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A Useful Form You can use for listings above the recommended price

By Timothy Schwartz

Real Estate Broker/Owner with Century 21 Mack Morris Iris Lurie

April 02, 2007 08:15 AM

Did you ever take a listing above the market price and then the sellers says "But you said we should list it for that price"

Sellers often have short memories which is why I came up with this from for my agents when listing a property at a price that is different than what the Market Analysis shows. I hope you find this form useful if you should ever need it. You can print this one out or I can email it to you.

I simply call it Price Agreement, what would you name it if you were to use it?

Price Agreement

I, ___________________________________, owner of the property located at ________________________________,

acknowledge that ______________________ of Century 21 Showcase, advised me that to the best of his/her knowledge of the current real estate market, my home should be listed at $_______________________ and will probably sell for $_________________

I accept and agree to the recommended list price of $________________.

I do not agree with the Realtor's recommendation.

My property shall be listed at $_________________________.

___________________________ _________________

Seller Date

___________________________ _________________

Seller Date

___________________________ __________________

Agent for C21 Showcase Date

__________________________ __________________

Broker / Manager Date

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Celeste "SALLY" Cheeseman

Liberty Homes - Mililani, HI

(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Doesn't the listing agreement spell out what they wanted to list it for? Or this is more of a reminder? I don't specifically say the amount....I show comps....explain the comps....and suggest in between so and so....I like the price reduction part though....

There are seller's out there that still think the market is booming and people will offer more than the list price for the termite eaten house!

Apr 02, 2007 10:44 AM

Timothy Schwartz

Century 21 Mack Morris Iris Lurie - Marlboro Twp, NJ

Celeste: Yes, the listing price is on the listing agreement. This is a tool when the homeowner "forgets" you suggested a different listing price and now they are looking to point the finger at you as to why their house did not sell. The longer you are an agent, the more you will see where this form can come in handy.

Apr 02, 2007 10:52 AM

Tom Giansante

The Title Company of Jersey - Wildwood, NJ

Tim,

This looks like an interesting proposal, in particular as it is viewed from the Real Estate Professional's perspective.

Only a short 2 years ago, sellers were coming up with numbers well above what listing agents were recommending (at least at the Jersey Shore) ..........and getting them! Of course, that was acceptable because everybody was happy.

"Lime"

Apr 02, 2007 11:49 AM

Wayne B. Pruner

Oregon First - Tigard, OR

Tigard Oregon Homes for Sale, Realtor, GRI

It's not a contract. I write practically the same thing in my deal notes and turn my notes in with my paperwork. A copy goes to my PB and a copy to my client. And each week when we have a conversation about feedback, I talk about price, and it goes in my notes. EVERYBODY knows what transpired.

Apr 02, 2007 06:26 PM

Randy L. Prothero

eXp Realty - Hollister, MO

Missouri REALTOR, (808) 384-5645

Are you saying that seller's sometimes have a short memory? Tim, say it isn't so.

Apr 02, 2007 07:39 PM

Timothy Schwartz

Century 21 Mack Morris Iris Lurie - Marlboro Twp, NJ

Tom: This is geared for a normal market

Wayne: Same concept, as long as you keep good notes and it sounds like you do.

Randy: Don't we all?

Apr 03, 2007 01:32 AM

Rick Turner

Key Realty - Toledo, OH

Puts People In Their Places!!

Tim,

That is HOT!! I think it is a great form to have with you at listing appointments. There are times when you know based on your interview that the seller has to sell but down the road, it is all our faults that the home is getting the activity that the seller needs to move on.

This can be a useful tool that can be utilized later get that price reduction. It will also remind your client, after they have listened to Uncle Larry or someone at the office that knows someone who can get their place sold. Yea, after they reduce the price!!

Apr 03, 2007 01:46 AM

Cory & Tracy Frantzick

RE/MAX Associates Plus - North Branch, MN

Back when the market was HOT, we used the old Plus 7 rule for pricing homes.....Whatever the seller wanted, plus 7%!!

I actually enjoy this market a great deal more, my clients see more value now from a good Realtor, than they did when it was HOT.

Apr 03, 2007 03:29 AM

Timothy Schwartz

Century 21 Mack Morris Iris Lurie - Marlboro Twp, NJ

RicK; You are right, except here in Jersey, it's usually Uncle Louie.

Apr 03, 2007 03:30 AM

Timothy Schwartz

Century 21 Mack Morris Iris Lurie - Marlboro Twp, NJ

Cory & Tracy: You are right, this is a good market to demonstrate our value, good work.

Apr 03, 2007 03:32 AM

Dianne Barody

Century 21 AmeriSouth Realty - Pensacola, FL

Pensacola Florida Real Estate

How true............

Apr 03, 2007 03:33 AM

Karen Rice Keller Williams Real Est

Keller Williams Real Estate - Hawley, PA

Northeast PA & Lake Wallenpaupack Home Sales

Of course this could come back to bite you in the behind if the property should happen to sell at a higher price than your suggested price....

Apr 03, 2007 05:03 AM

Debbie DiFonzo

Debbie DiFonzo - United Country VIP Realty, SW Missouri - Lebanon, MO

Lebanon MO and Buffalo Missouri Real Estate

Great tool! A top agent in Tuscon shared similar verbiage that she wrote into her listing agreements. That is frowned upon here in Missouri but there is nothing to keep us from using an acknowledgement.

Thanks for sharing!

Apr 03, 2007 07:01 AM

Timothy Schwartz

Century 21 Mack Morris Iris Lurie - Marlboro Twp, NJ

Karen: It doesn't surface if that were the case but you are right, that is part of the risk.

Debbie: You are right, it is simply an acknowlegement.

Apr 03, 2007 07:16 AM

Denver/Boulder Colorado Real Estate

Real-a-Save - Boulder, CO

Good idea, thanks. Bob

Apr 03, 2007 07:55 AM

Karen Rice Keller Williams Real Est

Keller Williams Real Estate - Hawley, PA

Northeast PA & Lake Wallenpaupack Home Sales

Oh - I was under the impression that you gave the seller a copy of this.

Apr 03, 2007 08:32 AM

Cory & Tracy Frantzick

RE/MAX Associates Plus - North Branch, MN

So it sells for higher than you thought? GREAT! That's when you tell your clients "I LOVE being proven wrong sometimes! Especially when YOU make more money!"

Apr 03, 2007 08:38 AM

Timothy Schwartz

Century 21 Mack Morris Iris Lurie - Marlboro Twp, NJ

Karen: You always give a copy of anything the sellers signs to them.

Cory and Tracy: Humility at it's best, being humble works.

Apr 03, 2007 12:56 PM

Chris Tesch

RE/MAX Bryan-College Station - College Station, TX

College Station, Texas Real Estate

I simply write them an email that I can refer back to if it becomes necessary. It's a "thanks for listing with me" email that says that the recommended price was X and we listed it for Y so we need to monitor activity closely and in two or three weeks reevaluate the pricing if there is limited interest.

Apr 03, 2007 01:16 PM

Timothy Schwartz

Century 21 Mack Morris Iris Lurie - Marlboro Twp, NJ

Chris: Thanks for your input. It is always good to have a written paper trail. Whatever works, right?

Apr 03, 2007 01:19 PM

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