Listen To Your REALTOR®

By
Real Estate Agent with RE/MAX Enterprises Inc.

Listen To Your REALTOR®

Owning a home gives people a definite sense of pride and achievement, sometimes it also gives them strange subjective viewpoints which may not necessarily be a true picture of reality when it comes to selling. (Is that polite enough?)

Many of my clients when listing their homes want to see comparables; homes for sale in the area that are similar to their own. This is a normal part of my listing presentation but, it's not the listing price that really matters. I can list your home for whatever price you'd like but, at the end of the day it may still be on the market 6 months from now.

It's the SOLD prices that are important. The SOLD prices tell you where the market is, and what it will bear. From there you should listen to your REALTOR® who will inform you of the differences and suggest a listing price.

Typically when a house is priced right it should sell quickly... which is what the seller always wants. So now, I’m about to say something (type something) absolutely shocking. The ‘ultimate statement’ and some people may disagree with me and may even write back, but you really can't price a home too low. You can definitely price it too high and nobody will look at it...I’ve seen listings on the market over two years. But, even if you price it too low, it doesn't mean that it will sell for that price and you're faced with a loss. Sometimes, if a price is very attractive, it might pull in a lot of buyers. A seller might receive what we call multiple offers, perhaps each offer higher than the last.

Like I said before, it's buyers who set market value. And nothing drives up home prices faster than a home every buyer wants.

Remember the adage location, location, location? Sometimes it’s Price, Price, Price.

So listen to your REALTOR®, we are here to help.

Comments (16)

Malinda Montgomery RSPS AHWD TMS-Realtor
Gaffs Realty - Port Orange, FL

That is true! My last deal was priced slightly lower and we were in a bidding war. It sold for $3500 more than the listing price. thanks for the post and Happy Thanksgiving.

Nov 24, 2011 01:26 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

It is very simple - what has sold recently is THE PRICE.  But some refuse to listen to their Realtor.

Nov 24, 2011 01:34 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

Pricing it too high will definately never help sell the house.  It is all about the sold listings.

Nov 24, 2011 01:35 AM
Donald Reich
Prudential Centennial - New Rochelle, NY

I agree 100%. There was a home listed in my area for $1.4 million - no offers. A year later, they listed with another agent for $850,000, they now have multiple offers over $1 million!

Nov 24, 2011 02:10 AM
Glenn Gurvitch
My Area Realty - Wellington, FL

Couldn't agree more.  It is amazing how many people think their house is so much better than other comparables.  If only they realized that buyers are turned off when a house seems priced too high.  People will never learn

Nov 24, 2011 02:17 AM
Joshua Stein
Coldwell Banker Preferred - Conshohocken - Flourtown, PA
Homes For Sale - Montgomery County

One of the things sellers don't realize is they may be literally pricing themselves out of the market.  If homes in your area are selling for under $250k (just as an example) and a home is priced at $260k, buyers may never see it if their search criteria doesn't go that high.  Nice post. Have a happy Thanksgiving.

Nov 24, 2011 03:04 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

They don't include the word REAL in Realtor for nothing...Realtors get it done and everyone wins when they do

Nov 24, 2011 04:13 AM
Michael Baeumler
RE/MAX Enterprises Inc. - Mississauga, ON
Baeumler Approved

Thanks everyone of you for your supportive comments.

Nov 24, 2011 04:24 AM
Robert Vegas Bob Swetz
Las Vegas, NV

"HAPPY THANKSGIVING"

                    "HAPPY THANKSGIVING"

Nov 24, 2011 04:53 AM
Anthony Daniels
Coldwell Banker - San Francisco, CA
SF Bay Area REO Specialist

Listen to your Realtor, provided your Realtor knows what she's talking about.  Else ask the neighbor or the mailman.

Good post, thanks for sharing it.

Nov 24, 2011 05:22 AM
Kathy Strader
Memorial Staged Homes - Houston, TX
ASP

The thing is, sellers don't listen to their Realtors because they don't trust them.  I for one am hoping that one happy result of this ongoing recession is that there won't be as many bad Realtors at the end because they just couldn't sustain a business.  From my perspective, a qualified Realtor is worth their weight in gold.  Unfortunately, some buyers have kissed a frog or two.

Nov 24, 2011 07:45 AM
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Kathy is right - Trust is key.  If your clients are going to take your advice, they need to trust you.  You need to listen to them so you understand what they are asking or needing, etc.  Good post!

Nov 24, 2011 08:06 AM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Michael - Looking at the sold comps is far more useful than those for sale unless of course the market is coming down.

Nov 24, 2011 11:16 AM
Steve Warrene
Your Town Realty - Lower Burrell, PA
Pittsburgh Real Estate Investment Specialists

Michael, That is what I tell all my sellers.  "It's not about location, location, and location.....we already have a location picked out (their house where it is) now we have to focus on pricing and marketing."

Nov 24, 2011 12:00 PM
Valerie Duncan Stewart
(Metro First Realty) - Oklahoma City, OK
Real Estate Agent-Broker, OKC, OK

Michael,

I think that is the hardest thing for a seller to understand...the buyer sets the market value. We, as Realtors, would love to sell a home for more money, but it just isn't the way it works. We advise our clients based on the market, not what we hope or wish the market to be.

Nov 27, 2011 02:54 AM
Michael Baeumler
RE/MAX Enterprises Inc. - Mississauga, ON
Baeumler Approved

thank you everyone for your comments...I'm very new to this BLOG thing. Please add me as an associate...and if you ever have any clients looking to invest in the Toronto and GTA feel free to contact me...I pay great referral fees.

Dec 07, 2011 11:21 AM