The Woman Who Wore Blinders

By
Real Estate Agent with The Realty Group, LLC

This morning I called on an expired listing.

The house was in a good location and had been updated but was grossly, GROSSLY overpriced.  

After introducing myself, the owner let out a long "sigh" which I recognized as the dreaded "realtor fatigue." 

Here's what I found out:

 

1) She wasn't going to list with a Realtor.

2) She bought in 2008 and then helocked herself out of existance.

3) She disputed the comps and said "they don't mean anything" because her house was better.

4)  When mentioned that the house wouldn't appraise at her price she said:  "not my problem, if they want the house, the buyer will have to come up with the difference."

5)  She blamed the banks and buyers who didn't appreciate her work and the flat fee brokerage who charged her $800 to upload the listing in the MLS with no sign, no lock box, or advertising...etc. 

6)  Even renting at market price, she would be losing over $500/month.

7)  She was going to wait for that "one person who will fall in love with this house"  (to the tune of $1600/month).

OVER-EXTENDED, UNDERWATER  AND HELL-BENT TO BEAT THE ODDS.

I listened to her for a long time because she needed to vent.   She was right and everyone was wrong .  Yes, it was a tiny, cute house but we have lots of cute houses for sale.  And no, the new tiles in the only bathroom isn't going to make up for the fact that the competing comps have two and the new granite in the kitchen isn't worth $60,000.  Not here.  Not now.

All I could do was listen and wish her luck. 

Stubborness and denial is not our friend.  I let this be a lesson to move forward with my eyes wide open .  See things as they are even if you don't like the view.    

 

Alyce Martin. Albuquerque Realtor
http://www.HomeSearchABQ.com
(505) 331-8285

 

Posted by

Alyce Martin, CNE, Associate Broker in Albuquerque "The Place To Be!"
Free Home Search @ http://www.HomeSearchABQ.com
(505)  331-8285
The Realty Group LLC

 

Comments (101)

Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Good for you for recognizing this seller as a non-seller.  Someone who can't see the forest for the trees, is a person you don't want as a client.  Best of luck to you and good post!

Feb 17, 2011 10:43 AM
Sylvia Jonathan
Coldwell Banker Platinum Properties - Irvine, CA
Broker Associate, SFR

Alyce, do her the kindness and mail her a printout of these blog comments! You may not get the listing, but she may spend some time thinking.

Feb 17, 2011 10:52 AM
Brenda, Ron, Lee Cunningham & Tara Keator
West USA Realty - Phoenix, AZ
Realtors, Homes for Sale - Phoenix Metro

Some people need a serious reality check.  There are many homes out there that are cute or have had tons of upgrades and they are not getting what they want from the home.  Not even close to what they want.   There is not going to be that one buyer that pays her over market value.  WAY to many other fantasic buys out there!

Feb 17, 2011 11:42 AM
Diana Mehnert
Coldwell Banker Harris McHaney & Faucette - Bella Vista, AR

You were so nice to let her vent.  You just might get the listing in a few month when she changes her mind again and wants to sell.  Because you to the time to listen.  At least that happened to us once or twice, got the listings and we got them to list at the lower price where it should have been in the 1st place and sold them with in 4 months or less. 

Feb 17, 2011 12:24 PM
Liane Thomas, Top Listing Agent
Professional Realty Services® - Corona, CA
Bringing you Home!

How sad. You handled it well by listening and then wishing her luck. Be sure to check back with her, she may eventually change her mind.

Feb 17, 2011 12:29 PM
Alyce Martin
The Realty Group, LLC - Albuquerque, NM
Albuquerque - THE Place To Be!

Lyn - She only took up about 10 minutes of my time on the phone and I did spend a little time looking at comps so no big investment of time on my part.  My son is color blind.  He sees what he sees no matter how I try to explain the color green.  This seller thinks she knows the value of her home.  She sees what she sees no matter how I try to explain it.   

Sylvia:  Hmmmmmmmmm.  Won't do that but I'm sure they will come in handy somewhere. 

Brenda and Ron:  That's absolutely the truth.  The power of intention derailed!

Feb 17, 2011 12:41 PM
Alyce Martin
The Realty Group, LLC - Albuquerque, NM
Albuquerque - THE Place To Be!

Diana - This house would sell quickly if properly priced.  But at what price she'll be able to get in six months or a year, I'm not so sure.   You must have connected well with the folks who called you back and I'll bet they appreciated it when it was sold.

Liane:  Maybe.  But it is sad.  I'm moving on but she's still stuck and will be for quite some time.

 

Feb 17, 2011 12:54 PM
Maureen Harmon
Exit Real Estate Gallery - Orange Park, FL
YOUR North Florida Relocation Specialists

Living and working in Northeast Florida we are full of "OVER-EXTENDED, UNDERWATER, AND HELL-BENT TO BEAT THE ODDS" people.  In fact I could pretty much tell the exact same story of a listing appointment I went a couple weeks ago.  They had listed w/another realtor & fired him because he didn't sell their house.  However it was soooooooooo overpriced it wasn't funny.  Plus is was on a muddy dirt road in the middle of nowhere with no street signs or house numbers anywhere...almost impossible to find.  Needless to say I didn't get nor did I even want the listing.  Said good-bye and good luck and went on my merry way...straight to the car wash.

Feb 18, 2011 02:13 AM
Kathy Opatka
RE/MAX CROSSROADS - Ocean City, MD
Serving Ocean City, MD, & The Delaware Beaches

Try calling her again in 6 months and see if she's come to her senses!

Feb 18, 2011 04:41 AM
Dennis Neal
RE/MAX, Big Bear - Big Bear Lake, CA
Your Home Sold in 21 Days or We Sell It For Free

Unfortunately this is very common today. Denying the truth doesn't make it go away.

Feb 18, 2011 04:42 AM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Denial (the nile) ain't just a river in Eygpt.  She may get desperate and change her mind at some point.

Feb 18, 2011 05:24 AM
Elisa Uribe Realtor #01427070
Golden Gate Sotheby's International - Oakland, CA
Opening the Doors to California Homes -East Bay

Great post and good for you for not pursuing the listing. It's just as important to know when to walk away and it was sweet of you to let her go on and on:)

Feb 18, 2011 08:01 AM
Alyce Martin
The Realty Group, LLC - Albuquerque, NM
Albuquerque - THE Place To Be!

Maureen - "Fired because he didn't sell their house" - exactly.  I'd rather be honest upfront with a seller than take the listing and have to make excuses as to why their house didn't sell.  The answer is clear and obvious.  We Realtors should not be taking overpriced listings at all period.  It gives the seller's a glimmer of hope that doesn't exist, and we are not doing a service to them.  Muddy car to boot.  Uggggggghhhhhh.  But you are a smart cookie for recognizing the truth.

Dave - Sometimes people need to vent.  In fact, I vented a little bit myself this morning (it was to my dog, oh well...)  Hopefully she doesn't have to sell right now because she won't get her price.  Time will tell.  Until she can wrap her brain around that, she will remain where she is.

Kathy - I checked the MLS and she didn't relist with the flat fee brokerage.  It's off the market and maybe she will rent.  For her situation, that may be the best option for her right now.  You're right, maybe as time wears on she'll be more receptive to how things work.

Dennis and Terri - Isn't that the truth.  This situation has been my wake up call to check my perceptions to see if they are in line with reality.  Hard thing to do. 

Gene:  Only time will tell.  It's so hard to admit we screwed up acted without considering the consequences of our actions.  She will need to arrive at this destination otherwise everything said falls on dead ears.

Hi Elisa - You are so right.  With business being as it is (slow) you still have to be practical and careful about where you put your time, energy and resources.   Plus listing at her asking price would be in my opinion malpractice.

Feb 18, 2011 08:27 AM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

It was kind of you to let the woman talk - hard to be that nice when someone is obviously wasting your time.

Feb 18, 2011 08:04 PM
Sylvie Stuart
Realty One Group Mountain Desert 928-600-2765 - Flagstaff, AZ
Home Buying, Home Selling and Investment - Flagsta

Great post! It's amazing how often this happens and people still hang on to the possibility that it's not getting marketed correctly (not the case in this story since it really wasn't) if it doesn't sell. It can't possibly be the condition of the house or the price no matter who tells them. Wise to move on.

Feb 19, 2011 02:56 AM
Alyce Martin
The Realty Group, LLC - Albuquerque, NM
Albuquerque - THE Place To Be!

Marte - I learn a lot by observing and listening to people.   This was such a lesson to me and I gained a lot of insight into some of my own behaviors and I'm making some immediate adjustments.  This encounter benefitted me far more than it did her.  

Sylvie:  You are so, so right.  Sellers who cannot get beyond their magical thinking will be sorely disappointed. 

 

You guys, thank you so much for the comments.  I am overwhelmed by such a wonderful response.  Makes me feel like I belong here on Active Rain and I really appreciate it.

Feb 19, 2011 06:42 AM
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

Wow, people are really getting stubborn and cranky... I mean I understand the cranky, but isn't it time for them to pull the head out of the sand?

Feb 20, 2011 05:12 AM
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas

Sadly, Alyce, there are so many sellers out there and there is no reasoning with them.  Like you say, we can only wish them the best!

Feb 20, 2011 07:36 AM
Alyce Martin
The Realty Group, LLC - Albuquerque, NM
Albuquerque - THE Place To Be!

Linda - I'll bet she was defensive because probably so many agents called on her expired listing and probably told her the same thing I did.  At that price, I couldn't do a thing for her.

Dee Dee - Sometimes all you can say is "oh well..."  Thank you so much for your comment.

 

 

 

 

Feb 20, 2011 11:41 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Alyce Martin congrats on the feature!!  that scenario is so typical.... I say "onward and upward".... 

Sep 06, 2016 09:06 AM