You Can't Sell 'em All: An Overpriced Listing Story
When I first entered the world of real estate back in 2013, my mentor told me that there will be certain listings that I would not be able to sell, for one reason or another.
I, being the cockeyed optimist that I once was, thought this was nonsense. I WILL sell every single listing I take because I'm just that good. Insert face-slapping emoji here.
Recently, I had a listing that I feared was overpriced. It was a cute property and it was not overpriced for the market but overpriced for the condition of the property. But, I took the listing anyway, and at the somewhat unrealistic list price that the sellers were seeking.
Six months passed by - I had an open house every month, held broker's open houses, and obtained broker's price opinions and property condition. I showed the property to several sign calls, etc. I presented all of this to the sellers.
The property's condition was slowly deteriorating. I asked the sellers to have their yard guys and handyman repair items in the house, and maintain the yard, OR, to have my guys come and do it. They didn't want my guys, said that they would take care of it - but they never did.
Finally, when it was time to renew the listing, I asked the sellers for a meeting at the property. That meeting was the first time the sellers had been back to the property since when I listed it.
During our meeting, we walked the property and I pointed to issues around the property that customers and other brokers were stating as problematic. The same items that I had been documenting and discussing with them over the months.
They asked what it was going to take to get this sold. I told them a drastic price drop would be needed to get it sold once and for all. They thanked me and asked for a day to think it over. The next day they called me and said they were going to list with another agent. The following week, the listing was back on the market with a new agent, and low and behold, at the listing price I had suggested. Insert face-slapping emoji, again.
It's hard not to take these things personally, but after a few hours, I remembered what my mentor so callously said to me all those years ago. You can't (and won't) sell 'em all! Now, move on to the next customer and keep on selling. Good advice.
Thank you, Tammy. "Stings" is a nice way of saying it! :)