Yes, you read that right. The use of the words “comparable properties” or “comparables” can actually create problems for you with your upscale homeowner.
Here’s what happens. You say “comparable property” and your luxury homeowner thinks, “My home is custom. It’s special and unique. Sorry, but there are no comparables.” Sometimes they even tell you this. Whether they verbalize it or simply think it, they block out what you are telling them about relative value. Your excellent price opinion is ignored and agreeing on pricing can become more of a hurdle.
Sidestep the problem of comparables with a simple change of terminology. Instead, say, “These are the relevant properties with regard to homes a prospective purchaser for your home may also be looking at and considering.” Or, “These are the relevant properties which the buyer’s lender’s appraiser will most likely be reviewing to help establish an appraised value for your home.” This helps diffuse the issue of “But, there are no comparables.”Don’t get caught in the “There are no comparables!” trap when a simple change in terminology to relevant properties can help you keep your seller more open minded.
