Forget about the ability of the seller or the process, and their numerous required abilities and past experiences, the reach of the marketing. All of which the common knowledge of why one would use an agent and not try selling on your own. I have a graphic example of why is is just plain not a good idea. And this is from myself, a top agent in Madison, Wisconsin.
Over the years I have sold over 400 homes, I have the CRS designation, (actually serve as the Wisconsin Chapter President) I have been especially successful in this tougher market in counselling other sellers to sell their homes and getting results in days or weeks.
So in March this year, I decided to sell a home which was coming vacant. (Frankly it is too nice to rent again). So I put it on the market, April 1 for $259,900. At this point it was still occupied and looked pretty good. (FYI i acquired this property for $240k 2 years ago. See my listing on active rain
Undoubtedly, my first mistake was price. I have no doubt that if I was advising another owner, even back in March, I would have suggested $249,900. And occupied, I think that would have done it. Yet I did not listen to my professional side. I let my seller emotion get in the way. This is the very thing we counsel sellers for.
Now 3 months have gone by along with the spring market and hopes for an improved market have faded. I have followed the market down with a series of price reductions to $249,900, then $239,900, then in an attempt to overtake the market and get a quick sale, the latest to $229,900.
At this time I got a flurry of showings. One lady spent over an hour with me telling me why the home would not suit her. A terrible paint job in the master bedroom (I honestly didn't notice when the furniture was in there). small dings I had never noticed, a paint job which although not hideous, was the subject of several adverse showing comments.
Although this lady was blunt, and the experience was painful for me, there was no arguing that if she saw these things, even at this price, then other buyers are too. I let the lady go on her way after thanking her for her honesty. I called in my Stager consultant and have had the place painted, including removing some wall paper at a cost of just over $1,000.
So my next mistake: Not hiring a stager. I know I am not terribly good with colors, (which is why I provide all of my sellers with 2 hours of Staging/consulting and highly advise my sellers to go along with the advice). But I believed these colors were not adverse to a sale, and continued to believe that. So much so, I did not get in a stager.
Original colors:
Now the main room with Vaulted ceiling looks more like this:
Lastly, I am having the place cleaned again, from top to bottom and increasing the price to $235,000.
In Summation. Although I have been very successful in helping others to sell homes, (and believe me it is the sellers who are coachable and who do everything I suggest, who are most successful), I have found even I as a home owner have failed myself.
I would really appreciate your comments. Both on the Colors/staging and/or if I am again being emotional in sticking a higher price. (My thoughts, that it wasn't price which was stopping the sale.)
Guy Lofts, is the marketing and negotiating specialist for the Real Estate Guy team in Madison Wi.
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