SELLERS - GET THIS! It's ALL About the PRICE!

By
Real Estate Agent with Dean's Team - Keller Williams Realty Partners Chicago IL

Hello, on a cold, snowy, sleety, icy, messy day in Chicago!

Ever call a client, and tell them they need to reduce their price?  I know you have, of course.

But, usually, how do they react?

"How come you haven't had more Open Houses?"  "Haven't seen my house in the local paper in the last few weeks!"  "My sister says you should have taken more pictures of my home.  Different pictures.  Larger Pictures."  "The sign is too small."  "The brochures are too short!"  And on, and on, and on.

If I didn't know much better, I would begin to feel it is the Listing Agent is responsible for everything WRONG in the market.  During stronger markets, it's the SELLER who did the right things at the right time!

Open Houses, Brochures, Costly Advertising.  They all skirt the issue.  There is one thing that will sell a house, in ANY market - THE RIGHT PRICE!  PERIOD!

Problem is, many in our industry live day-to-day on desperation thinking.  "I'll do more Open Houses, or the seller will get mad at me!"  "I'll pay for more ads, or the seller will get mad at me!"  "I'll do a ninety page brochure, mail out 10,000 postcards promoting their over-priced home, cut my Listing Fee (never call it "Commission" again folks), or else I won't get the listing, or, the seller will get mad at me."

Then, when an offer comes in, and you've spent a small fortune making your clients "happy," spent your weekends doing Open House of questionable benefit to them, mailed postcards with little positive result, some sellers have the temerity to ask you to "kick in a couple of thousand or so," to make the deal go through.

And many agents DO kick a couple of thousand in!

The problem here, folks, is that too many Real Estate Practitioners give in rather than counsel.  Pay up rather than invest wisely, with confidence and conviction.  Give in rather than fight. 

Sellers can have their choice of many agents beside you, and many that will agree with them blindly, just to buy the listing.  Then they fail - and we ALL get painted with the same brush - "We're all the same,"  "You folks are only in it to make a fast buck."  And on, and on, and on!

What I've found, in all these years in the business - be in integrity, all the time.  And . . .

Know when to fold 'em!  Kick toxic clients to the curb!

If, when you propose a price reduction, after your due deliberate thinking, they accuse you of being greedy.  Or, unethical.  Or, lazy.  Or, cheap.  SAY GOODBYE!

These days, IT"S ALL ABOUT THE CORRECT PRICE!  THAT IS IT!

Beginning in 2008, Our Team will add a rider to our Listing Agreement allowing us to terminate the agreement if, in our opinion, our clients are not following our advice and counsel.   And pre-scheduled price reductions, agreed upon at time of the initial listing.

We have confidence in our marketing.  I would stake my reputation that our web presence, our customer service, our follow though and follow up, is second to none.  That being a given - IT'S GOTTA BE THE PRICE!

Would love your reaction on this - thanks for the space to rant!

Dean & Dean's Team Chicago

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Tags:
customer service tips

Comments 12 New Comment

Rainmaker
362,833
Dean Moss
Dean's Team Chicago IL Real Estate Team
Dean's Team - Keller Williams Realty Partners Chicago IL

Appreciate your well-thought comments, folks!  Thanks!

Linda from Philadelphia -

Well said!  Usually, when getting a listing, I mention that TWO things sell any house, PRICING and STAGING!  However, even the best-staged house will not sell if it is not priced correctly.

There is quite a competition here in the City of Chicago among Home Staging Companies - many spend hundreds, if not thousands, of dollars for professional home staging, then feel they have license to OVERPRICE their house to re-coup their investment.  Not true, and the staging investment is wasted.

They've got to stage effectively, that's for sure, but price is still key.  Do you agree?

Again, thanks for the comment - Happy Holidays!

Dean & Dean's Team Chicago

December 01, 2007 10:46 PM
Rainer
78,917
Linda Sticklin
Home Staging & Organizing
My point was that with so many houses for a buyer to choose from, they will likely choose the one that is priced comparably but needs the least amount of work (looks the best). Even if a house is priced below another, most buyers do not want to take on the seller's neglected repair and replacement projects--however minor they may seem. They want a house that is move in ready. 
December 02, 2007 01:37 PM
Rainmaker
362,833
Dean Moss
Dean's Team Chicago IL Real Estate Team
Dean's Team - Keller Williams Realty Partners Chicago IL

Linda from Philly -

ABSOLUTELY AGREE - thanks for your take on this!

Again, Happy Holidays - we'll trade you a Deep Dish Pizza for a couple of Cheese Steaks, straight up.  What do you think?

Dean & Dean's Team Chicago

December 02, 2007 02:45 PM
Rainer
78,917
Linda Sticklin
Home Staging & Organizing
I lived in Chicago for 3 years in the mid 80's. I loved it there and sometimes wish we had stayed! Pizza v. cheesesteak--now that is a toss up. I think my favorite was Lou Malanati's (? spelling).
December 02, 2007 09:27 PM
Rainmaker
362,833
Dean Moss
Dean's Team Chicago IL Real Estate Team
Dean's Team - Keller Williams Realty Partners Chicago IL

Linda from Phil, PA -

LOU MALNIATI'S PIZZA - OUR PERSONAL FAVORITE HERE IN CHICAGO!

We live only about a mile and a half from the ORIGINAL Lou's!  

Lou actually worked as a cook at Uno's/Due's downtown in the mid '60's, got into an argument with Ike Sewell, the man purported to invent Chicago Style Pizza at Uno's in 1943, and opened his own place in suburban Lincolnwood IL.

The rest is history - you can order Lou's To Go Online, par-baked - if you'd like a bit of Chicago at home in Philadelphia, or anywhere.

if you're ever here in town - look us up - we'll treat you like royalty, and won't get you too drunk,either!

Dean & Dean's Team Chicago

December 02, 2007 10:36 PM
Rainmaker
362,833

Dean Moss

Dean's Team Chicago IL Real Estate Team
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Here's the Buzz on Chicago IL Real Estate News, Neigborhood Events, Things to Do Around Chicago, and more!