Find the Motivation
In cases where she is unfamiliar with the property, Kerbis uses her first meeting with sellers to get to know them and their expectations.

“It is important for me to feel out sellers and determine how difficult it will be for them to let go of their home, or if the move is just circumstantial, and due to downsizing, relocation for a job, upgrading, etc.,” Kerbis says.

Open communication between agents and sellers about expectations compared to reality is especially important in today’s rapidly evolving real estate market. And with appraisers being strict with how they appraise value, it can make this more difficult; today, many appraisers will only go back six to nine months and will limit their appraisals to a three-mile radius. For example, no matter what the seller thinks, you cannot list a home for $500,000 if similar homes in the neighborhood have closed for significantly less in the past six months, says Janet Hibbs, a Realtor at Prudential First Realty.

“In that scenario, the home is not going to appraise out, regardless of how much money the client has put into it,” she says. “The worst scenario in the world is when a buyer and a seller have agreed on a price, and the appraiser disagrees with this price.”

It is equally important to take into account what certain types of buyers in the client’s area are looking for and what they are willing to pay. Ultimately, success depends on whether or not potential buyers are motivated to pay the price. For example, one of Brooks’ listings that had a first floor master bedroom in a community with plenty of parks and schools drew attention from several families with young children. But the first floor master bedroom was a deterrent to clients with young children because the thought of running up and down the stairs every night to tend to those children was off-putting.

Setting the most realistic price also plays into where the property is located and what the needs for buyers are in a particular price point in a particular area. For example, Brooks points out that a buyer in Plainfield is not looking for the same amenities as a buyer in Oak Park.

“Years ago, you did not really travel outside of your geographic area as an agent, but that has changed today,” Brooks says. “It is important to avoid pigeonholing yourself. You need to possess a broad knowledge of different areas.”