Dealing With Sellers In The Luxury Market

By
Real Estate Agent with Coldwell Banker United Realtors® ~ 512.750.6899

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Patty McCarthy spoke on the Luxury Real Estate Panel at the recent Quantum Digital Summit in Austin January 19 and 20, 2010.  She is Vice President/Realtor at William Raveis Real Estate in Connectut for the past 20 years.  I can certainly see why she is an acknowledged leader on the cutting edge of real estate.

She has warmth, a sense of humor, style and also is a graduate of the Floyd Wickman Training Course (she claims she went through it twice and I believe her).  Her presentation was humorous but contained very relevant content.  She discussed the elite suffering as they lose jobs, bonuses and equity in their homes.  Remember they are consumers and prop up many businesses that keep dollars in circulation.  They are learning valuable lessons and are finding their core center is family which means the most to them.  Making higher incomes only generates more purchasing power, but, when the chips are down they, like everyone,  believe family comes first.

Patty McCarthyPatty is creative and demonstrates sound thinking.  Sellers don't like bad news but realize they need to hear the truth.  Patty gives it to them straight!  Here are just a few of what you might hear her say when discussing the value of their home:

1. If you knew your stock would go down in value in the next 6 months, would you sell your non-performing asset?

2. The market is not ready to pay you the dollars you need at this time.

3. How many selling seasons would you like your home to be on?

4. Hope is not a strategy.

5. Set a "worry price"... a price a buyer will worry someone else will buy the home.

Patty is successful because she studies her market, has systems in place and markets herself as well as her properties.

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Rainmaker
420,748
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Dorie, 

Sounds like an awesome conference.  Patty seems like a speaker not to miss, I'll watch out for her. 

We are definitely seeing a very tough luxury market here in Atlanta of over $2 million.  It's got decades of inventory according to our FMLS absorption rates.  

All the best, Michelle

Jan 25, 2010 05:32 AM #1
Rainmaker
545,096
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Dorie:

That sounded like it was a great conference.

I like the thought of a "worry price"...good twist on pricing.

Jan 25, 2010 05:46 AM #2
Rainmaker
3,829,120
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Michelle,

The upper end market certainly has it's challenges. It is more important now than ever to be totally honest with the sellers. Setting false expectations is a sure way to loose credibility with consumers.

Jan 25, 2010 06:26 AM #3
Rainmaker
3,829,120
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Toula,

It was a very informative summit..sometimes its good to hear other professionals verbalize their way of handling situations..no different than right here on AR!

Jan 25, 2010 06:29 AM #4
Rainmaker
628,117
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Dorie, Thanks for this post, I really like Patty's ideas of what to say to a seller.  I may have to borrow one two for next time. It's important to tell it like it is.

Jan 25, 2010 06:36 AM #5
Rainmaker
3,829,120
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Mary,

Patty is very creative in getting her point across. I can see why she is so successful!

Jan 25, 2010 07:13 AM #6
Rainmaker
1,166,184
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

I love the "how many selling season would you like your home to be on" concept.  That is an eye-opener for sure.

Jan 25, 2010 02:47 PM #7
Ambassador
3,348,690
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I'm all about the straight-forward feedback too and I let them know that at the listing presentation these days.  If not, their expectations for showings every day and no lingering on the market--sometimes even priced correctly--will kill your relationship.  Honesty is ALWAYS the best policy--especially with sellers!  LOL

Debe in Charlotte

Jan 25, 2010 03:19 PM #8
Rainmaker
3,829,120
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Jane,

It caught my attention also. Patty said when she is talking with a seller in the spring and brings this topic up she says we don't want to be having this conversation @ Christmas, do we?

Jan 25, 2010 08:59 PM #9
Rainmaker
3,829,120
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Debe,

Absolutely! When you are not honest you are setting unrealistic expectations for the seller and wasting your own time marketing a non-salable home. Not a win/win situation.

Jan 25, 2010 09:02 PM #10
Rainmaker
4,485,347
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Dorie,

Very interesting post.  Luxury sellers as all sellers have an emotional attachement to their homes.  They have precious memories of events that took place in their homes.  I really feel that it is hard to relate to a home like the stock market because a stock investment is a "rational" decision.  The buying of a home is more emotional than anything in the "investment" category.  I think that argument will carry weight in a second home location.  In a primary residence, it is so much harder.  A dear friend who is an investment banker and advises people on doing just that with their property, recently sold her home.  It took a while for her to realize that it was not worth what she thought it was, even though she had all the numbers from her job!

My sense is that they do come around, patience and kindness will make lifelong referrals and friendships...what works for some people doesn't work for everyone.  It is what makes great realtors special, because they can tell the difference!

Jan 27, 2010 04:31 AM #11
Rainmaker
3,829,120
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Ron and Alexandra,

Very good comments. Sellers will come around with patience and kindness and it is what makes great Realtors special. Unfortunately there are so many buyers who were sellers and took such a loss on their homes, their emotions are drained and they are being more analytical on their next purchase. I don't think in the 20 years I have been in real estate I have seen such a group of unemotional buyers.

Jan 28, 2010 02:09 PM #12
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Rainmaker
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Dorie Dillard CRS GRI ABR

Serving Buyers & Sellers in NW Austin Real Estate
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