“I’m not going to just give it away!” As a full time Maine Realtor® I hear this phrase at times from potential home sellers. While I certainly understand the sentiment, I would like to suggest that we all simply banish this phrase from our common language.
“I want to sell my home for as much money as possible.”
In addition to explaining all that we do in the marketing and sales process, I also add that, "All ships rise and lower on the same tide".
"If you feel that you are losing, or giving it away....you will get the same benefit on your purchase." It's a visual that usually helps explain their concerns. Joy
I wish there was a "LIKE" button for comments. You guys do have a lot of great input!
LOVE the appraisal idea. That is what I suggest as well when faced with a potential client who insists upon listing too high. If they go ahead and get a pre-listing appraisal, we can agree up front to list it at that price. Otherwise, I wish them well and move on.
I had a buyer recently who found a FSBO he was interested in, and the owner wanted to sell for $120K. I did a CMA and found the FMV to be around $90K. I called the seller and asked him how he came up with his price. He said, "I based it on what I paid for it plus what I put into it." I find it so hard to believe there are still people out there with this mindset given the current market conditions, but there you have it!
Here's what I've learned after 20 years in the business... when the market is good, sellers think they aren't getting enough for their home. When the market is bad, sellers think they aren't getting enough for their home. They always feel like they are "giving it away!" And let's not forget repairs--get asked for $100 of repairs after an inspection and the refrain immediately is "they're asking for too much and taking advantage of us." Setting reasonable expectations by doing numbers up front is the only way to handle this problem... and even then they forget what you told them up front! Never a dull day in this business!
I have a spot-on, pithy retort for when this situation arises. Unfortunately, this kind of brillance and insight doesn't come easily, or free. After all, "I'm not going to just give it away!"
(Please remit $42,75 to my AR account if you would like my insight into this matter)
Whenever I hear the phrase, I'm tempted to start my face and eye twitch like Herbert Lom in the Pink Panther movies! Logical retorts don't usually work with these sellers...
My dad had a saying, "Don't confuse me with facts, My mind is made up!"
Great Post - didn't realize how common the phrase was... Thought it was just something uttered by sellers in New York!
The appraisal idea is from the 'old' days that might be useful again. I like the 'team approach' with the seller.
I just have to laugh everytime I hear this phrase (which I must say I have heard more this year than in the 8 prior). My standard response is "wow, have you ever known anyone to GIVE their house away?" Followed quicly by "the market isn't pretty and it is NEVER wrong". Then I just wait to see what they offer next. I have walked away from more potentially overpriced listings this year as a result.
Should we have just one blog post solely on phrases that we real estate professionals hate.....
Kristen, this is one of the best posts I've seen on AR. I love it! With your permission, I'd like to print and give it to potential sellers. You said it all, and very well.
Thank you for such a great post--we are all stealing your remarks to use with sellers!
Yes, please banish it!!! I've even heard some listing agents say, "they are not going to give it away."
I feel your agony. Since when did receiving 6 figures for anything equate to "giving it away"? It's like Deal or No Deal. That $750,000 briefcase may be gone, but that $400,000 briefcase may still be a good deal.
This is a great post. Almost every time I'm on a listing appointment I hear that phrase. There is some good script here to respond and I will start using it every time I am on a listing appointment.
This is the age-old song of sellers throughout the ages. Seems like sellers always value their home adding their "personal value" in the mix, not really understanding real market value.
WOW -- from the comments this sure hit the nail on the head. The most common reason sellers have this "we're not giving it away" is because they have implanted a price in their head, which may/may not be reasonable. Once this price is affixed, this is when that phrase comes out.
Good post, especially when you ask for a price adjustment - the seller typically says along with "I'm not giving it away" - "I already came down $20,000!" I usually say "you only came $20,000 if you had that $20,000 to begin with and if you had that $20,000 to begin with we wouldn't be having this conversation".
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