Last week my partner Steve received a call for a listing appointment. It happen to be in Century Village of Deerfield Beach Florida. Now he usually handles all of our buyers. As a matter of fact...we just sold 4 units in there in the last 3 months and they were all cash deals and they closed within 2 weeks to 1 month. We also have closed 4 rentals in there as well. we know pretty much every model in there after having showed over 100 of them to the buyers and renters we worked with so we have a pretty good idea what they want. This particular unit is a bit different from the others. It is only a two story building versus the normal 4 story high-rise. They called us from a postcard we mailed out almost 2 years ago. Most of the postcards we mailed out were delivered but about 50 came back. We never received any calls from this mailing until now. "pretty amazing huh?"
So now we go on this appointment to meet the sellers. They are probably in their 80's to 90's..."god I hope Ilive that long and can still function." Anyway we go to meet the people and their daughter was present as well....she actually lives there too so she wanted to be involved to protect her parents interests which was fine with us. She was really nice but she was their voice so we had to show her what the property values are in their community. We also knew going in that the property had been listed before.
I always check the history first just in case there are any surprises. The place was in pretty good condition. It also had a water view and a nice private location. We explained to them that there were over 400 units on the market there and only about 200 that closed since the beginning of the year. The range of value was anywhere from $50,000 to $85,000. Originally it was listed at $89,000 for six months.
I wanted to find out what happened and why it did not sell. I asked them how many showings they had..they told me six and no offers. I now knew we definitely had a price issue. We really were trying to convince them to price it in the low $80's range because of the averages we came up with. The daughter said.."I want to price it at $96,000 because my parents need to clear $91,000. I told the women that there was probably no chance it would sell at that price unless there was a change in the market. I feel we have another 24-36 months before we see any change for the better...we just have to suck it up in the meantime. I kept going back and forth with the daughter. I asked her that if 6 months ago you were not making any progress at $89,000 then how in the world would pricing it at a higher price help you? I could not really understand her reasons but I said..."it has been a pleasure meeting you all and weappreciate the opportunity but we have been in your home for almost 3 hours and I refuse to leave here without pricing it right or we leave now without the listing." They finally bought the idea and so after 3 hours of jousting we priced it at $84,500 which hopefully will be a good price to draw offers. They just emailed us the other day that they were very pleased when they saw all the advertising we sent them for their property. Since Century Village is a great place for adult living....... I think we might have to do a little farming there.
It just goes to show you that even though it is not a large deal...persistence pays off and honesty still rules for respect. As Realtors(R) it is our job to guide the clients in the right direction.
36 Comments on I refuse to leave your home until you let me price it right!
Good Grief. I'm exhausted. Good luck with that one. I hope no one asks for anything in the offer. I hope your price trends is not DOWN. I hope. . . and a wing and a prayer.
But, for a listing agent, inventory is often as important as selling a listing. Great advertising fodder.
Good deal...Mr. Real Deal...I think I was the good luck charm...calling you so you could get a little break and go back in with the punch line...what do you think?
pricing homes correctly is so important now. i have learned to not take listings if the prospect and myself are more than 3 percent off. honesty is the best policy, even if it is not what the prospect or client wants to hear.
Good luck with the listing Neal. wishing you a quick contract and buyer approval. That place has everything for folks living in age restricted areas. Hope its in great shape and that your price reductions come quick...
Haven't seen you on one of my posts in a long time. Thanks...most likely will be cash and quick. Hopefully since we sold to some buyers in there..we will find one for this one as well.
Beth,
I'm not that smart..using all thos fancy words...:)
A man`s got to do what a man got to do! The fierce glut of condo`s especially in the 55+ crowd is insane.
There are some bargains in these area`s that can be had! I suggest that you remind you`re clients of that..
We had one priced at $72K in CV Deerfield with 0 takers... We had an offer for $59,00 and the sellers refused it. Now, it`s still on the market where it sits idle..
Good for you, Mr. Real-A-Deal - way to get the price you need. It does puzzle me why sellers think a price 6 months that didn't work needs to be raised..... there are lots of unrealistic sellers everywhere. You just got yours to see the light, somewhat.
Good luck with the sale on this - may it be quick and smooth! Ann
Should I ask what NrdB means? I see we met for lunch. At that price if it is not priced right then we were wasting time..hopefully you won't be in a war with ours.
Ann,
I can't figure it out either. Hope it gets a showing first then a decent offer they can't refuse...get it...I'm the godfather of Real Estate my buyers will make you an offer you can't refuse.
If you are looking to buy property in an adult living community then Century Village of Deerfield Beach is the place to live. Just give Steve Kohn (954)605-5877 or Neal The Real Deal Bloom a call (954)608-5556. We will be glad to help you.
Neal, people do not realize that if comps can not be found to support a selling price then they will have an appraisal problem. In market conditions like we are in it would be very difficult to get an appraisal for a higher value than the last highest sale in that complex. But since you do all these cash deals that we mortgage guys just love you for, $96,000 should have been a piece of cake for you :)
Usually in that complex and price most senior citizens do not want a loan at their age so they usually opt to the cash and this way they do not have to worry if something happens down the road with the debt.
Missy,
The reason it was 3 was because my partner can;t shut up ...and I thought I talked a lot...the people might have aged just sitting there that long:)
Neal - Love the title of this post! That's one way to get the listing - refuse to leave! Of course you know if it sells too quickly they will think it was priced too low:) Good Luck!
The best close is the honest truth. It makes no sense to invest advertising dollars in an overpriced listing. After 3 hours drawing the call to action on the part of your sellers was your best plan. Good luck and sell well.
No not yet...just put it out on the market 3 days ago....I guess we shall see...but I stood firm on this.
Randy,
That is one of the reasons that listings expire and the next Realtor(R) gets the job...it does not make sense..we all tend to do this but how many unsellable ones do we need to carry?
Kaye,
That is just it...every dime...but we know the referrals will come from it later.:)
Paula,
They couldn't move me..I'm too big so they had to give it to us.:)
Tom,
I'm a lover...not a fighter:)
Allison,
I keep telling my partner that..but sometimes he just likes babysitting. If you babysit..don't you think you should get paid for it?:)Thanks!
Good post on perseverance, Neal. I'm mildly surprised they didn't try to bring up the commission issue. Around here we've got agents throwing out discounts left and right to get the inventory. Then they don't apply the "savings" to the price and it sits anyway! Discount commissions aren't the answer, proper pricing is.
Believe it or not...commission was no issue. It was price...after all we do not get paid until the deal is done so until they get a contract there is no commission anyway.
Neal... this is so true. Persistence. Also, just for the fact that you didn't get any so-called response from that previous mailing that you did, until now. Go figure. Sometimes it is good to be last and not first, right. Good job and good luck with this one. PS>.. I wonder why she said that they needed to clear 91K. I thought this was going to be another one of those "the clients are under water" type blogs. Glad that this was different.
Good job, Neal! I had one a few months ago which went the other way so you'll have to fly up here when I get into one of those sticky wickets again :-)
Neal Bloom-Realtor ® Assoc.-CRS-Weston FL Weston, FL More about me
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Good Grief. I'm exhausted. Good luck with that one. I hope no one asks for anything in the offer. I hope your price trends is not DOWN. I hope. . . and a wing and a prayer.
But, for a listing agent, inventory is often as important as selling a listing. Great advertising fodder.