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Pithy Post from Broker Bryant

Can I shoot your gun TLW? Something to think about:

A good listing Agent has the ability to analyze market data and is able to present it in a way to "sell" the seller on pricing properly. This is actually one area that a lot of Agents and Sellers get wrong. They believe it's what we do after we take the listing that gets the property sold when the reality is it's what we do at time of listing that gets it sold.

At least that's what I beleive. Am I right?

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Posted by Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc on 05/12/2009 03:55 PM

Comments (29)

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29 Comments on Pithy Post from Broker Bryant

MAY

Reserved Parking For "The Lovely Wife"...TLW...ROAR!

Hun...

Of course you're right. It actually surprises me how many salepeople just don't get it. What we do first is our best foot forward :)

TLW...ROAR!

BB, that is good, you are so right. What more can I say after you put it so well.

You are very correct, the only time that changes is if the seller just stops cleaning the house the minute after you take the listing.

AMEN! Most of the hard work is done up front. Interesting dilemna though, having to get as much as you can for a seller, but not price a property too high.

Bryant pricing a property correctly is a huge part of getting it sold, and that is established when you first meet with the Sellers, so I would say you are right on the money with this one.

Bryant,

Leave it to me to take issue! I couldn't find the "pithy" in the "Pithy Post" I don't think you've got a post to pithy in!

I wouldn't argue the value of the broker's pre-listing work. They say that a property well listed is half sold, I agree! I also place tremendous value on when the offer comes in. Many think listing is easy and of little value these naive fools see simple deals closing with no apparent effort and discount the value of the agent.

Well my insurance policy is in the bottom of a file, it's of little value unless of course you have a problem! Listing agents like insurance agents work before their sale and are worth their weight in gold if you have a problem, the same as listing agents.

It's a lucky seller who thinks his agent is over paid!

Bill

BB,

You didn't just hit the nail on the head, you whacked it good!

Bryant,

I believe there is only one reason and one reason only why a property does not sell, overpriced for whatever reason. One reason it is overpriced is "I ain't gonna give it away".

Bryant - I'm not a listing Agent but I have pretended to play one on television. Actually, that's not true. I was playing the seller and in my opinion, I believe you are correct. What gets done in the form of leg work before-hand is just as important as what gets done during and after the proverbial smoke clears. If you can spot a zit early enough, you can pop it or prevent it from becoming a red blemish that spreads like wildfire throughout every pore. Or, in more appropriate terms, price and product sell. You just need to have a pulse on the price of the product that is selling, or to be sold.

Those that don't believe that are highly likely to be chasing the market and their homes are not selling. We are all guilty of not following this principal and wished we presented pricing a bit more aggressively to the seller. I have walked from 3 listings this month....which really hurt my "have to win the listing" ego. 2 of the 3 have decided not to list and wait the market out. 1 sent me a referral this past week. I feel better now.....

Bryant - . If the price is wrong, marketing isn't going to get it sold.

Well of course. Get it right or don't get it at all. I should say, get it right or don't take it at all.

I love pithy.

Bryant- I love your piffy post! Great idea too! I am just too longwinded:) Yes, get it right or like Lenn says, don't take it at all. I don't understand why agents take listings that are not going to sell.

And look... you sakd it all in 4 sentences. Actually you could have even said it in one sentence.... Your 3rd sentence is a doozy.

I guess I have to be the lone dissenter here because I really think that what gets listings sold is when agents dress up in a chicken outfit and wave a sign that says "Homes cheep, cheep, down the street."

Yep...that's what gets them sold. ;)

You're right. And so are the agents who believe in what we do after we list the property. It has to be properly priced, AND the agents have to properly market the property and maintain contact with the sellers.

Yes, you are way right. Properly pricing is what sells a home. All the marketing in the world can not overcome an improperly priced home. Love your post, short, sweet and to the point.

MAY

Well...

It's been my experience that over priced listings are put on the market for two reasons:

1. The sign in the yard is seen as advertising. When in reality, it's not. If the sign is there long enough the neighbors will never list with the company that has that rusty old sign just sitting there :)

2. The listing agent feels she/he will be able to talk the Seller's down on the price. Most of the time that simply doesn't happen. I recently saw a house put on the market for 150% over market value. I know the individual that owns the house. There ain't no way he is going to come down on the price. A listing like that will stay on the market for several years to come :)

That's it for me. If I say anymore BB will make me talk about Real Estate. No way man :)

TLW...ROAR!

I won't take an overpriced listing anymore unless the seller agrees to reduce the price after 30 days to the price I recommend. It's just not worth it. Everybody wants a bargain, so nobody will even look at what someone "thinks their home is worth" (or used to be worth). It's too easy to sell reasonably priced listings right now to fool with the overpriced ones.

You are always correct oh master! I would like to add the ability to judge people for motivation and responsiveness. This can also help with the future relationship.

MAY

I have never believed that listing boards produce good listings- in large companies they are there to pressure agents to get listings at any cost- The result is they will say anything to get the listing they cannot and will not sell.

I agree with you- I would rather walk away empty handed...than make empty promises or fuel false expectations for unrealiatic sellers. Sometimes...less is much, much, more.

Hun...

I'm giving it all up for yooooouuuuu. La La La :)

TLW...ROAR!

BB - Absolutely! And, it doesn't take Dirk Zeller to tell me that!

You are right on it, short and sweet. But then you knew you were. I have learned to put price reductions into my listing agreement contracts at certain number of days on the market... which helps but when a seller is overpriced and the listing is taken anyway, we lose that first rush. Great post.

MAY

That's why I generally don't ask a seller what they think their property is worth... that way I don't have to contradict or embarrass them when I present my numbers that result from market research. Usually, you can tell by their expressions, verbal or nonverbal, whether they like what they hear or not but it's hard to argue with facts.

Hi BB... been crazy busy or I would have caught this earlier. You are 100% correct on this one! Proper pricing makes ALL the difference in the world when it comes to whether a home sells quickly or not at all!

MAY

BB, I spend so much time on my market analysis. It takes me days, I meet the sellers, take notes on their home, then get to work. I pull comps, and then the fun begins.

After I am done, I leave it alone for a day and come back with fresh eyes to make sure.

I"ve been accused of spending to much time but that is the most important thing I do is get the price right up front.

MAY

Right on BB, unfortunately, when I am pithy with sellers, many of them seem to get pithed off. But ya gotta tell it like it is...

all the best...

MAY

BB - that's like building a house without a solid foundation. If it's not priced right, no amount of marketing will get it closed.

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