Rockland County Real Estate

SOAPBOX MOMENTS !

Last week I met with a local resident who wanted to sell
his Rockland home. As usual, I did a very thorough
“Market Trend” Market Analysis. These competitive
market analyses take 4-6 hours to prepare and leave
absolutely no doubt in the mind of the analyst
(that would be me) exactly what the chances are of the seller’s ability to sell
a commodity that is in great supply right now.

I can predict quite accurately how much time, and within a few thousand dollars the expected price point at which the property will sell. There isan old saying . . .Facts and Figures don’t lie, but “people do”.
“Overpricing a listing is good for nobody,” agrees Rick Landuyt, e-PRO®, an associate broker at Coldwell Banker Schweitzer Real Estate in Troy, Mich. I whole heartedly agree with this mindset. This is why I always come prepared when I meet with a potential client and SHOW THEM what exactly is happening in the Rockland Real Estate market. Unfortunately, this poor seller did not listen to my advice . . . he called in another realtor, who no doubt puffed him up with whatever drivel sounded good to this naive seller. So …. the seller “drank the kool-aid” and bought the big lie that “oh your property will sell very high because _________” blah blah blah.

Why would a broker take an overpriced listing anyway?

Mr. and Mrs. homeowner let me tell you a big secret that most real estate
brokers won’t tell you. The reason that they will take an overpriced listing,

knowing full well that they don’t’ have a snowballs chance in hell of selling
it at the price or near the price it is listed for.

You see, when the calls come in on that overpriced gorilla, the caller will exclaim “what are you crazy”… I don’t even want to see that house. And all of a sudden thatrealtor” will inform the caller that they do haveother properties that are available in the price range they want to see.range they want to see.

BINGO! You, Mr. Overpriced Listing Seller person have just been used. But you didn’t even know it. This scenario will play out over and over and over. Within a few weeks you WILL begin to realize that you were lied to. But now its too late because you signed a 6 month (or more) listing. They waxed eloquent about their marketing expertise and their database, and their thousands of agents, but here your house sits … lonely and waiting for some poor slob to come see it, let alone make an offer on it.

So . . . there you have it Mr. Overpriced Listing Seller …. this is why a realtor (who in my opinion is not even a realtor) would take an overpriced listing. I’m sick to death of the unprofessionalism I see day by day a- round me.

I can tell you Mr. Seller what you want to hear (wow your house is worth gold, when in my heart I know its not) or I can tell you the truth.

The TRUTH is that there is a glut of inventory in the Rockland Real Estate market. Why in the world would a qualified buyer prance through an overpriced listing when there are countless well priced properties
begging for offers?

In case you’re thinking/wondering if the realtor “thinks” so highly of your property that you’ll certainly have the chance to get more…think again . . . Even “if” a buyer did come through and offered you your inflated price, 97% of these properties are financed through a bank. Guess what Mr. Overpriced Listing Person …. you now have to get through the arduous task of the appraisal. The appraisers will use the very same criteria and statistics for their analysis as I do. At some point, you will hear the truth, but now it may be too late, for your once enthusiastic buyer will walk away. This is the stuff that real estate horror stories are made of, and our market is rife with them.

So … I think/hope you get my point. PLEASE if you are serious about selling
your investment, PLEASE do business with someone who will tell you the
truth and support that truth with facts and figures.

Don’t think I’m not tempted Mr. Seller to do what my competitors do . . .
I’m human too. I have bills to pay too . . .but I have something more
important to maintain and that is INTEGRITY. I can put my head on the pillow
every single night knowing that I’ve dealt honestly and in truth. And one final
thought so you don’t think I’m being too frank . . . none of this is really
your fault, Mr. Overpriced Listing Property Person . . . why ???

YOU’VE BEEN LIED TO. You didn’t know any different, because after all . .
the realtor said it was so, and you believed them.

Oh…ps. I get asked quite often “how many listings do you have” . . .
My answer is this. It’s not how many listings do I have….how many do I not
have? How many of my listings have sold. My answer is just about every
single one. There are a couple of exceptions to that … those small exceptions,
in each case are because the seller did not listen to pricing advice supported
by facts and figures readily available to all. In the case mentioned above,
the seller rewarded my honesty with choosing a realtor who lied to him.
I, (like many sellers and agents gone before me) have had to learn to
hard way . . . overpriced listings are a total waste of time, energy
and money.

and p.s.s. – I must hasten to add that not all realtors conduct their business
this way. The professional agents will, of course, layout the truth for their
clients. Common sense tells us that business will not thrive in an environment of deception, and referrals will be nonexistent.

Angela Fish Chan
Broker/Owner, Rockland County Real Estate

Originally posted May 25, 2007

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UPDATES TO THE SAGA:

Still Unsold – June 2, 2008
Still Unsold – July 3, 2008
Still Unsold – August 2, 2008 – reduced by $90K
Still Unsold – September 3, 2008 – The listing is still unsold
Still Unsold – October 3, 2008 and they have reduced by 100,000 from their original asking price.

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DO NOT OVERPRICE YOUR LISTING if you really want to sell within 30-60 days, or you will sit there. That’s the truth.

If you really feel the agent knows their stuff, and if they really are telling you the truth…they will not mind adding a clause to your listing contract that reads if they ask you for a price reduction within the first 30 days you have the right to fire them on the spot.