Often the real estate office phone rings and the property owner wants to know what is my home, place, spread, land, whatever worth?You get the impression that real estate owner truly believes that an agent, broker, REALTOR looks up in a book, taps out a code on his Droid. Or simply glances at a cheat sheet whipped out pocket guide that provides the on the money valuation instantly.
Or maybe what is an acre of Maine land worth is something the real estate owner believes is the same no matter what the location, location, location?
Like people, properties are different. And it's not just the property's pluses and negatives either.
What is going on around the property, in the real estate market?
And focusing, pulling back, in the community the real estate is in needed. Everything in a state of flux, change and adjustments needed too at any moment to determine at this moment in time, what is the market value of my real estate.
Today, right now.
I learned long long ago that over the phone, blindfolded appraisals are for the birds. Dangerous, sloppy and hit or miss. If you start the explanation that Mr Real Estate Property Owner, it depends on this, this and this, often the seller blurts out, supplies and starts filling in the blanks on the questions you raise. Then you explain it is not just up to six or seven factors, variables.
It depends on a much longer list and I need to walk the property, crank my head around to take in what is happening around it.
And then consider what as close to an identical twin, like the real estate property has actually sold in the last six months to a year.
What is on the market competing with it and what are the real estate owner's expectations, motivations?
If he needs a new kidney, liver or some other vital low mileage organ from Ebay stat, then a clock is kicking, something has to happen quicker.
Or forget it. It is er, a matter of life and death. Or seemingly more important than even that.
The easiest quickest but not always the happiest way to make the point that the value to be accurate means hop up on the examination bench is this. Ask that real estate property owner what is a diamond worth? Not a particular diamond but gems in general. Then they get it.
They realize to be accurate, honest and up to date that the property listing must turn its head and cough.
Be studied and evaluated.
Punched, poked, stripped, examined thoroughly, completely.
Leaving nothing untouched, exposed or not considered.
To see what it has going for it, what it does not. And for suggestions on what steps could be taken to improve the value or simply boil down to diminishing returns.
How does the property they own fit in to the market that is today. Not the real estate market five years ago, or ten years from now.