Friday, May 13, 2016

Seller's: A Cocky Attitude May Cost You Money

In times where the real estate market turns to a "seller's market', many listing agents become lazy and some sellers become cocky. Both can lead to a seller ultimately getting less money for their home.

The lazy agent is the one that simply figures the market is so hot they'll just toss it up on MLS and wait for the offers to pour in. Under certain circumstances that can be a wining approach. In general however, it is not. No matter how hot the market is, the home still needs to be presented to as many buyers as possible to attract the best offer. The best offer is not always the highest actual price. Some offers are better than others and what constitutes better may lay in the details of the terms presented by the buyer. A good listing agent knows this.

Cocky sellers are those that figure they can show the house when they want. Turn prospective buyers away because they don't 'feel' like showing the house. Making unnecessary and restrictive showing conditions. Yes, I have encountered this recently.

The best offer may have been coming from the client the seller just irritated to the point they passed on the house and offered on another. Lazy agents that don't council their sellers to make the best choices are equal in the blame should the house not achieve the goals the seller is hoping for.

This market needs listings. This is a good time to list a home. But even in a so called, 'seller's market', without buyers there is no sale. Believe me, frustrated buyers are leaving the marketplace. That is not good for the market. Ultimately it is not good for sellers.

The rules of selling a listed property don't change because of a surplus of buyers. The highest and best offer still comes to the seller that follows the general rules of for making a house as marketable as possible.
  • Good curb appeal
  • Clean and tidy interior and yard
  • Minimize personal clutter
  • Eliminate pet order
  • Replace worn flooring and carpet
  • Update kitchen
  • Make bathrooms as 'cute' as possible
  • Keep showing rules as loose and flexible as possible
Some realtors are having their sellers take a weekend getaway and having open showing with the intention of collecting offers and making a decision on the following Monday. For a really nice updated and move-in ready home, this can be a great tactic to get a solid offer and put the least amount of strain on the sellers. It is far less effective on homes that don't show well, need work, or are dated. Sellers should keep this in mind.

The bottom line for sellers is simply this. Don't let your strong position turn you into a $*&^%, enough buyers will walk away to keep you from getting the best price and terms on your home.

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