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Psssst....Mr. and Mrs. Seller...Can We Talk?

As of today in our Daytona Beach Board MLS there are 9246 Active Listings. The buyers are out there, while taking their time and really shopping for their dream homes, sellers are getting impatient, some reducing prices while other's just sit and wait and wait!
You see I am a firm believer NEVER take Overpriced Listings unless you have written a condition to the listing agreement that a market adjustment will take place by __/__/2007. I don't blame you Mr. and Mrs. Seller for the unrealistic prices and unsaleable house. I blame the agent who put you in the mix with the other 9245 listings in the mls today. That's right Mr. and Mrs. Seller, I am the type of agent that if I feel that I cannot market your property effectively, that would be my cue to wish you well and walk away! Keep in mind for every 1 house that closes 32 stay on the market! Let's help your odds and price it accordingly.

Real Estate Professionals do not decide what the current market is, the consumer does with what has sold in the past. Keep in mind most of the real estate buyers need financing, usually an appraisal is required. Pricing it right from the get go will ensure maximum marketing exposure. Remember most Real Estate Professionals do their homework in regards to pricing, condition of the house and the buyer's criteria. If the property does not appraise you risk having the buyer walk away, which may indeed be your only buyer.

We will do our best to protect your investment! We request a copy of customer's driver's license when we show houses and use electronic lock boxes, we can run a report online to see who has been in your house. Protect your valuables, don't leave money, jewelry or any thing of value laying around your house. If a buyer or a realtor should knock on your door, DO NOT LET THEM IN! Have them call me or you call me but do not just let anyone come in!

Buyers are much more educated, 80% of the homebuyers start their search online. Zillow is working against us right now, that is a source where buyer's can see property value. Currently Zillow has our Daytona Beach Area Market valued extremely low in some areas, therefore, please do not take it personally when a low ball offer comes in, I won't! It's an offer, and we will do our best to work with it!

Your house will show better if you are not present. Buyer's will feel more comfortable walking through your house and that way if they have a question their Realtor will contact me and I can get the feedback all in one shot. Keep in mind any information you give to the selling agent or their customer may be held against you when writing an offer.

Don't assume my marketing methods are incorrect! Some of the Real Estate Publications are over 300 pages. Will you be able to find your house easily and quickly? If you can't, how do you expect the potential buyers to? I have a marketing strategy mapped out. Please don't worry, you and I will sit together to determine the best methods. Besides I will need your help, after-all no one knows your house better than you!

Just because your property is on the market, doesn't mean you should start looking at homes, timing is everything. We need to concentrate our efforts on getting your house sold to get you to the next one. So start packing, not only will you be ready for when the house sells but you will de-clutter at the same time. Without the successful closing of your current house buying a new home will only be a pipe dream.

Mr. and Mrs. Seller, please remember we are on the same team! It takes total cooperation and participation to sell houses. Remember if it doesn't sell....nobody wins!

Posted by Midori Miller-Daytona Beach Florida Real Estate Trainer on 04/11/2007 03:09 PM

Comments (33)

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Originally posted at: Daytona Real Estate Training: Psssst....Mr. and Mrs. Seller...Can We Talk?

This post has been included in Florida Information Volusia County, FL Information Daytona Beach, FL Information

33 Comments on Psssst....Mr. and Mrs. Seller...Can We Talk?

APR

2007

Some good points and I especially like the heading. Right now I do think it's important to prepare the sellers for lowball offers and that it's only an offer or a starting place to work from.

We'll see if the rating system works...

Nice post Midori. Most home sellers just don't get that we are required by law to work for their best interests (on the same team!) If Zillow indicates the home is worth 300,000 it becomes very hard to sell for 350,000

Excellent views expressed, I am so in agreement with you. Here in Columbus, Ohio we passed the 15000 mark before April 1. Unfortunately, homeowners are competing with banks who've foreclosed on properties that significantly reduce the values in some areas. Everyone wants a good deal, but they don't realize the impact it has on the neighborhood.

Jody-So many agents do not take the time and communicate with their customers. Low Ball offers, offers doesn't matter at this point and offer is an offer. Thanks for stopping by! I really appreciate it.

Gary-Zillow concerns me too, for our market some areas market value is really low, low ball offers are coming in due to Zillow's numbers. Sellers sometimes lack trust and confidence in Real Estate Professionals, I always make it a point to present facts only! Thank You

Amy- Thanks for stopping by! I am so sorry we too suffer with the foreclosures and the numbers increase daily. The good thing is an appraiser will usually make note of special circumstances on why a house sold so cheap. The numbers that I give for our area is not the full number. These numbers I give out are based on 1 board, we have 5 local boards. I say if it is overpriced. Walk Away!

Midori,

Sometimes when the client is going to bge up side down in the deal no matter what you put in front of them, unless they are headed to foreclosure will they lower it enough.

I have people who were actually priced right, but when they got the new mortgage bill and the taxes and insurance went up and there payments went up 750 per month, they called me and requested help, I recommended offering more compensation and lowering the price, within 3 days, they had an offer.

And yes..i rated this post, but the question is what #

Neal-Recently I have had 3 irrate customers call me. Lengthy conversations. Now is the time to use statistics and base conversations on facts. There is no room for speculation or opinion. I think it comes down to actually screening the seller to make sure they have to sell. I am really on a rant about this! Maybe Realtors should take a hard look at themselves and ask if they are doing the right thing. Yes taxes and insurance rates have gone up and until something is done about it, we as professionals need to make better choices. Yes increasing compensation is awesome and that has been happening here for a very long time. The problem is in most instances there is no price reductions involved in the process. You know as a professional you rock! It's the realtors out there who do not do a thorough job and place blame on the sellers. We decide who goes on MLS! We decide what we spend on marketing dollars. We are independent contractors and business owners. When sellers are firm on their price, it tells me they really don't care one way or the other whether they actually sell. Those people in pre-foreclosure or foreclosure status often times can get a short sale accomplished. Hmmmm I appreciate you rating my post! Watch it Bud! You are my Bud right?

Am I still your bud....if I wasn't , I would not spend so much time with you HEHE!

Yes, some sellers do not care and only realize it when it is too late, right before what I call the "blood bath".

Hey... maybe I just thought of my next blog?

Midori:

Not always is it because the seller is not too concerned with selling...well, over here anyway. I'll do a post on fluctuating prices in our market and neighborhoods. It just depends. One major factor is our military. Where our office is located we are in CENTRAL Oahu....and a very desirable place to live..(it's not really Waikiki...promise!) as well as central to all Oahu Bases.....our prices fluctuate according to PCS'ing of military in and out of Oahu. For two months...VERY slow....then last month and this month took off again....Go figure.

On the other hand....you get those seller's that price it ridiculously over....50k or so (for a condo!!!!) and these are the ones that don't need me....they need magic. and I'm not a genie.

Sally-Yes our markets are very different. The problem with our market sellers still think those 2005 prices exists. Yes we have slow and busy periods as well. Right now it is very quiet but will pickup again soon. Last month we were busier than we have been in a while. See my thoughts are this, ok so you have a seller who has their condo 50k overpriced. Tell me something, who's fault is it? Its the listing agent for accepting and placing it in the mls. We tend to bash buyers and sellers, aren't they looking to us for guidance? That's why we are professionals. To protect the public. thanks for stopping by, I always love when you visit!

Darn right! Unless you have seller's that are willing to listen then there's a problem with agents doing so....but....you know how many have been withdrawn over here in the last two months? Our inventory is 1/3 lower in Mililani alone!

I had one last summer....started at 684k....but they listened and kept lowering at my signal....we got into contract in August and closed at $599999 (the price may look dumb but I advised my clients if they were going to accept 600k to counter a dollar due to 1% conveyance tax on everything to 600k...then double....hell it saved them a LITTLE bit of money!)

Be back in a couple of hours...gotta do some RE stuff (showings)

Neal-always thinking ahead. Hey maybe we can write it together!

Sally-you are so lucky our inventory just increased by 200 properties. I call it desperation. The only answer is to remove the overpriced and unsaleable listings. you go girl!

Midori:

Now you want to talk about an overpriced FILTHY townhouse. This is one I took my client's to see a little while ago. YUK! Two story split level ...mold, dirt, original 1970's carpet and brown pressboard frayed cabinets....old appliances, weeds in the VERY small fenced courtyard....FILTHY bathroom. Forclosure with the whole family plus another one I think.....and priced at market! $280,000 for 830 sq. ft. two story two bedroom dump!

And who the heck told them they could sell for this????

Sally that is what I am talking about. See we have to sift through the junk to find the right property for the buyer. Just think we probably would sell more. I also feel very embarassed when things like that happen, it's a reflection of all of us. We wonder why the public percieves us the way they do!

Oh....I told them that I had talked to the agent and he said it was a foreclosure....and the agent also said the bathroom "needed some work"....he didn't say the whole place was trashed! Anyway, immediately after we went to view two other split levels...for the same price! ...that were beautifully remodeled in another area of Mililani.

Sally-I hope you find the right home for them and I know you will. Usually foreclosures are pretty trashed, you need a special buyer for them.

APR

2007

I like the way you structured this. You could just print this and hand it to potential sellers.

Midori, you did a great job on this! Our inventory is scary! Right now I'm working with a buyer in Broward and when we pulled up the condos/townhomes there were over 23,000. Holy cow. We kept adding filters to get to her desired criteria but after all was said and done, we basically sifted through thousands to get down to the dozens she may consider. It is so important to the sellers that their home be priced right otherwise it doesn't stand a chance. How do you create those great text graphics. Neat!

Randy-Thank you! I agree I think this post can be printed and given to a seller. I just hope some Daytona Beach sellers read this in localism. I always appreciate your feedback.

Maggie-Thank you...Yes I really feel for you guys, heavy inventory, tons a realtors. Right now pricing is more important than ever. Also you too can make your own text with cooltext.com. Maggie, always a pleasure!

Wow great way to work with the sellers. loved it. Hey I wanted to ask you if you would please join my AR Group and post there. I love your blogs and have a great time reading them. it is called:

http://activerain.com/groups/KentuckyProfessionals

Thanks so much

Ben

Midori,

thank you for this great summary of what is most important when talking to sellers. It is so important to be a team with the sellers to be successful.

Midori, You've handled yourself so well this past week with those sellers you mentioned. It's so hard telling people what they don't want to hear, I hope that they listen to you. We do need to thin out our inventory, it's overwhelming for everyone involved.

Great post Midori.

I guess sometimes we need to hear it a couple of times from a few different people to comprehend the situation/information.

Great post, Midori. This is something all sellers should read and take to heart. I see some great narketing possibilities here. Thanks for sharing your thoughts.

Jeff

Benjamin-Thanks for stopping by! Yes I will be happy to join your group. I appreciate you reading my blogs, as long as people keep reading I will keep writing.

Axel-Yes we must all work as a team, without total cooperation it would be difficult to get the seller's where they want to be. Axel-there is more where that came from so be on the lookout! thank you for stopping by!

Lysa-Thanks for being so supportive, yes it has been an interesting week. As long as I am thorough and stick with the facts, I never have a problem telling people what they do not want to hear. I don't enjoy it sometimes but always it needs to be done! Only us agents can control the inventories.

Ana-Yes, sometimes we need reinforcement. You are very good about pricing properties correctly! Thanks for stopping by......

Jeff-Thanks for stopping by...It's appreciated! I love your stuff and happy to hear that you could see the value in this post! yes I agree great marketing potential. Many times I just print this stuff up and present at our sales meetings!

You betcha this post got rated - a nice "high five" for you. I bookmarked it as well. Thanks so much for sharing!

I love all of the over-priced listings in our area. It just makes mine look that much better!!!! Seriously, this is a problem in our area too!

Sheri

Karen-Thank You! I really appreciate the rating! I guess you can tell I feel really strongly about our profession. I think what drives me is the fact, we lost some really good realtors because they had to feed their families.

Sheri-I think if the inventories weren't so out of control with hard working Realtors having to sift through the junk I would feel the same way! Just imagine how many properties would actually sell if 1/3 of the inventory was gone. The only way to fix this problem is get SALES people to change. I think most areas are hurting. I really appreciate you stopping by and commenting.