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Ignore Facts At Your Own Risk

By Gary Woltal

Real Estate Agent with Keller Williams Realty 0575737

November 09, 2011 06:53 AM

Fact Check Wearing rose colored glasses from the point of view of being a positive person and working toward a positive outcome is all well and good. But

Ignore Facts At Your Own Risk.

You see this #1 in real estate with overpricing of homes when "market facts" tell you otherwise. Price to sit or price to sell.

You see this in behavior with people if they are consistent with their words over and over again or there are "shades of the truth." Facts are truth and there is only ONE truth. It can turn into a wishful thinking or love is blind situation with people, not FOLLOWING what you see but "believing instead." I am not saying have faith in people with benefit of the doubt but practice that fool me once shame on you approach but not twice on me.

Ignoring facts is at your own peril cause it leads to lost time, hurt, pain, delusion on your part. The head in the sand, box on the head approach might feel comfortable for awhile but you are spinning your wheels. Have lots and lots of good communication with people and clear the air, get your head out of the sand, box off your head.

Don't be afraid of facts or TRUTH. Truth actually feels very good in the light of day and it is there, not darkness, where we are meant to live.

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Gay E. Rosen

Julia B. Fee Sotheby's International Realty - Larchmont, NY

As Real as Real Estate Gets!

Gary: I think we all have our reasons to sometimes take over priced listings...Perhaps we have a pre-arranged agreement with the seller that the property will be reduced after 2 weeks if no appointments... even though we wd be cautioning them on losing that initial market impact..... Sometimes, with expireds... I would like to think that with professional photography, better marketing... I can actually obtain the price the sellers want.. and it has happened.....but at the end of the day... you are so correct... we take those listings at our own peril and we should be careful!

Nov 09, 2011 07:06 AM

Sharon Lee

Sharon Lee's Virtual Assistance - Jonesborough, TN

Retired and loving life

I am a realist so NO rose colored glasses for me.

Nov 09, 2011 07:12 AM

Gary Woltal

Keller Williams Realty - Flower Mound, TX

Assoc. Broker Realtor SFR Dallas Ft. Worth

Gay: Staging, better photography and marketing, can push the reality price of a listing to the max. Agreed. But their are bounds when you are living above market and it will sit no matter what you do.

Sharon: Reality is a good thing...

Nov 09, 2011 07:38 AM

Lou Ludwig

Ludwig & Associates - Boca Raton, FL

Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Gary

As Joe Friday use to say, "the fact Mane, just the fact".

It's either true (the facts) or it's not.

Good luck and success.

Lou Ludwig

Nov 09, 2011 08:26 AM

Laura Cerrano

Feng Shui Manhattan Long Island - Locust Valley, NY

Certified Feng Shui Expert, Speaker & Researcher

Gary,

I think it comes down to realistic optimism.

Lou,

GOOD ONE! :)

Nov 09, 2011 09:42 AM

Larry Lawfer

YourStories Realty Group - Newton, MA

"I listen for a living." It's all about you.

I had the opposite situation recently. A client and I had determined the best price for his home at $1,100,000. This was supported by recent sales in the area of similar homes. We went on the market, we had the broker's open house, we had a public open house and lots of people cam through. We had people interested and talking about offers.

After a little bit of time went by and he was in a panic. DOM here for homes like this is 200 days. I know, yikes! At Day 60 he made me drop the price to 949,000. I argued the drop was too much and unwarrented. He wanted to be the lowest priced home in the area. I did what I was instructed and more people came through. A week and a half after that as I was working through the people and gauging next steps, he demanded another drop. 900,000. Now we were in fire sale mode and everyone was scared off. There has to be something wrong with the house people were telling me, to drop 200,000 in 80 days is odd. The owner is now working with a new agent.

Our business is never dull.

Nov 09, 2011 10:00 AM

Gayle Rich-Boxman Fishhawk Lake Real Estate

John L Scott Market Center - Birkenfeld, OR

"Your Local Expert!" 503-739-3843

I had a "straight up" talk with both my most recent buyers AND my (new listing) sellers to create a world of reality that BOTH can live with and I think it is going to WORK! (Fingers crossed, but it's looking good). Thank God people still believe in their realtor!!!

Nov 09, 2011 10:20 AM

Cathy Criado

Criado Realty - San Antonio, TX

Making Real Estate Profitable

Gary, great point. I have taken a listing or two at thae top end but its more of a demonstration to the seller that the buyers won't be lining up to see or buy it. It sometimes takes a little convincing and then reality sets in and prices come down. Some folks are just moreresistent to accept reality more than others.

Nov 09, 2011 02:37 PM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

GARY - I guess it is difficult to argue that on a practical level. But still, facts are not truth. And thsi si why things are never obvious. Because what is important is the trend. Without the trend facts are dead.

The whole business of politics is based on that. You take facts and declare them truth, and then you say that if we do not do this, or, the opposite, if we do this, then... And another side takes other facts, and does the same...

Without understanding the trends we can easily be fooled by facts only

In practical matters we do not care about it that much as we do this analysis in the background and may not even notice it

Nov 09, 2011 02:39 PM

Lynn B. Friedman CRS Atlanta, GA 404-617-6375

Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA

Concierge Service for Our Atlanta Sellers & Buyers

Dear Gary -
I am "thankful" for you and your kind words on my "thankful" blog post!
If I understand this post, you are urging all folks to see the true picture in front of them. Then each may believe based on actuality not on wish-ful-thnking.
A N D if I understand Jon's comment, we should be aware of the times when we make snap judgements with snap likes and dislikes. It seems to me that his premise is that those thoughts limit us, keep us unaware and, in the end, they may not be accurate thus the thoughts may even decrease our understanding.
Have a happy day -
Lynn

Nov 09, 2011 03:19 PM

Connie Goodrich

Keller Williams Realty - McKinney, TX

CRS ABR (McKinney Realtor)Texas

I call it blinders. When I show a homeowner the facts about the market and value of their home and they insist on a value significantly out of orbit, they were just seeking validation of their thoughts and not the facts. Nice post.

Nov 10, 2011 12:21 AM

Eric Kodner

Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN

Wayzata Lakes Realty: Twin Cities, Madeline Island

It's not only sellers that do this. Agents can fall into that "head in the sand" category as well, deluding themselves that an overpriced listing will somehow sell at an inflated price.

Nov 10, 2011 03:13 AM

William Johnson

Retired - La Jolla, CA

Retired

Hi Gary, Excellent post and I am sure there is no one among us in real estate that hasn't felt this or seen it first hand.

Nov 10, 2011 02:05 PM