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Family estate sales are happening more and more in our marketplace. Today, I’ll go over some important things you should consider when making family estate sale decisions.
First of all, it is important that all the decision makers are included. Take everybody’s input and feedback. When you hire an agent, make sure you hire someone who will make everybody feel included but is also able to get everyone to come to a consensus. Your agent will help you make business decisions rather than emotional decisions.
While hiring an agent, make sure they are able to interact well with everyone involved. People in your family all have different personalities, so your agent needs to be able to interact with each one of them so no one feels left out of the process.
One of the greatest pitfalls in selling a family estate is pricing by committee. Pricing by committee happens when some members of the family think the estate is worth more than it actually is in the current marketplace. That one family member can cause the family to overprice the property, which undermines the success of the sale.
As you can see, choosing the right agent is critical. They need to make everyone feel included, rein people in on occasion, and price your home correctly. They also need to have expert advice on staging, marking, and more.
Last but not least, your family needs an end result that will bring a feeling of peace. You don’t want to cause any dissonance in your family throughout the sale process.
