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013 List Price How to Maximize Sale Price
Darren Hayunga...
Agents Motivated to Sell Quickly for Less
With the advent of Zillow instant offer and other online platforms beginning to encroach on the real estate agent's traditional territory, failing to address serious flaws in the agent system presents impediments to tackling the digital competitive onslaught. The current agent system is structured to disincentivize agents from prolonging a marketing effort to maximize price. It is better to sell quickly for less, than to allow a listing to sit longer and hold out for the higher price. Hayunga and his co-authors show that agents do not contribute meaningfully to the list price decision when comparing homeowners who use agents against those who do not. Indeed, he talks of studies where agents are found to sell their own homes for more, and to buy for less than when they represent clients. Other studies show that using an agent can actually result in a lower sales price – by 6-7% less!! These results may not be palatable to the agent, but they echo sentiments that the public are expressing through their own actions online, and diminishing regard for the agent relationship.
Is Access to MLS Data the Only Competitive Edge?
Listen to or Watch the Full Podcast Here
List Price & Sales Price - Issues the Realtor Needs to Address to Remain Relevant
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