What's My Franklin TN Home Worth?: I Can Decline Your Listing!

I Can Decline Your Listing!

I Can Decline Your Listing!

I met with a Franklin TN home seller on Friday. Her home had recently expired and she called me to list her property. I am very thorough when preparing my Competitive Market Analysis. Not only do I run the comparable active listings but I also check the recently closed sales and even expired listings. I want to know what has sold and what has not.

I Can Decline Your ListingThen I preview approximately five active listings in the neighborhood. If possible, I inspect homes with the same floor plan. If one isn't on the market, then I preview homes of a similar size and amenities in the neighborhood.

While I know this neighborhood very well, I wanted to be able to tell the seller I had recently been in the homes that would be competing with her home.

Since this is a large neighborhood with the same model currently for sale, I was able to very accurately price this home. I even contacted the on-site agent selling new construction in this neighborhood. The builder had discontinued building this model and I just wanted to confirm their reasons for doing so.

As I suspected, the floor plan wasn't very desirable. It had 3,200 square feet with a nice open floor plan but it only had three bedrooms. It seems that everyone wants four bedrooms now--no surprise there.

Equipped with my CMA in hand, I met with the seller to discuss the sale of her home. Having already spent considerable time on the phone with the seller, I sat down to discuss the results of my analysis. It was easy to see why her home hadn't sold. It had been previously priced about $50,000 higher than it should have been.

As I discussed my findings, it was clear that the seller was not prepared to price her home to sell. She tried to tell me that I was going about this all wrong. You see, her previous agent told her to take the price she paid, add the REALTOR's commission and then her desired profit to get the listing price. I informed her that her previous agent was incorrect and that was not the way to price a home.

I Can Decline Your ListingShe tried to go on and on about all the features her home had that others did not have to justify her asking price. Since I had just been in the other homes the day before, I knew her home had no additional features to justify her price. And because the floor plan was a less desirable plan, the best thing to do was price it less than her current competition.

After showing her all the recent comparable homes and even showing her photos of these homes with my iPad, it was clear she was not going to price the home right. I apologized for taking up her time and said there really wasn't anything further to discuss. 

She was shocked. She had never heard of an agent turning down a listing. That's crazy. Who does that kind of thing? I do.

You see, Mrs. Seller, I spend a lot of time and money to market your home. If you're not going to price it right, then it is a total waste of my time and my marketing dollars to try and sell it. All the marketing in the world will not sell a home that is not priced right. I'm not in the habit of taking listings that won't sell.

If you agree to price the home to reflect the current market value, then we can do business. Otherwise, there is nothing in the Code of Ethics that dictates that I must take your listing. Mrs. Seller, I can decline your listing

If you are currently looking to sell your Franklin TN home and want to meet with an agent who will prepare a very thorough Competitive Market Analysis, then call Franklin Homes Realty LLC at (615) 495-0752. However, if you're not prepared to price your home correctly, then it's important for you to know I can decline your listing.

Tammie White, Managing Broker/Owner
CLHMS, CRS, GRI, SFR
Franklin Homes Realty LLC
Franklin, TN
(615) 495-0752 
GET REAL. GET LOCAL.
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Franklin Homes Realty LLC. Any party who uses this material without the written permission of Tammie White is subject to copyright infringement and possible lawsuit.
Comment balloon 175 commentsTammie White, Broker • November 14 2011 12:46AM

Comments

congratulations...either this will teach her to adjust her expectations or she will find some other agent that will play her games and waste their money

Posted by Kim Frasier, Showcase Your Listing with its Best View (Best View Imaging) almost 7 years ago

Well done, Tammie!

   I wish more Realtors would stand strong like you did... but too many of them want "the sign in the yard".  An overpriced Listing is a waste of everyone's time.

 

Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) almost 7 years ago

Kim - I'm all for that.

Fred - They don't spend the time I do trying to market the home. They probably don't spend the money either.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Hey there Tammie, we totally agree! We have had to say 'we would rather disappoint you now and walk away than to continually disappoint you as you watch your home not sell due to price.' We then wish them our best and gracefully walk away.

It just is not worth the effort on either part to not sell the home.

Jacque & Larry

Posted by Larry & Jacque Ficek, Realtors - Wasilla Alaska (Alaska Dream Makers) almost 7 years ago

Jacque & Larry - I agree.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

If every Realtor® did what you did and declined and OVER PRICED listing - our market would be in a totally different situation - in our city.  The market would change dramatically - and become a more healthier marketplace.  YOU stood your ground - GOOD FOR YOU.  Congrats.   NEXT

Posted by Terri Stephens, REALTOR, Calgary & Airdrie 403-827-4663 (CIR REALTY ) almost 7 years ago

Way to hold your ground. Sellers need to understand that we put time and effort into the marketing of their home and that is at our cost. Maybe now the Seller will be more reasonable.

Posted by Demarco & Marisa, "The Choice is Clear!" (Remax Kings Realty) almost 7 years ago

Why would you want a listing that is unsellable?  What a waste of your time and resources to accept what will not sell.  Of course we can say no, and I would hope more of us would.

Posted by Jenifer Lower, Your Dream. Our Passion. (Bozeman Montana Real Estate .net) almost 7 years ago

Very valid point. I mean, after all, it had previusly expired and she didn't get the not so subtle hint.  Good call.

Posted by Cathy Criado, Making Real Estate Profitable (Criado Realty ) almost 7 years ago

Smart thinking and well done Tammie.  Suggested.

Now, while I completely agree w/ you that your method is correct, and the other method is not, it is important to look at her side of the equation...your equation is whether it will sell and it's worth your time; he equation is whether it makes sense for her to sell.  And, if the 2 don't meet, the transaction will almost never work.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) almost 7 years ago

It really does make you wonder about the other real estate agent.  Sounds like that agent is doomed.

Posted by Women of Westchester Working Together, Women helping Women get ahead (Women of Westchester Working Together) almost 7 years ago

You tell her! Why waste everyone's time. Bad thing is she will probally list with someone else at your price instead of calling you to say she was wrong..

Posted by Scott Fogleman, New Home Team (New Home Team 804-573-9592) almost 7 years ago

I am so fortunate that when I take an OVERpriced rental home, I do so with the caveat that I will lower the rent at least $50 every 2 weeks until it is rented....the longer it stays UNrented, the more pressure they feel to comply with my rental rate suggestion.

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) almost 7 years ago

Tammy, you are right to tell your sellers what they need to know, not what they want to hear.

Posted by Brian Schulman, Lancaster County PA RealEstate Expert 717-951-5552 (Coldwell Banker Residential Brokerage, Lancaster PA) almost 7 years ago

Kudos for doing your homework, presenting the facts and sticking to your principles. There is absolutely no reason to take a listing that you know is not going to sell and where you know the seller is not going to listen to sound  business advice and rationale out of the gate, or down the road (when it still hasn't sold). As a sort of last effort, I've offered to personally take clients to see comparable homes on the market, but usually when they are that "set" on their price they don't take me up on it. You're better off having walked away, and you did so for the right reason.

Posted by Charlie Dresen, Steamboat Springs, CO e-Pro (Steamboat Sotheby's International Realty) almost 7 years ago

Way to go Tammie, no sense in investing time and money into something that isn't priced right.

Posted by Brin Realty Associates Team At Bean Group, Amherst NH homes and Southern NH real estate (Bean Group | Brin Realty Associates) almost 7 years ago

Bravo, Tammie.  You did the right thing.  Those unrealistic seller expectations can tank a sale quick.  Good for you!

Posted by Mike Cooper, Your Winchester, VA Real Estate Sales Pro (Cornerstone Business Group Inc) almost 7 years ago

GREAT POST! Why waste your time trying to sell something that WILL NOT sell!

Posted by Donald Reich (Prudential Centennial) almost 7 years ago
What on earth was that agent thinking? Where did they get a pricing model like that?
Posted by Dale Samples, REALTOR -Homes for Sale Charleston, West Virgini (304.741.4705 • www.dalesamples.com ) almost 7 years ago

Marketing a home can be expensive. What is the point if it's not going to sell. Great post.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) almost 7 years ago

What's really sad is to get an email from that same person months later telling you that they eventually sold for the price that you told them it would sell at. I have no clue why people think that you would want them to share that with you, but I always reply with a "Thank you. I'm happy for you.  Maybe we can do business inthe future" reply. Most of the time these days what you end up seeing is that the place went into foreclosure.

Posted by Norm Werner, Helping the first time and every time (Real Estate One) almost 7 years ago

Tammie, excellent point! I truly wish more agents would follow your lead.  Seriously, it's bad enough new agents are taught to prepare a CMA just using the MLS (without previewing), but where in the world did this other agent got her formula??? Holy Cow!!! It's no wonder the listing expired.

Posted by Chiara Petro, Your KEY to Home Sweet Home - Knoxville TN (Realty Executives Associates) almost 7 years ago

Yet another example (as if we needed one) of how a previous agent giving our erroneous information royally screws everything up!  Consumers  just don't know ... they TRUST the professionals and she hired a professional and believed their method --- how was she supposed to know she had a DOOFUS until it all cratered?  Good for you for explaining it out and backing it up with your data; I feel sorry that this Seller's expectations were not managed by the other agent by mangled ... and obviously she still carries the damage wounds ...preventing her from "hearing" what you're saying.  I can say that I've been made aware that my own materials (floor plan + amenities text) that are uploaed onto MLS  help agents get through to Sellers about pricing correctly.... particularly those that farm a specific area. They can pull 6 pages of detailed room-by-room descriptions off the MLS and hand it to them ---- "read this, your house does NOT have the same things as 6515 Forest just down the street...." there's power in having them hold it in their hands and reading through it.

Posted by Judith Sinnard, The SMARTePLAN Lady (SMARTePLANS; Houston, Texas) almost 7 years ago

Tammie, 

Yes, it's a smart business move.  We frequently turn down listings, as it's just not good business to have folks thinking you can sell it at some ridiculously high price.  They get mad and it's a complete waste of time. 

As well, there are just some folks you don't want as clients.  She sounds like that client.  

All the best, Michelle

Posted by Michelle Francis, Realtor, Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty LLC) almost 7 years ago

Good morning Tammie,

You are correct, and this is one of the most difficult discussions that most agents want to avoid.  But, no one is a winner with a sign in the yard of a home that is out of line with the market.

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) almost 7 years ago

Good for you! The seller pays nothing for your time and effort when the price they insist upon is what is preventing the sale. We sometimes encounter the same issue with rental rates in property management. 

Posted by Mark Delgado, Benicia and Vallejo, Property Management, rental h (houses for rent, Solano County & Glen Cove) almost 7 years ago

Just floored by what she told you about the other agents pricing strategy.  She may be ready the next time it expires.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 7 years ago

That is a touch call, you must be very blessed to be in a postition where you can turn down business.  I find myself in that postion these days and it's nice to be able to choose which listings/sellers will work best.  Congrats! 

Posted by Joy Daniels (Joy Daniels Real Estate Group, Ltd.) almost 7 years ago

I believe if more agents did this, and acurately priced homes to sell, we would be able to sell more homes and reduce the excess inventory we currently have in our market. Thanks for a great blog.

Posted by Dawn Crawley, Find Pinehurst Homes (Dawn Crawley Realty) almost 7 years ago
Good for you. Not all customers becomes client's. Better to not take on a client that is not realistic now then too late.
Posted by Mike Yeo (3:16 team REALTY) almost 7 years ago

Tammie...

Sounds like the other agent ruined this seller for any possible sale. I think that the lesson here is that when we take an overpriced listing, we are really hurting the seller, not accommodating them.

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) almost 7 years ago

Actually in the Code Of Ethics there is a part that says you will not imply to a seller that their home will be worth more then it is! I don't remember which section it was in though!  

Posted by Rosalie Evans, The Evans Group, Sioux Falls, SD Homes For Sale (Meritus Group Real Estate) almost 7 years ago

Sounds like a real cut and dry price point they need to be at.  It would have been a total waste so thanks for sharing because we all need the courage to do that.

Posted by Chuck Carstensen, Minnesota Real Estate Expert (RE/MAX Results) almost 7 years ago

Tammie, if more agents took your approach to pricing a home, we would have a lot of great listings out there. Good for you to walk away.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA almost 7 years ago

I think this article is so good I'm sharing with Associates today.  Thank you.

Posted by MaryKay Shumway, Door County Wisconsin's Real Estate Expert (The Kellstrom Ray Agency, Inc. (Est. 1948)) almost 7 years ago

Good morning, Tammie....what a great post.....if you and the seller are not on the same page, it's time to pack it up and on to the next one....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) almost 7 years ago

Well said, and Well done, Tammie!  Clearly she was unhappy with the previous agent, but somehow doesn't even know why. She simply does not get it.  
Bruce

 

Posted by Bruce Kunz, REALTOR®, Brick & Howell NJ Homes for Sale (C21 Solid Gold Realty, Brick, NJ, 732-920-2100) almost 7 years ago

Throw in a few market absorption facts and graphs and it becomes even clearer around here! Good job and neat you visit that many comps.

Posted by Cheryl Ritchie, Southern Maryland 301-980-7566 (RE/MAX Leading Edge www.GoldenResults.com) almost 7 years ago

Hi Tammie, I've done the same thing and have never regretted it. Good for you! When a homeowner doesn't see the light no matter what we do, it's time to go.

Posted by Jackie Connelly-Fornuff, "Moving at The Speed of YOU!" (Douglas Elliman Real Estate in Babylon NY) almost 7 years ago

Of course you can!  Very well written blog about something that most people don't know.  The good agents aren't wasting time listing homes that are over priced.  Good for you!

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) almost 7 years ago

At my firm it is only me and my broker.  We do not have time to list homes that will not sell.  We cannot afford to 'sit' on listings.  We only take those we can sell and have turned down a few that we knew would not sell- at least at the price the client was looking for.  Keep in mind that if the seller was not listening on price- they will not listen on paint colors, staging, improvements ect.  Good job on the preparation and as tough as it is- good job on walking away.   

Posted by Timothy Mattingly, Louisville Homes for Sale (Louisville Homes Team Louisville KY louisvillehomesreport.com) almost 7 years ago

I have found a large majority of the general public do not understand how real estate works.  They don't realize that as independent contractors and that all advertising and marketing expenses come out of our own pocket.  We also put tons of time and energy into marketing and advertising listing and ONLY get paid if the house closes.  By declining that unsellable listing you made a very wise business decision.  

Posted by Christine McInerney, The McInerney Team, Knoxville TN Homes For Sale (The McInerney Team with Realty Executives Associates) almost 7 years ago

Good call Tammie. I declined a seller late in the summer because his price versus condition, plus his high expectations of me did not add up. He is on his 3rd agent since July/August and his property is still way too overpriced. 

Posted by Randy Harden, www.RERandy.com (Wieder Realty, Inc.) almost 7 years ago

I encountered similar situation a couple years ago and upon my insistence, I actually took them to see the competition and told thme to pretend they were buyers. .after 3 houses they gave me the listing. . at the price I suggested.

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) almost 7 years ago

Tammie, excellent point, in that if you price the home to high even with its limitation with just three bedrooms EVERYONE is wasting their time. The Seller can come back to you when they are serious OR waste some other agent's time.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) almost 7 years ago

Tammie -- The other agent's totally lame pricing plan set this up for failure. That seller is in that mindset and it is one that is hard to change.  You rendered the highest quality and well researched cma.  If the seller disagrees with the numbers, then there is no chance for success.  You did the right thing.  I have done the same.

Posted by Barbara Altieri, REALTOR-Fairfield County CT Homes/Condos For Sale (RealtyQuest/Kinard Realty Group, Fairfield and New Haven County CT Real Estate) almost 7 years ago

This is so true.  They call in the expert to help and then fight your advice!!

Posted by Nancy Timberlake, REALTOR - Southern Maine (RE/MAX Shoreline) almost 7 years ago

Great job Tammie!  I agree 100% that it is a waste of my time and energy to take over priced listings.  I know some agents believe take them all and hope to pick up a buyer but I disagree.  I would rather list a home and reflects my knowledge in the area!  A home that is over priced by $50,000 reflects poorly on the agent!  

Posted by Sherri Berry, Murfreesboro TN Homes & Real Estate (Reliant Realty, Murfreesboro) almost 7 years ago

Our time is the most valuable things we have.  Time can't be bought, or even bought back.  A resource as important as time needs to be calculated into everything we do as agents and brokers.  And if a listing will waste time AND money, then it is a no brainer to decline to market that home.  Great post!

Posted by Dylan Taft, Ulster County Area Consultant (Dylan Taft Broker/Owner Taft Street Realty, Inc.) almost 7 years ago

Good for you. Just last week I turned down 2 listings on 2 homes owned by the same investor, because it was not going to be a realistic proposition for different reasons than yours.

Posted by Alan Brown, 26 Years of Real Estate Experience . (Coldwell Banker Montrose Colorado) almost 7 years ago

Hi Tammie,  You go, girl !  Too many agents would have caved and taken the listing while hopeing for a price reduction.

Posted by Bill Gillhespy, Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos (16 Sunview Blvd) almost 7 years ago

Tammie, I admire your stand.  So many agents think that maybe they can convince the seller to drop the price later.  Other than wasting time and marketing dollars, the seller will blame the agent if the home does not sell.  I'd rather have happy clients that spread the word for me.  Good read, thanks. 

Posted by Ellie Penaranda, Naples Florida Real Estate - Waterfront & Beach Co (239.776.5077 Downing-Frye Realty ) almost 7 years ago

Tammie --- so the listing was previously marketed $50,000 higher than the competition with a (shall we say misguided)unusual pricing technique and there it sat unsold.   Hmmm, so how's that strategy workin' for ya?   Time to say Buh-Bye and onto a real seller.  Next!

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) almost 7 years ago

Love your post!  Good call, lots of home sellers think real estate agents are desperate and are often very shocked when we say no.

Posted by Ava Anderson, Selling Atlanta from A-Z! (A-Z Atlanta Realty ) almost 7 years ago

There's the agent that will just take the listing because it's there and then there's the agent that will actually try to sell it, but the seller has to be on the same page.

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) almost 7 years ago

Tammie!!  Good for you.  You really did your homework, were well-prepared, and knew exactly what you were talking about.  This Seller would be lucky to have you as their partner in selling their property.  And, it is also clear that her prior agents' theory on pricing a home did not work.  I suspect you will be hearing from this Seller again.

Posted by Former Agent (None) almost 7 years ago

Well done. It is so difficult sometimes because you do look out for the best interest of the seller but if they aren't willing to understand the market then it just isn't going to happen. Great job handling that situation!

Posted by Rob Thomson almost 7 years ago

Great job Tammie! Who in their right mind would list a home that is $50,000 over priced?  Or even $5,000 for that matter.  I hope she had a reality check after you left.  I wouldn't be surprized if she came back to you a much more humble person, unless she is like a lot of folks, underwater!

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 7 years ago

Tammie...this is a great post.  I admire agents like you who do the right thing.

Posted by David Becker (Boutique Realty) almost 7 years ago

A good Realtor, will sometimes need to decline listings.

A mediocre Realtor will spin his/her wheels by chasing down each and every one, even if they're totally unrealistic.

I don't need that type of exposure.

Good post, thanks for sharing it.

Posted by Anthony Daniels, SF Bay Area REO Specialist (Coldwell Banker) almost 7 years ago

Great research and service that you provided to her. Too bad some people just can't accept reality. I love the ones that jsut say " I want to walk away with x amount". Well, the agent just showed you overwhelming evidence that that is not possible. Go find another agent that will lie to you just to have the listing and their sign in the yard. Then call me back in 6 months after it's expired again if you are ready to listen to facts.

Posted by Jeff Pearl, Full Service Full Time Realtor (RE/MAX Distinctive / LIC in VA) almost 7 years ago

It really depends on your focus.  Declining a listing may be the best option if you know it won't sell, but too many agents don't pay attention to the concept of market share.

Posted by Jonathan Benya, The Benya Group (The Benya Group) almost 7 years ago

You are exactly right.  you are in business to sell homes, not just list them

 

 

Posted by Heather Anderson, Real Estate Concierges (214-317-1964- www.REConcierges.com) almost 7 years ago

A thorough comp, previewing the competition, and doing your homework.  Makes sense to me.  Now the other agent who said to price it using a formula with price paid, plus commission, plus what the seller wants to net might make sense . . . the seller can ask for any price they want to.  But, for a home to sell in the market that type of price formula will have that property on the market for a long, long, long time -- until pricing "caught up" LOL  You did the right thing and declined.

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 7 years ago

Tammie, It's sad when sellers get bad advice from other agents. We need more agents like you to stand their ground when taking those listings. After all, it will cost money and time to market them, and having an over priced home is hard to sell in any market. I recently had a similar conversation with another home owner, who wasn't happy with the number of showings they were getting. Their home had been on the market for almost 6 months, and no showings.  I did my research and told them that it was the price, and the poor marketing of their home.

Posted by Jerry Newman, Texas REALTOR, San Antonio Military Relocation (Brown Realty, 210-789-4216,www.JeremiahNewman.com) almost 7 years ago

Great choice!  In the end it would have been nothing but trouble for you and in this market, it's not worth that kind of headache.

Posted by Justin Dibbs, REALTOR® - Ashburn Virginia Homes for Sale (Pearson Smith Realty) almost 7 years ago

Great post, Tammie! Taking a listing that sits for months on the MLS because of faulty pricing isn't worth the time and resources required to market it.

Posted by George Lawson almost 7 years ago

Great post - I was having a conversation with an agent the other day.  He was saying "I want listings. I need listings.  But NOT if I have to advertise something that can't possibly sell!"  Too true.  They are playing with the houses money...which is very easy for them....but....

Posted by Ruthmarie Hicks (Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605) almost 7 years ago

Tammie, I have walked away from many listings because sellers have such an unrealistic view of their homes worth. Many times they don't realize it but they are attaching all the emotions of having lived in the home (renovating blood sweat and tears, birth of children, death of loved one, child's first date, weddings, holidays, etc - all the "living" we all do in our homes) and they think that it has a monetary value. The buyer on the other hand doesn't give a fig about the sellers emotional attachment and memories.  All they want to do is create their own.  If all agents - REALTOR or not, followed your fine example, we would not have to turn down listings for for the reason you did.  We would likely be turning them down because we had too many!  :o)

 

Posted by Diana Hoyt (Lakes Region Buchanan Group, Ossipee, NH) almost 7 years ago

Bravo, Bravo! I'm afraid to say things like you did in your last paragraph for fear it may turn off and turn away "prospects". But on the other hand, it's time for all real estate agents to stand up and STOP all the "suspects" from wasting our time.

Posted by Cheryl Dukes . . . . . Intown Atlanta (Solid Source Realty, Inc.) almost 7 years ago

Good for you!!  Since you brought up COE, you should have pointed out in the COE how her previous agent was not allowed to misguide her on her market value...

Posted by Donna Harris, Realtor,Mediator,Ombudsman,Property Tax Arbitrator (Donna Homes, powered by JPAR - TexasRealEstateMediationServices.com) almost 7 years ago

Tammy -- I might need that other agent's name.  Then I could get the $650,000, I would like for my 1600 sq ft rambler amidst blocks of craftsman houses (all of which are currently selling in the low $100s.)   LOL

Posted by Steven Cook (No Longer Processing Mortgages.) almost 7 years ago

I totally agree with you...good job. Unfortunately, so many agents do not know how to price a property and just take the listing at what the sellers want to get...with the idea "we can always come down" And, the idea of getting an appraisal does not work either because we can only sell a house at "market value"...Our independant appraisals are coming in way too high.

Posted by Julie Bryan, Thomasville GA Real Estate (KeySouth Real Estate Group) almost 7 years ago

Good for you! This shocked me:

"told her to take the price she paid, add the REALTOR's commission and then her desired profit to get the listing price."

Seriously?  Folks do that sort of thing? Must be a new agent? I have walked when folks don't want to listen to me.  It takes us far too much time to do what we do to sell a home to not be taken seriously!

Posted by Kristin Moran, San Antonio,TX - Real Estate - 210-313-7397 (Owner - RE/MAX Access - KristinMoran@Remax.net) almost 7 years ago

I agree with you Tammie. Marketing the home takes a lot of time and effort so it is just right to make sure that you are selling a home that is sellable. Great post Tammie.

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) almost 7 years ago

Good job Tammie!  I should have done the same with one of my current listings  : )    Live and Learn

Posted by Paul Armstrong, Serving Orange County & The Long Beach Area (Realty Network) almost 7 years ago

Terri - I agree. So why don't more agents do that?

Demarco & Marisa - I'm not sure that sellers really get the cost of marketing a property.

Jenifer - Consumers need to be better educated on this.

Cathy - That's exactly what I said. You already tried that price it didn't work.

Debbie - I did suggest she wait until a later date to sell.

Women of Westchester - The agent was probably more interested in the sign calls than selling this home.

Scott - That's the chance we take.

Wallace - I have tried this same strategy but then found the seller unwilling to reduce the price. Now, I price them right from the beginning.

Brian - Too many agents don't do that.

Charlie - I have also taken clients to preview properties--sometimes it works, sometimes it doesn't.

Rene - No kidding.

Mike - Absolutely.

Donald - Agreed.

Dale - I was shocked. Who would ever say such a thing to a seller?

Ellie - Do sellers understand that we pay for marketing out of pocket? I guess, it's because they think we make so much we can afford to list houses that won't sell.

Norm - I don't expect that will happen in this case.

Chiara - The agent actually lives in this neighborhood. Maybe it was wishful thinking. Who knows?

Judith - I did prepare a written analysis for her with all the information. She was mistaken in thinking I would take the listing based on her idea of where it should be priced.

Michelle - She definitely was in that category.

Lisa - One of the problems with over-pricing is that neighbors call to list with you based on a number that won't sell. Then you don't have one over-priced listing but severals. No one wins in that scenario.

Mark - It's a tough sell when it's over-priced.

Gabe - Maybe.

Joy - Can anyone really afford not to turn away business when the sellers expectations are so off?

Dawn - I agree whole-heartedly.

Mike - How true.

Richard - Why do agents do that?

Rosalie - I'm going look that up. That is another reason to tell the clients we can't list at their price.

Chuck - Unfortunately, this is happening more often than it should.

Michael - Listings that would sell.

MaryKay - Thanks.

Barbara - The one who really wants to sell.

Bruce - No she doesn't.

Cheryl - I did that. She was not having any of it.

Jackie - I won't.

Jared - I like to think I'm in that group.

Timothy - That is so true.

Christine - Agreed.

Weider Realty - I've seen a few of those.

Fernando - Good strategy.

Gary - She was very upset to find the builder had stopped building this model. Especially, when she heard the reasons why.

Barbara - So happy to hear that.

Nancy - Why is that?

Sherri - I agree.

Taft Street - Thanks.

Alan - This is just one of the reasons I've had to turn down listings.

Bill - That's not the way to do it.

Ellie - I took a listing last year with a seller who agreed to drop his price if it didn't sell within three months. It didn't and he refused to drop the price. I let him go. He's been with three agents since then and still over-priced. That's why I am so adamant about this from the very beginning now.

Michael - She blamed the previous agent's poor marketing not the price. She really thought I could get it sold and I could have for the right price.

Ava - Obviously, from her response.

Ed - Absolutely.

Aimee - I'm not holding my breath.

Rob - Sellers make it so difficult sometimes.

Evelyn - She wasn't but hoped she could still turn a profit.

David - Thanks.

Anthony - Neither do I.

Jeff - After the home has dropped even further in price.

Jonathan - I'm sorry that's not who I want to be. I know a local agent who does that and then doesn't sell listings for 2-3 for about 55% of what they were originally listed. That's not how I want to be known. Sorry.

Heather - That's exactly what I say.

Carla - It was the right decision for me.

Jerry - Since I market to expireds, I seem to be having this conversation a lot lately.

Justin - Agreed.

Ruthmarie - I can't afford to market homes that won't sell.

Diana - I like that way of thinking.

Cheryl - If my phone rings because of this article, then I know the seller is ready to price their home right.

Donna - I should have and will do that in the future.

Steven - Too funny, really.

Julie - The home definitely would not have appraised.

Kristin - Actually the agent was not a new one. But I did a little bit of research. It appears that many of her listings are expiring for this very reason.

Katerina - So true.

Paul - I wasn't always this wise.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Tammie--I'm sure someone will take the listing and waste their time, efforts and money but not you! Smart girl you are! :)

Posted by Teri Eckholm, REALTOR Serving Mpls/St Paul North & East Metro (Boardman Realty) almost 7 years ago

Another example of "not all business is good business".  Congrats for making the right business decision.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 7 years ago
Tammie- wow I had that same conversation on a listing appt last week. The seller had interviewed 12 agents before "choosing" me. It took me thirty minutes of going over the solids and the competition. As you I visited the comp because I did not want the "I used super duper nails on my house, and that's why I should get more money...." I walked away from what could have been 6 months of wasted energy and resources. Have to admit it was a little freeing. The seller was used to running the show and was quite speechless when I suggested he use another agent.
Posted by Kimberly Tapscott, Giving you the service you deserve! (Keller Williams Prestige Properties) almost 7 years ago

Good for you Tammie!  It took me a while to realize how I was hurting my business by listing over-priced homes.  Not to mention spending time and money on something that is going no where! It doesn't look good for your sign to be in the front yard for a year.

Posted by Dawn Heisler, Associate Broker (Homestead Properties, Ltd.) almost 7 years ago

Very well said Tammie, now can we broadcast this to every seller and potential seller to save us some time :0)

Posted by Priscilla Hammond, Making amazing happen (RE/MAX Consultants Realty 1) almost 7 years ago

Tammie i agree that it is neceesary sometimes. I recently had a seller who wanted to list their home $50,000 more than all other condos had sold for in her complex because another agent told her she could, i looked at teh bpo and it teh agents comps were no where near what this condo was. i didnt take the listing as she was unreasonable in her expectations and the condo would never sell that high

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) almost 7 years ago

You definitely called this one right...not only can you turn down an overpriced listing, you should. An overpriced listing won't sell and taking it makes you look like you don't know what you're doing.

(All that was missing was the old Mike Ferry line that you would be glad to refer them to another agent who specializes in not selling houses)

Posted by Carl Pruitt, http://FHALoanAdvice.com (FHA Loan Advice) almost 7 years ago

We all have listings that we wish we'd turned down.

I'm glad to decline taking a listing when the seller wants it overpriced.  Some sellers forget that our reputation is at stake when we accept an overpriced listing.

Posted by Eric Kodner, CRS, Madeline Island Realty, LaPointe, WI 54850 - (Madeline Island Realty) almost 7 years ago

Teri - I'm sure you're right.

Kathy - True.

Kimberly - Good for you.

Dawn - Ain't that the truth.

Priscilla - I wish there was a way.

Scott - YEAH!!

Carl - I'm going to remember that line.

Eric - It really is.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Bravo for you! You went above & beyond and know the market so well, she didn't appreciate your expertise. NEXT.

Posted by Erica Ramus, MRE, Schuylkill County PA Real Estate (Erica Ramus - Ramus Realty Group - Pottsville, PA ) almost 7 years ago

Erica - My thoughts exactly.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Congratulations!  Some agents never get it and you do. Move on to sellers that actually understand what it takes to sell. 

Posted by Karen Feltman, Relocation Specialist in Cedar Rapids, Iowa (Cedar Rapids/Iowa City, IA KW Legacy Group) almost 7 years ago

You're right. Sometimes you just have to walk away. Reality will set in and hopefully they come to their senses.

Posted by Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic (www.mrbrownsellsgr.com) almost 7 years ago
I have actually had one get angry with me. They said "Is real estate that good that you can afford to turn down listings?" my answer was that I could not afford to invest that amount of time to market something that I cannot sell.
Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (Berkshire Hathaway Home Services - Anderson Properties) almost 7 years ago

Well said Tammie. I'd rather let a listing go than let it down. If they aren't realistic we'll waste valuable resources and our sanity. 

Posted by J. Philip Faranda, Broker-Owner (J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY) almost 7 years ago

Tammie - This seems like a perfectly sensible decision to me though I've met potential sellers with this same belief.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) almost 7 years ago

Woo hoo, Tammie! Your very thorough research told you exactly what you needed to know about the competition vs. that listing which gave you the confidence you needed to decline an unsellable listing to an unteachable seller.

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) almost 7 years ago

Congrats on the feature! You make an excellent point, if a seller isn't willing to work with a Realtor's knowledge and expertise, then they are not in the right frame of mind to sell. And yes, sometimes, saying NO to a listing is the best way to get a sellers attention. Thanks for posting! I bet you saved yourself a lot of headaches.

Posted by Laurie Clark CRB Angel Realty LLC Your Monument Realtor 719-502-6572, Angel Realty, LLC (CRB-CCSS-ASD-HBS-RSD-Denver Short Sale Agents) almost 7 years ago

Good for you -- to take a listing like that would be a complete waste of your time .

Posted by Bob & Carolin Benjamin, East Phoenix Arizona Homes (Benjamin Realty LLC) almost 7 years ago

Tammie ... What a great article!  I enjoyed it from start to finish!  You are spot on!  Congratulations on a great job!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) almost 7 years ago

I have had sellers tell me the same thing. "I can't believe a REALTOR would turn down a listing". But I do it from time to time. Usually because the seller has unrealistic goals about the price or because he/she does not want to cooperate with me and meke the home easy to show. I had one lady who wanted elderly buyers for a home in a 55+ subdivision to park on the other side of a 4 lane high way in a hospital parking lot and walk 1/2 mile to her home just so her neighbors "would not know my home is up for sale". Of course, no sign or any agent's cars with signs on them. Then add that she wanted 30% more than the home was worth. Why, cause there was a pile of rocks in the front yard that she and her husband had collected around the country.

I was polite but backed out of her home very quickly. As far as I know, the agents she talked in to taking it over the years never did sell it. She died and it went into her estate. Oh well.

Posted by John Elwell (CENTURY 21 Bill Nye Realty, Inc.) almost 7 years ago

Robert - I'm not holding my breath.

Joni - I guess they think we're so desparate, we'll list anything.

Phil - I'm a little short on both right now so I can't afford to do that.

Christine - I think it's probably more common than we think.

Sharon - Yes, I was prepared and armed with the right information.

Laura - No doubt.

Bob & Carolin - Absolutely.

Lisa - Thanks.

John - That was definitely an unrealistic seller. Too bad she never got the message.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Tammie - another approach is to let Mrs. Seller know that yes you will list her house but you don't expect to be able to sell it ..... however you will use it to get buyers for other more properly  priced homes in the area

Posted by Kathy Clulow, Trusted For Experience - Respected For Results (RE/MAX All-Stars Realty Inc. Brokerage) almost 7 years ago

Kathy - There's a few problems with that approach:

1) Neighbors may call to list their home at the same unreasonable price.

2) I end up spending marketing dollars on a home that won't sell.

3) It tarnishes my credibility as an agent who knows the market well.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Tammie-I just love reading stories like this. Good for you, and congrats on the feature.

Posted by Marie Graham, Westchester County Interior Decorator, Home Stager (Owner, The Refreshed Home White Plains NY) almost 7 years ago

Marie - Thanks.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Hi Tammie, Great to hear you are an agent that stands her ground and tells it like it is. There are so many agents out there that will take a listing at any price just to get a sign on the lawn. You may not get the lsiting now but after it expires a few times she may be calling you back, I have had that happen. 

Posted by Joan Congilose, Marlboro, Manalapan, Freehold NJ Homes (Century 21 Action Plus Realty ) almost 7 years ago

Joan - I would be happy to list it for the right price.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Agents thought I was crazy when I did that. I'm going to loose marketing dollars, kill any chance of selling another home in the neighborhood and possibly loose other clients when they see my DOM so high with my inventory for what!! Another agent to sell 6 months later when she comes to her senses... I feel you Tammie!

Posted by Steve Queen, Chosen Realtor for Bowie And Laurel (Bennett Realty Solutions) almost 7 years ago

Tammie - way to go.  There are always agents who will take overpriced listings because they just want the listing.  I had this conversation with another agent about taking overpriced listings and he told me that all he is going to do is put a sign in the yard and put it in the MLS and that's it.  He was afraid of loosing the listing to another agent.  What a waste of time and money.

Good for you to stay your grounds, it is sometimes hard to do but it is well worth it not having the stress and headache explaining why it had not sold or why there are no showings :)

Posted by Petra Norris, Realtor, Lakeland FL Homes for Sale (Lakeland Real Estate Group, Inc.) almost 7 years ago

It was a good thing she had only modest expectations of equity return.  If she had greater expectations, it's conceivable she could have priced it $100,000 over market value.  It's inconceivable that an agent, even a newbie, would recommend such a strategy in today's market place.  Good job for declining!  

Posted by Chuck Gollay (Exit Realty Paramount) almost 7 years ago

Good for you Tammie!  If all agents would do this we could eliminate so many problems.  I recently turned down a listing as the seller wanted over 50% more for her property than the comps supported.  She turned around and listed it with another agent at the price she wants.  If she holds to her "guns" and refuses to take less than what she wants it will just turn into another expired listing.

Posted by Terry McCarley, REALTOR, SRES, CDPE - Cape Coral, FL (REMAX Realty Team - Cape Coral FL) almost 7 years ago

Hmmm...... is this really what the previous agent told her or is this just a seller claiming this to try and get yet another agent to take an over priced listing? Could be interesting to talk to the previous agent and find out who's pricing strategy this really was (his or the "seller's") before jumping to any conclusions.

 

Posted by Patricia Hausner almost 7 years ago

Tammy these situations alwasy bring up a phrase I learned many years ago- 'Let me refer you to someone who specilizes in overpriced listings"!!   

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) almost 7 years ago

I like your post, your philosophy and your style.

Posted by Harley Wilcox, Harley Wilcox (West Group Real Estate) almost 7 years ago

Tammie, excellent post.  I have turned down quite a few listings that justified substantially lower prices but was recently surprised by an overpriced listing that just received an offer close to list price. 

Posted by Rebecca "Becky" Joens, Broker- Associate, SFR, RE Instructor (ASHTON REALTY GROUP) almost 7 years ago

That is why I call it a Listing Investment.  Any time a Realtor accepts a listing, you are investing your time and money into marketing and promoting the property.  If a listing is not a good investment, it is best to move on to a better investment.  What makes a listing a good investment?  A cooperative seller who understand that their role in the sales process is to list the home competitively, stage it for optimal showing and allow accessability for Realtors and buyers.  If a seller is unwilling to participate in this process, they are not a good investment.

Posted by Tracy Coles almost 7 years ago

Great post Tammy. I read an article on Active Rain a couple of years ago about trying to sell a $30 tube of Crest Toothpaste. No matter how good the marketing is, if the product is over priced it is not going to sell.

Posted by Michelle Rottach, Scott County Iowa Real Estate (RE/MAX Elite Homes) almost 7 years ago
Excellent story. You're absolutely right about not wasting our time and money for a house that will never sell. I'll be using this strategy in the future.
Posted by Seana Yates (Thrive Homes and Estates) almost 7 years ago

Kudos, Tammie!

Well said, well done.

Posted by Monica Hill, the REALTOR to help you discover Delaware (RE/Max Associates) almost 7 years ago

Congratulations!   I had a seller run away from me into her garage - screaming "you realtors are all the same, you want to price low" - when I presented the CMA and indicated where the price should be.   She then listed with another realtor at a higher list price and then slowly the price came down but always behind the market.  She changed to another agent and still not sold!  When it is not a "cookie-cutter" market it is difficult to price a house sometimes.

Posted by Elizabeth Y. Foulds, Your St Michaels Realtor (Long & Foster Real Estate) almost 7 years ago

Tammie,

I am amazed that the "other" agent did this injustice to falsly allow someone to think they set the price that their house will sell for. I understand allowint the client to discuss the features and the comps however if they are out of line we all know the house will NOT sell. Great job at giving her options and then making your decision based on her choices to decline the listing!

Posted by Anonymous almost 7 years ago

Tammie, good for you! I wish more agents were like you! I recently turned down a listing because of unreasonable demands by the seller. Another agent who knew about it said something to the effect that don't I want money in my pocket? Please, I get paid when a listing closes, not when it sits on the market and doesn't sell!

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) almost 7 years ago

I agree Tammie.  Too many agents just "buy" a listing buy giving whatever price the homeowner / seller wants without a thorough analysis, just ot get their name on the street.  When the listing expires, the agent says it's just the market and relist with me, for a lower price.  There is no substitute for a thorogh CMA and setting the proper price for the listing to sell.

Posted by Bob Marshall (Home Smart Ion Real Estate) almost 7 years ago

Steve - I agree we do lose credibility when we do this.

Petra - What do I say to future clients who ask why it hasn't sold? It's priced too high. The prospects would blame me not the seller.

Bill - You have to use comparables. That's it.

Chuck - Thanks.

Terry - Eventually, she'll take even less than you offered to list it for.

Patricia - After meeting with the prospect, I did a little research on this agent. It appears that the majority of her listings over the last year have expired. In looking at the numbers, she was consistently over-priced. So decide for yourself. What you suggest is entirely possible.

Anna - I like that.

Harley - Thanks.

Becky - It can happen but rarely does.

Tracy - I like the way you think.

Michelle - I'll have to hunt that one down.

Seana - Good for you.

Monica - Thanks for stopping by.

Elizabeth - I have heard those same words.

Anonymous - Thanks for commenting.

Pam - It seems more agents would know this. It's not rocket science.

Bob - The numbers were on my side.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

:) Smile ... BIG ONE!  You did it right and you have the guts as well!  Congratulations.  I wish all agents would approach it as you did.  I have also declined listings where I knew it would be an unproductive exercise in futility!

Posted by Allyson Hoffman, Making Today's Dreams Tomorrow's Reality! (RE/MAX Villager (Chicago North and North Suburbs Real Estate)) almost 7 years ago

Like Kenny Rogers sang, "You got to know when to fold 'em."

Posted by Marshall Brown, BSEE, CHI (Mid America Inspection Services, LLC) almost 7 years ago

Smart decision!  Any yes, it's amazing how sellers can be so surprised that an agent would not be excited to take on an over priced listing.  Is it even possible that her last agent told her that formula for pricing a home?  That sounds insane, but some of the people in this industry never cease to amaze me.

Posted by Kate Akerly, Manhattan Beach Residential Sales (Kaminsky Group) almost 7 years ago

Good for you! We need to work the properties we can sell, not the one's we can't.

Posted by Tim Bradley, Commercial Real Estate Expert in Jackson Hole, WY (Contour Investment Properties) almost 7 years ago

"You see, her previous agent told her to take the price she paid, add the REALTOR's commission and then her desired profit to get the listing price."

 

HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA!!!!!!!!!!!!

Posted by Jayson Holland, Jay Holland (Listings.com) almost 7 years ago

Another option would have been to take the listing on a fee for services basis with an upfront retainer.  I do this on about 1/2 of my non short sale listings.  This way, you are at least getting paid for your services.

 

Posted by Jirius Isaac, Real Estate & loans in Kenmore, WA (Isaac Real Estate &TriStar Mortgage) almost 7 years ago

You are to be commended.  Many agents would take the listing anyway.  I've tried to use that strategy with my clients, but if they won't budge, I tell them that I'll list it at their desired price for two weeks.  If we get no showings or offers, the price comes down over the following two weeks until it's where I said it should be.  If they don't like that strategy, I walk away from it.

Posted by Brad Baylor (ERA Coup Agency) almost 7 years ago

Good for you! Working with a seller in denial just drains agents of time, money and emotional well being.

Posted by Kalene Bagwell, Realtor - Selling Blue Springs - Kansas City Metro (Realty Executives Of Kansas City) almost 7 years ago

I agree,  I prefer listings that sell or at least have a chance of selling.

Posted by Michael Singh,Broker (Singh Real Estate) almost 7 years ago

Amen. Most agents however will take the listing using a strategy like Brad, #131, which I find unfavorable to the seller because once the property's price is reduced, the value of the property is compromised and it's certain to keep falling since more offers will always be less than the reduced price. Happens all the time, doesn't it?

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) almost 7 years ago

How unfortunate for this seller to not understand that she had come upon a great agent who consciencioulsy and thoroughly reviewed the market and local competition in order to price the home competively so that it could sell in this ever challenging environment. We know it is hard for sellers to realize that this is a different market.  In my area, roughly 2 in 10 sell.  Price is the driver.

Posted by Dawn & Charlie Tetro, Real Service Real Results (PalmerHouse Properties & associates) almost 7 years ago

Good for you.  I wonder if she learned anything.  If she liked her first agent so much she should have stuck with him.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) almost 7 years ago

Allyson - I wish there were more like us.

Marshall - I always like Kenny Rogers.

Mike & Kate - It's hard to believe anyone would use such a formula.

Tim - It's hard enough to sell the ones that are priced right, let alone ones that aren't.

Jayson - It is laughable.

Jirius - Interesting concept.

Brad - I tried that once. Didn't work for me.

Kalene - The emotional well-being is usually the thing that takes the most toll because the seller harasses you because they are getting any showings. Sorry, I've got enough grief in my life already. I don't need anymore.

Michael - I like those odds as well.

Kimo - Amen is right.

Dawn - That usually gets the job done.

Gene - When I asked why she thought the listing hadn't sold, she said it was due to poor marketing--not the fact that it was over-priced by $50,000.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Tammy

A real estate professional needs to know when to say yes and when to say not.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 7 years ago

Good job!  Or you could have always agreed to take the listing at her price... as long as she paid the commission up front....

Posted by Emilie Greenwell (ALLEN REALTORS) almost 7 years ago

Is started telling folks at the listing appointment one of three things would happen.

1. We decide to work together to sell the home

2. They are going to decide not to list with me.

3. I am going to turn down the listing.

It is fun to say. It is fun to see their faces when I do say it. It makes it easier to walk away from a bad situation. Plus it puts a lot of power back to the listing agent from the seller.

 

Posted by Michael Simcock, Elk Grove, CA Realtor 916 425-1084 (Coldwell Banker (Elk Grove, CA)) almost 7 years ago

Lou - I agree.

Emilie - I'm sure she would have agreed to that.

Michael - I love that.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Saw Lenn's reblog...You are so smart to walk away from a no win situation.

Posted by Karen Fiddler, Broker/Owner, Orange County & Lake Arrowhead, CA (949)510-2395 (Karen Parsons-Fiddler, Broker 949-510-2395) almost 7 years ago

You did the right thing. The Realtor that will eventually list and sell the home could be 1 or 2 more listing agents down the road. If she wouldn't budge on her price with the previous agent, she most likely will not budge for you. When she finally decides to price it right, she will list with the agent of the moment and they will become the hero.

Posted by Anonymous almost 7 years ago

Amen. Does neither party any good to incorrectly price the home. I think many agents are delusional because they have all these listings.  But if the listings NEVER SELL, who cares Mrs. Listing Agent.  You can have 50 overpriced listings & get the top listings award for your office.  That will make you feel good when the mortgage payment is due ......

I also like the sellers who say 'I paid for this marble from the builder so I expect $$ more'.  That's also not the way that works.

Posted by Lyn Sims, Schaumburg IL Real Estate (RE/MAX Suburban) almost 7 years ago

Tammie

Good going.  Yes you can say no.  We are not in the business of getting the seller what they want to net!  I just lost a listing because the seller and I did not agree on a listing price.  He wanted to be 10% higher.  Good luck with that.  Unfortunately there is always a realtor that will buy a listing, so those sellers feel justified.

Posted by Kathy McGuriman, CRS, SRES, ACRE, Realtor for Lansdale, PA area (First time home buyers, downsizers,seniors,new construction) almost 7 years ago

Best to stay away from an overpriced listing unless the seller has a big motivation to sell.  If they are motivated, then at some point they will probably drop their price to a realistic number.

Posted by Rob Arnold, Metro Orlando Full Service - Investor Friendly & F (Sand Dollar Realty Group, Inc.) almost 7 years ago

Yay Tammie!  I like your style.

I was snooping around the other day and noticed that a listing I refused to take was quietly withdrawn after 9 months on the market at $120K.  The closest comp was $85K.  Ridiculous listing.

Posted by Buster Avila, None (RE/MAX Metro ) almost 7 years ago

Tammy, it is not a concept & i have been doing it for over 10 years now.

Posted by Jirius Isaac, Real Estate & loans in Kenmore, WA (Isaac Real Estate &TriStar Mortgage) almost 7 years ago

You were well prepared and had all the tools you  need. You kept it very professional too! Great Job. Hopefully that seller realizes she was wrong

Posted by Jairo Arreola, VA Home Loan Specialist - SF Bay Area - South Bay (Lotus Group Realty) almost 7 years ago

Great job, I think the next time it expires, you just might get another call.  Good luck and congrats to sticking to your guns!  You are absolutely correct, it wastes both time and money.

Posted by Tracy McPeek almost 7 years ago

Tammie,  Congratulations on being a real professional and doing a thorough job.  If we could get everyone in our business to work that way there would be a lot less unrealistic sellers and overpriced listings.  I truly applaud you!!

Posted by Ralph Janisch ABR CRS Broker, Selling Northwest Houston to good people like you! (Janisch & Co.) almost 7 years ago

Karen - Happy that Lenn sent you my way.

Anonymous - Probably.

Lyn - Agreed.

Kathy - So let another agent lose money.

Rob - But they'll probably be chasing the market for awhile.

Lisa - It happens but not to me.

Jirius - Obviously, that works for you.

Jairo - Hopefully before she defaults on the house.

Tracy - I doubt that.

Jeanne & Ralph - Agreed.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Great job ....too many agents are afraid to walk away. You did so knowing that you had nothing to gain. Kudos!

Posted by Carol Culkin, Overland Park (Reece & Nichols) almost 7 years ago

When you have done all your homework and shown the client what to do and they still insist on their way or no way.... you can only walk away. You can be sure none of them will say let me pay for the marketing campaign on my home...I feel that I am that right!

Posted by Sussie Sutton, UTR TEXAS Realtors - Rep for buyers and sellers. (UTR Texas Realtors) almost 7 years ago

Carol - Exactly.

Sussie - I may try that sometime and see how they respond.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Hi Tammie...Congratulations on your feature and your decision not to list.  I've done the same thing.  It's hard enough to get well priced homes sold without taking on a listing that will only cause frustration for the seller which they'll probably take out on you because they don't get an offer.  I've told them that they will become annoyed and blame it on me even though I've told them a lesser price.  I don't need that.

Kate

Posted by Kate Elim, Realtor 540-226-1964, Selling Homes & Land a (Dockside Realty) almost 7 years ago

Sometimes you have to walk away and sometimes you have to run! Good for you for standing strong!

 

Posted by Rick Irving, Rick Irving Knows Real Estate (My Texas Home Real Estate) almost 7 years ago

Don't we wish that pricing a home was as easy as the first agent's model?

Posted by Steven Pahl, Real Estate Consultant Tampa, FL 813-319-6423 (Keller Williams Tampa Properties) almost 7 years ago

I have a question for you guys ... do you track these occurrences and capture that data? I know that many of your listing presentations have talking points on properties sold ... what about ones like this?  Would there be a value in capturing the data so you could say to the Seller... "Look, 5618 Pine -- I set the price at $125,000, they wanted it priced at $150,000, it sat on the market and eventually sold for $120,000 after 18 months and the seller carried the cost for those 18 mos, and put up with people coming in and out of their home for 18 months -- is this REALLY the way you want to go?"  ... or something like that?  It occurs to me that if you reached this point in your discussion and could pull out data on 3-4 properties that WOULD NOT LISTEN TO YOU and failed to benefit, and you had the data,  --- you might be able to get through to the Seller. You'd need more than one example which is why I ask you if you follow these properties and track them .. doing so may reinforce your ability (in the Seller's mind) to set the price correctly, and you'd have the data backing you up.   The other thing I'll mention is many of my high end clients get reimbursed for their marketing costs if the property is withdrawn, expires or terminates. "Look, I'm about to spend caboodles of time and money promoting your property with every confidence it will sell at $1.2M, if you insist on setting the price at $1.9M will you agree to reimburse my marketing costs if it fails to sell ? " 

Posted by Judith Sinnard, The SMARTePLAN Lady (SMARTePLANS; Houston, Texas) almost 7 years ago

Tammie - Great information and very deserving of the feature!  Like you we are very thorough when setting a price with a seller.  We have, however, taken listings in the past that we knew were overpriced but with the agreement that "if we didn't have substantial activity and at least one offer within 2 weeks" it would be reduced to the price WE recommended.  Needless to say, we always end up doing the reduction and the home sells!

Posted by Bill & Cyndi Daves, TeamDAVES - Your REALTORS In the GA/NC Mountains! (Hiawassee, Young Harris, Blairsville, Hayesville, Murphy and Beyond!) almost 7 years ago

Congratulations, unfortunately I wouldn't say that it was completely her fault, how about the way the other Realtor explained her about how to price a listing?  He is the one to blame for raising her expectations and for making the rest of us look bad!

Posted by Christian de Almeida almost 7 years ago

The same can be said for buyers. I sent one an email a couple of weeks ago telling them to never as me to show them another property.

Posted by Alan Grizzle almost 7 years ago

Kate - That's exactly what she did with her previous agent. She said it wasn't the price it was the marketing. She didn't understand that no amount of marketing will help if it isn't priced right.

Tex - I ran.

Steven - I wish it were easy...that's true.

Judith - I think that's a great suggestions. Although sellers usually find a reason why they think their home is worth more. However, I think it's a great idea.

Bill & Cyndi - I think if you're within a few thousand dollars of list, you can make that work. But we were $50,000 apart. We were never going to come together on price.

Christian - It is going to take a long time for the seller to come to this realization.

Alan - Good for you.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Hi Tammie,  Great for you.  Seller will likely call someone else who will list it overprice and under service it.  My suggestion?  Follow up in 6 months and get it right!

Posted by Bob Miller, The Ocala Dream Team (Keller Williams Cornerstone Realty) almost 7 years ago

Bob - We'll see.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

GFood for you. I am getting ready to fire a customer for refusing to reduce price.

Posted by Phil Hanner, Phil at http://www.findahomeinportorange.com/ (Keller Williams) almost 7 years ago

Phil - That's too bad.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

Tammie ~ it's funny how sellers think we have to business with them and can never fire them!  HA!  Are they wrong.  Nice decision.

Posted by Dawn A Fabiszak, The Dawn of a New Real Estate Experience! (Private Label Realty ( Denver metro area, Colorado) almost 7 years ago

Someone will take that listing and it will eventually sell but how long? good for you

Posted by Charles Stallions, 800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl. (Charles Stallions Real Estate Services ) almost 7 years ago

Dawn - We are independent contractors. As such, we can take or decline a listing that does not fit within our business plan.

Charles - I am sure you are right but this was not a battle I wanted to take on.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

The battle we choose to fight in this business will eventually define how we work and dictate even the quality of life we live and how much money we make.   I would rather make less money than have a bunch of listings that were difficult to sell.

Posted by Paul Campbell Realtor Lexington, Kentucky Homes for Sale (Rector Hayden, Lexington, Ky) almost 7 years ago

Yeah as an agent who specializes in expireds, this is a hard discussion to have with each and every listing presentation I make, for sure.  I just looked up the numbers yesterday and over 4,500 properties have expired this year in my area.  I wonder what that number would look like if EVERY agent was earnest in their business practices and helped more sellers self-discover the best price to result in a SOLD listing...

Posted by Terronald Logan, Realtor, Homes for Sale - Austin, Texas (Keller Williams Realty) almost 7 years ago

Paul - I am with you 100%.

Terronald - I also worked with a lot of expireds. If they aren't willing to price correctly, I can't help them accomplish their goals.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago

I recently cancelled two commercial listings, after I made the mistake of taking the listings, both having partners who disagreed on just about everything.

Good Article

Posted by Bob Usey almost 7 years ago
Bob - Sometimes those mistakes can be costly.
Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 7 years ago
It's a tough conversation when a Seller is convinced that their home is worth a lot more. Sticking to your guns sometimes shows them how serious you are, but sometimes they have to find out the hard way by long days on market and low ball offers going with someone else
Posted by Sylvie Stuart, Home Buying, Home Selling and Investment - Flagsta (Realty One Group Mountain Desert 928-600-2765) over 6 years ago

Sylvie - It just doesn't pay to have a listing that lingers on the market. The seller will get less than they should because they took the risk of pricing it too high to begin with.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) over 6 years ago

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