At Knock, our mission is to provide certainty and peace of mind to people selling their properties. While we have many happy clients, some people are skeptical about straying from the traditional relationship with their real-estate agent.
That’s what happened in the case of Darcy from Alpharetta.
Darcy listed her home in November 2016 with an agent for $330,000. In December, Darcy reached out to Knock as her home had already been listed for 24 days, and she’d already reduced the price twice. Now with a $319,000 listing, she was hoping Knock could help speed up the process.
We were excited to come to the rescue!
Based on data science and a comparative market analysis, Knock gave Darcy an estimate of $289,900. She briefly considered the offer, but decided to stick with her agent, who convinced her that the home would still sell above $300,000. Darcy and her agent couldn’t have been more incorrect.
By December 31, Darcy’s home was still on the market, listed for $319,000 – and despite her agent’s predictions, the property had only received two viewings in the time it had been listed.
It’s now April, and unfortunately for Darcy, she’s had to reduce the price on her house two additional times. The last known price was $299,000. Darcy finally accepted an undisclosed offer in mid-March, likely less than the listed price. The deal is still pending, so fingers crossed! In the meantime, Darcy has been stuck paying mortgage and utilities on this property – an estimated $8,000.
Here’s the thing: Agents often suggest inflated listing prices to homeowners to win over listings. They aren’t really held accountable if the seller has to reduce the price multiple times. If the house takes months longer to sell for significantly less because the agent overpriced it, the seller is out tons of money and lots of time. Meanwhile, the agent only loses a few hundred dollars in commission.
What is the certainty of Knock’s guaranteed price and timeline worth to you?