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Another kick in the head ......

By Lyn Sims

Real Estate Agent

November 17, 2009 06:13 AM

Well here's a kick in the head ......

I recently cancelled a listing that I had for some time because seller advice,price reduction, the seller just would not lower the price. All the signs were that since she didn't have a fireplace, she was being overlooked at her price. Townhomes with fireplaces were getting regular showings and this one didn't have a showing in 30 days! We had to adjust our price for wanted features that we didn't have.

Seller said no way, they can just make an offer as we've all heard that before. "Lowering my price won't make a difference and everyone knows they can just make an offer in this market."

Well, as always I check the new listings everyday in the MLS and who should appear? Ms. I won't ever reduce my price! Here's that kick in head - she's $13,000 lower than I had it. I'm quite sure at that price, it's going to sell right away. Now at the new price it's below the current market value and with the newer carpet she put in, I'm confident an offer will be in her hands soon.

But, what was all the fuss, fighting and digging in her heals all about? I was only looking for $2000 to bring her more in line. I'd have to say the other agent was a better sales strategist than myself because she got the job done and got the seller down below what she needed to be at. She did a great job.

I'll certainly be putting it on my list for future showings. Just don't understand what Ms. Seller was thinking here? It cost her alot of valuable market time.

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Bill Gillhespy

16 Sunview Blvd - Fort Myers Beach, FL

Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Lyn, Don't take this on a personal level ! You convinced her ( by your actions ) that she needed to correct the price. Sell it be gracious !

Nov 17, 2009 06:25 AM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Michelle: Yes, it would seem like sour grapes from me. I did send her an email congratulating her on relisting and I will be sure to show it at the new price given a chance.

Sara: You're right, never know what they are thinking. Just wished she would have confided in me go I could have gotten the job done. Heck at that price, it's a shoe-in.

Nov 17, 2009 06:27 AM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Bill: You are correct. Thank you for your gracious comment.

Jean: We need a psychology degree also.

Nov 17, 2009 06:29 AM

Steve Loynd

Alpine Lakes Real Estate Inc., - Lincoln, NH

800-926-5653, White Mountains NH

Lynn. I have been down this road so many times I don't need a map, they would lower the price for you because that is what they said once and would have to admit defeat. While a new listing agent can suggest anything and its all on the table. Not going back on her convictions...will cost her for sure.

Nov 17, 2009 07:16 AM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Alix: Where can we meet?

Steve: Never thought about it that way, thanks for your perspective on this.

Nov 17, 2009 07:57 AM

John Mulkey

TheHousingGuru.com - Waleska, GA

Housing Guru

Lyn - If sellers were always rational, life would be much easier. But then there would just be more Realtors, and that would make business tougher. Guess we'll just have to settle with things as they are : )

Nov 17, 2009 09:52 AM

John Thomas

E3 Green HOMES - Boulder, CO

EcoBroker, MSEE, MBA

The seller probably found themself in an awkward situation by hearing similar information from their new agent. Interesting how pride and personality can get in the way.

Nov 17, 2009 10:48 AM

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

Lyn...I also have had sellers tell me I am ripping them off when I tell them that the price needs to be lower, and then relist with someone else and go a lot lower.

Nov 17, 2009 11:05 AM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

John M: Good point.

John T: Same information that we both work from, just from a new agents perspective. Thanks.

Bill: You're right about the ripping us off mentality. Well if the house isn't selling or there are no offers to be seen, how can they be getting taken advantage of?

Nov 17, 2009 11:25 AM

Dale Baker

Baker Energy Audits and Commercial Properties Inspections - Claremont, NH

New Hampshire Relocation Real Estate Information

Howdy there Lyn

It sure is hard to know how or just why a seller sometimes thinks the way they do. From the blog post you write, anyone sure should be able to see they should listen to what your sayen. Folks always seem to need to blame, for their own short comings.

Baker Home Commercial Properties Inspections and Consulting AR Signature

Nov 17, 2009 12:13 PM

Kathleen Cooper

Kathleen Cooper, Sposato Realty Group - Worcester, MA

Sposato Realty Group - Broker Owner

What a pain & an all too common story! I can't understand why sellers do this to their agents every day. Sorry for your loss, hope you get some better clients to work with!

Sincerely,

Kathleen

Nov 17, 2009 12:17 PM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Thanks Kathleen.

Dale: I wish her well at her new price.

Nov 18, 2009 12:07 AM

Mirela Monte

Buyers' Choice Realty - North Myrtle Beach, SC

Myrtle Beach Real Estate

Lyn: You are actually the one that sold her on that idea. The other agent just had good timing... You can be the one with the good timing by getting the next withdrawn/expired listing....

Nov 18, 2009 12:38 AM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Your right Mirela, pricing is everything in this market.

Nov 18, 2009 03:48 AM

Mark Lebkuchner / Home Loan Specialist

Warwick, RI

Pricing is key. It's amazing how many people are in denial about the value of their home. Keep up the great posts.

Nov 18, 2009 04:02 AM

Lori Churchill Cofer

Beasley Realty - Pullman, WA

Realtor - 509-330-0086 - Pullman, WA

Lyn,

That must of been a bit frustrating for sure....been there...

Nov 23, 2009 02:37 AM

Michael J. Perry

KW Elite - Lancaster, PA

Lancaster, PA Relo Specialist

Sometimes it's just difficult being the first agent in a market like this one! Seller's just don't realize how strong of a buyer's market it is and make irrational decisions about their property !

Dec 02, 2009 10:57 PM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Mike: You're right that sellers just don't comprehend or maybe believe what a market it is. You can only cajole & coach for so long.

Dec 03, 2009 05:43 AM

Antonio M. Cardenas Broker Associate

RE eBroker Group - San Leandro, CA. - San Leandro, CA

"The Realtors In Motion"

Most of us have encounter that same situation, it often happens when a seller just dig her/his heels and refuses to see the light at the end of the tunnel. I believe it all goes back to the listing presentation, where if the price the seller wants is too high in our opinion, then scheduling a price reduction at a specific date becomes a working goal and perhaps avoids having to give the listing up. Play the game to win. Thanks for the post Lyn.

Antonio

Dec 03, 2009 02:30 PM

Lyn Sims

Schaumburg, IL

Real Estate Broker Retired

Antonio: Market conditions downward was also not foreseen by the seller. The longer she waited to get 'her price' the more the market lowered. Hard lesson to learn and I wish the seller well. Today's price is obviously just that. 30 days from now?

Dec 04, 2009 12:52 AM