Industry

Real estate roulette

Author
Marc Davison
No.
106
Date
11/20/07

Does this sound familiar?

You meet with a seller.
They believe their home is worth X.
You know it’s worth Y.
But you figure, hey, why complicate matters? The customer is always right. 
So you take the listing.
And figure that in a month or two the seller will come to their senses and you’ll get a price reduction.
And then you find you’re in this situation month after month.
Reducing and reducing some more.
Chasing the market
Like the Greyhound at the racetrack.
Thing is, the bunny always wins. 

Stop chasing the bunny. The consumer is sitting in the stands watching you run round and round. Dropping prices. A home by me is now down $70,000 in 6 months. I’m not the only one thinking that if I wait another month, it’ll drop 20 more.

Buyers aren’t budging because they are compelled not to. They are watching the market decline and it appears to them that if agents don’t know what the right prices are, how can they? Why not wait it out? And if they lose out on the home, so what, there are thousands more like on the market.

Leaders take a stand.
They stand for what they believe in.
And they don’t cave.

Try not taking the listing.
Try standing up to the seller and establishing your expertise and demonstrating that you know better and put a price on the property for which you know it will sell. Real estate sales is about selling the home, not playing roulette, right?

There are enough properties on the market. It’s flooded. Try cutting down on the supply and increase the demand. Leaders, experts and trusted advisors control their environments, not the other way around.

Davison