Don’t Call Us, We’ll Call You
The day after showing property is like hell for most buyers agents. Touring fifteen properties only guarantees one thing; a minimum of fifteen interruptions from super needy listing agents due to phone calls the following day. Every agent with an over priced listings wears out their dialing finger trying to get feedback. Their sellers want to know, the listing agent wants to know.
Last week I had the pleasure of showing fabulous qualified buyers couple of dozen homes over a period of three days. Besides the usual hen-pecky phone calls I received on in particular that stood out. It was from a gal who actually lives in the same community as the property I was showing. I only mention that because not only should she know better but she should have known even *better* than better.
So, “Paulette” asks, “What did your buyer’s think of the condo? My seller’s dying to know.” I answered, “They thought it was overpriced, Paulette. I agree with them, it is over priced, the view is less than fair and there is a street on two sides of the building.” <crickets>
“Well, what am I going to tell my seller?” asks Paulette. I said, “You should probably tell him that it’s overpriced, the view is less than fair, the absorption rate for that complex is 2.7 years and that I am a really smart real estate agent that knows stuff and that I’m right and he should listen to me. As a matter of fact, that same floor plan is available in the next golf community down the street nearly $100,000 less. Just an FYI.”
Swallow The Jagged Little Pill
True to form this listing agent started whining and crying in the most dramatic pms-y teenage girl who got stood up at the prom. She then began trying to rationalized why her listing price was fair in spite of the fact that the unit had been on the market since September of 2006. Yes, it’s been on the market nearly three full years.
I don’t know about the average listing agent but I would have been skipping and whistling Dixie on my way to tell a seller that they needed to reduce their price because I had back up. I had the opinion of another agent who had just seen every single floor plan of that condo in every community in a 5 mile radius that actually had it available. Not only that, I’ve made appointments for him, Mr. Owner, to see the competing properties, too.
Besides telling them there was 2.7 years of inventory I would have shown them a little math equation like this, too:
$425 x 12 = $5,100 (Master Home Owners Assn)
$1,325 x 4 = $5,300 (Quarterly Condo Fees)
$5,600 (annual taxes)
$150 x 12 = 1,800 (Electric)
That’s $17,800 per year in holding costs for a vacant condo without a stick of furniture in it and we’re not even looking at the charges for insurance, home watch or any repairs to the home. I might have showed him what $17,800 x 2.7 added up to and asked him to, at the very least, drop that sum from his listing price.
Quit Making The Rest of Us Look So Sucky
Ultimately, feedback comes in the form of a contract. Don’t ask for feedback or an opinion about the property if you’re going to whine about it and get your feelings hurt when you get the truth. For gawds sake quit “buying” listings, lying by omission to your sellers and making the rest of us who are good at our jobs and serious about the profession look bad. You’re totally making it look like absolutely anyone with $275 can sign up for a nine day class and get a real estate license regardless of their intelligence level.
