CHECK YOUR EMOTIONS AT THE DOOR - PLEASE

One thing that always rings true is that "You can't take it with you."

Try telling that to someone who's going to sell a house they lived in for twenty years and haven't upgraded anything. Still, family memories and precious moments that occurred in the home make it priceless to the seller. It's not that they think they're taking the building with them when they die, but they feel that they will never have any good memories if they move away. As Realtors, we have the difficult task of explaining and convincing sellers, that the memories are theirs and their family's to keep no matter where they go and that they should look forward to making new memories.

The bad part about all this is that the buyer doesn't really care and that can become a real problem during negotiations. Reality can be tough for the seller and if not presented in a tactful and sympathetic manner, you can rest assured that the first offer presented will be your last chance to even try to negotiate the deal.

Being on the agent on the seller side of this scenario is difficult, but from the buyer agent side these challenges are just as real and difficult when presenting an offer that may be below asking but in line with market values. The seller is in an emotional state, while the buyer just sees dollars and cents, is totally detached and borderline insulting (by the seller's expectation).

It's the duty of the seller's agent to obtain the highest price for the client and to make the process as seamless as possible; but in these cases, the agent is aware that the owner is not in line with the market. When this type of scenario presents itself, it would be in the best interest of the buyers agent to initially present a streamlined market analysis to the buyer in order to compile a proper offer and present that offer with the local analysis to the seller's agent. This will serve to: 1) Justify the offer at hand and 2) assist the sellers agent in making sense of the offer, with a minimal amount of insult to them.

It's important to see the deal from both sides of the table. 

• Motivation (for both buyer and seller) can be anything from moving closer to the kids, downsizing, divorce, retiring out of state, etc. This conversation will give you guidance on how aggressive your buyer can or cannot be. Again, there are always some emotional ties on the seller's side. 

• Length of ownership will tell you just how attached the seller is to the property. A long residency means that they raised their family in the house, celebrated holidays, etc. The longer the stay, the more sympathetic and gentle an approach should be considered when working with the seller (and don't forget to have the buyer's agent provide a CMA with the offer).

Be realistic and treat each other as you would want to be treated. Eventually the deal will happen and everyone wins.

7 Reasons to Work With a Realtor®

7 Reasons to Work With a Realtor®

Taken from: 

1. You're getting an expert guide

Selling a home usually requires dozens of forms, reports, disclosures and other technical documents. A knowledgeable expert will help you  prepare the best deal and avoid delays or costly mistakes. Also, there's a lot of jargon involved, so you want to work with a professional who can speak the language.

  

2. Objective information and onions

Realtors can provide local information on utilities, zoning, schools and more. I also have objective information  about each property. We use that data to help you determine if the property has what you need.

3. Property Marketing Power

A property doesn't sell due to advertising alone. A large share of  real estate sales comes as a result of  my contacts with previous clients, friends and family. When a property is marketed by me, you do not have to allow strangers into your home. I will generally pre-screen and accompany qualified prospects through your property.

4. Negotiation knowledge

There are many factors up for discussion in a deal. I will look at every angle from your perspective, including crafting a purchase agreement that allows you the flexibility you need to take the next step.

5. Up-to-date experience

Most people sell only a few homes in a lifetime, usually with quite a few years in between each sale. Even if you've done it before, laws and regulations change. I've handled a multitude of transactions over the course of each year.

6.  Your rock during emotional moments

A home is so much more that four walls and a roof. And, for most people, property represents the biggest purchase they'll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to  you.

7. Ethical treatment

I must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As my client, you can expect honest and ethical treatment in all transaction related matters

Next Issue will address the Buyers reasons for using a Realtor®  and not going it alone.

Please feel free to post your comments below, or email me at dominick.leone@gmail.com 

Thanks - Dom.

I Can't Believe This Happened to Me!

A True Story

(I can't believe this guy is still in the business)

It All Started Out Good

It's a simple formula. Buyer calls with a particular property need, the real estate agent runs a search and finds properties that meet the buyers needs. Appointments are made and we're off to see the properties. Simple, Right?

Well, we found a property that had been reduced by $50,000 and fell right into the buyers price range This was on a Thursday, so I make a call and going back and forth, we have an appointment for Monday. 

I arrive on site and the listing agent meets me on site to discuss some of the particulars about the property before my clients arrive. He is an older man in his 80's, tells me he's been doing this since the 1950's and hands me a folder from his agency for me to hand my clients (Really?), which was a poor example of a property information binder to begin with.

Everyone arrives on site to see the property

My clients arrive on site and after introductions, we continue to discuss the property, we turned to him to confirm the listing price and low and behold the price was increased by $50,000. He even has the gall to say to me, "didn't you look at the price?" I showed my listing paper which was updated with the reduced price only 29 days ago and printed on Friday. The listing agent shows me his paper with the increased price and it was updated TODAY for an additional $50,000. 

Of course, shock was an understatement to my reaction. Now, I'm told that the owner  had made a whole bunch of improvements and he wanted to put the price back to where it was originally. All the listing agent could say was "I'm sorry, I guess I should have discussed this with you before you came here" Well DUH! My emotions ranged between Embarrassed to Pissed in record time. 

Needless to say, my clients are looking to move on to another property and by no means will they reconsider this one. Not even for free!

This is where Real Estate Agents get a bad rap

Public opinion has it that real estate agents are as trustworthy as used car salesmen! Wow that hurts, considering how much ethics training, continuing education, expensive fines and penalty's we face, today's real estate agent makes every effort to avoid bad press. Now, along comes an agent who blows all of this positive effort out of the water and acts like an old used car salesman who was only missing his cigar and wide rim fedora (at least when I met him)

Who's paying the price?

The Seller just lost an opportunity to move his property to the closing table and stop paying carrying costs, which are digging a hole in his bottom line and is stuck in limbo, with a property that remains on the market. Just as a side note, if he doesn't get rid of his agent, chances are it will be there a LONG TIME. Way to go "Old Timer".

The Buyer is feeling totally abused by this Bait and Switch tactic presented to him by the sellers agent. Here was a perfect property that suited the buyer to a tee and priced right that they will not even give a second look to. (before the switch).

With all that today's real estate agent has to do to maintain professional standards, there will always be one bad apple here and there, who makes up the rules as they go along. We can only hope that they somehow choose other professions or just retire and give the rest of us a break.

Choosing a real estate agent is not a task to be taken lightly. This seller made a big mistake that cost him carrying costs for the property and a chance to sell the property at a fair market price.  Select an agent who will be looking out for your interests and will represent you in the best possible way to get your property sold. 

Drop a comment below and give me your opinion. - Thanks