"The Agent Priced it Too Low"

Reblogger Kathleen Luiten
Real Estate Agent with Resort and Second-Home Specialist REALTOR Broker #21673

Susan Haughton published a great post in January. I'm reblogging it in case you missed it. So often when clients and friends tell me the agent priced it too low I wonder if they have much experience in the market.

Susan makes many good points about this common reaction to a low price and quick sale. For me the take away is "Don't be so quick to blame the agent, some people just want (or need) to sell quickly." 

Original content by Susan Haughton 0225085927

A woman who lives in a community where I have had a few listings called me to complain about another agent who had listed a unit in her condo community.  This woman was extremely irate at the listing price, which she felt was much too low. 

"That agent is going to kill our property values," she went on to say, "she listed that unit too low." 

Whoa, wait just a minute. 

First of all, while it is entirely possible the owner gave the agent carte blanche to price it at whatever price she liked (doubtful), at the end of the day, the owner had to sign off on the price.  

Maybe the owner didn't want to wait the typical 180-250 days it takes to sell in your community.  

Maybe the owner, who is the original owner, by the way and who may not have a mortgage, is moving in with an adult child who needs assistance or to a warmer climate for health reasons or has a once in a lifetime job or travel opportunity and is ready to get on with her life.

It may surprise you to learn not everything is about the money.  

Some people have goals in life that are more important than squeezing every penny of equity out of their homes when they sell.  

I have had clients like that, as a matter of fact.  Clients who, against my best advice, listed their homes at the worst possible time of the year for no apparent reason.  Who probably could have netted more money had they waited just a month or two longer.  

But you know what?  They had plans.  Plans that trumped a few extra dollars in their pocket.  

It happens.  Neighbors may not like it, because they fear it will affect prices when they get ready to sell, but it's life. Your listing agent should be able to show the appraiser how that particular sale was a "one off" and help mitigate the effect that one sale will have on your property value. 

Everyone has goals and plans;  sometimes that plan includes selling a property quickly and not necessarily for the most money.  As to why, well, that's really none of our business, is it?  

Just don't be so quick to blame the agent, who, in all likelihood, is just following her owner's instructions. 

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Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Kathleen. This is a terrific re-blog. Good points all around.

Mar 28, 2015 01:22 AM #1
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Rainmaker
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Kathleen Luiten

Kauai Luxury Ocean Home Sales
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