Price Opinion -- or "Pot Shot?"

Informed vs. Uninformed Feedback

"Pot shot": a critical remark made in a random or sporadic manner.

--Merriam-Webster Dictionary

As I've blogged previously, experienced Realtors usually welcome feedback from other Realtors (even if they can and should anticipate what it's going to be).

Ultimately, of course, that feedback is shared with the homeowner/client.

Even when a property is overpriced -- make that, especially when a property is overpriced --hearing it directly "from the horse's mouth" (prospective Buyers via their agents) can be more compelling than hearing it from your own agent.

Exception to the Rule

So, when is that not the case?

When the Realtor(s) offering the price opinion don't know the area -- and make their remarks publicly, in front of a large group of other Realtors.

Both those things occurred the other week, at a Realtor meeting in an upper bracket home being hosted by the listing agent (representing the home owner).

As the listing agent (properly) pointed out, for sale homes can get a "rep," just like people do.

All it takes for a perception to take hold that a given home is overpriced is for a relative handful of Realtors to say so.

Even if they don't know what they're talking about . . . .