I sit in all the office meetings and listen to other agents demanding that their clients drop their prices to ridiculously below market prices. Is there not a price we will all pay in the end? I think so!
Yes, I educate my sellers as to what the competition is and where they need to have their home listed in the marketplace. I also tell them that if they do not have to sell, it probably is not the best time to list their home and take a beating on the net proceeds of the sale. I take them to see the homes that are comparable to their home so we can openly communicate and build rapport.
It stands to reason that with all the reductions that are caused by short sales, foreclosures and transfers or other need to sell circumstances, why add unneccessary inventory to an already flooded market to drive neighborhoods down further. When so many houses are being sold under market value, the market value over the next several years will be further diminished. It is a snowball effect you see. So why add more fuel to the fire? In my opinion we have enough homes to sell (record numbers) and I am in the business to help where needed. I did not become a Realtor to strip my clients of their homes and lose my self respect along the way.I would rather do the right thing by the seller and keep a lasting relationship built on mutual respect and trust.
I spoke with a well educated client tonight with regards to what other agents stoop to when presenting homes in open houses. Even when my client informed the agent that she is working with me and provided my name, you would think that is enough. No the client got a lecture on why her home is not selling. It made my stomach turn to think that anyone would lecture another agents client and tell them that the moment we shake hands to accept their listing we start spending money on them. The moment my client listed with me, she agreed to take a 30k drop in price. She never tried to beat me down on commission and as kept her home spotless. She has been with me every step of the way. Even to the point of getting all Section 1 and Section 2 pest work done! Her only sin as this other agent nastily points out is that she will not discount her quality home to the point of practically giving it away. Frankly. I will not ask her too either! If the right buyer does not come to us in a month or so, we will do the sensible thing and withdraw for the time being.
The moral of this story is that I have a still great client with a great respect of me and who tells everyone of my professionalism. Will she re-list with me when the time is right? Her answer is "Yes in a heartbeat". And what do you think she told me her opinion of the other agent is? Money hungry and only looking out for what she will get for herself. Is that what we want people to think of us Realtors? Not me, I would rather eat worms!
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