No, I Don't Want Your Listing Six Months Later

By
Real Estate Agent with RE/MAX Executives

 

Back in March I made a listing presentation  to a homeowner in Northern Virginia.  I recommended the seller list the property at $390,000. .  Of course, my recommendation was based on the extensive analysis I always make to be certain the seller has the benefit of  my many years experience in the area  The seller opted to list the home with a competitor for $460,000.

 There is no doubt in my mind the seller decided I wanted to price the home too low to make a quick sale.  It probably never occurred to the seller that the "high bidder" was overpricing the home to obtain the listing.

Over this past weekend the seller called me to inquire if I would like to represent them as the new listing agent - their 6 month listing was about to expire.  The listing price had been reduced regularly and was now within $7,000 of my earlier recommendation.

I advised the seller I was no longer interested in working for them.  Why?  I might have to recommend a price lower than the price I recommended 6 months ago.   If they lacked faith in my broad experience and knowledge of  the local market  in March it is highly unlikely they would have more faith in August.

Arthur and I have seen numerous real estate cycles - we know how to work to meet your objectives at the peak and at the bottom of the cycle.

Planning to Buy or Sell Real Estate?  Contact Karen and Art by Email or call us at 703-562-1532.  Put our  record of customer service, real estate experience and state-of-the-art technology to work for you in Alexandria, Arlington County, Fairfax County, Prince William County, Stafford County or the entire Northern Virginia Area.

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Rainmaker
180,951
DeAndrea "Dee Dee" Jones
Home Buyers Marketing II, Inc. - Manassas Park, VA
The NorthernVARealEstateLady & DMVRealEstateChick

I congratulate you on your strength to say No and save your self a 6 month headache.

Aug 04, 2008 06:52 AM #1
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

"Dee Dee"  In retrospect I'm glad I wasn't chosen in the first place

Aug 04, 2008 10:12 AM #2
Rainmaker
67,920
Denise Allen
Resh Realty Group - Chesapeake, VA
Realtor@ Chesapeake, Hampton Roads

They might have been willing to make the sacrifice by now but probably not.

Aug 04, 2008 02:10 PM #3
Rainer
184,441
Tina Merritt
Nest Realty - Blacksburg, VA
Virginia Real Estate

Karen - congrats to you for sticking to your guns!  The voice of experience is often priceless!

Tina in Virginia

Aug 04, 2008 11:41 PM #4
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The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Karen,

I like it !!!  Typically we will take the listing after it expires with someone else but I really like your points.  I love what you said about "underbidding for a quick sale" vs "outbidding to obtain the listing".   So true !

Typically I will tell people to call me after their listing expires in those situations where I did not get the listing.  I will typically take them for the added marketing exposure but I love what you say.   We have said "NO" a  number of times recently and it certainly is empowering to a degree.  The agents that do that is a luxury to a certain extent as we do not need the business.  And if we do take it, we take the risk of being drained of time and energy, not to mention marketing dollars !

Great post !  p.s (just subscribed to your blog)

Philadelphia Real Estate

Aug 04, 2008 11:50 PM #5
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Denise  I am certain you are right,  Karen

Aug 05, 2008 12:11 AM #6
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Tina,  Thank you for the comment - the voice of experience at least makes me stick my toe in the water before I jumo in,  Karen

Aug 05, 2008 12:15 AM #7
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Christopher and Stephanie  We certainly ares singing from the same song sheet.  Before we merged with other firms we were RE/MAX Affiliates,  Karen

Aug 05, 2008 12:17 AM #8
Rainer
66,715
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

Well, I'm definitely in the minority here.  I've been a broker for 33 years but the way I look at my job is to perform a service for a fee.  It takes a LOT for a seller to admit they're wrong and have the character to even call you back in to help.  I have relatives that don't and we don't even speak anymore.  I've had many past friends/clients get caught in this situation and say "David...you were right to begin with...I knew I should have listened to you..."  and then I proceed to discuss the future problems as a result and as a professional I do the job for them and we're all happy.  I not only get them the next time around, but they tell their friends NOT to do what they did and learn the hard way.

Aug 05, 2008 12:35 AM #9
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

David,  I doubt if you're in the minority - I suspect there are many others with your point of view.  I just don't happen to be one of them, but that is OK with me and I'm certain it's OK with you.  I respect your view after 33 years - my husband and I have 32 years.  We "old timers" are in he minority,  Karen

Aug 05, 2008 06:46 AM #10
Rainer
78,168
David Slavin
Keller Williams Premier - Katy, TX
CDPE, ABR, SRES Keller Williams Premier

I would have taken the listing... If they would have agreed to taking my advice and since they didn't the first time they know would be more willing to.

Aug 05, 2008 07:14 AM #11
Rainer
66,715
David W. Bolick
Network Real Estate, Inc. - Little Rock, AR

LOL Karen...at my age of 59 combined with being an "old timer"...I can tell you that my patience with people has significanly diminshed and if this client even blinked at me wrong, I wouldn't have taken the listing either.

My daughter's husband is wealthy and his mother is difficult to be around at best...but with an average house sale in our area of around $170,000, she used my daughter to call me and ask 10 dozen questions about "houses" that she was looking at to buy in the most expensive area of town and I finally asked my daughter....WHY doesn't she just call me and let ME show her these houses?  She wound up buying a $420,000 house from a FSBO and never even ask me to assist at all.  She now has to sell the crap $120K house she was in....and I can guarantee you...SHE BETTER NOT CALL ME!  I DON'T WANT THE LISTING !!!!!!!!!!!! 

Aug 05, 2008 07:20 AM #12
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

David Slavin  Gee, you're the second David who would take the listing - is it a "David Thing"?   Seriously, each of us has our own style and I respect yours,   Karen

Aug 05, 2008 10:37 AM #13
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

David Bolick  Just lookat the bright side - your daughter married a rich guy.  Also, Arthur and I start our 33rd year this month - we're not that far behind you Karen

Aug 05, 2008 10:39 AM #14
Rainmaker
516,588
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Karen,

I understand your dilemma. They should have listened to you in the first place and after six months...maybe they would have been more receptive. Of course the price would probably have to be lower than your original analysis and maybe after the tme passsing they would have a more "realistic expectation" which is our most challenging job!

 

 

Aug 05, 2008 10:42 AM #15
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Russell  I suspect you are right and I suspect they would resist an even lower price - my recommended price was good 6 months ago.  Our prices are still declining, but not as drastrically as last yesr.  Karen

Aug 05, 2008 10:49 AM #16
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Patricia Kennedy
Redfin - Washington, DC
Home in the Capital

I dunno, Karen.  I've been the second agent a couple of times, and by the time I got them, Agent Number One had broken them in.  And a lot of the time I'll tell them that I could be wrong with the pricing, and if I am, the house will sell for whatever outrageous number they put on it.  But if I'm right, and if they decide to rethink their strategy for getting the place sold, I'd be happy to be the second agent.  And I eventually got paid.

Aug 07, 2008 02:13 AM #17
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Patricia  Not winning the listing initially is not what bothers me - it is that they went way overboard.  I've been the second agent when sellers went with a friend initially or the boss's wife, but I draw the line when it is $70,000 overpriced.  When they called me they said, "He offered us more".  I replied, "Oh, he's buying it."

Aug 07, 2008 04:34 AM #18
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