I lost a listing this last week - it expired, did I try and re-new it? Not nearly as hard as I would if the seller had been willing to listen. We listed their manufactured home at a price we all knew was stretching the envelope but, we had the comps to show the value.
After a short time we had a couple of great showings, but no offer - so we lowered the price (a little closer to where I said they should be but not as low as I thought it should be). I added marketing, I called clients, I setup lenders who could do the loan, I talked with agents and I had a tour of brokers. The results a few more showings where the buyer bought better priced proprieties..
As the listing was coming closer to the expiration date, we met the sellers and I - I showed them that the only manufactured homes that had gone pending or sold in their area had sold for $229,000 or less, we were still at $259,900 - a far cry from where the sales were. Again I plead, to lower the price - no go.
The final day of the contract came, they called me and told me they wanted to go with an office closer to their home. I offered several great agents, they were polite and thanked me. I made arrangements for the sign to come down.
Earlier this week I went to pick up the lock box and leave a cute little gift that I had bought for them only to find a sign of a brokerage about 30 miles further from their home. Tonight, well it is finally on the MLS - at $249,900 - I am glad they finally got it - but is it too late?
The snow is starting to fly and most of the manufactured homes that have sold since our last talk.... well they have sold for $220,000. If only they had listened in the first place. I really like these sellers and I hope they get what they NEED from this - I really hope someone finds a buyer willing to pay the price. I hope they get to move into the home they already purchased. I hope it all happens before the manufactured homes come down even further - manufactured homes can not compete with frame built homes in the market - if your agent shows you comps going down and you need or want to sell - you need to get aggressive.
Thesa Chambers • Broker • RE/MAX Sunset Realty
541-771-7064 Cell • 541-536-0117 Office • 888-868-2050 Toll Free
Mailing Address • PO Box 3510, La Pine, OR 97739
Thesa,
There are still some out there that refuse to listen to good advice. Knowing you, I'm sure you worked very hard! Hopefully, this will help someone else who is ready. :)
Thesa,
Your scenario sounds eerily familiar to me. What always gets me is when they go with the other agent and then put it at the price that you told them to begin with. Oh well, that's real estate. I've also been the third agent on the transaction. I've gotten where I don't even want the over priced listing. I would rather wait them out and be that third agent again.
Thesa - I agree, nice sign:-) I'd work with you any day of the week hun.
Some people have to learn the hard way and I have a couple in the same boat right now. If they would listen they wouldn't follow the market down, but Sellers always seems to their "other real estate experts" as one seller called his neighbor, and go with their advice rather than mine.
A falling market is like a pond that is losing water. You need to be out in the middle of the lake rather than stuck on the shore.
Our office is letting some listings expire - and not going after them to renew because the sellers are not interested in pricing for the current conditions.
I recently went on a listing presentation for a home that I felt would sell comfortably for $289,000-$299,000. The owner wanted $350,000. I told her that I would not list it for that price because the comps didn't support it, I suggested she wait for the market to shift more in her favor; why have it on the market and have to keep it show-ready for people who are only going to come in, look at it, and buy a cheaper home with more features?
she seemed to understand and said she might try to FSBO it - and then, two days later, I see it on the MLS for $350,000. It's a shame - and it aggravates me that agents do this. there are so many overpriced homes on the market as it is.
~sigh~
Thesa, Don't fret over this, it happens to everyone at some time or another. The question is, should we take an over priced listing in the first place?
In this market or any market, probably not. Like Karen, we have mutually agreed not to list several over-priced listings and they ended up listing with other agents. Bless their little hearts, they will market it and probably get no where. On the other hand, we have recently gotten a home that was previously listed for over a year, with over 100 showings and no offers. They called me and wanted me to tell them the truth. I did, they lowered the price,( yikes) twice, and we just closed. They were motivated to sell and did what it took to get it done. I can't stress enough how important a sellers motivation is.
Okay, what are you changing? I think you must have done something to the buttons at the bottom. I have missed seeing your face.