About 4 monts ago, my business partner received a lead from a friend who is also a builder. He's building a home for a couple who need to sell their house. After preparing our listing presentation, and checking out at least 5 homes similiar to theirs in the neighborhood, we did comps and the results didn't look good. All of the other homes in the neighborhood had hardwoods everywhere, Stainless Steel Appliances, Granite in kitchen and baths, and fantastic sunrooms attached. These homes were selling for $500K+. Seller's had a blah home, but it was clean, with few hardwoods, lots of shampooed carpets, and a beige refrigerator in a kitchen with black appliances.
After discussing our marketing strategy, we told them we thought their house might sell for $479,000. Well, needless to say, they were floored. I also told them if they weren't happy with us to please let us know so we could address and correct the situation. They said they would.
Against our better judgement, we listed the house for 3 months at $539,000 with the promise of a reduction after a month. (You see this coming don't you? LOL!) I even told the seller that if we listed at this price, they would end up just being mad at us for it not selling it then hire another agent, lower the price and sell it. Well, after 6 weeks, postcards, Homes Magazine, Open House, Newspaper advertising, they finally lowered it to $519,000. Of course this didn't help due to the fact that the competition was so superior. Some buyers wouldn't even go in the house for the appointment.
After 11 weeks, the sellers were upset because we hadn't sold their house and wanted to pull the listing and relist with another agent. In fact, they even called my broker and demanded it without a word to us that they were unhappy. We were forced to "Withdraw it early"
So, what happened?..........................Another agent listed at $499,00 and sold, I repeat, "Sold it himself" at.....what do you think..........$479,900 in two weeks.
WHAT DO YOU THINK HAPPENED HERE? What would you do?
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