If a client reaches out frustrated or concerned because they believe their home price estimate is inaccurate, this is actually a positive sign - it means they’re engaged with the report. This presents an excellent opportunity to:
Check in on their goals
Build trust
Offer value, such as connecting them with a trusted realtor partner for a personalized Comparative Market Analysis (CMA)
Additionally, you can easily adjust the property value directly in Ownwell to reflect more accurate information.
Why Might the Home Price Estimate Be Inaccurate?
Several factors can contribute to an inaccurate estimate:
Incorrect Input Data:
Mistakes in the mortgage application, such as the wrong purchase price/original value.
Errors related to property type or address.
You can correct this in Ownwell, which will result in a new home price estimate. Learn more here.
Limited Market Data:
In areas with few recent transactions, estimates may be skewed due to a lack of comparable data.
Estimates Don't Reflect Unique Characteristics or Recent Renovations:
Estimates are based on data for "typical" homes in the area and do not account for unique features or recent renovations that could affect a property's value.
Properties with extensive upgrades or distinctive characteristics may have less accurate estimates.
To handle these scenarios, you can fine-tune the current estimated value in Ownwell. Once adjusted, the estimate will continue to update monthly based on market trends.
For a comprehensive overview, please refer to our detailed guide on Ownwell's home price estimates.
How to Respond Effectively
Acknowledge the Client's Concern:
Show appreciation for their engagement and take their concern seriously.
Explain the Nature of Estimates:
Remind them that these are computer-generated estimates, not formal appraisals or CMAs, and they aren't perfect. It's like ChatGPT - it sometimes makes mistakes.
Total accuracy isn’t the goal; estimates are designed to be "close enough" to spark meaningful conversations, from which the value in Ownwell can be updated.
Position Yourself as an Advisor:
Offer to connect them with a trusted realtor for a detailed CMA.
If needed, adjust the value in Ownwell to better reflect current conditions.
Key Takeaways:
Home value estimates are starting points, not definitive appraisals.
You can adjust the value anytime in Ownwell, and it will continue to update monthly with market trends.
Every client interaction is an opportunity to position yourself as a trusted advisor. Offering to connect them with a realtor not only adds value for your client but also strengthens your referral partnerships.