I'm hoping that many of you reading this clicked on it because you think I've gone off the deep end. You might be right. In this day and age of agents fighting for customers, why on earth would I willingly turn down a listing? I hope the reason will be clear after a little explanation.
I had a condo listed for five months, with minimal activity. The sellers set the price based on what they wanted out of the home - it was about $15,000 over what market analysis suggested. I took the listing reluctantly, fearing that it wouldn't sell due to its high price. I was correct. About a month ago, the sellers asked to pull the listing because they were refinancing their primary home and the bank didn't allow the refi with their second home (the condo) for sale. The condo listing was removed the next day, and the sellers agreed to re-list within a month or two.
The sellers called last Friday, ready to re-list. I researched the current market and found another identically-designed condo for sale in their neighborhood. This condo was in better shape and on the market for $8,500 less than what my sellers were originally asking for their condo. I did what I considered to be my duty as their agent, and informed them about this new competing property. Their response was not necessarily what I was anticipating. The sellers decided to re-list their home at the original asking price, even with the given information.
After much thought, I've decided not to accept their listing if this is the path they wish to take. I'm not doing it to be mean. I'm actually doing what I think is best for them. I don't want to devalue their home by listing it too high and letting it get stale on the market for a full year. This will only invite low bids and probably cause their home to sell for a lot less than what it's actually worth. It's also not a good use of my time and marketing dollars, as I feel it will only help justify a sale for the other less expensive condo.
It's not a move I wanted to make, but in the end I think it'll work out the best for both parties.
RealtyAid, Inc - Sacramento, CA
I completely understand where you are coming from. It is hard when clients do not understand. Plus being a condo, doing open houses would have been tough. I have had luck lately selling homes through open house and finding new clients.
Jul 03, 2008 04:22 AM
Re/Max Gold Coast Realtors - Oxnard, CA
Matthew,
You are right on. In my market, there are so many homes to choose from the competition is fierce. Overpricing is the kiss of death. Hopefully, your sellers will view it as you do and see that you are doing them a favor.
Good job!!
Florence Gadbois
ReMax Gold Coast Realtors, Beach Office
3924 Tradewinds Drive, Oxnard, CA
e-mail: florence@bchrealestate.com
Jul 03, 2008 04:23 AM
Pure Realtors - Dallas, TX
You were right not to re-list the condo. I would do the same. Or how about this, ask them for upfront monies to cover your advertising expenses since they do not want to come down to reality. Do you think that will get their attention? Why should we continue to lose out especially if it won't sell and continue to sit on the market.
Jul 03, 2008 04:25 AM
Preferred Home Brokers - Brea, CA
Broker Associate ,CRS,GRI,SRES, Brea,CA, Orange Co
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.
Matthew.
I did not re-list a property for the same reason. All the marketing in the world will not sell an overpriced home. We have to choose where we spend our time and money.
Jul 03, 2008 04:36 AM
Remax Universal Realty - Sheboygan, WI
Wow, thanks for all of the support. I was doubting my decision a little but glad to hear i'm not the only one out there.
Jul 04, 2008 07:15 AM
Real Estate Resources
Recent Posts
This is my first blog, so I guess we'll see where it goes. I plan to try and educate local consumers, answer any questions they may have, share why I love this business, what I love about the Sheboygan Area, and share fun/embarassing experiences with everyone.
Comments(6)