You’re Not That Smart
Just because you’re a realtor and you think you know everything, it’s still a terrible idea to represent yourself. Aside from the incredible increase in liability, you’re just as stupid as any seller can be. Your property is not worth more than the rest of the houses on the block because you say so or because you got on your hands and knees to put in that tile floor.
Get A Clue
You’re too wrapped up in the outcome to be objective about the price. The comps tell the story. Look at them. Then look at them again. If you think that a buyer is going to pay more than the comps because you paid too much and aren’t going to make a profit on your flip, forget it. You’re in a soft market. It’s not even going to appraise for your asking price.
You’re Being Inspected Too
As soon as I look at the listing, I’m making judgements about you. You have an area code from out of the county? How effective is it to manage your sale from another part of the state? Localism doesn’t apply to the rest of us and not you. You’re offering a staggeringly low commission. Haven’t you been to your own listing presentations? What? No pictures? Have you been on the totally and completely visually dynamic web lately?
They’re Patient People
I have clients who are interested in the house — for a reasonable price. I call him every week or so. For the past four weeks he’s said the same thing, “We’ve got tons of interest. Offers are coming in. The buyer is going to get a great deal.” This week he said, “We’ve gotten tons of interest now that we’ve lowered the price.” I think he’s trying to convince himself. The tenant moved out on Sunday. I’ll call him again around May 1st.
TheHarrimanTeam
April 23, 2008 at 4:27 pm
My wife and I are realtors and sold our last house ourselves and plan to sell the house we’re in now ourselves, as well. We certainly don’t know everything, but I am fairly confident that we can be impartial enough to price our home competitively to the market. Our market is currently still on the downward slope, although it’s trying to rebound now that the spring selling season is here, so we’re fairly sure we’re going to lose a little bit on our house when it sells. We accept that and refuse to succumb to the emotional mistake of over-pricing our home to recoup what we paid. We’ll treat ourselves like any other client we work with: honestly, fairly, realistically, professionally. If we can’t do that, we’ll be the first ones to say, “You’re fired!”. Fair enough?
Vicki Moore
April 24, 2008 at 11:53 am
You’re one of the few, the brave…I compare it to a bad relationship. It’s common that you can’t see the thing that’s right in front of your nose. You need outside counsel – as in good friends – to show you the error of your ways. Having sold several houses, I wouldn’t think of subjecting myself or other agents to me.
I also know that the first week to two of listing a home is the single most important. You don’t have a second chance to make a first impression. I’ve seen many agents try it and fail miserably. I wish you every success.
Wayne
April 24, 2008 at 12:21 pm
I hear you, VIcki, and thanks. We actually did have several of our realtor friends give us their input when we sold our first house, and we’ll do the same this time. We’ve also been going through the house with a fine-toothed comb, noting everything that needs to be fixed prior to putting it on the market. I also have a staging background so I can hopefully put the house in its best light, and with correct pricing and the aggressive marketing we’re known for, we’re confident it won’t be on the market too long. (I hope those aren’t the “famous last words” you hear so much about…)
Vicki Moore
April 24, 2008 at 5:05 pm
Excellent Wayne. Sounds like you have a good handle on it. I should have titled my post: Rant Ahead. I’m sure I’ll have another chance to use that title though. 🙂