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TMI, Get to the Point, and Excuses are Like...

By
Real Estate Agent with Keller Williams Realty-California Coast Property Group

Well you know the rest and I won't quote that one here. What I will tell you is that it gets really old dealing with listing agents who have a great property that's grossly overpriced. I mean like a property that at a maximum in this declining market that is possibly worth $550k and is listed at $774k and has been on the market over 420+ days.

I believe I've written about this property before, but I had the opportunity to preview it merely because I wanted to see the ocean view that seemed to bring its list price somewhat into reason. The only problem being is that there isn't a view from anywhere in the home. The view is from the outdoor patio. Nonetheless, the property was stunning on the interior! Upgraded, updated and simply stunning.

The viewing instructions on the subject property were "owner, keysafe, go direct" and that's exactly what I did only to wander aimlessly around the property to find the keysafe. I eventually gave up, called the Realtor, and she droned on and on about how she JUST left the property and had JUST missed her and that she was on her way up to Santa Barbara and that the owner was home, but I couldn't bring my clients in, but was welcome to walk around the unit to get a feel of it.  She went on and on about how she had to take the key safe off because of blah blah blah, but would be putting it back on as soon as she could, yada yada yada. All the while I'm standing there with Mr. & Mrs. Bored Buyer.

People, seriously here, last time I checked condos pretty much look the same from the outside. Am I really expected to tromp around the unit with my Buyer while the owner is inside? Couldn't this agent have said she'd call to see if it's okay to show considering the remarks are keysafe, go direct and the owner was home? AND wouldn't you think that after this length of time this professional might this this is an excellent opportunity to have the stale listing viewed?

A word of caution to Sellers, in this declining market, it not only is important to list your property at a reasonable price if you want it to sell, but allow it to be available to the public and other Realtors to view. And while we're on the subject, take careful consideration on how your Realtor represents you. Talk to them first before signing that listing agreement and find out how they service their listings.

FrustratedPrudential California RealtySheila A. Rasak, SFR - (805) 628-2898

Specializing in short sale and distressed properties along the coast of Ventura County. Cities covered include, Camarillo, Ventura, Oxnard, and Thousand Oaks, with an excellent referral network for other states and cities as well.

 

 

Bryan Watkins
LRA Real Estate Group - Mesa, AZ

Good points. Homes are overpriced and they just don't move. Too bad for the agent and the family.

Aug 20, 2010 03:51 PM
Jill Watts
Realty Pro, Inc. - Vancouver, WA
A Luxury Experience at Every Price Point!

Overpriced homes are difficult for the listing agent too. I did NOT "buy" a certain listing. It was close to it's comps three months ago...but the family just will not adjust to the downturn in the market numbers. ugh. I'm tired.

Aug 20, 2010 04:00 PM
Mary Macy
Top Agents Atlanta Metro - Roswell, GA
Top Agents Atlanta Metro

We need to have all of our ducks in a row as a marketing agent and need to make certain our sellers understand the criticality of this market.  Little things do count.  Good Post!!!!

Aug 20, 2010 04:12 PM
Sheila Rasak
Keller Williams Realty-California Coast Property Group - Camarillo, CA

Hi all, love the comments. Yes, in times like these we need to have our act together. Typically, I come to the listing appointment with a price reduction agreement at the ready. I know it may feel uncomfortable to some agents, but when I get the feeling that the Seller has an overinflated sense of value, I want to be prepared. In California we simply use an addendum to the listing agreement that states something like "If the subject property doesn't receive any offers by (I usually give 2 weeks), then Seller agrees to reduce the listing price to: $_______. If the subject property is in a rapidly declining area I tend to place two additional price points in the addendum.

If my Seller isn't willing to be reasonable, then I have the option of NOT taking the listing. Let's face facts here, we spend a lot of time servicing our Sellers and the properties we represent and also money that can go toward the cost of servicing properties that will sell. My time is worth something (even in this market, lol) and my reputation is on the line with my colleagues. I know who will take anything at any rate in my service area and I pretty much skip their listings on caravan.

Mary, since you made the comment of "good post!" I'd appreciate an endorsement in the way of a called shot (where you suggest my post be featured).

Hang in there, gang, it's a tough market and we're rapidly moving toward the holiday season.

Aug 21, 2010 01:01 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Sheila - Great post and some good suggestions (suggested you too).  I have heard from other local agents that they too are now bringing price reduction forms to their listing presentations because so many of them now seem to be talking to more and more sellers who just don't have a realistic perspective on our market here in Ventura county. 

Furthermore, so many sellers now simply don't seem to have a realistic opinion of the value of their home as well as the condition and/or the desireability of their home to prospective home buyers.  In other words, so many sellers now are simply in LaLa Land. 

Hope you eventually got to see that condo.  Now I'm curious about it and am going to check out some other posts to see where the property is.  Is it in Channel Islands?  Oxnard Shores?

Aug 25, 2010 05:58 AM
Sheila Rasak
Keller Williams Realty-California Coast Property Group - Camarillo, CA

Hi Donne,

No, the property is in The Colony...a beautiful community that is well-kept by the HOA. HOA dues are a bit steep, but I think that overall, you get what you pay for.

I've seen the condo, but like I indicated in my post, it's way overpriced and thought I'd bring my buyers there just so they could see the craftmanship of the interior. At that point, should they want to even bother writing an offer, I'd recommend a price point that would reflect just under current market value to bring the sellers back down to earth.

My buyer didn't have the opportunity to view this listing. They went on to see other properties in the same development and are looking to view reality based listings and are considering making an offer on another. They're happy to just view the pictures of the upgrades so they can use the ideas to create a similar look in one of the condos they choose to write on.

The agent and the seller lost their only opportunity to get my buyer to write. (If you'll remember it was MLS listed as "owner, keysafe, go direct".) I do hope this agent and her hubby retire soon. I don't like hiccups like that when I'm representing a buyer. I believe it tends to make everyone look bad when a Realtor takes on many over priced listings as this one tends to do.

Aug 25, 2010 07:18 AM