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We're in Second Position...Again!

Recently, I have had the same feedback over and over..."Well, the house shows BEAUTIFULLY and it's in second position..." Not on just ONE house, but on several of my listings.

How should I advertise to potential sellers? "Choose Rocky Mountain Realty, where we have the second nicest listings in the City?"

I always ask the agent giving feedback, "How can we be in FIRST position?" and inevitably, it's something that I have no control over and cannot remedy, like the one this morning. "Well, the Buyers are looking at this great bank owned property. It needs a little work, but it will be great when it's finished, BUT if they do choose a finished product, it will be yours...it's SHARP!"

Ok, so I call my Seller and tell them we're in second position. That's what I've been telling sellers for a month now. Other reasons we've lost to first place? Proximity to job, square footage, a buyer's widening list of prospects, (which I am seeing as a new challenge in this market).

How have you been dealing with "coming in second"? It's almost better not to be in the race than to come in second all the time...or maybe I'm seeing this in the wrong light?

Posted by Lania DeMers, Broker Rocky Mountain Realty Co. on 10/08/2007 02:18 AM

Comments (22)

feedback, buy, sell, colorado springs, first, houses, home, staging, list, choose, contract

22 Comments on We're in Second Position...Again!

OCT

2007

I know the feeling...

I know the feeling too, although I hear it's in contention.

Coming in second just means you're the first loser. Right now all you can do is lower the price. At the end of the day it's all about price.

There is a lot of that going on right now. Sometimes it is better to be second and have the buyers not get together on the first so they are more realistic.

Thanks everyone...Simon, I don't think it's time to do a panic price drop when you've only been on market less than 30 days and you're in second place...maybe if we're still second in a few weeks, right?

Coming in second is tough. The other one is finding out that the buyers love your listing but it is their first weekend looking and with so much inventory they are going to keep on searching.

I agree, it's all about price. I had a listing that saw 90 days market time (unusual for here). We have a $15,000 price reduction; however, they had "no yard", barely 10 feet deep. We were always "second". Client didn't want to reduce price for this negativity - so off market they went - waiting for our market "to pick up".

Lania, in a market that is showing a bit of decline, maybe being ahead of the curve will create an advantage. Oh, and will you call my sellers and tell them that?

2nd place tries harder right?

Hang in there, we have been hearing this same phrase and always seem to lose to that wonderful, has this feature house that places first. I don't think it is only price but price is a great leveler. Heck, if the price is right, anything will sell........

I shouldn't complain...I could be hearing, "Oh, my buyers didn't want to get out of the car on that one..."

Lania - it is about price and its not about panic. Did they price it right to start with or did they try and build in some buffer? Time on the market isn't necessarily the issue if it wasn;t priced correctly in the first place. Please visit my blog Honesty, integrity and the unrealistic seller for more on this. Oh and just let me know if you want the link removed.

I wish I could say it was different here! All the Realtors here are hoping a great offer will come in on any of our listings.

I've been in the same boat recently. Keep plugging away - you'll come in 1st before too long!

Right Chrissy! Eventually all of those number 1's have to get sold and I can slide RIGHT into those positions! Sell lots of houses this week!

OCT

2007

$399k, $385k, $365k, $349 BINGO, We have an offer coming in. Comps? $399k and $399,900 in the same building. This unit has a $75k remodel that the comps did not have. It's all about price. Either the seller can wrap themself around it or not.

I would talk right away to the Seller and get permission to lower the price a couple of thousand to give them the idea you want to get the offer.

You might also try to present that there is a special Home Warranty with this purchase and assure them they will not have to worry about repairs for one year.

That means the other was more for the money. Your seller can wait and hope number 1 sells or they can make adjustments to move their's to number 1.

I know it sucks, I was told that by 4 different agents ona listing but nothing ever came of it.

Well...Laurie, I would tell my Seller to wait for a market turn before I advised them to lose 125k in a sale. If they don't NEED to sell, I don't understand why so many people would recommend that they drop price to accommodate the ridiculous market we are in.

The TRUE honest and integral thing to do would be to say, "I'd withdraw at this time and wait for the market to turn."

That being said, my listings are priced correctly...if you lower anything dirt cheap enough, someone will buy it and you'll make a commission, but that's not upholding fiduciary responsibility. No, I'm talking about places that are priced correctly and that's the feedback. That's why they make it to second place!

Lania, This listing was priced right also and had a $75k remodel the comps did not. There is just so much inventory and so few buyers that when a seller MUST sell sometimes the price just has to come down. The market will only bear what a buyer will pay. I wasn't suggesting a $125k price reduction. But a reduction may just be what you need to hop into 1st place.

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