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Desperation creates depreciation!

I had an interesting conversation yesterday with one of my Sellers. This poor guy was on the market for 7 months with another Realtor and only had 3 showings during that period. Well, fortunately for him, he listed his property with me last week. As usual I gave him the talk about leaving the house for showings. It really is simple, Realtor knocks on the door, Seller opens and says "hi" and then takes the dog for a walk around the block. What could be easier. Anyway, I phoned him on Monday afternoon to let him know he had his first showing coming by in about an hour.

"Hi, Mr. Desperate, this is Broker Bryant. A Realtor is bringing some Buyers by in about an hour. Don't forget, cut on all the lights and when they show up, take the dog for a walk around the block. By the time you get back, they will be done." He says, full of excitement, "Wow, Broker Bryant, I can't believe you have people looking at my house already. I'll be ready"

So all is well. I call Mr. Desperate the following day to make sure the Realtor showed up and he says, "Oh yes! They really seemed to like the house. WHILE I WAS SHOWING THEM AROUND they were asking questions about the utility bills and schools. They were here about 45 minutes." Ok, now being the good little Realtor that I am, I chose to ignore his comment about showing them around and said, "Great, sounds like it was a good showing. I will contact their Realtor and see what they thought of the house."

I call the Realtor, "Hi, SellmyListing, just checking to see how the showing went yesterday at my listing at 4321 Depreciation Ave." He started laughing! I'm not kidding, he was laughing. Then he said, "Broker Bryant, what is wrong with that Seller? He would not leave us alone. He followed us from room to room and would not be quiet. I finally gave up and just let him give the Buyers the tour. We had to see every inch of his house and listen to him tell us how we will never find another house as nice as his and blah blah blah."

In shock, I asked "Well that sounds like fun. Did the Buyers like the house?" His response was, "Broker Bryant, my Buyers were scared of this man, they actually did like the house but told me they would never buy a house from this guy. They said he was too desperate and there must be something wrong with the house, or neighborhood, that is making him act that way. If he had not been there, we would be writing you an offer on the house."

"Ok, SellmyListing, I really am sorry that happened to you and your Buyers. My Sellers know they are supposed to leave. Listen if you want to bring them back or any other Buyers through, I will make sure Mr. Desperate leaves. I am going to call him right now to reiterate this with him. Again, I really appreciate you showing my listing and sorry that happened." SellmyListing responded, "Don't worry Broker Bryant, I know it's not your fault, I have sold several of your listings in the past and know that you're a true professional, in fact, you are the best Realtor I have ever worked with." Ok, Ok maybe he didn't say EXACTLY that. But is was close. Maybe.

Anyway, then I called Mr. Desperate back and gave him the news. He seemed to be a little shocked that he blew a possible deal out of the water but did, hopefully, learn his lesson. I made him promise to not do that again or I am coming over, getting my sign and going home. "No, no Broker Bryant, I promise to listen to you from now on." "No problem, Mr. Desperate, you are paying me a lot of money to get your home sold, so I am always going to be honest with you whether you like it or not. Deal?" "Yes, I'm sorry, Broker Bryant."

So the moral of the story is: Desperation creates depreciation!

Posted by Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc on 11/15/2006 12:19 PM

Comments (49)

seller desperation, real life, education, humor

49 Comments on Desperation creates depreciation!

NOV

2006

"The Lovely Wife Here"

Broker Bryant (hubby) please don't take our sign down and come home...Off topic...Why, yes...I am :0)

Do you not understand that a Lovely Wife who is desperate for shopping will depreciate in value...Huh?

TLW "The Lovely Wife"...Highly Valued Here...ROAR!

No matter how much we try to educate them, sellers just don't get it. They continue to insist that they are the best person to 'sell their house'. I LOVE this story - and will definitely blog a link to it from my blog just for my sellers.

I like this post also I try to tell my sellers this also I don't think we can stress this enough

BB this is great information for us newer agents. I always tell the seller they need to leave and I haven't had this problem yet but it is always better when you have a story from another agent you can tell them to reiterate the fact. As always great post and thank you. SC

It is so true when you are looking at a house and the homeowners are there it feels weird. You don't want to open the closets or kitchen cupboards. I believe that most people buy their homes because they "Feel at Home" it is hard to get that homey feeling with Mr Desperation breathing down your neck.

BB - I loved this post. I have had exactly the same situation happen to me, and I have also been on the selling side! The owner should be nowhere near the house - thats why they hired us to begin with!!

Great posting - I always instruct my sellers if they can not leave the home at least sit in the bedroom and read a book while the agent shows the home.

some people are not only desperate, i think many just lack common sense.

Exceptions have to be made at times, like with an elderly client who has no where to go and more importantly, no one to take him! In that case, I've been known to meet Ms. Potential Buyer and her Agent at the house, scoot Mrs. Desperate Seller into my car and buy pie (yes pie) and coffee while we have a nice chat at Baker's Square (ok there isn't a Baker's Square in every area I service, but for the two cases I am discussing, it worked and I knew peach pie would make me glad I did this).

The other thing that happens? Sellers are greeted warmly by buyers and their agents, who are glowing about the house - no one dares say anything unkind or even hint that the eaves on the second floor are shorter than the hubby's head, buyer et all leave, and seller says to their agent: but they were so nice and they seemed very interested! Great post, very important info for anyone selling or thinking of selling; btw,

I have a bridge that's not in the right place or built at the right angle can you help me? :-)

At least Mr.Desperate learned his lesson. Some people are stubborn and dont want to and wont change their ways. Once the home is listed for 90 days or more they ask themselves, "what happened?"

Carole, you brought up a good point. Buyers must be able to discuss the negatives before they can make a positive decision. And they can't do this with the Sellers lurking behind them.

I like your title to this, very creative and true! I hope Mr. Desperate has learned his lesson and leaves next time. I have a seller that likes to linger around before an Open House or just steps out the back door when a showing appointment comes in. Very frustrating for the showing agent as well as for me. Some sellers just seem to have a tough time letting go and getting out of the way so we can do our job. I hope all goes well with your listing.

I really believe that some people hire professional under the understanding that they are just trowing money away since they obviously know the professional's job better. That drive me nuts! I do hope he learned his lesson.

Carole MGF we don't see this very often. Our Sellers normally do what they have been coached to do. This is the result of being on the market for seven months and only having 3 showings...Poor guy, he just was so excited to have a showing...Now about that bridge, it sounds like the YSP might might be out of whack. :)...TLW...ROAR!

A few years ago I was searching for a home in Northern AZ. The whole experience changed the way I work as a realtor after I was a "buyer". One of the career changing events was the seller's hanging around, trying to show the home, etc. I understand they are anxious, but it was so uncomfortable for my husband, and somewhat uncomfortable for me, even with my understanding of the industry.

A few other tips for listing agents - Might sound obvious, but I encountered the following issues. Use the area code in all advertising - yard signs, print adds, internet, homes & land magazine. The buyer may not be from the area and know the area code or the buyer won't know fact that your cell number is in a different area code than your office number. Give detailed descriptions in the remarks section of the MLS. Add as many photos as possible and a visual tour, if possible. It would be great if the photos were actually flattering to the home. The home I ended up purchasing was a home I crossed off the list because of how badly it was photographed. It looked aweful and I didn't want to step foot in it. Fortunately, I had a great Realtor that insisted I see it. Two paces in the door, I was sold.

I would be creaped out by that guy too :P

If the buyer's agent said the buyers liked the house, why not encourage them to write up an offer? I'm sure you could limit the face-to-face participation of your seller and still get the deal together. And that would make another great blog - getting the home sold in spite of the seller's mistakes.

Bryant, who is the best realtor in your area? I missed that one.... ;o) This is a great story in life. Even though I help people finance their homes, I have had similiar stories to where you ask the client to do something and they can't follow simple instructions....that could kill the deal.

And like someone else mention, common sense can be a killer also. Thanks for a good story and a reminder of what happens in life.

I love your writing style, Bryant! Sounds like this man is not so desperate to sell his house as he is for having someone to talk to. Sometimes single older people get like that. I had an older lady a few Saturdays ago that told me her whole life story. Fortunately, I didn't have plans for the day and took her up on her offer of tea. We sat and talked for quite awhile about nothing real estate related. She's not ready to sell yet, but I'm hoping when she is, she'll remember me.

Good feedback to the Seller, Bryant. Perhaps after realizing that he lost a sale by being there, he will really listen to you and leave. I've told sellers they can stay across the street and look out through the neighbors window, drive their car a few houses away, or walk the dog and wait for the car to leave - but please, leave. And don't come back until afte they've driven away!

I'm sure we've all met sellers just like your 'desperate seller'. I had one such listings myself. They were actually too old to physically leave for every appointment so I told them to at least go sit on the patio & BE QUIET. But we all know that NO AGENT can show THEIR house as well as THEY can ;)

TLW you are speaking Vulcan again! lol Good work Damion; I guess Mr. Desperate Seller in this case has learned his lesson. Hopefully!

What's wrong with AR 'first page; geeze, I blog about the dashboard but didn't mean for it to disappear into a jumble of........blogs! lol

BB,

I’ve heard a similar tale from the redoubtable “REALTOR®” Teresa. But what really impressed me was your “Desperate Award.” I like it!

Jay Merton

We had a seller a few years back that would always find a reason to delay leaving when we had showings…drove us nuts!

Finally we made her understand that when she was still home looking like she was getting ready to leave when the buyer arrived that it made the buyers feel like they were interrupting her, which in turn made the showing start off on the wrong foot.

So instead of being gone 20 minutes before the showings like she promised me she’d be, she ended up doing all the same things… acting as if she was leaving and then ask sweetly “gee you don’t’ mind if I just sit in my rocking chair out of your way while you look at the house…do you” and of course the showing agent would say “no, not at all” next thing you know the seller started showing the house.. Nothing and I mean nothing could stop her!!!

This woman was so bad that during the home inspection, as I’m trying to walk her out the door she starts baking brownies!!!!! So there we are…. inspecting or tiring to inspect the kitchen in the middle of the electric mixer going crazy and brownie batter all over the place!!!

Monika also forgot to mention we were able to get the seller out of the house for a showing and we were able to close the buyer right there in the kitchen.

While writing up the contract I could see the seller driving back and forth down the street. Then they parked across the street and waited.

I went out to tell them that we were writing them up and if they could come back in awhile. Well lo and behold it wasn't 15 minutes later and in walk the sellers. Plop themselves down and start complaining we are still there.

Needless to say we were shocked they entered the house with the buyers still there. I know it's there house but...

That sale was so stressful.

They also turned down one offer which was a good one because they didn't like the buyers dog. Go figure...

After 22 yrs. this is just a snippet as to what we have experienced.

Thanks Jay

Jay and Monika, thats sounds like quite the deal there. I bet you cherished that pay check.

I was trying to sell my mother-in-law's house....She was about 78 years old and she wouldn't leave the house !! She was in Real Estate 50 years ago and felt that she knows all about selling homes. She would follow the Buyers around the house praying for them. She would freak the Buyers out. I finally had to move her out then sell the house.

I didn't have the heart to tell her that it wasn't selling because of the stalking thing.

i just want to know if he does it again. =) if he can resist the temptation to point out the great closets and fabulous views from every room...will you update us and let us know if he behaves? if he does, you must have magic powers (maybe you could share with those of us who are used to two-year olds who don't retain and don't always listen....)!

We have had our share of "interesting" sellers. We actually had a lady who was going through a divorce because she was insane- no really. She was being admitted to an asylum inside of a couple months. Until then, she would remain in the house, that we had listed (her house). She "knew" that she was not to be there during showings, but after the 3rd showing we found out that she was staying there, pointing at the crack in the driveway and telling the prospects, "See, there is a crack in the foundation!" (Now, we even had a professional come out, before we listed it - and, of course... the foundation was perfect.) So now, we had to attend all showings- if only to "go for a walk" with the owner. Luckily it sold inside the first month.

And FSBO's think that it is a benefit that they are there for showings?!? Thank you for sharing - Its nice to know that there are others out there with "interesting" sellers.

I love Carole's strategy - I hope you don't mind if I borrow your tactic.

We have a seller now that as much as I have asked ane explained, when I get to his house he stalls leaving and is always there when the buyer arrives. Now I call him 30 minutes before the showing to prepare him and when I am 15 minutes away - I think he has gotten the idea by now.

BTW - it makes you think about these discount companies where sellers show their own properties - can't they figure out that they are doing themselves a disservice?

ines

Great story, just sorry you had to tell it. Just one more in the chain of "why don't my clients listen?". I think your response to the seller was great. In essence letting him know you are the pro and you know what works. Shape up or loose me. It builds even more confidence in you.

Bryant, I am starting to think that you do not have any normal Sellers. Between you and me, this guy and I would probably get along great.

NOV

2006

Bryant, I'm supposed to be going to bed now but I'm in stitches laughing. I just read your post twice, the second time aloud to angel and he busted up too! Enoch, though, is still wondering why Mr. Desperate's dog got the short end of the deal and is still waiting to get his long-awaited walk...

Today at the last broker's open of the day a group of us from several companies traded war stories.

One agent had a listing with brightly colored walls. The agent felt the price was good, but the colors were making it tough to sell. She recommended painting the interior with neutral colors. The seller said absolutely not, we will find a buyer who loves it the way it is.

They finally did for $60,000 below the comps in the area. But they did find someone who loved it the way it was.

I forgot to mention the buyers paid a contractor to repaint it for $4500 and picked up the rest of the $60,000 in equity.

Good post, Some people no matter how much you try to educate them on the sales process and as many times as they say they agree with you and understand it just never sinks in. Let's see if Mr. Desperate really get's it next showing.

Here is to the best broker in the area toast.

Well, I have sellers at the home inspections eager to do all the repairs just as soon as the home inspector is done with the inspection and now the apprasial came in low.

Oh what fun we have. But, keep up the good best broker in the area job. I do enjoy your blogs.

Great post, I had a similar experience recently, nut I was the agent taking the buyer through. I was embarrased that I lost control of the showing. This seller even followed us out to our cars!! The listing was a good friend who had recently left our real estate team. I called him and we both just laughed.

I bet we could all go on and on with simlar experiences. Man, I love Real Estate! Never a dull moment.

Damion-

Great idea. If you don't mind I am going to use this with my sellers. Thanks-

The value of creating strong relationships with your clients and actually explaining things to them and talking with them! Imagine....

That was a good one Bryant. I had one similar to that about 8 months ago while the market was still good. The difference was that this seller was determine to show his home. (I was representing the buyer) No kidding, the first words out of this guys mouth was that he would consider any offer. Of course my buyer cease the opportunity and put in an offer. The fact that my buyer did not get the house was due to his wanting to buy this guys property for next to nothing. However, if my buyer was willing to add about $60K more to his offer which would still be about $90K below asking price, this property would have been his. However, he backed out and said this guy is way too desparate which I had to agree with. I tried finding another buyer to take advantage of that great deal at the time, however, someone else beat me to the punch. When I tried to talk to his agent, his agent told me to just deal with his client. He was just one of those sellers that his agent did not seem to want to deal with.

Desperate, disillusioned, lacking common sense. Do all 3 apply?

The seller is an idiot; pure and simple.

We worked out a "showing plan" with our agent as part of the listing agreement session.

1. We would get at least one hour's notice when a buyer's agent wanted to bring clients to tour

2. We had the house PERFECTLY staged, cleaned, and ready at all times for the buyer to feel like they just walked into THEIR home

3. We left the house 15 minutes early and did not return for one hour past the appointment. If their cars were still in the driveway, we went to the movies to give them all the time they needed

4. NOBODY ever came in the kitchen without nice candles burning and a plate of fresh baked cookies cookies for the agent and clients.

5. Light classical music playing softly throughout the house.

Jeez.....this isn't freakin' time travel. Do people REALLY want to sell their house or they that stupid?

BTW; as I shared with Broker Bryant, our house sold in three weeks. You hire a pro, listen to them, follow their advice, and everyone wins.

On the other side of the coin, we just returned from touring houses in a city we are considering and one seller said he had plans to watch the ball game and said we could come back the next day. I told the agent to convey to the seller he could kiss my a$$. I don't drive two hundred miles and accomodate some fool's football addiction.

Just my two cents worth

NOV

2006

Did your seller move to Hawaii?

I think I met him on a recent listing appointment. He felt his house was worth considerably more than any other in the neighborhood.

It still had the original 40 year old appliances.

Stan, good to see you. The seller is actually a pretty nice guy. I like him. He just got carried away and now recognizes his error and will not do it again. I just hate the fact that this was probably the buyer for his house and now we are back to square one. Oh well guess I'll just have to sell it this weekend.