While showing properties you run into the occasional listing that makes you ask the question... What were they thinking?

A little while back I was checking on an area just above our town that has five condo complexes.  All five complexes have a series of concrete buildings with identical floor plans all built in the early 70's.  There were several 1, 2 & 3 bedroom units for sale.  They units are popular among the investors; they generally run about $50,000 to $100,000 less than those in the planned community right next to it.  The prices very by about $20,000 from the worst to the nicest most upgraded 1 bedroom/ 1 bath unit.

Let's see we there are a few they are priced ranging from $170,000 to $187,000. 

Then there are two others one listed for $129,000 and one for $249,000. 

The one listed at $129,000 was sold in 4 days for $125,000 with the listing agent representing both seller and buyer.  I wouldn't want to be that agent if the seller ever decides it was severely under priced.

The other for $249,000 was also interesting.  The highest ever closing in that complex since construction in 1973 was $187,000. 

I called the agent and asked what a $249,000 looked liked (the listing had no pictures of the unit).  I asked why this was unit so much higher than anything else ever sold?  She responded that it had granite counter tops.

Hmmm.  $1000 worth of counter tops raises the value $60,000 to $70,000.  I am putting granite in everything from now on.

The listing recently expired after one year.  And surprise, surprise, it didn't sell.

I understand how young agents will take on anything that they can get their hands on.  I also understand that those who lack sales and negotiating skills will be afraid to say anything to the seller they may not want to hear for fear of loosing the listing.  You need to insert common sense in the process.

By picking up a bad listing:

• You will do nothing to build your reputation.
• You will spend good time and money to market a failure.
• The seller will never be satisfied with the job you did, so forget about referrals.
• The time spent on this loser could have been spent finding a money making piece of business.

You will know you have turned the corner as a professional when you go on a listing call and you there to find out two things:

• Does the seller want to list with you?
• Are you willing to accept this listing?

Always remember a bad listing makes no one any money.