Previewing in the Inglewood/Finn Hill Neighborhood of Kenmore: WHY?
I was out previewing properties in a very pleasant neighborhood in Kenmore. It’s commonly known as the Inglewood/Finn Hill area. It’s a mix of new and old houses and has a great location. I was in the mood to look at newer homes today, so I spent most of my time wandering through some nice places (average prices were $600,000 - $900,000). It’s a dirty job, but some-body’s got to do it. For more information about this neighborhood, just click on picture above.
One of the most important things a real estate agent must do is preview properties. The dirty little secret is that most agents spend very little time actually going out and physically examining the inventory. I got into a heated debate with one of my colleagues recently. I asked him how he comes up with a pricing strategy for a seller when doing a market analysis. His answer was, “I examine the active, pending and sold comparable properties close-by the subject. I then analyse the different features of these homes and arrive at a price.”
Then I asked: “How do you do all of this?”
His answer: “I do it on the computer using the multiple listing service!”
I then asked: “Do you go out and physically examine the comparables.”
He responded (a little annoyed): “No, why should I? I can get all of the information from the Internet.”
I said: “No, you can’t.”
Then the argument started. He couldn’t quite understand that an agent worth his/her salt KNOWS the inventory in that agent’s particular market. Unfortunately, because of the Internet, many agents (and consumers) consider themselves experts in property values. Worse yet, they believe they know property values in towns and neighborhoods they hardly ever visit.
Let me be clear, there is a legitimate amount of research an agent can do via the Multiple and through other Internet sources, BUT a true professional must get out there and be ONE with the inventory. So the next time you’re an agent who claims to be a “neighborhood expert,” him/her them how she goes about analyzing the market you’re interested in. Better yet, ask her about an area totally out of the area to see if they’re an “expert” there as well. In today’s market it is very important to work with a committed, professional agent who truly knows the lay of the land.
Monopoly Pic by vinduhl
