Being Right Isn't Always Satisfying
I went on a listing appointment almost a year ago in a particular subdivision in Cibolo, TX. I went armed with a professional presentation and the market analysis for the area that they lived in and my typical motivated self. This was a fairly new subdivision and the market was stable but not truly booming in their area. They had a fairly standard build and not a whole lot of upgrades, but I could market the home and make it look good. I had discussed possible things they could do to get their home ready and we discussed the possible price range I felt that they could sell their home at to get results (based on actual data). We had a wonderful conversation and I felt I had answered their questions and felt pretty confident that I had won the listing.
Then the e-mail. Thank you for your time, but we have chosen another Realtor®. So, of course I was a little surprised and disappointed, but it happens. When I lose a listing I usually go back and check to see who I lost it to and then secretly gloat and know I could do better with marketing and pictures, (just kidding...well, not really) and watch it a bit to see if my pricing theory was "in the ballpark". When I went back and checked this one, I figured I had lost it due to the price range I had suggested they should go with. The home was listed for $5000.00 over what I said they should "start" at. I gave them the down and dirty on what I thought the home would sell for and that was the "high end" of the market in their neighborhood.
By the way...I don't come in with the thought that I am going to soften up my potential client with giving them the idea that I think their home can sell for higher than what it should or that we should "try it" at a higher price, (I have been there and done that and it don't work!). Now, granted, these particular sellers did not give me an indication that they did not like the pricing data I gave them, regardless though, if they had I wouldn't have changed my mind. Pricing $5000 over the high end price in my opinion puts the seller at a major disadvantage in the market. But I digress....
So, I watch the listing periodically to see what's going on with it. Well the typical price change comes in and then another price change and then 180 days hits the market and then another Realtor® and another price change...this time back up (by the way, it's now up to the price I said they should start at 6 months earlier). This second Realtor®, (not to bash...but maybe kind of), but the photos were AWFUL, (turn on a light or something)! Don't worry, I wasn't checking the listing everyday. I am just trying to see where this home will sell at based on my original pricing thoughts. So, here we go, after 90 or more days, we now are offering a Bonus to the Buyer's Agent and Closing Costs to the buyer, no price reduction and then after that a few more days later, no more bonus or closing costs but a price reduction down to now $15,000 below where they started and almost a year on the market! (who's tired?)
Now, do I think I could have sold that home? I mean, I can't guarantee anything; however, I am pretty confident that with the Right Price and the Right Marketing a home will sell. Believe it or not, I feel for these folks. I think that for some reason the ole let's try to price it this high to see if we can net more bit them in the end (and it ain't over yet). This is chasing the market at its finest and I gotta say, it's a train wreck to watch. Price it Right to start with and then find a Realtor® who will market it right. Bad pictures with a Bad Price equal a Bad Selling Outcome. Perhaps that should have been the title of this blog....
Oh well, Being Right Isn't Always Satisfying
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