Inaccurate Estimates and The Golden Rule
By Robin Shapiro
I’ve written about inaccurate NYC home value estimates for property tax purposes. I was just reminded of two other sources of inaccurate property values. My friend received his homeowner’s policy renewal which had his property value about $200k too high. The higher the value, the more the insurance company charges on the annual fee. My friend requested a reduction in the estimated property value, reduced insurance coverage and a lower annual bill. The insurance company wouldn’t do it!
Another client asked me about the Zillow estimate of his home value because it appeared to be too low. He was correct – Zillow was too low by about $300k! Call me if you want an accurate comparable market analysis on your home.
Occasionally, I encounter a client who doesn’t act according to the Golden Rule. Recently, I had an acquaintance pick my brains about his property for several months. This person established a listing price, gave me the key, allowed me to show the house to a few clients, and encouraged me to pay a professional photographer to take pictures. Then I listed the property – but immediately the owner told me that they were “going in a different direction” (using a different broker) and didn’t need me. Golden Rule? Not exactly. Call me. Love, Robin
