How to pre-qualify your sellers to know if they are worth listing

Real Estate Agent

 A lot of agents will only take a listing if it is priced right. Where does that leave us when we have a seller who is being transferred out of town and has to sell? But, they aren’t being transferred for 4-5 months and think their house is worth more than market. At least they want to try to get more than market for a month or two and after that they will reduce the price. Since we try to list everything at market, they get offended over our price and go with another agent.

  The other agent never communicates with them and they move out in 5 months when the house hasn’t sold. Then,  the listing expires at month 6 and they list with another agent. The other agent takes 4 months to tell them where it should be priced to sell. 3 months later the house sells. What have we lost, and how much money has the seller lost by not listing with us in the first place?

 We’ve lost the listing and the commission. Ouch! The seller has lost 7-9 months of house payments and the depreciation in market value. I’ve had this happen to me. Even though I was bugged and thought the seller was stupid, the only person I could blame was myself. We can’t expect other people to be perfect or to change. The only person we can change is ourselves.

  That is why today I pre-qualify based on motivation and not price. I might take a listing at a saleable price today, but I am in a declining market (remember I’m in Florida.) A saleable price today is overpriced tomorrow. If the seller isn’t motivated they aren’t going to reduce their price any further. And I’m stuck with a cranky seller for the next 6 months. But, if they are motivated they will probably be willing to adjust to a saleable price later on (even if we started out overpriced.) Make sense? E-mail me back and let me know what you think. Has this strategy worked for you in the past?

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Ben & Chris Curry The Short Sale Agent's Advocate

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ

Thanks for posting. short Sales aren't easy to gigure out.  We always learn a lot of good information from Active Rain blogs. Best Regards,

Feb 03, 2010 12:32 AM
Glenn Roberts
Retired - Seattle, WA

The only time I'll take an overpriced (IMO) listing is when the seller will sign a statement that he realizes I have valid reasons for my price and will reduce the listing from his price to mine within 3 weeks. If the house sells in the first 3 weeks I give back 1% of the commission. Generally, that works everytime for both of us.

Feb 03, 2010 12:38 AM