Posts Tagged ‘ price reduction ’

What Happens When A Listing Agent Tells A Seller What He Think He Wants To Hear Instead of Needs to Hear

Earlier this year, I got a call from a frustrated seller. He had just decided to fire his listing agent and had been referred to me.

“I don’t want to make the same mistake I made when I hired my first agent,” he said. “So, would you be willing to meet with me to see my condo, tell me what you think it’s worth and let me know how you would market it?”

Overpriced + Pre-sale Purchase 7 years ago = “Uh Oh”…

I agreed to meet him the following day because of the seasonal market’s time sensitivity and my desire to get the property on the market asap, if selected to work with him. I warned him that I wouldn’t have time to do a lot of research before our meeting. I pulled the listing history and tax records, and I didn’t like the math…nor the methods.

It Was A Crescendo Of Agent Ineptitude:

Perhaps the previous agent was “nostalgic” or simply “lost track of time”, but he decided to price the unit at it’s original (pre-sale) purchaser price, which went back to early 2006. Needless to say, by the time I came into the picture, it had been on the market for a while…you know the drill.

When Ineptitude Flirts With Negligence:

As was clear in the listing history (but I had hoped was a mistake), the listing “agent” initially “marketed” (terms used here extremely loosely) his property for almost $100k more than the owner had paid for it at the height of the market!! No upgrades, nor additions after the original purchase….I still can’t even begin to fathom where that number came from :-( .

The sad truth was obvious. The seller lived in a penthouse unit in an area of the close-in DC suburbs where many condos were in short sale or foreclosure situations. And this development was no different.

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Posted by: Kevin Koitz on December 28th, 2011 under HomeGain

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