You the buyer or renter will dictate to us (as the owner’s agent) what the property is worth.
It’s universally understood that inspections, whether open or private, are fairly essential when selling or renting residential properties. Having inspected a property the overwhelming majority of inspectors will know whether or not they have any interest in the property. They’ll certainly know what the attractions and detractions are, and whether they think the property is priced fairly. Given this I find it peculiar that so many agents, potential purchasers and renters don’t engage more at inspections.
I am far too infrequently, having just inspected a property, asked by the agent if I’d like to buy (rent) the property. On the rare occasions I am asked and respond “no”, I’m never asked “why?”. As an agent it is imperative I know why people aren’t interested in a property as much as I know why they are. This information affords an agent the best opportunity to align theirs and the owner’s expectations with the people that will actually determine the result.
It is common for prospective buyers and renters to play their cards close to their chest when asked for feedback at inspections. This strategy or tactic is in reality quite antithetic to conventional wisdom. I presume for some this approach is predicated on the notion that providing positive feedback or signalling interest to the agent may contribute to increased confidence, even overconfidence, in the property’s value. This is a possibility when poorly handled by either or both parties, but should never influence and inflate an agent’s or owner’s expectations. The other rationale for the “indifference method”, one which I’ve had described to me more times than I can count, is to bluff the agent and vendors, swooping in ninja-style on auction day and securing the property at a mischievously low price….. I suppose that could work too. I haven’t heard of it working, but….it might.
Ultimately, and if you haven’t heard this term used ad nauseam already.. you will this year, the market determines the price. You the buyer or renter will dictate to us (as the owner’s agent) what the property is worth. If you have the most money, and interest to match that money you’ll secure the property. If not, most strategies aren’t going to change the outcome.
In practical terms, though, the post inspection “debrief” is the perfect opportunity to gain as much insight as you’re going to get into the agent’s opinions, the owner’s opinions, and the rest of the “market’s” opinions. It also provides buyers and renters the opportunity to influence the end result. If the feedback is overwhelmingly negative (price/presentation/proximity etc.) this could constitute evidence the property is “over-valued” and requires a price alignment (reduction!). When you, as a potential buyer, are candid with your feedback, both good and bad, you can actually play a part in aligning the price to yours (and others) expectations, or perhaps even secure the property at a price you’d consider to be a bargain.
In any negotiation information is king. In any marriage, I’m told, communication is the key to success. Think of securing a property, whether for sale or rent, as a bit of both.