📱The overuse and emphasis on the “estimates” that real estate portals and apps push out to the public is often times creating unrealistic expectations and outcomes. There are many videos out there talking about the fundamental inaccuracies of these estimates and a massive lawsuit, so watch those to learn more.
As many users rely on these estimates almost like appraisal values, there are fundamental problems created whether you are a buyer or a seller. These portals tell you up front that these are estimates. They call them estimates, not values. Because these estimates are out there, parties do not take the time or make the effort to communicate to come to a better understanding. These estimates have the unintended consequence of preventing communication between parties, rather than encouraging them as the starting point.
It’s shocking how many clients turn to these numbers as gospel, when they are mere suggestions based on algorithms without the key benefit of understanding what is happening out in the streets today.
➡️ All parties must come to a meeting of the minds in order for the offer to be accepted and move to the escrow phase. Both parties must communicate to understand each side’s perspectives. How the seller came to the list price. How the buyer came to the offer price. The offers fall through because there is no effort to understand what the other party needs to reach mutually agreeable terms and conditions. As a listing agent, you’d be shocked at how infrequently agents contact me to learn what they can do to make the offer more agreeable for the sellers. A simple call or text can go a long way.
🔑 In any type of transaction, there has to be a meeting of the minds before a deal can be consummated. This is the fundamentals of negotiations. The over-reliance on these estimates is taking away the most important part of the deal making process: negotiations. Deals are not always only about money. And you will never know that unless you communicate with the other party. This is the big problem in the Real Estate Market today. Communicate with the other party and see your chances of consummating the deal improve dramatically.
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