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Don't Be Surprised if You Want Your Home Listed and The Realtor says: No Thank You

Don't be surprised if you want a REALTOR® to list your home and they say "No Thank You." It could happen to you if you fall into the following scenario.

Last week I went on a listing appointment. Before I go on an appointment I spend a lot of time getting my presentation packet all in order and I also spend a lot of time studying the comps (comparable: what other homes in the neighborhood have sold for) for the area.

I entered this home as I always do with an open mind and the ability to visually remove the contents.

This home was totally outdated (carpet, bathrooms, kitchen), it had rotten windows, it was cluttered and messy and bottom line the sellers wanted me to list it for 20K more than the highest comp. The sellers were wanting to build a new home and the husband wasn't up for making any repairs. They had no cash for a down-payment and wanted to get their down payment out of this poor house that they already had mortgaged to the hilt.

In this tight market, your Realtor has to price your home accordingly and still expect (in the mid-west) for someone to come in and offer you 5K immediately off the asking price.

Sellers need to be able to do some work or be willing to have it done, or not expect top dollar for your home.

A simple comparison would be (although I'm not fond of car salesmen) trading in a vehicle for a new shiny one.

Would you take a filthy car and expect top dollar as a trade-in if you had Micky D's fries in the cracks of the seats and popcorn remnants on the floor from the drive-in the night before?

Another thought: When you go to an outlet that carries scratch and dent products - you pay scratch and dent prices.

Buyers think the same way about houses. Sure every home has some issues - but if it presents itself as a scratch and dent product, expect scratch and dent prices.

Even the best REALTOR® in town cannot perform miracles (although I like to think I can)... at some point they have to step back and say "no thank you." And that's a really difficult thing to do.

If you need assistance in the Kansas City Real Estate market...... give me a call 816-682-3897

Fran White, REALTOR®
Reece and Nichols Residential
816-682-3897
www.kansascity-realestate.net
www.franwhite.reeceandnichols.com

Posted by Kansas City North Real Estate :: Fran White 816-682-3897 on 04/23/2007 09:31 AM

Comments (37)

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37 Comments on Don't Be Surprised if You Want Your Home Listed and The Realtor says: No Thank You

APR

2007

Hi Fran,

I really like your analogy about the scratch and dent store and paying scratch and dent prices. VERY good. I wish I had thought of that one. I will incorporate that phase now. Thanks. Great post.

Great post and the pic is perfect! LOL They must have been surprised, but, of course, we know you made the best decision....no point in wasting time on Sellers with homes like that with no motivation to really sell or make the right changes. I too like the scratch and dent analogy. Keep up the great work!

6 months from now you will get a call from them asking you to list it at a good price.

Fran: My guess? They'll still be in the home five years from now.

No its not that hard to do. Do you want to work for free for 1 day or do you want to work for free for one year.

Yes, it can be tough to walk away from a listing. Sellers are blown away when you do. They think that listing presentation is just to screen agents for which one they want. Not true, I screen every seller closely. If they aren't motivated to sell I will not take their listing. They just become a ball and chain and a waste of time.

I cant agree with you enough.. I've left two listings this month for the same reason.

Hi Fran- I love the way you put it "scratch and dent" , I have turned down more listings because seller expectations are too high,when they realize you were right they will call you. Nice post!

Yahooooo!!! You are right on the money. I spoke with a newagent in my office last week. I woman called her to list a property she owned in Concord (nearby). She lives in New York so we would handle everything from here. "It is a little run down," she said, "I would like to sell it for $55,000." Wow, must be really nice!!! So this other agent asked if I would go with her to assess the property. I told her to find out who has a key and we would go on over and take a look. Good news, no key needed. No front door on the property. They had it taken off so the squatters would stop breaking the door!! We said, "No thank you!"

You are a real estate practitioner to make all of us proud. I'm asumming that you declined the listing. Your blog doesn't really say that.

I would have done the same thing. Of course, folks would have just chalked it up to my natural cantankerousness. I'm so glad to see others not falling for these bad listings. They just clutter the landscape, the MLSs and make a listing agent's life a challenge.

Agents need to have pride in what they do and whom they represent.

Some wise words for sellers to hear, Fran. Great illustration of a not infrequent problem. Wonder who will list the house and for what amount? Will be interesting to see how long it takes to sell and at what price. Unfortunately the sellers are in a bit of a bind - they can't sell at market value because they need the money.

Jeff

Ken: Thanks for the comment on my scratch and dent analogy.....but seriously, it's the truth isn't it? :)

Vicki: Yeah, isn't that picture appropriate?

Terry: You think they will call me? I kind of thought they'd stay right where they were.

Roberta: Yeah, since they truly can't afford the new home that was my guess too!

Ben: You are right, working for free isn't my cup of tea! :)

Keith: It's a two way street isn't it?

Liz: It wasn't my first this month either.... but the other one... oh you don't want to hear that story!!

Suzanne: I'm glad to see there are several agents that agree with me! :)

Virginia: OMG!! That's a GOOD NO THANK YOU for you !

Lenn: YES, I declined the listing.... Thank you for your kind words. Well I do take pride and what I do and feel it represents me as an individual... and listing a home over value is pretty much lying in my book!

I would like to thank you all for stopping by and commenting!

Jeff: Yes they are in a bind and I feel really bad for them... but I don't have a magic wand.

Nice post and good professionalism. You should be proud of your business practices.

Chris: Thanks Neighbor!!

Good for you, I refer out if I don't want it. I tell them there is someone who can better meet their expectations. I've been called back 4 times lately.

Hi Fran - WOW! What a pic! Love your "scratch and dent" analogy - it doesn't get any simpler than that. And good for you for saying thanks but no thanks. Sellers in today's market have got to be realistic and some are still just not getting it.

Ann

Fran,

There was one time that I wished I had said no.

Learning to say NO is an important part of this business. You never make money wasting time with an overpriced listing and you can waste months shuffling around a buyer with unrealistic expectations.

LIke the analogies-thanks for sharing!

I wish more realtors would say no. Because of a real estate boom in my county (300% up in 2 yrs) people left good careers to become real estate agents. Now there are so many starving agents that they are willing to list houses 10's of thousands above a realistic price. So many sellers are sitting on houses for 1-2 years because an agent was unwilling to tell them truth about the market.

Missy: Great Idea to refer out. I suggested the couple get a couple other realtor's opinions.

Ann: Would you call that a fixer upper? :)

Carmen: And I bet you haven't done that again..

Dan: You are absolutely correct!

Leigh: No problem, thanks for stopping by!

Daniel: I know that's true and isn't it pathetic that a seller has to sit on their house 1-2 years...

Thanks to you all for stopping by and commenting!!

Fran - I enjoyed your post. So true, so true.

Paul: Thanks and I know it's true..... but I thought perhaps if I posted about it and consumers saw it .... their horizons might be broadened.

Thanks for stopping by.

Fran, unfortunately there will be a Realtor out there that will list for that price just so they can steel a listing.

Great post. I'm a firm believer in our need to interview our clients as much as (or more than) they're interviewing us. It does nobody any good to take an overpriced listing and one in which the seller refuses to cooperate in the efforts. I like your analogy of the used car. Another point is, would you pay top dollar for a car that you know needs repairs and has NOT been taken great care of and the seller refuses to make any of those repairs?

APR

2007

Fran,

We are interviewing the sellers as much as they are interviewing US. Only makes sense, since they are asking us to spend OUR money advertising THEIR home, betting on the come, that it will sell. Time to get REAL!

It is a sad day when this happens and I think we will see more and more of it this next year or so... great post

George: Well, sadly, there probably is one that will take the listing. The sad thing is when they do the sellers won't be able to understand why it doesn't sell. Ryan: Interviewing one another is a must! And I'm sure to touch on reducing the price after 20 days or 20 showings with no contract. Patrick: You are right, sometimes I don't think sellers realize that we spend our money to advertise their home. Thesa: I think the only way to combat this is to educate the general public, so another reason for writing this post. :) Thanks to everyone for stopping by. :)

APR

2007

Fran, this must ring true across the industry!! Mine is worth more than the highest comp!! very true. i even bet i would appraise my house for 5-10K more than another appraiser would. the emotion part is tough to cut out. I loved the picture and scratch-and-dent reference!! that's an understatement!! :))

Fran.... I am going to ditto what Ken said, I also loved the ding and dent analogy. Overall, consumers sometimes want the best, but not pay top dollar. And in this case, they seem like they would get upset if someone didn't pay top dollar for their property. Basically, wanting the cake and able to eat it to.

jeff belonger

MAY

2007

WOW sorry Nick and Jeff I didn't get notification that you'd posted.......

NICK: I guess everyone thinks their own baby is the most beautiful. :P

JEFF B.: Jeff, that is true........everyone wants their cake and eat it too......

Thanks for stopping by gentlemen. :)

MAY

2007

As a KC stager - I have to admit I love the "scratch and dent" houses!! So much opportunity and creativity. I am so very glad to hear though, that you have personal core values that have nothing to do with money. Many a Realtor would have taken the listing just to get a listing. Many a stager will do that as well. In the end, quality speaks volumes about your core values. Good job Fran!!

Deanne: Thanks for stopping by and your kind comment. I have to sleep at night so I have to follow my heart and do what I think is right.

Thanks again.....

MAY

2007

When you say "No, thank you" realize that you are saying "Yes" to all your other current and future clients - you'll have energy for them, and optimism. Don't let a single person suck that out of you.

MAY

2007

Sharon: Absolutely!!!

MAY

2007

Fran, I like it! There is a set of photos that I use in my listing packet that show three pictures of homes. One is of the style you use here that says, how the appraiser sees your home. Then one of the pictures is home that looks in top notch shape, it's slogan is, what the sellers sees as their home. I think these are so powerful in a listing presentation and you brought it home here! Great Post, neighbor!

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