Why does that Realtor you know look so tired?
In today’s market, it’s likely that they’re actually selling each listing three times.
The first time is to the prospective Seller, whose market expectations . . shall we say . . . may be a little out of date.
That means patiently educating them about Comp’s; helping them to anticipate — and correct — issues in their home that may turn off prospective Buyers; and finally, getting them to accept a listing price that actually gives them a shot at selling.
Sale #2 is to the actual Buyer.
Even if there’s a good Buyer’s agent on the other side of the deal — called the “Selling agent” once a deal closes — much of the heavy lifting is done by the listing agent.
After all, it’s the Listing Agent who marshals all the relevant data about the home’s features and updates, and provides the context for the Owner’s asking price.
If the Listing agent can’t make their case persuasively, the Seller won’t get top dollar — or sell at all.
So, who’s the third sale to?
Especially in upper bracket deals these days, it’s to the appraiser working for the Buyer’s lender.
With fewer big deals recently, it’s harder to find Comp’s.
Which means that the risk of a bad Comp getting into the mix and blowing the appraisal (and the deal) are commensurately higher.
A good, proactive listing agent helps frame the appraiser’s analysis (and Comp selection!), educating them about why the home is worth what the Buyer just agreed to pay!