Sold in 2 days? So Glad!

By
Real Estate Broker with Coldwell Banker Residential

A recently featured post posited that if a property sells in 2 days in multiple offers that the listing agent has not done their seller any favours.  In fact the writer suggests that if it had happened to him, he would feel ashamed.

He goes on to mention that the listing agent, and the stager were celebrating their skills, but he doesn't believe that.  He believes that if it got multiple offers that quickly, it must have been underpriced. (So conversely, if it takes 365 days to sell, we priced it well??)

This is an issue that pops up with some frequency.  Sellers often second-guess us when this happens (heck they will often even ask for a commission rebate because it sold so fast, we didn't have to do much work... right?).  Sometimes we even second-guess ourselves.

I contend that if a property sells quickly, then we did out jobs very well.  We priced it appropriately for a quick sale (after, of course, consulting with our seller and deeming that's what they wanted), and we did our jobs so well, that, oh, I don't know.. maybe we deserve a bonus?

Just kidding about the bonus, but I certainly don't feel that we deserve a reduction in pay, after doing exactly what we said we'd do... attracting a qualified buyer, for the most money, in the least amount of time.

Now, I suppose that a case might be made if you priced a home at $200,000, and in the first couple of days there was a feeding frenzy of a dozen offers, and the price was pushed up to $275,000, that we underpriced the property.  But I don't think that's what we're talking about.

In my market, at least, it's hard to underprice a property.  Because if it's truly underpriced, you will have that feeding frenzy, and the price will clearly be pushed back up where it belongs.  Market value, except in isolated incidents, will find it's own level.

Ships in a harbour will rise and fall at the same level, regardless of their size.

- 3

Posted by

 ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate

Coldwell Banker Residential Real Estate, 2929 Central Street, Evanston, IL 60201
847.425.3779      Cell: 847.924.3313      Email: Almay@aol.com

Evanston Real Estate & North Shore Real Estate
Licensed in Illinois

   

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Rainmaker
159,856
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp.

It meant in no way any disrespect as I agree that there are disagreements between two people and I thought we were already past that acknowledgement. ;)

 

March 14, 2012 01:30 PM
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Alan May
Evanston & Northshore of Chicago real estate
Coldwell Banker Residential

Satar - I'll have to accept your word on that.

March 14, 2012 07:31 PM
Rainmaker
159,856
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp.

Thank you and I apologize if you took it to mean something different. The "level" was the change of my response to the logical fallacy of your complex question.

 

March 14, 2012 08:52 PM
Anonymous #90
Anonymous
Catherine Lewis-Brown

As a stager, when I stage homes I do it with two ultimate goals in mind:  getting the seller the most money possible, and selling it in the shortest amount of time!

I'd say a job well done :)

March 24, 2012 12:18 AM
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Alan May
Evanston & Northshore of Chicago real estate
Coldwell Banker Residential

Catherine - I'd say so, too.

March 24, 2012 07:00 AM
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