Unmotivated Sellers

By
Real Estate Agent with Advantage Realty #1

I recently "inherited" a listing from an agent that is no longer with my company. There were 4 weeks left on the listing agreement. After doing some research in the area I deemed it overpriced by at least $40,000. I contacted the sellers to arrange a meeting with them - to get to know each other and to discuss my marketing strategy, which included a price adjustment. They told me they were not going to renew the listing because they felt it wasn't the right time to sell. Later on they canceled the meeting with me and didn't return any phone calls to them thereafter. Because I really like the property (located on a golf course), I put my marketing strategy in print and dropped it off at their home (the listing itself is vacant). I believe I gave this listing my best shot, considering the seller didn't even want to talk to me.

What do you know, the listing was shown yesterday and today and with our annual winterresidents arriving in droves, chances are the listing would sell if the price was adjusted. I called the seller this morning to let her know her property is being shown and were she wants me to bring the key as it will expire tomorrow. She sort of acknowledged that her property is being shown but she said that it wasn't really that important to her.

She's not a motivated seller. With the listing being overpriced and the seller not being very interested in progress being made - I'm glad I didn't waste any money on advertising this property.

I just wish agents would be more focused on qualifying a seller than just building up their volume rankings in the MLS.

Andrea Mills - "Unmotivated Sellers" Copyright 2008 *All Rights Reserved

This article was originally posted on http://sebring.activerain.com/

Comments (10)

Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

The market is so soft here, that I am telling all my sellers that I am not willing to list their property unless they are willing to price it aggressively.  The only caveat is that is if they will agree to reduce their price within 3 weeks if they do not get any activity.

Oct 24, 2007 06:59 AM
TheMillsTeam YourSebringRealtors
Advantage Realty #1 - Sebring, FL
863-212-5441

Rob, I've heard that from other realtors in my market as well. I have been lucky to be able to "adjust" my listing prices reasonably but a built in price "adjustment" would allow me to take slightly over priced listings. I like that.

Oct 24, 2007 07:23 AM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida
Hello Andrea, an effective method to overcome their waiting period is establishing their monthly outlay to carry this property.  Coordinate this with the months of listing inventory available.  That will give a fairly accurate idea of the cost of waiting.  The realization that the former home has become an inferior investment should elicit a response.  There's nothing to lose at this point.  Keep it factual.  I wouldn't be surprised to see it listed with the former associate upon expiration and, of course, at the same price.
Oct 24, 2007 08:59 AM
TheMillsTeam YourSebringRealtors
Advantage Realty #1 - Sebring, FL
863-212-5441

Kevin, I've been thinking about that too....she might re-list with the former agent. Clearly, I do not want the listing at the current price because it's going to nothing but cost me money. I'd rather have the other agent pay for the advertising that's not going anywhere. It still bugs me that this seller has obviously been lied to at some point when the former agent told them they could sell their home!

Now here's a dumb question: how do I calculate the month of listing inventory? Average sales in 2007 and divide that by the number of current listings?

There is no mortgage on the property, the HOA fee is 12 bucks a year. Looking at their taxes and what they pay to keep the lawn cut, it's gonna cost them about 100 bucks a month to have it sit there.

Argh, I just have to get over the fact that I wont' be able to have the Open House I envisioned for this property. Hot dog stand, some music, refreshments..........right on the golf course...................

Oct 24, 2007 12:01 PM
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Your work is cut out for you but all you need to do is prove that you're the neighborhood expert.  It helps that you like the home also although don't let that interfere with your pricing.  You can include a potential gain of shifting the profit into a better investment vehicle to prove your point.  The equity is useless if it's not growing for them.  The absorption rate can be determined by taking the last years # of sales divided by 12 months and then divide that number by available listings in the area.  Whenever your MLS inputs the next months statistics, recalculate to determine your local markets direction.  Good Luck, Andrea!   

 

Oct 25, 2007 04:16 AM
TheMillsTeam YourSebringRealtors
Advantage Realty #1 - Sebring, FL
863-212-5441

Well, I took my sign and lockbox off yesterday. The seller asked me to MAIL them the key. Nope, they didn't even want to meet with me to hand over the key.

I finally came to terms with the fact that I'm better off without those sellers!

Oct 28, 2007 03:44 AM
Gaylen Thornton
Desert Heritage Real Estate - Surprise, AZ
Amen to your last statement Andrea, qualify the sellers don't just try to build volume. You are right on the money there.
Oct 28, 2007 03:47 AM
Dorothy B. Rhone
Century 21 Covered Bridges Realty, Inc. - Bloomsburg, PA
GRI, CRS, ABR, e-PRO, SRS, OA
Not only will you waste time with an unmotivated seller, but you name rider on a property left unsold will cause you negative promotion.  Other potential sellers will think that you are not very good at marketing properties and won't consider you to list their home.  Let it go and move on and you'll be better off!
Oct 28, 2007 03:53 AM
TheMillsTeam YourSebringRealtors
Advantage Realty #1 - Sebring, FL
863-212-5441
Thank you guys...............and I'm off to prospect qualified FSBO's................
Oct 28, 2007 09:48 PM
Raymond Patterson
The Patterson Team @ Keller Williams Excellence - Lutherville Timonium, MD
President - Patterson Team Homes
Don't waste time and effort.  Move on to more productive activities.  Some people will only sell if they can find a sucker.
Oct 29, 2007 02:08 AM