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Fishhawk Lake Real Estate-When is a Low Price Too Low- Are We Giving Away the Farm?

By
Real Estate Agent with John L Scott Market Center 700512026

Fishhawk Lake Real Estate-When is a Low Price Too Low- Are We Giving Away the Farm?

Yesterday morning I had another one of those "price talks" with a seller owning property at Fishhawk Lake who is truly a good person. She was worried about me and my fee first of all, while talking about how low to go on the newest price on her lot. I told her, (honestly, as I always approach it this way) I don't think about my marketing fee when it comes to this--REALLY I don't! I think about what is best for the client and what the market will bear. 

We've been at this awhile, she has a terrific vacant lot, with water easement to Fishhawk Creek,

10310 Ridgeview Terrace Birkenfeld OR 9701610310 Ridgeview Terrace Birkenfeld OR 97016

  ready to build, secluded, perfect for camping, etc. There are just no buyers right now for something like this! So...being the kind person that she is, she wants me to get money for the years that I've helped with selling this property....yes, years, off and on.  And I want to give her some negotiating room. The only one that would be lower than hers at Fishhawk Lake is in bankruptcy and it has a view, but is sloped; you couldn't do anything with it until you came in and cleared some land--all costly to a new buyer.

She was going to slash her property at Fishhawk Lake from $23K to $9K, and go way below what she even paid for it. My suggestion?  Be the 2nd lowest, at $15,000. It's a tiny bit below what she originally paid for the lot years ago, but still gives her a wee bit of room, should someone try to "work" her on the price--which any buyer would do in this market!

She thanked me for being her realtor and said that she and her husband have been "thrilled" that I've represented them. I just don't want to see her give away the farm!

 

 

Gayle Rich-Boxman
Realtor® Vernonia Realty Direct: (503)755-2905
Specializing in Fishhawk Lake Real Estate
"Your Gateway to the Lake!"
http://activerain.com/blogs/gayleatfishhawklake
 

 

Fishhawk Lake Real Estate Realtor Gayle Rich-Boxman

Fishhawk Lake Real Estate-When is a Low Price Too Low- Are We Giving Away the Farm? Copyrighted by Gayle Rich-Boxman All Rights Reserved

Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Hi Gayle. Pricing discussions are delicate emotionally, but again a product is a product and this is business and about targeted marketing. At some price everything sells unless you have to give it away I have found. I like your common sense solid business approach to this discussion. Looking again how you can find that targeted buyer is the other thing I would review beyond the price.

Jul 28, 2011 02:51 AM
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-739-3843

Agreed, Mr. G. I've had lots of interest about this property, over and over again...and we even offer contract terms. Right now, it seems that EVERYONE wants to be "on the lake" only. This is private, great set-up for camping, you don't ever have to build if you don't want to...yadayada...!

Jul 28, 2011 02:56 AM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

They are like misbehaving children and you have to have those "Price Talks" to set them straight. . .good for you! 

Jul 28, 2011 02:59 AM
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

Gayle - wow, Gary finally visited your blog - lol...Gary we love you! Now onto your post - I know you as a dear friend and you always put your clients and their needs first and everyone for that matter. You are one of the most genuine, honest people I know and if you're clients don't realize that, it's their loss and must have no other Realtor to compare you with!

Jul 28, 2011 03:06 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Kristine, Gayle needs LOTS of attention from both you and me. She lives out in the sticks you know, not even cell service LOL.

Jul 28, 2011 03:15 AM
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-739-3843

William Johnson just had a post today about trends and one of the things he said in his post  is apropos to my thoughts regarding this one:

 "Buyers still want to buy homes although many don't know when to take the plunge with all the uncertainly in the overall economy".

 

Jul 28, 2011 04:49 AM
Sharon Lee
Sharon Lee's Virtual Assistance - Jonesborough, TN
Retired and loving life

Gayle-That would be my kind of place. Set up my camping and I am good to go. I am a country girl who loves tranquility so that would be great. I don't think anybody should give their home away. It would depend a lot on the person financial situation. Bankruptcy is no fun. BTW-Thank you for your wonderful comment on my post. You gave me a great idea for my next post. Stay tuned. Smiling

Jul 28, 2011 04:54 AM
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

I know Gary! And I'm not really sure she's being honest about the whole cell thing - maybe she doesn't want us stalking calling her all day long because you know that's what we'd do!

Jul 28, 2011 05:27 AM
William Johnson
Retired - La Jolla, CA
Retired

Good Morning Gayle, 

A very good post and I really appreciate the mention in your comments. As a professional, doing the right thing ( always) for the client will ensure not just what you should eventually earn for the work on that transactions, but it has everything to do with your long term success and the lifetime of referrals. I have no doubt that your present and future success is well assured.

 

Jul 28, 2011 05:39 AM
Roy Kelley
Retired - Gaithersburg, MD

Good luck with your lot sale.  Thanks for sharing your pricing discussion with the seller.  Many sellers do make pricing errors when they do not have the advice of a real estate professional that represents the interests of the client.  Keep up the good work for long term success in the real estate business.

You do need to be careful when you disclose confidential client conversations with unrelated parties. A prospective purchaser could use your information to negotiate a lower price.

 Life is good!

 

Jul 28, 2011 06:05 AM
Debb Janes
Nature As Neighbors - Camas, WA
Put My Love of Nature At Work for You

Gayle, good on ya girl! Although, in the short time I've had here in the AR world, it's your integrity and determination to the do the right thing that always shines bright. Keep on shining for Fishhawk Lake you beautiful star.

Jul 28, 2011 08:02 AM
Debbie Walsh
SHAHAR Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Your integrity will bring you all the right clients down the road.  Great job Gayle!

Jul 28, 2011 09:35 AM
Judith Parker
ProStead Realty - Charlotte, NC
CRS, GRI, CMRS, Charlotte, NC

Good Evening Gayle, your client is so lucky to have you to guide her with pricing.  Your honesty will return to you in many wonderful ways.  Have a great evening.

Jul 28, 2011 02:08 PM