listings on price doesn't work, because sellers are more interested in getting the best price for their home than saving a few thousand dollars in commission. “A lower commission doesn't necessarily translate into getting the highest price” was one typical comment in this vein.

So anyone who is wondering how can a realtor stand out in a market full of competition, enhancing the client experience is one of the most effective ways to approach it and become a favorite with the audience. It is essential to treat your clients with high regard since it is a people's business.

Real estate agents can perform a sophisticated comparative market analysis to identify comps very precisely. But you can also find general comps yourself by looking online for recent sales in your neighborhood, finding the homes most similar to yours, and checking prices to see how much they sold for.

However, it's not that easy to provide quality when you compete on price. Think about it this way: What if the competition will reduce prices even more, and you won't be able to do the same in response? You need to realize that there's always someone who can offer the same product or service for less money.

Adjustments are additions or subtractions to the sales price of a comp to reflect how it differs from the subject property. For example, if a comp has a garage and the subject property does not, you would subtract the value of a garage from the comp's sales price to make it more comparable.

Differentiate on the basis of property type.

Instead of focusing on types of customers, focus instead on types of properties. So you might consider becoming a condo expert or a specialist in large suburban luxury homes. Or maybe beach properties or mountain rentals are your thing.

The folks at HR Profiling Solutions have described what they consider to be the best DISC personality type blend for a real estate agent this way: D - Moderately Dominant, decisive and persistent without being pushy. I - Highly Influential, people oriented, enthusiastic, sociable and optimistic.

What is the toughest thing about being a real estate agent? ›

One of the hardest things about being a real estate agent is smoothing your income so that it is consistent throughout the year. This requires discipline and rigorous budgeting. Some agents take second jobs.

The nationwide median error rate for the Zestimate for on-market homes is 2.4%, while the Zestimate for off-market homes has a median error rate of 7.49%.

The prevailing style, age, and construction quality of the homes. Price trends and price range of the homes (such as median home prices, days on the market, resale activity, and absorption rates) Available amenities (e.g., public parks, greenways, or pools) Traffic conditions.

Competing on price is an incredibly easy route to poverty and probably, after bad workmanship, it is the largest cause of bankruptcies. Rip-off pricing won't work, but decent prices for good work should always be your aim.

The Realtor uses the overpriced home to get buyer clients from their marketing activities. They then sell these customers and pick up a different home. This is extremely common and one of the biggest reasons Realtors take homes priced too high!

Target niche markets

If you can make your offer tailored to a specific target audience or niche, you don't have to worry about lowering your prices. That's because you will likely have fewer competitors, and customers are usually willing to pay more for a tailor-made product/service.

“When a buyer and seller meet during the transaction, it makes things messier,” admits Michele Harrington, the chief operating officer of First Team Real Estate in Irvine, CA. “If they don't get along, the negotiations become much more difficult. Both parties may start digging their heels in over little details.”