To a 9-1-1 operator answering your phone call, the first thing they ask you is "what is your emergency?" In today's real estate market many owners wait too long to call for a qualified professional like a REALTOR to assist with the sale of their home. We know this is true due to a lack of time to get many properties ready for sale and just the normal sales cycle it takes to find a qualified and interested buyer that matches up with your home. The result? Disaster. Homes going back to the banks, foreclosures etc.
But this post is really not about the dreadful consequences of delayed decision making but about not paying attention to the obvious.
Which brings me to my Lone Ranger story for today.
The Lone Ranger and companion Tonto were out in the deep woods lying on their backs looking at the night sky. Tonto asks what he thinks about what he sees above. The Lone Ranger says, astronomically it's thousands of galaxies probably with millions of planets. Astrologically Leo is aligned with Aquarius. Chronologically it's a quarter past three in the morning. Theologically God is infinite. The Lone Ranger then says, "Tonto, what do you think about it?" Tonto replies, "I think someone stole our tent!"
So too with housing. THE most critical element in selling your house is PRICE. It really is that obvious, yet most sellers don't believe it. The market is what the market is and in the end a loan appraiser will have to appraise your house to underwrite the loan. Test the waters with an asking price "slightly" higher than the last 90 days of comparables if you think your house is better. But if no nibbles come in 30 days, LOWER THE PRICE.
A good agent worth their weight in gold can assist you with proper pricing. If you are smarter than a fifth grader you will heed their advice. Or else you can continue to surf the web on Zillow and other value estimation sites until this is what happens to your mouse cursor:
WHAT HAPPENS TO A SELLER'S MOUSE CURSOR WHEN SURFING THE WEB TOO MUCH.
Then you'll find yourself in a REAL EMERGENCY : )
GARY, This has been the main reason I have lost listings to other agents. I'm realistic on pricing. I don't mind a little high if the house is in good shape but if it is way out there I would just as soon that other agent have their sign in front of the house.
I love your analogies always. Price is very important
Marchel: I'm with you, if the price is way out there, you have to pass.
Judy: Mr. Analogy that's me. I'm sure you're firm with your sellers in getting to the right asking price. Sometimes you have to bring them back out of the stratosphere.
Hi Gary, wonderful post! I have also lost listings to others because I will no longer take over priced listings. I agree, slightly high with a strict plan to reduce is acceptable. Great way to put it Gary, thanks.
Its a shame but tis reality nowadays. Plenty of agents to take over priced listings.
gary
Great post. I hope Tonto got his tent back.
Happy memorial Day to you.
Sincerely
Tom Braatz
Denise: You are smart. Very high priced (overpriced) listings will waste your time and your marketing dollars and they will blame, you, the agent, for why the house is not selling.
Gene: Some agents just want signs in yards and don't care.
Tom: I have no idea where the tent went : ) Enjoy your holiday.
Great post!! I live with a fifth grader who is way, way smarter than I am! I think that no matter what you are doing, you should call in an expert.
Gary, looks like we are on the same wave length! This is definitely a message that needs to be repeated on a daily basis. Maybe, then, more will learn and hear. ;-)
I LOVED watching and growing up with the Lone Ranger and Tonto. ;-)
Gary, Loved the post....and ended up playing with fire for 1/2 an hour :)!!
Hi Gary,
Priorities reveal Perspectives! Why not use the wisdom of an expert?
Really enjoyed that Gary! I was a dispatcher for 5-6 years with the RCMP until I was doing "911 what is your emergency?" in my sleep! And when picking up my own phone...We had people calling in for not just 'police' emergencies, fire or ambulance.......but emergencies such as "how long do I cook my turkey?"......"I'm babysitting for my sister....which way does the diaper go and and the pins (ok i'm dating myself) and......".my shrub outside is dead......I think the neighbour's exhaust fumes killed it". It really is a matter of perspective isn't it.......whats an emergency? When do you ask for help? When do you listen to advice and who do you go to it for? Funny sometimes who people think the expert is...:-)
Susan: We know who really is the smart one running things at your house. Let Max think he's got the control. Bringing in an expert is always the best route.
Teri: Getting a house priced right from the start makes the process a whole lot smoother. Glad you are a Lone Ranger fan from yesteryear. Had to get that joke in there. You know me.
Carole: Glad you had fun with the flaming cursor : )
Dan: An expert is good in many situations.
Liz: Wow, a real life 9-1-1 dispatcher in our group. You must have a million stories. You were truly the expert on EVERYTHING!
Gary,
Great post! I flagged it for a feature! And of course I bookmarked it to save that 'mouse link'!!! Thanks, Fran
Fran: The mouse link was worth the price of admission : )
Gary - The mouse link scared the BJ out of me!
Also sad are the sellers who don't know they need rescue.
Gary, great post about pricing...I've walked from quite a few tables with unrealistic sellers! Have a wonderful Memorial Day!
Gary- you are sooo right- this is such a price driven market!! When homes are priced right, in my market, they are selling in multiples! I have three buyers in multiples right now!!
Virginia: Some sellers I see go back and forth between FSBO and discount fee brokers and never want the assistance of a Realtor. Can't figure them out.
Linda: The mark of a veteran that knows when to walk away. Happy Memorial Day to you and family.
Carol: Very good on getting things priced right with multiple buyers.
Oh man love that vintage photo of the Lone Ranger and Tonto!
Gary, everything you wrote is so true!
Gary, everything is true. What a great post! I am so far behind in reading posts this weekend. I will mark this one. BTW the Lone Ranger was my hero when I was a little girl.
Rob: Photos from yesteryear : )
Bill: We need to not overlook the obvious.
Becky: We all need heroes.
Gary, my last 2 listings i encouraged the sellers to price below where I would typically start and "test" the market. They sold in a week - leaving all the listings before them in the dust!
Carol: Great advice to your client on price and getting the job done. You got out ahead of the falling knife.