There is a learning curve and just know, most AI models like to be affirming rather than contradictory so that’s where we always recommend bouncing ideas off the experts.
I truly believe in expert advice. I’ve often come across people who don’t value expert advice because at some point they trusted the wrong people and got the wrong advice. It’s a logical fallacy to then assume there are not good experts out there or that great, even life-changing advice doesn’t exist. While I’m a subject matter expert in my own right, I’ve been working to better understand the use of AI in my work and personal life. With the focus on a would-be seller, I’m going to suggest a few of my own ideas that you may find applicable to other aspects of your real estate pursuits.
Let’s Start With Who
Did you know that according to a Realtor Association statistic, approximately 65% of sellers use a realtor they’ve either worked with before or that was referred by a friend, relative or neighbor? I think that can be a great starting point, but I don’t think it should be the ending point.
When you enter into an agreement with a realtor, you’re hiring them for a job and while sometimes the first person you meet could be the best, sometimes they’re not. While I will add a disclaimer upfront that there is a lot that goes into who would be the best representative for your sale and that you should take anything and everything on the internet with a grain of salt, AI can be a helpful tool in vetting and comparing your potential options. Again, I would not recommend basing your entire decision on something that starts with the word “artificial” but the data gathering and analysis can create some strong follow up questions and knowledge base.
For example, you could ask AI how many homes a particular agent has sold. Some of their production may have been joint or with a team but this gives you a baseline to at least then ask the agent about or compare against the competition. You could also ask what homes in your area the agent may have sold or even if the agent has specific experience selling your property type or in your neighborhood. I would recommend sitting down with the realtors you are considering in order to get statistics and responses directly from the true source, as this could help weed out inexperienced or “left-field” recommendations.
The Price
Timing of sale, the process of the sale, the strategy in which to list, potential improvements and repairs, the negotiation strategy, etc., are all very important aspects that typically get overshadowed by the blinding focus on price. So, we’ll forget those for now and talk about price. I connect monthly with several collaborative professional groups including realtors and one of the repetitive complaints I’ve heard from these top professionals has been that the seller has not been realistic about their price.
One particular anecdote was where a seller went way above market, against their realtor’s advice, moved too slowly to react to the market, was listed for over eight months and ended up taking an offer that was likely well below what they could have gotten had they priced more competitively to start and attracted the right attention at the right time.
It’s certainly a tricky thing in a very dynamic market like we are currently in but this is where I love the idea of using AI to help you see what your expert is seeing. Tell AI about your home. You could even upload some photos and ask it about the pricing strategy in the current market and neighborhood. You can ask AI how many homes have sold at that value in the surrounding area to see if that’s supported. You could ask, based on that pricing strategy, how long it should take to sell. You could also ask about the obstacles to anticipate, given a specific pricing strategy.
Run these all by your expert realtor, but I believe this little personal search for pricing knowledge will help you work together, not against your real estate expert.
To Improve or Not to Improve
Don’t be offended when I tell you: your home isn’t as dialed in as you think it is. You maybe haven’t had a home inspection since you bought it and while you really like that cozy chair you bought at Home Goods two years ago, there may be a reason it was 50% off, just saying. When it comes to wanting top dollar for your home, I recommend talking some emotion out of it and connecting with the experts. It’s all about what is going to attract the most amount of eyeballs and hopefully offers.
This is where it gets a bit fun – upload some pictures, tell AI your goals and budget and you’ll be amazing at the specific wealth of knowledge you will find. I’ve learned though, the more specific you can be about your goals, your area, etc., the better advice you’ll get.
This entire topic is quite simple and really starts with you jumping on and trying it out. There is a learning curve and just know, most AI models like to be affirming rather than contradictory so that’s where we always recommend bouncing ideas off the experts. FBN
By Chris Hallows
For additional information or to schedule an appointment visit ChrisHallows.Benchmark.us or call 928-707-8572. The Flagstaff location is 824 W Rte 66 Suite A-3.
Chris Hallows is the Branch Manager & Sr. Mortgage Advisor of Benchmark Mortgage Flagstaff.
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