Today, I had to tell a seller that I did not wish to list his home. More accurately, I CHOSE to tell a seller that I did not wish to list his home...but it was NOT an easy decision.
Since beginning my real estate career in 2003, I have sold more than my fair share of 'challenging' listings. In fact, my 'trophy case' is quite full of successful sales that I call my 'repeat offender' and 'fat-chance' listings.
'Repeat offenders' are those properties that have been listed by at least one other agent previously, without success.
'Fat-chance' listings are properties that are either so unique that the buyer pool is reduced to one in 47,243 buyers -OR- so ordinary that they do not stand out from the plethora of available, cookie-cutter homes.
Early in my career, I realized that there was a magnetic force field surrounding me that attracted these types of listings. Being the hungry, new agent in the office...I viewed EVERY listing as an opportunity to gain valuable market exposure and establish myself as the best REALTOR® in my area. With each closed sale, I acquired more self-confidence and more respect from others.
Even more importantly, I learned that there IS a buyer for EVERY home...
IF THE HOME IS PRICED RIGHT!
In other words, there is a 'magic formula' that looks something like this:
SIZE + CONDITION x LOCATION - WEIRD -or- PLAIN JANE FACTOR = JUST RIGHT PRICE
As a professional, experienced REALTOR®...I know and understand the current market conditions. By combining my knowledge with the 'magic formula', I am able to determine the 'right price'...the highest price that the market will bear. YES...you heard me correctly...the HIGHEST PRICE the market will bear.
Today, when I recommended that we list his home for the 'right price'...the seller suggested that we 'try' a much higher price...even though he desperately needs to sell his home quickly. After explaining (again) how I had arrived at the 'right price', he insisted that he wanted to 'try' a higher price. Without hesitation, I thanked him for the opportunity to meet with him and sincerely wished him the best of luck with his sale.
You see...IF I had agreed to list his home for the 'wrong price', in a market with eleven months of available inventory...I would have done both the seller and myself an injustice. I may have even placed him at risk of losing his home to foreclosure. As difficult as it was to tell him that I did not wish to list his home today, it was far easier than knowing that I was setting him up for failure in the future.
Thinking about selling your home?
Want to know the 'RIGHT PRICE'?
Call or email me today for a FREE Comparative Market Analysis.
***Photo courtesy of FreeDigitalPhotos.net***
Written and Posted by:
Elizabeth Nieves - Broker, REALTOR®
The Elizabeth Nieves Realty Group @ Keller Williams (A Bilingual Real Estate Team serving Raleigh, Durham, Chapel Hill NC and surrounding areas.)