You know the saying about good guys finishing last, well, I’m not so sure.

This recent scenario is pretty typical of a dilemma the real estate

agent faces every day.

I recently went on a listing appointment. It was a referral from a very happy

past client, the home was about 6 years old, professionally decorated and

had many extras. A very nice house to have listed.

EXCEPT…the seller didn’t want to move right away, they wanted to

list this spring and move in November.

I did my CMA and told them their price would be around $300K as the BEST

possible outcome.  The house next door just sold for $270K and

they included a $10K item of furniture to seal the deal!

I was firm about my price, but I conceded we could start at 310K or 315K,

if they wanted to test the market for a few months.

They interviewed two other agents who had also been recommended.

They went with the agent who told them it would sell for $330K. That is what it

is listed for on our MLS now.

Real estate agents have to make a decision at the presentation.

Do we want to buy the listing at the higher price and deal with a disappointed

seller for 6-15 months?

The other option is to be firm and if the business comes your way it will be

salable and you will get paid for your efforts.

I recently listed a home for the correct price and it sold in three

weeks for full price.

If I had been the Good Guy wearing the White Hat and agreed to

their $330K price, I know I could have gotten the listing. Then during

the 5-6 months when they weregetting really serious about selling, we

could have lowered the price and it would eventually sell, maybe by

spring 2009.

What is the right thing to do?

Telling the seller the truth cost me a listing??           Yes.

My Deduction:

Listening to the client —+— Motivation —+ — Price

All of these go hand in hand to come to an understanding

with the seller. I wasn’t patient enough to offer the option of setting

a higher price and waiting with them to realize their price was unrealistic.

This has been the case with so many listings over the last year and a half.

So I suppose I’m wearing the Black Hat in this Situation.

Or will I be wearing the Black Hat when I list at their price and

it still hasn’t sold in 11 to 12 months?  You betcha.

I will be the one who has failed to sell the house even though

the sellers set the price.

Copyright by Terry Westbrook 2008

Contact me: 1-888-240-1968 x 0 toll free

Grand Rapids Real Estate ~ Westbrook Realty

Email: terry@TerryWestbrook.com

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