Mr. and Mrs. Seller, would you like me to list it or sell it?

By
Real Estate Agent with Northeast Signature Properties

It's pretty tough figuring out a pricing strategy in today's market.  At least it seems to be tough.  At a CMA meeting, I bring in a comprehensive market analysis that spells out where the home should be priced in order to sell.  We go through each comparable methodically, and I educate them on where homes comparable to theirs are selling.  Then it happens.....the seller wants to add 10 to 20K on top.  I tell them that this will put their home out of range for their buyer, and they usually say that if l can just bring an offer - they'll work with it.  My thought... I could bring an offer if you were priced fairly, but you'll sell the competition at this price. 

My market area is a small town, and there aren't many comparables from which to choose, so it sticks out like a sore thumb when a home pops on the market overpriced.  Add to that another realtor in my market that consistently under prices, and I have a problem!

Mr. and Mrs. Seller, do you want me to list your home or sell your home?  That's the 10,000.00 question, literally!

 

 

Posted by

Robin Spangenberg

Northeast Signature Properties

1352 Main Street

Millis, Ma. 02054

508.277.4144

www.RobinSpangenberg.com

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Ambassador
1,331,944
Praful Thakkar
Keller Williams Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Robin, surprisingly enough, most comments favor to price the home right - whereas I'd say, take the listing and let the sellers know that they don't blame for if the home may not sell at that price (or may not even have the showings!) and then, adjust the price. What matters is a listing - and yes, you should LIST the home if that's what the sellers want.

February 08, 2012 10:46 PM #32
Rainmaker
652,546
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

Unfortunately there seems to be a trend among some agents that they will take an over priced listing just to get a sign in the yard -- and honeslty what does that really accomplish -- not anything.

February 08, 2012 10:51 PM #33
Rainer
232,378
Mike Yeo
3:16 team REALTY - Frisco, TX

Most seller does not understand that they might not even get an offer if they priced too high. We had to recently turn a listing down because of that. Better to not list something that can't be sold.

February 08, 2012 11:07 PM #34
Anonymous
Anonymous
Anonymous

Love some of your quotes - I will use them! thank you.

February 08, 2012 11:13 PM #35
Rainer
33,750
Lorena Barbosa
David Realty Group - Westfield, NJ
Broker, Westfield
 

Love some of your quotes - I will use them! thank you.

February 08, 2012 11:15 PM #36
Ambassador
1,871,567
Judi K Barrett
Judi Barrett~Integrity Real Estate Services~Idabel, Oklahoma - Idabel, OK
Broker/Owner, Integrity Real Estate Services -IDAB

One of the, if not THE most important thing for them to understand.

February 08, 2012 11:36 PM #37
Rainmaker
313,710
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Robin, I guess this problem is the same all over. I have had this same problem too. So...what happened? Was it listed for 10k more?

February 09, 2012 01:32 AM #38
Rainmaker
1,818,941
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

They just don't believe we really know the market and they are hanging on hope for those extra dollars.

February 09, 2012 05:51 AM #39
Rainer
78,560
Gayle Beyer
Welcome Center Realty 772-336-8583, FLA777 - Port St Lucie, FL
Port St Lucie FL Real Estate Broker

I like that term, "you are selling the competition at that price" . Good way to put it in perspective. It is like they are 'ruling out' their home in buyers' searches.

February 09, 2012 08:27 AM #40
Ambassador
785,847
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

You hit the nail on the head in your sentence list it or sell it. This is why I like being the second or third Realtor to work with someone who is trying to sell. The are more receptive to the notion of correct pricing because they have had no previous results.

February 09, 2012 08:51 AM #41
Rainmaker
62,776
Robin Spangenberg
Northeast Signature Properties - Millis, MA
Opening the Finest Doors

Thanks so much for the comments, suggestions and support!  This is a real issue for us in our profession and I am a believer that pricing is crucial.  If more sellers had experience in the real estate market, I'm sure they'd be more willing to go along with our pricing advice. 

2012 is my year for taking only listings that will listen to my advice - after all, in the end, it's not worth all the work, money spent marketing, and frustration to list a home to sit on the market.

 

February 09, 2012 11:22 AM #42
Rainer
137,431
Gabrielle Jeans
WebTech Dezine, Gabrielle Jeans Real Estate Coach - Toronto, ON
Real Estate Web Solution, Real Estate Trainer and Coach

This is the crucial point where its a make it or break it deal. Ensure you leave the appointment having properly educated the seller on how much their house is worth and let them know that any home will sell once the price is right and how it is very important to get the pricing right.

February 09, 2012 11:30 AM #43
Ambassador
1,088,741
Bryan Robertson
Catarra Real Estate, Inc - Los Altos, CA
Broker, Author, Speaker

When I'm in a listing presentation and I run into sellers who want to tack on a buffer for negotiation, I tell them this:

"You'll lose 90% of your buyers by being 10% or more over the market value.  If you're planning on giving up the overage anyway in negotiations, why not price right to begin with and capture all those buyers?"

February 09, 2012 11:50 AM #44
Rainmaker
148,880
Tyra General
240.706.7653 - Fort Washington, MD
DC Metro Short Sale & Luxury Specialist

I saw this and just had to comment...;)! Great post! I TOTALLY UNDERSTAND! 

February 09, 2012 11:51 AM #45
Rainmaker
300,861
AJ Heidmann
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Robin - As you said, there is a huge difference between being on the market or being in the market.  Unfortunately, it appears that many sellers need to figure this out for themselves as their home sits, accumulating days on the market, while other homes go to settlement.

Pricing it right from the start is the best way to go!

February 09, 2012 02:09 PM #46
Rainer
63,495
Eric Salonga
The Salonga Brothers at Reed Realty - Ceres, CA
Your Key to the Central Valley

As Real Estate Agents it is our job to educate the clients about the market.  So I agree that we need to set the expectation of being realistic as opposed to succumbing to our clients uneducated notion of over pricing.

February 09, 2012 03:29 PM #47
Rainmaker
70,921
Mary Bowen
Coldwell Banker United, Realtor - The Woodlands, TX
Real Estate At Its Finest!!!

I love the title. It sums it up and says it all. 

February 09, 2012 05:49 PM #48
Rainmaker
1,159,308
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566

I like to end with this scene. 

Let's pretend you won a million dollars and have to buy one of theses homes in the stack this weekend. If five percent are selling, which in this zip means two homes, will you make the top two at that price?

February 10, 2012 05:39 AM #49
Rainmaker
168,453
Jack O'Neal
Solutions Real Estate - Phoenix, AZ
High Touch High Tech

great post

February 11, 2012 01:25 PM #50
Rainmaker
62,776
Robin Spangenberg
Northeast Signature Properties - Millis, MA
Opening the Finest Doors

Cheryl, I like it! 

 

Jack, thank you.

February 15, 2012 05:41 PM #51
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Opening the Finest Doors
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