Why are you still over pricing your house even after all the education I try to give and explain? Over pricing will get you no where. It might get people in the door since people are looking in all types of price ranges, but as soon as they walk in, they'll say, "This house is not anywhere near a $350k house in this neighborhood, how could they price it at $369,900?"
The answer, the owners are investors and they're in the RED. Do I care they're in the red? Does a prospective buyer care they're in the red? Isn't the best way to get out of the red to cut your losses as quickly as you can and sell the house instead of staying further and further in the red?
I had a listing appointment for the opportunity to list two houses for these investors. They chose an agent for one of the houses, not me. From the details of the listing, the investors were not interested in an actual marketing package since there are sloppy pictures in the MLS, and there is no virtual tour (which I do for every single one of my listings no matter the price range), and I found the listing no where online except the MLS sites. They must have been motivated by something else the agent was offering that I can't see, like reduced commission?
Then these investors had the nerve to contact me to go take a second look at another house they needed listed. I politely declined, pointing out that they already made their choice when they didn't chose me on the other property. They told me they weren't set on that agent to list this other property and really wanted me to take a second look. After some back and forth, I reluctantly agreed.
I walked in the house expecting to be WOW'd since they had previously walked me through the house explaining the rest of the updates they were going to do. Instead, I walked in saying to myself, "HUH? What are they thinking?" I wrote down about 50 things about the house that needed to be done in order to sell for top dollar. I asked them to confirm if this and that would be done so I could come up with a good asking price. They had no plans on fixing about 90% of the things on my list.
I told them that all they did was turn a foreclosure into a house that looks like someone ran through, slapped up some paint, changed out appliances, and expect to profit. The house comps out about $330k. At the first meeting, I told them that if it was completely updated and made me go WOW, that we could possibly do $350k, and maybe a little higher depending on the final finish out. At $350k, they're in the red. I went over my marketing and explained how I'm going to get people to realize and understand the value. They acted like they liked everything I had to say, except they asked a couple of times about Open Houses. Open Houses do not work in the Dallas market. They're from CA, and they might work there, but they don't sell houses here, and when there is an occasional open house, people barely walk into them these days as they have better things to do on a Sunday afternoon. It's usually the neighbors and people in the wrong price range not working with a REALTOR® to help them which means they're also probably not approved for a loan or the mortgage person would have also suggested an agent for them to work with... anyway, I digress...
Apparently they didn't care about any marketing again because they ended up using the same agent as the other house, and they scheduled an open house. However, there is no virtual tour, and I see no internet presence. There is, however, a "slide show". A slide show is where they take the still photos they already have in the MLS, and put them to music. Yippie! How does that present the house better?
Anyway, I'm going to continue to watch these houses and see what happens. The first one has already had a price reduction. The second one has only been on the market a couple of weeks. Bottomline, if you're in the red and need to sell your house, you should use common sense and hire the agent that has a marketing plan to get it sold fast, not one that does something just because you think it is necessary when you don't know the market like an educated REALTOR® should and does. The first house, listed just below $115k, should have sold already and it's been 2 months... so sad when people won't allow educated people to educate them about something they're unfamiliar with.
As a REALTOR®, would you have agreed to an Open House just to get the listing? As a Seller, would you rather someone blow smoke up your buttocks, or tell you the truth so you understand what the final results will be instead of being disappointed when you get that first low-ball offer?
Remember, I work all of North Dallas County and Collin County including Richardson, Plano, Allen, Frisco, Carrollton, Garland, Rowlett, McKinney, etc... my car will take us anywhere you need to go!!
ARE YOU PACKED YET?!
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You have to be honest with sellers and they won't always like what you have to tell them...The reality check needs to come from the sellers! Getting anything out of home that you are upside down in is better than getting nothing! Sometimes you have to take your beating...do it now instead of doing it in 6 months after additional carrying costs!
Be of service! The rewards will come!