Hello, on a cold, snowy, sleety, icy, messy day in Chicago!
Ever call a client, and tell them they need to reduce their price? I know you have, of course.
But, usually, how do they react?
"How come you haven't had more Open Houses?" "Haven't seen my house in the local paper in the last few weeks!" "My sister says you should have taken more pictures of my home. Different pictures. Larger Pictures." "The sign is too small." "The brochures are too short!" And on, and on, and on.
If I didn't know much better, I would begin to feel it is the Listing Agent is responsible for everything WRONG in the market. During stronger markets, it's the SELLER who did the right things at the right time!
Open Houses, Brochures, Costly Advertising. They all skirt the issue. There is one thing that will sell a house, in ANY market - THE RIGHT PRICE! PERIOD!
Problem is, many in our industry live day-to-day on desperation thinking. "I'll do more Open Houses, or the seller will get mad at me!" "I'll pay for more ads, or the seller will get mad at me!" "I'll do a ninety page brochure, mail out 10,000 postcards promoting their over-priced home, cut my Listing Fee (never call it "Commission" again folks), or else I won't get the listing, or, the seller will get mad at me."
Then, when an offer comes in, and you've spent a small fortune making your clients "happy," spent your weekends doing Open House of questionable benefit to them, mailed postcards with little positive result, some sellers have the temerity to ask you to "kick in a couple of thousand or so," to make the deal go through.
And many agents DO kick a couple of thousand in!
The problem here, folks, is that too many Real Estate Practitioners give in rather than counsel. Pay up rather than invest wisely, with confidence and conviction. Give in rather than fight.
Sellers can have their choice of many agents beside you, and many that will agree with them blindly, just to buy the listing. Then they fail - and we ALL get painted with the same brush - "We're all the same," "You folks are only in it to make a fast buck." And on, and on, and on!
What I've found, in all these years in the business - be in integrity, all the time. And . . .
Know when to fold 'em! Kick toxic clients to the curb!
If, when you propose a price reduction, after your due deliberate thinking, they accuse you of being greedy. Or, unethical. Or, lazy. Or, cheap. SAY GOODBYE!
These days, IT"S ALL ABOUT THE CORRECT PRICE! THAT IS IT!
Beginning in 2008, Our Team will add a rider to our Listing Agreement allowing us to terminate the agreement if, in our opinion, our clients are not following our advice and counsel. And pre-scheduled price reductions, agreed upon at time of the initial listing.
We have confidence in our marketing. I would stake my reputation that our web presence, our customer service, our follow though and follow up, is second to none. That being a given - IT'S GOTTA BE THE PRICE!
Would love your reaction on this - thanks for the space to rant!
Dean & Dean's Team Chicago