"Truth is a double edged sword that can hurt when you are not prepared to hear the news."  There is so much difficulty when listing a home in this current market.  There are loads of homes that you have to compete with in foreclosures, bank owned, short sales and new homes that have been sitting for a while un occupied.  In many areas... comps of foreclosures are putting a major drag on prices.  After months of a home on the market you hammer out a a contract only to find the home does not appariase, the buyer lost their job or buyer and seller cannot come to terms on the inspection items.  We are not dealing wihtrelocation buyers we had just a few years ago.  They do not have to buy!  This is not even counting the issue of a buyer losing their job just before the scheduled closing.  So do you sugar coat the current market conditions or lay it out on the line?Those that paint a brighter picture of price and sale may win the listing and lose the sale because they have set the seller up with unrealistic expectations.

So when you are on your listing presentation, there are a few ways to overcome false market notions and present the seller with a realistic view of what you will be up against while selling their home.  An informed seller that is informed may become a 'Team player!' 

There is more to life than winning the listing!  We have to be professionals, and provide full current market data!  Then we must offer our interpretation of the market, marketing, pricing, appearance, terms and reality based upon our experience.  It is also good to share with the sellers the other agent's possible methodology of 'buying the listing.'

How do we accomplish this?  Ask a lot of questions.  Have you purchased another home?  Are you currently employed?  Are you current on your mortgage payments? Taxes? etc...!  Sometimes the conversations are sobering, and that is a good thing.  It is not meant to scare or frighten the sellers but rather to inform them.  It separates real estate hype from reality.  It also separates the real estate professional from those that deliver empty promises.

Jim Crawford REMAX

RE/MAX Greater Atlanta  770-238-0122 Direct

Or  888-992-5546 Toll Free Office

Atlanta Real Estate & Atlanta Homes for Sale

 
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10 Comments on Listing Case Scenarios - What Do You Tell the Home Sellers?

APR
17
156,123 Points

Jim: I have written several blogs about overpriced listings. My Team does not take them under any conditions anymore. Hope over and read some of my blogs.

Price and condition sell houses - nothing more.

9:59pm • #1
APR
18
196,431 Points

Well as Floyd Wickman says, you ask them if they want you to lie to them and tell them what they want to hear and on down the line disappoint them when their home does not sell or do you tell them the truth? I say tell them the truth...

5:54am • #2

If there were more agents like you who were willing to tell the truth, the market might not be flooded with homes that sit instead of sell!

10:11am • #3
599,611 Points 80 Featured Posts Outside Blog

Michelle Yackel, ASP, IAHSP (Divine Redesigns)  The problem is that the market is saturated with agents that have no track record of any home sales advising their clients.  It is very hard to get a chance at bat even with all the experience.  If given a choice, people confuse truth with bad news.  I view it as being an adult.

11:15pm • #6
APR
19
157,625 Points Localism Sponsor Outside Blog

There is no point in not leveling with sellers about the current state of the market.  They will find it out eventually and will not be happy.

1:13pm • #7
599,611 Points 80 Featured Posts Outside Blog

Pam Dent - REALTOR Charlottesville Virginia Homes and Horse Farms (Real Estate III)  The sad part of this is that it may be quite a while later the light finally goes on.  By that time the sellers in this market could have lost a small fortune in equity.

6:38pm • #8
APR
21

This is a tough situation. Today I have part 2 of my listing presentation. The seller told me what his bottom line is AFTER all closing costs. In my comps, his bottom line is at least $10,000 more than current market value. I gave my best effort at preparing him for my CMA. Hello folks, there is no wiggle room in this market. Price it to sell, or don't put it on the market. Anyway, I get to go see him this afternoon. I feel I am just wasting my time and gas to follow up, but that is what we do, RIGHT? I am not going to take the listing if he does not take my advice and price opinion. This is a $125,000- 130,000 home.

Thanks for your post.

12:46pm • #9
APR
27
187,436 Points Outside Blog

There are so many agents taking over ;priced listings.  I don't know what they expect, it can't be a sale!  Perhaps price reductions?  I don't know, but if they are that out of touch with the market any kind of deal is going to be difficult!

9:34am • #10

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Jim Crawford ~ Atlanta Real Estate-ABR E-PRO

Atlanta, GA

More about me…

RE/MAX Greater Atlanta

Address: REMAX Greater Atlanta, 1585 Holcomb Bridge Road, Roswell , GA, 30076

Office Phone: (770) 238-0122

Cell Phone: (770) 664-9516

Email Me

Atlanta real estate broker associate, real estate columnist for www.RealtyTimes.com, real estate speaker. Real estate marketing, Internet marketing for real estate, real estate coaching Feedjit Live Website Statistics


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