LISTING AGENT SAYS "REFINISH THE HARDWOOD FLOORS". Easily said says the seller with no cash.

"HEY, I DIDN'T CONTACT YOU FOR REDECORATING ADVICE."

No kidding...and besides the lack of expertise in that department, I never fell comfortable spending other peoples money!

Lenn,

There are a lot of agents who make a lot of recommendations and...the house still doesn't sell. Without the correct price, you're not even going to get them in to see all those seller fix ups.

Rich

Lenn, I will show my ignorance here....what does STFHOC mean?

On your other points, I agree 100%!  Appointment Only and no Lock Box are the kiss of death especially in a market like mine with way too much inventory. 

I wish lenders would allow seller credits for repairs to actually pass to the buyers.  In most situations the lender will not allow the buyer to actually receive a credit in the form of cash or a check, as such, the buyer gets a slight discount on the house but does not actually receive the money to do the repairs.

Lenn

I like the *to get top dollar* suggestion.

But it seems more and more that buyers just don't want to put any work in to buying a home and a seller just has to realize that. My favorite real estate saying for years has been, we're in a price war and beauty contest.

Great post Lenn, it's more than just pricing.  However the price needs to reflect the condition, accessibility and all the other factors to get it sold.

Like the idea of the  allowance for floors (or whatever needed to be done).

And you can't imagine how many of our local listings say "Agent must accompnay", and then you can't get the agent on the phone to arrange anything.

There are always options, to everything.  The key is to present those options to sellers and to understand that it's not your way or the highway.

Hi Lenn.  Glad I was the inspiration for this post (I think).  Excellent post.

In business school, we always used the concept of "Value."  The price is what is offered and each customer has their own Value for that house (or object).  As long as your value is greater than or equal to the price you are willing to buy (or at least consider).  Different customers value different things (e.g. some care more abt the location, others more about the # of bedrooms or the kitchen or the bathrooms or layout..the possibilities are endless).  Clearly when there is repair work or things the customer wants to change/fix that gets factored into their value equation (and reduces their value).  I like your concept of "to get top dollar" and that makes perfect sense.

In the particular case I wrote about, I feel we are in gray area.  In all fairness I don't know what the realtor really told her.  She may have just told her she has to do it, or she may have said if you want to get the best price for it, refinish it.  I'm not privy to the intended listing price or if the realtor has a sense as to how much more she'll get if she refinishes. As I'm not a realtor, I'm not qualified to have an assessment on this and I told her that flat out and she should consult her realtor.  Also, I know it's not a short sale...she WANTS to sell so she can retire & move to NC but she can wait if needed.  And, she seems to have some money for repairsm but not a ton.

All of this has been very enlightening to me in more ways than one.  I have a better understanding of what you guys do and advise, I have back up plans...and, as I already knew in my gut, the sale is much more likely to happen w/ the buyer, so  I need to focus more on how to get there...not only w/ buying agents, but also there are more ways to be working w/ listing agents.

This has been a huge learning curve day!

Lenn - I think too many agents are swayed by shows on HGTV. We need to give sellers, and buyers, all of the facts/logic/reason in today's market. And lets not forget location, location, location. OK, maybe today that isn't quite the selling point as it used to be.

Lenn - Agreed - it's very complicated.  Update on this customer...she wants to sell quickly (because she WANTS to retire not because she has to sell) so they are pricing it low to sell quickly and it sounds like a good value (at least that's what the realtor is telling her relative to the other homes in the area).  This is the only "big" thing the realtor is recommending; she also needs to regrout on bathroom and move/purge things on those won't cost her anything.  She seems to trust her realtor and as I've delved in more, it sounds like she is giving her good advice from what I've seen.  And, these floors are such an eyesoar.  This job could be done for $1,800 but it's the customer's choice to do it the more expensive way (not mine and not the realtor's).

But, yes, there are plenty out there doing more than what the market will bear.  I have also seen a lot of people get bad advice.  This especially seems to happen w/ kitchens (which almost never nearly get the return on investment. Many of the realtors and stagers I work w/ are very practical and very sensitive to budget and that is good for their clients.

Hi, Lenn:

I give my sellers a choice and show them what the price range would be for either doing the repairs and upgrades or selling as is. Sometimes they can come up with a bit of money to take care of a few things, but I am always conscious of their financial situation. After all, they could be selling the house because they need the money.

Cheers,

Robin

Great advice from a buyer broker for listing agents.  Price does sell a home time and time again, but terms and accessibility will affect how fast for sure.