Seller Asks "Could We Just Raise My Price a Little? Maybe $100,000 Higher?"

 

I spent nearly a week preparing a market study for a seller recently. And after it was all done and presented, the seller reluctantly agreed to go along with the proposed sale price.

But just a few days after accepting that proposed list price, the seller started calling. Friends had been whispering in her ear, offering free advice. And these friends (none of whom have sold a house in the past several years) told her "your house is worth a lot more". Their justification for that free advice was based entirely on what she paid for the property a decade ago.

It isn't worth a lot more.

Even after I patiently reviewed the area market conditions with this seller, and even though she couldn't dispute anything I shared with her that supported the list price, she pleaded with me to raise her price "a little". I replied, "what sort of little amount were you suggesting?" and her response was to ask for a 25% price increase.

Sellers need to realize that free advice is worth what you paid for it. I suggest that they open a newspaper once in awhile, or turn on the evening news. Knowledge is power.

 

 

Contact Broker Eric Kodner with Wayzata Lakes Realty about Minneapolis & Saint Paul area properties, including Lake Minnetonka, Edina and the Minneapolis City Lakes area (Lake Calhoun, Lake of the Isles, Lake Harriet). We also sell on the Saint Croix River and on Lake Superior, including Bayfield, Wisconsin and Madeline Island homes.  With fourteen years experience marketing and selling waterfront properties in Minnesota and Wisconsin, we know Lake Minnetonka and Madeline Island real estate.

Wayzata Lakes Realty LLC (Minnesota) and Madeline Island Realty LLC (Wisconsin)

Real Estate Brokerage licensed in Minnesota & Wisconsin

Phone or Text Message 612.670.2539

MadelineIsland@Gmail.com

 

 

 

 

 

3 Comments on Seller Asks "Could We Just Raise My Price a Little? Maybe $100,000 Higher?"

OCT
30
2011
127,193 Points

It is in our best interest to get the client as much as we can. We too benefit from the higher price - although that is not our focus. Our position is to provide our professional services to them, including the analysis of the market to get them the market price and get an offer. The emotional attachment and comments from 'back seat agent wannabees" that do not have the access to the information we do is why the clients don't always like the information that we give them. Good Luck.

10:57pm • #1
2 Featured Posts

Eric, how frustrating! So, did you up the price? I'd be curious to know how the area agents would react to that. This is a time when a broker open house would be valuable. Then, survey all the agents that come on the price and provide your client with the results. Good luck.

11:37pm • #2
OCT
31
2011
303,402 Points 9 Featured Posts Outside Blog Called Shot Master

Gerard - I'm always glad to discuss pricing with clients, but I counsel them to be wary of the temptation to overprice.  Most discussions like the one I related above are driven by emotion and unrealistic expectations.

Valerie, we're sticking with our original price for the time being.  Ours is a recreational area on Lake Superior, so things are pretty quiet in our market this time of year.  I doubt that other area brokers or agents would argue that the price should be higher.

11:00am • #3

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Eric Kodner, Wayzata Lakes Realty - Twin Cities, Madeline Island Real Estate

Minnetonka, MN

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Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes

Address: 12500 Marion Ln W, Suite 4217, Minnetonka, MN, 55305

Office Phone: (612) 670-2539

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933 Nebraska Row, LaPointe WI - Woods Manor Estate on Madeline Island


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$949,000
Single Family Home
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7 Bedrooms
2 Bathrooms
11 Partial Bathrooms
Interior: 6,430 sqft
Lot: 3.00 acre(s)
Location
933 Nebraska Row
LaPointe, WI 54850
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Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
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7401 Hyde Park Drive, Edina, MN 55439 - Braemar Park Area


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$398,000
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4 Bedrooms
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Interior: 2,891 sqft
Lot: 0.32 acre(s)
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7401 Hyde Park Drive
Edina, MN 55439
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Wayzata Lakes Realty and Madeline Island Realty
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emkodner@gmail.com
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741 Main Street, LaPointe WI 54850


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$789,000
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5 Bedrooms
3 Bathrooms
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Interior: 2,736 sqft
Lot: 0.45 acre(s)
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741 Main Street
LaPointe, WI 54850
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Wayzata Lakes Realty and Madeline Island Realty
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emkodner@gmail.com
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483 Mondamin Trail, LaPointe, WI 54850 - Madeline Island Estate Home


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$749,000
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5 Bedrooms
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4 Partial Bathrooms
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483 Mondamin Trail
LaPointe, WI 54850
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Wayzata Lakes Realty and Madeline Island Realty
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$435,000
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3 Bedrooms
1 Bathroom
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Lot: 3.20 acre(s)
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769 Islewood Road
La Pointe, WI 54850
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Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
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emkodner@gmail.com
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$275,000
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2 Bedrooms
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2234 Benjamin Boulevard
LaPointe, WI 54850
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Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
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Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
http://www.wayzatalakesrealty.com



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Marine on St Croix, MN 55047
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Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
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145 Kingfisher Lane
Marine on St Croix, MN 55047
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Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
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Marine on St Croix, MN 55047
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Eric M Kodner

Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
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Marine on St Croix, MN 55047
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Eric M Kodner

Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
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Marine on St Croix, MN 55047
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Eric M Kodner

Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
http://www.wayzatalakesrealty.com



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Marine on St Croix, MN 55047
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Eric M Kodner

Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
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$169,900
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Lot: 1.23 acre(s)
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2301 Jackson Circle
Marine on St Croix, MN 55047
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Eric M Kodner

Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
http://www.wayzatalakesrealty.com



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$99,900
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Lot: 0.31 acre(s)
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168 Kingfisher Lane
Marine on St Croix, MN 55047
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Eric M Kodner

Eric M Kodner

Wayzata Lakes Realty and Madeline Island Realty
(612) 670-2539
emkodner@gmail.com
http://www.wayzatalakesrealty.com



Listed by: Madeline Island Realty & Wayzata Lakes Realty

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