You know the saying about good guys finishing last, well, I'm not so sure. This recent scenario is
pretty typical of a dilemma the real estate agent faces every day.
I recently went on a listing appointment. It was a referral from a very happy past client, the home was
about 6 years old, professionally decorated and had many extras. A very nice house to have listed.
EXCEPT...the seller didn't want to move right away, they wanted to list this spring and move in
November.
I did my CMA and told them their price would be around $300K as the BEST possible outcome. The
house next door just sold for $270K and they included a $10K item of furniture to seal the deal!
I was firm about my price, but I conceded we could start at 310K or 315K, if they wanted to test the
market for a few months.
They interviewed two other agents who had also been recommended. They went with the agent
who told them it would sell for $330K. That is what it is listed for on our MLS now.
Real estate agents have to make a decision at the presentation. Do we want to buy the listing at
the higher price and deal with a disappointed seller for 6-15 months? The other option is to be firm
and if the business comes your way it will be salable and you will get paid for your efforts.
I recently listed a home for the correct price and it sold in three weeks for full price.
If I had been the Good Guy wearing the White Hat and agreed to their $330K price, I know I could
havegotten the listing. Then during the 5-6 months when they were getting really serious about selling,
we could have lowered the price and it would eventually sell, maybe by spring 2009.
What is the right thing to do?
Telling the seller the truth cost me a listing?? Yes.
My Deduction:
Listening to the client ---+--- Motivation ---+ -- Price
All of these go hand in hand to come to an understanding with the seller.
I wasn't patient enough to offer the option of setting a higher price and waiting with them to realize
their price was unrealistic. This has been the case with so many listings over the last year and a half.
So I suppose I'm wearing the Black Hat in this Situation.
Or will I be wearing the Black Hat when I list at their price and it still hasn't sold in 11 to 12 months?
Which hat will you be wearing at your next listing appointment ?
Copyright by Terry Westbrook 2008
Search Grand Rapids Homes for Sale
Greater Grand Rapids Area Information
Contact me: 1-888-240-1968 x 0 toll free
Website url: Terry Westbrook.com
Email: terry@TerryWestbrook.com
Westbrook Realty
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