Cosmic Cow Pie: Connecting the Dots

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What Every Seller Needs To Know In Today's Real Estate Market

                              What Every Seller Needs To Know In Today's Real Estate Market

                                             

                                                 Messanger delivering

                                            The real estate agent is only the messenger

                                                   

Sellers please take several deep breaths before shutting down on any offer in today's real estate market.

  • The agent YOU selected to represent you is doing the job you hired them to do with your best     interest at heart when presenting an offer.  You selected the agent based on a thoughtful process     now give them a chance to do their job and help you sell the house.
  • The agent has a fiduciary responsibility to present all offers.  It is perfectly normal to be mad when  someone writes a low offer on your home.  Just remember NOT to take your anger out on the person trying to help you get the home sold.  Discuss the offer from a business like standpoint trying to come to a happy medium where both parties are agreeable with the outcome. 
  • Please remember....it is not the agents fault that buyers are making a low offers.  The media is fueling the fire with economic status reports and human nature dictates people trying to get a "deal."  You are in charge of your hand so use it wisely to create and sign a counter proposal that all might live with.
  • The market is what it is and the agent cannot change the current conditions.  Put your feet in the buyers shoes.  If you were purchasing a home in today's real estate economy, ask yourself what kind of offers would you make?
  •  In today's market being creative with counter proposals could help complete your sale. Do you really need all the equity out of your home or are you in a position to carry back with the proper credit checks and legal advise.  Is there a possibility of the buyer renting before the completion of the sale.  Would renting the property help your cash flow situation?  Working with your agent to come up with alternatives to create a sale is why you hired them. Let them do their job in helping you.
  •  Remember, your first offer is almost always your best offer. Try and put something together.
  •  When you walk away from any offer, you just bought your own house back. The buyer did not complete the sale and you still own the property so you in effect bought your house again.
  • Take the emotions out of the sale.  This is a business transaction and you are looking at a pile of assets.  You are looking to move the pile of money to another location.  Forget all the family memories and the blood, sweat and tears you put in the house.  When it comes to selling it should be all business.

 

kicked to the curbBefore kicking an offer to the curb think about how you can possibly CHANGE the offer, create a carrot for the potential buyer and create a win/win situation for all parties. Listen and work with your agent.

 

Try to take the drama out of the initial response to a low offer and turn it into a Donald Trump business transaction.  Think about what the buyer really wants and then how to change the terms to meet your needs.

 

Negotiating is a give and take situation.  One party cannot have it all one way or the deal will NOT go together.  Think about what you are willing to give up to get what you want. You win by getting the house sold and the buyer wins by getting the home you have to sell. 

Receiving a low offer with bizarre terms can make anyone mad at first.  It is understandable how you might be thinking about when you listed the property it was a fair price and now a buyer comes in and wants to rip your heart out which is not acceptable to you.  This is when you take DEEP breaths, watch the 60 minute video below. 

 


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Now really think about why you want to sell your house and project what could happen if it did not sell this year or even next year.  No one including your agent has a crystal ball. Only you can answer and analyse why you need to sell and what happens if you don't sell.  As a real estate consultant, I can strongly suggest you  READ, THINK and REASON about the current state of our economy, discuss your local market conditions with your agent and then you will get your answer. 

If you don't like an offer that comes in on your property PLEASE don't shoot the messenger.  The agent you selected is working hard to help you achieve your goals.  Be patient and business like in creating a counter offer that works for you and it may just very well work for the buyer if they want your property and you have GIVEN them something in return. This resolution can be a WIN/WIN situation for everyone involved.

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Cosmic Cow Pie

Carra Riley

Comment balloon 100 commentsCarra Riley & Declan Kenyon • May 14 2010 03:44AM

Comments

Perfect advice Carra! Taking the emotions out is the hardest thing for a seller to do. I had a listing appointment 2 evenings ago and even though they agreed with market value, it's other life happenings they have to make a decision on. I absolutely have to re-blog this and have the comments directed to your original blog. Have a great day Carra!

Posted by Jackie Connelly-Fornuff, "Moving at The Speed of YOU!" (Douglas Elliman Real Estate in Babylon NY) about 10 years ago

Carra, we prepare our sellers for low offers at the listing time.

Then they are not shocked.  We counter any offer back fairly, but it is easier if the buyers don't come in so ridiculously low.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) about 10 years ago

Carra,

Very nice wriing.

My cousin had 2 transactions that were closed become unglued for all the wrong reasons.  The sale isn't a sale until it is a sale!

In chess as long as you can move you are still in the game!  Stay in the game as long as there is a chance of making your goal.  We all work hard and need to find some way to get a sale to close so we can get paid.  It is always about "getting paid".

 

Sonny

 

Posted by Sonny Landau (St Louis Home Improvement and Painting Companies) about 10 years ago

This is great info.  I am going to reblog this.

Posted by Dr. Stacey-Ann Baugh, A doctor who makes house calls. (Century 21 New Millennium) about 10 years ago

Carra:

It is also not the fault of the buyer's agent for bringing in a low offer and people often blame us. We do our homework, present the property sold information and produce a CMA. The buyers make their decision based on many factors. And, in this market, it is often to start the process out very low.

 

Posted by Claudette Millette, Buyer, Broker - Metrowest Mass (The Buyers' Counsel) about 10 years ago

Carra, I have been in this business a long time and have probably heard all the points before.  But, you put it all together in a nice package.  Thanks! 

Posted by Jerry Morse, BBA,GRI (The Morse Company) about 10 years ago

Carra, you are so right.... I always tell my sellers not to take any offer personally and to counter each and every one..

Great info.... thanks!

Posted by Robin Hanley about 10 years ago

This is excellent advice but rarely taken because sellers sell from a position of attachment unike us, we have no emotional ties to the home.  I say if when I find a seller that can heed the majority of this advice, I'd be tremendously grateful.

Great post from our perspective.

Posted by Charita Cadenhead, Serving Jefferson and Shelby Counties (Alabama) (Keller Williams Realty) about 10 years ago

Carra - Your post is extremely well written and describes exactly what every seller needs to know in today's real estate market. When there is a large gap, it can be a challenge (to say the least) to keep everyone focused on the outcome. Thanks for posting this.

Posted by Judy Jennings, Broker - The Lanterns at Warren Woods - Ashland MA (The Green Company) about 10 years ago

Cara,

Great and concise points. They don't, however, apply to some of my sellers - or so those sellers think! Always hard to extract the emotions.

Posted by Irene Kennedy Realtor® in Northwestern NJ (Weichert) about 10 years ago

Carra, Congratulations on the Feature!!! I agree, we are only the messenger. Sometimes the message we deliver is not the best news, but it is what it is...

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) about 10 years ago

REALLY effective article, nicely explained and to the point. You pretty much covered all the basis, thanks for taking the time.  Best Continued Success.... 

Posted by Vicky Amaro (The Maranda Group at Koenig & Strey Real Living) about 10 years ago

This advice is needed now more than ever. As many others have said, the time to prepare the sellers is at the listing appt.

Posted by Barb Szabo, CRS, E-pro Realtor, Cleveland Ohio Homes (RE/MAX Trinity Brecksville Ohio) about 10 years ago

Carra, this could not have been more beautifully said.  I'll probably add some of these key points to my listing package. 

Posted by Jennifer Archambeault, An Austin Texas Realtor (Cardani Group, REALTORS® - Austin Texas ) about 10 years ago

I agree as well.  Every offer is a good offer, no matter what the terms are because you have a starting point with an interested & hopefully qualified buyer.  Sellers today need to work those offers to the end.  As long as the buyer is talking, the seller must stay engaged.

Posted by Jenna Dixon, Empowers You With a Better Real Estate Experience (DRA Homes | Cobb County Real Estate ) about 10 years ago

Great job making your point Carra. So many home owners don't understand how to make lemonade out of those lemon offers. With the help of a good listing agent they're well on their way to a successful sale. They just have to let you do your job!

Posted by Michelle Minch, Home Staging Los Angeles and Pasadena, CA (Moving Mountains Design Home Staging, Pasadena, CA) about 10 years ago

As a listing agent, I prefer buyers' agents to present their clients offer in person to myself and seller clients.   There's 2 sides to every transaction.  Seller's need to hear the buyer's position from their own agent not me.  This is old school but works well in getting deals together.

Posted by Linda Metallo DiBenardo (RE/MAX Impact, Lockport, Illinois) about 10 years ago

Carra .. this is a great article that I am going to use a few of these points with a seller today!

Keep emotions out and your SOOO right it seems the first best offer is / was the best offer!

Posted by Pippa Mac, The Woodlands TX Real Estate (Chevaux Group Realtor, The Woodlands and Spring) about 10 years ago

Carra, Great information. It's something all sellers should read to help be prepared. Might not be a bad idea for buyers to look it over to remind them of the seller's perspective. Most people are both buyers and sellers at some point. Interestingly, whichever they are now is usually their only perspective...

Posted by Bruce Kunz, REALTOR®, Brick & Howell NJ Homes for Sale (C21 Solid Gold Realty, Brick, NJ, 732-920-2100) about 10 years ago

Carra, excellent information.

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 10 years ago

Carra:

 

Totally agree - the 1st offer is usually the best - don't walk away from it.  Consider it carefully and always counter....good for you...

Posted by Kathy Knight, BROKER, ABR, CRS, GRI, SFR, SRES (Intracoastal Realty Corp) about 10 years ago

Carra:  We all need to remember this .. not just sellers.  Passing on difficult information ... or info you know someone isn't going to like to hear ... is terribly tough.  And yes, I'm speaking of real estate professionals here.  Taking that deep breath, calmly assessing the situation, and then doing what is best for our clients is hard .. but the thing to do.  What is good advice for the seller, is also good advice for us professionals.  Great article .. made me think!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 10 years ago

Terrific post and well said.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 10 years ago

Carra:  I have done my best in representing my sellers to make sure they never just pitich an offer.  There should always be a counter.  The buyers might just say yes.  After all, they liked the house enough to offer something in the first place.

Posted by Chris Ann Cleland, Associate Broker, Bristow, VA (Long and Foster REALTORS®, Gainesville, VA) about 10 years ago

Carra,

Excellent advice, thank you for sharing..

Posted by Nan Brennan (Century 21 First Realty) about 10 years ago

Jackie ~ I am so happy the message came through and you can use it in your business for an educational purpose!

Missy ~ You hit the nail on the head about preparing the seller in advance at the time of the listing, that is good real estate business.  The low ball offers are still always going to be there.... buyers just want to see what they can get.. so taking the high road and countering at what works for the seller takes the stress away for all involved... I think it is processing the offer as an opportunity instead of an insult then taking the high road which creates whatever balance there is to being a low ball recipient.

Sonny~ "In chess as long as you can move you are still in the game"  I love this!  You should create a post using this as a title!  

Dr. Stacy-Ann Baugh ~  I am glad you found the post useful. I look forward to hearing more response.

Claudette ~ You make an excellent point.  Buyers do dictate what they want to write up.  "The buyers make their decision based on many factors. And, in this market, it is often to start the process out very low"

Jerry ~ Thank you very much.

Robin ~ Getting self out of the way and back to the transaction in the key to success.

Charita ~ Hopefully this post can help you with ideas to share with sellers. It's tough to accept the current market changes but a reality check is needed as a look into the future could be more painful if a home is not sold when an opportunity arises.

Judy ~ My goal in writing the post was to help the exact situation your described.  Glad it can meet some needs.

 

 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Great post! I went through yhis with a seller recently that had his home on the market for a year. He would not listen to reason when I told him a larger home just sold next to his for $226,000 and his was priced at $299,000 that he needs to lower the price, since the home will be used on any appraisal for his home. He was not happy with what I told him, so he started searching for another agent. I even gave him a list of questions to ask the agents he interviewed. Guess what! He hired a brand new agent with absolutely no experience! And, he lowered the price to $274,900. Just stupid!!!!  

Posted by Alan Kent, Lake Oconee Real Estate (Keller Williams Realty Lake Oconee ) about 10 years ago

Carra,

Great information and, like Missy said, preparing the sellers at the listing presentation for low offers is a great idea.

Posted by Pete Deininger, Breckenridge Colorado Real Estate (970-389-0372) (Breckenridge Associates) about 10 years ago

Very well put. I'd like all my sellers to read this.

Posted by Linda Jandura, Realtor, North Carolina Buyer & Seller Specialist (Raleigh Cary Realty) about 10 years ago

Irene ~ It is always refreshing to work with individuals who are understanding the current market situation. 

Michael ~ Thank you so much.. the message is just that.... the message!

Vicky ~ You are most welcome.

Barb ~ You are 100% right on and if information from a third party helps bring the "Message" we are all working together to get through the change.

Jennifer ~ Perfect way to process blog posts.. take the information and use it to help educate your clients/customer.... frame it the way it works best for you.. that is what we are here in activerain to do.. help each other.  Glad to be of service.

Jenna ~ There you go!  "Every offer is a good offer, no matter what the terms are because you have a starting point with an interested & hopefully qualified buyer."

 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

 When you walk away from any offer, you just bought your own house back. The buyer did not complete the sale and you still own the property so you in effect bought your house again.

That is very well said- I hope you don't mind if I borrow that one!

Posted by Shanna Hall, I love selling houses!!!St. Louis, MO 314-703-1311 (Real Estate Solutions) about 10 years ago

Michelle ~ Love the lemons to lemonade! I think the key word is TRUST.. getting sellers to trust is the key to letting the agent do their job. 

Linda ~ You know that makes perfect sense.  When a low offer comes in, invite the listing agent to come to the table and present the offer to the seller.  The seller must be prepped to not ATTACK the messenger again but I think that is a wonderful idea.. why don't you do a post on that if you are practicing that right now.  I know that would be another tool to help navigate the current situation.

Corinne ~ That first offer.. almost ALWAYS the best!  Thank you.

 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Pippa ~ I am so happy you can use the information.  I did not see your name on the comment so I had to go to your profile to find it.. I love who you are and what you say " I don't want to list your home ... I want to SELL your home!"  You go girl.. let us know how using the information helped in presenting an offer.


Bruce ~ Good idea getting into the other person's shoes! 

Ron and Alexandra ~  Thank you!  The information in important in all price ranges.

Kathy ~ "Always counter"  is a good mantra!

Gene ~ You are so right.. the same message applies to anyone presenting a message.. in your business there are many messages that need to be conveyed... thanks for the reminder.

Sheila ~ You are welcome.

Chris ~ great input!  the buyer may just take your counter.. or somewhere in between.. but you got to stay in the game and not lose your cool!

Nan ~ my pleasure.  Thank you.

 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Alan ~ Some people just "Don't Get It"  that is when you have to say  SWSWSWN  Some Will, Some Won't So What Next.  It is very sad.. but true.. at least you no longer have that headache.

Peter ~ Missy is so right.  Educating the seller at the listing is the time to prepare them for the journey everyone is going on. Do you know Dennis Johnson?

Linda ~ When I wrote the post that is exactly what I had in mind.  Glad to be of service.

Shanna ~ Be my guest in taking anything that will help you communicate better.

 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Great post, Carra.  Thank you for taking the time.  i'm definitely bookmarking this one. 

Posted by Juli Vosmik, Scottsdale/Cave Creek, AZ real estate 480-710-0739 (Dominion Fine Properties) about 10 years ago

Carra, I'm not as realtor so I don't have widespread knowledge ... but I did find the comment, your first offer is usually your best offer, very interesting.

Posted by Tina Gleisner, Home Tips for Women (Home Tips for Women) about 10 years ago

I love "when you walk away from an offer you just bought your own house back"  I will add that to my aresenal!  Great post. Very insightful and right on tarket!

Posted by Sue Eller (Realogics Sotheby's International Realty-Sequim) about 10 years ago

Excellent, Excellent post!  This one's definitely a keeper.  Thanks for taking the time to put this together.

Posted by Kathy Bibb (MKB, REALTORS) about 10 years ago

Carra, Nice to see this post... well written and succinct!  I have used most of what you said in the past, but honestly not as well put together.  Thank You for the push.

Posted by John Howard, GRI, Mountain Home, Arkansas 870-404-3614 (Century 21 LeMac Realty) about 10 years ago

Great advise Carra.  I will be book marking this for my next sellers!

Posted by DeeDee Riley, Realtor - El Dorado Hills & the Surrounding Areas (Lyon Real Estate - El Dorado Hills CA) about 10 years ago

I like this - maybe I will use in a listing presentation (reworded of course)....................chris

Posted by Christopher Pataki, Hockessin Delaware Real Estate (RE/MAX Associates) about 10 years ago

This is so true and even when you prepare sellers for today's market reality sometimes they are still shellshocked.  Great post.

Posted by Jennifer Manchester about 10 years ago

WOOT! OHHHHH CARRA MIA! What an awesomely excellent post!

And one I can so totally relate to on this gorgeous Friday!

In fact, I would go as far as to say that

THIS POST RAWKS THE CASBAH!

AND IS FEATURED IN

~ I ROCK, THEREFORE I AM! ~

 

Posted by Candice A. Donofrio, 928-201-4BHC (4242) call/text (Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker) about 10 years ago

I agree!  I also try to educate my sellers.  I always tell them not to be insulted.  It is such an emotional time for our sellers and we need to remember that.  We are the profesionals (and need to make sure we act accordingly) trying to assist them during one of the most stressful times in their lives! 

Posted by Dixie Oberlin about 10 years ago

Carra,

It's interesting that the same seller who was so annoyed, puts in a lowball offer on someone else's property.

Brian

Posted by Brian Madigan, LL.B., Broker (RE/MAX West Realty Inc., Brokerage (Toronto)) about 10 years ago

Hi Carra~  Yes, typically the first offer is the best offer! It is up to us to keep emotions of everyone in tact!

Posted by Vickie McCartney, Broker, Real Estate Agent Owensboro KY (Maverick Realty) about 10 years ago

Judi ~ Thank you for reading.

Tina ~ It has been my experience that the 1st offer really is the best.

Sue ~ The seller actually does buy their own house back for the list price when they do not take an offer.

Kathy ~ so happy to hear it might be helpful.

John ~  Reading blogs sure helps me create content. Glad to be an inspiration.

Dee Dee ~  Glad to be of help.

Chris ~ Feel free to re-frame the information and use it to help others.

Jennifer ~ What you so is so true.  You can prepare sellers but until it comes in the form of an offer it is hard to grasp the impact.

Candyland ~  woo hoo.. thanks for the feature.. I never rocked the casbah before!  too cool!

Dixie ~ You bring up an excellent point.. and one worthy of another post.  The top three stress levels according to studies are 1. Death 2. Divorce 3. Moving.  Many time a real estate transaction can involve at two or three of these situations and being respectful of the sellers anxiety is extremely important.  How we share the information and the reality of the market needs to be done in a kind manner.

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Brian ~ Getting in the other persons shoe's really does put good perspective on how people view behavior.  How would you feel if the roles were reversed.. so a good idea might be putting a buyer in the sellers shoes might help make negotiating a little easier.

Vickie ~ I love the comments.. you bring to mind another good post idea.. the emotions of ALL the parties.. agents have to get the emotions out of the transaciton too!   Write that post and get back to us!

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Great article Carra! Thanks! I would like to had that I truly believe that home staging and my "Move In Certified" Seller Home Inspections are a huge marketing advantage for sellers. But, so few are willing to spend a few dollars (investment) to achieve their goal of a fast sale and, for at least the asking price. So remember the new marketing trend is to hire a home stager and and home inspector who offers a "Move In Certified" Seller Home Inspection. Sellers, what are you waiting for?

Posted by David Selman, Certified Master Home Inspector (Selman Home Inspections, Inc.) about 10 years ago

Luv this post....thanks for getting it out to us today.  I've bookmarked it for the future.

Patricia

Posted by Patricia Aulson, Realtor - Portsmouth NH Homes-Hampton NH Homes (BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate ) about 10 years ago

David ~ I had done a post quite awhile back about how sellers should consider professional staging to get the condition to the best selling point.  Thank you for bringing the pre-inspeciton idea to this thread. The concept of "Move In Certified" makes sense.

Patricia ~ Glad you will be able to use it in the future.

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Nice write-up Carra!  As a professional stager, we often receive the calls after numerous offers have been rejected...and then months later, nothing is happening until we come in and recharge the marketing look.  Then the offers come back in and this time, they don't reject them so quickly!  The owners want that equity and ever dime of it too.  : ) 

Posted by Kathleen Garvey, Denver's Neighborhood Expert - Listings & Sales (HomeSmart Cherry Creek - Denver) about 10 years ago

Carra

Congrats on the feature, and the excellent post. Miss you.

Posted by Liz Miller, Just Call Liz (Coldwell Banker Residential Brokerage) about 10 years ago

Carra--You have said it all here. My favorite is "do not walk away from that first offer". I am a real estate attorney in Massachusetts and I preach that statement like the Gospel.

If only people would listen to experience people who are trying to help.

Posted by Elliott S. Topkins, Massachusetts Real Estate and Title Atty (Topkins & Bevans-etopkins@topbev.com) about 10 years ago

Kathleen ~ Do you have some posts on just that concept?  How you are called in after 3 lost offers.. I think that would be very important blog content!  Please let me know if you have one done and if not.. take this opportunity to do one that agents could share with sellers so they do the staging before marketing.

Liz ~ Thank you.. I know you know how that works!  Miss you too.. come on up to Williams. 

Elliott ~ That is sure powerful coming from an attorney!  Do you have a post on that?  Would love to have you send me a link if you do.  More information to share with sellers on how the market is working.  If you don't have a post like that we would all love to have you do one to put in the listing information kit!

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Once again the voice of reason! Excelllently writtten and presented!

Featured in BananaTude!

Posted by Anna Banana Kruchten Arizona's Top Banana!, 602-380-4886 (HomeSmart Real Estate BR030809000) about 10 years ago

This rocks Carra! Thanks to Anna Banana for sending me over!

Posted by SarahGray Lamm, Realtor - 100K Hours of NC Real Estate Experience (Allen Tate Realtors Chapel Hill, NC 919-819-8199 ) about 10 years ago

This is great advice for Realtors to follow, too, Carra.  Especially when dealing with Inspectors, Title Companies, Mortgage Companies, Virtual Assistants, etc.  Actually, I think it's smart to keep in mind for anyone who hires someone else to perform a duty for them.

Posted by Heather Chavez, Real Estate Virtual, Assistant (928) 692-3235 (Second Self Virtual Assistance) about 10 years ago

I wish the Seller's we handed a Termination Agreement to today would of been counseled this way. A CASH offer of $390K and they would not budge. I'll be watching that listing to see how long it's on the market, or if it even sells!

What a great post!

Posted by Thom Abbott, Midtown Atlanta GA Condos For Sale (MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living) about 10 years ago

Carra,

The emotion part is often one unnecessarily big factor when sellers hee and haw about accepting a decent offer. Especially tough to let go if the sellers have put many personal touches on the house.

Posted by Esko Kiuru about 10 years ago

This is great! Good post! It's so funny when you get a listing after someone CHOOSES you to do it and then the sellers do nothing but tell you how wrong you are.

Posted by Karen Fiddler, Broker/Owner, Orange County & Lake Arrowhead, CA (949)510-2395 (Karen Parsons-Fiddler, Broker 949-510-2395) about 10 years ago

There have been a lot of posts relating to the buyer side lately.  It is refreshing to move over to the sellers now.  I actually don't blame the seller when they are given a ridiculously low offer, but certainly any frustration should not be taken out on the agent.  But also as an agent I would present it with the caveat that they can either ignore it or play the game.  Because it is, after all, a game.

Posted by Jane Peters, Los Angeles real estate concierge services (Home Jane Realty) about 10 years ago

Carra - Emotions often get in the way when it comes to real estate transactions.  I'm currently dealing with a situation where the seller is extremely emotional, which is getting in the way of solving a simple problem.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) about 10 years ago

Howdy and evenin to ya Carra

Congrats and I'm sure glad that AR Featured this mighty fine blog post of yours. Carra you sure do always do a mighty fine job of exlainen thing so folks can fully understand each and every point you given them.

Have a good one
Dale

Posted by Dale Baker, New Hampshire Relocation Real Estate Information (Baker Energy Audits and Commercial Properties Inspections) about 10 years ago

Carra, 

Excellent post.  It's not easy selling real estate today!  We are not the ones that set the market, but share where it is.  The good news is that folks are starting to realize this. 

Congrats on the feature!

All the best, Michelle

Posted by Michelle Francis, Realtor, Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty LLC) about 10 years ago

Anna~ you know what they say.. fruits of a feather.. oh.. maybe I got mixed up!  Thanks. 

Sarah ~ Thank you for coming over.. and Ms. Banana for sending you! 

Heather ~ you are so right.. no one should ever kill the messenger.

Thomas ~  You did the right thing.. giving back a listing to someone who is not realistic in today's market.  Pat yourself on the back ;) Too much stress for unrealistic expectations in a market that is changing daily... we all have to be in the same boat rowing and if everyone is not in sync.. they need out of the boat.

Esko ~ You are so right.. it is important on the listing appointment to provide specific area statistics.. days on market, number of foreclosures, number of pending foreclosures, number of short sale listings, number of total listings, based on current sale rate how many months supply are on the market.... all the data needs to be included so the seller gets an accurate picture of how the market is in a specific location. They need to know how the new GFE works on the closing.... that is up your alley.. and how the closing can be changed.. it is a big job to educate the sellers in this market about all the unknowns that can come up and cause chaos with the transaction.. so getting a buyer is one of the easiest parts of the deal.. getting it closed.. that is when the bigger stress comes along. 

Erica ~ Thank you so much. Miss seeing you!

Karen ~ That is a strong point I wanted to emphasize.  If tsellers have done the "vetting" right in selecting an agent, they certainly should TRUST the agent they select.  I think that would be another important post on just that.. TRUST of the person they have employed to sell their home.

Jane, Jane.. you are right.. it is the game of selling their home.. they have to work with the cards they are dealt.. none of us know what cards we will be given.. but what we do with them when the hand is dealt determines if we win or not.. to win.. you have to get in the game and play the card...if you don't counter an offer... you are not even in the game.  I think that would be a great post for you Jane.  "How to win the real estate game."

Michelle ~ Emotions and drama are deadly to a transaction.  Try the "Let's pretend we are on Dr. Phil" with the seller and lay all the cards out on the table.. see if that could help by making light of the emotions and seeing how they could possibly get under control to get back to the "business" of selling the property. 

Dale ~ you are so sweet!  Thank you.

Michelle ~ That is a correct assessment of the market today.. the best way to handle it is to "educate" the seller with market specific information and set expectations of how the transaction might play out.  Makes it much easier when low offers come in, the house does not appraise, the buyer does not get the loan.. all those thing that can happen if disclosed up front.. make it a lot easier to get through if it should happen in their transaction.  Again, if everyone in the same boat rowing when waves come up.. you will get over them and to the other side as a team.

 

 

 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Well-said, Carra, second time today I have read about taking the emotions out of the sale; some good advice. Thanks for sharing.

Posted by Teral McDowell (Referral Patners LLC) about 10 years ago

Teral ~ I think paving the way at the listing presentation and determining how the seller is looking at the sale helps reduce stress for all.  If they come to the decision that it is business and they want to move their investment dollars to another home or venue, then the transaction should be looked at as "simply business."

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Carra - This is perfect advice.  So many things in here that a seller needs to hear and to understand.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) about 10 years ago

Christine~ my hope is the sellers can learn from this and it can help them work with agents to put deals together and move on with their plans.

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Hi, Carra. Congratulations on the feature! All of this is SO TRUE, and you put it so well. Alas, you're preaching to the choir....I wish all my sellers would read this!!

Posted by Leslie Helm, Real Estate For Trail Riders (Tennessee Recreational Properties) about 10 years ago

We have a sellers market in this area, but too many people are reading the newspapers and think they can put in bad offers and negotiate.

Posted by Gene Riemenschneider, Turning Houses into Homes (Home Point Real Estate) about 10 years ago

Leslie ~ I think all agents have to deal with this as people are just people.  We would feel the same way with low offers on our own property too. How we respond to the low offer is the key to putting a deal together.   Determining the motivation of the seller and their opinion of real estate reality in their specific area is an important part of the listing presentation so you know what road you are going down from the beginning of the transaction. I hope everyone feels free to share this information or create something similar of their own to again, educate the sellers.

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Gene ~  You bring up a good point and they is why I tried to stress working with the agent and understanding the "local" market.  Your comment sounds like good content for a new blog post in your area describing your market as a message to buyers in "East Contra."  If you had a good information blog post on your area statistics you could print a copy and return it with a counter to an agent so they could share with their buyers.  Now that could be another post on documentation to provide with a counter on current market conditions. 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Hi Carra - Thank you so much for this post!  Although I always prepare my sellers ahead of time to expect lowball offers, it's still a shocker to them when they come in.  And then whose head gets jammed under the front wheel of the bus? That would be mine.

 

Selling your home is beyond stressful.  Rationally, you realize it's just a "thing" and you should stay emotionally detached.  But when you've got memories and blood, sweat, and tears, not to mention a ton of MONEY, wrapped up in a house....well, let's just say that's next to impossible to do.

 

Part of our job as agents is to take it on the chin when our sellers need to vent. Somebody's got to keep their cool and that somebody is US.

Posted by Coleen DeGroff, Haile Plantation Real Estate - Gainesville FL (Coldwell Banker M.M. Parrish Realtors) about 10 years ago

Coleen ~ very good point.. I did have a light coversation with sellers when they got the low offer.. because the emotion is ALWAYS exactly what you described..... that I was the "trash compactor"  they could go ahead and dump on me but then respond to the buyer with something that works for them in the form of a counter.  Great addition to the comments.. Thanks Coleen because like you say, no matter how much you prepare them it stings when it comes to the kitchen table. Loved your pet comment this morning too! 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Carra ~  Firat congrats on your Feature it is well deserved!  Lots of sellers are so stressed by the time they get an offer and a lot of them are low balls these days in my area.  I do prepare them for what is to come.  I also tell them think how the buyers feel when its a sellers market.  Most of the time they are emotionally attached to the home and I try to get that out of their heads and onto the next phase of their life.  Look to where you want to be.

Great Post!

Posted by June Tassillo, Let me help you with the next phase of your life! (Owner/Broker RE/MAX Elite Realty) about 10 years ago

June ~ Taking the emotions out and seeing where they want to go is the best way to help sellers!  Thanks.

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Carra,

What perfect article.  Sellers seem to want to kill the messenger...

Ann Hayden in Wildwood, MO

Posted by Ann Hayden 636-399-7544, SelectAnn.com (Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri) about 10 years ago

Ann~ doing away with the messenger is NOT a good thing :)  Thanks

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Carra-what a great post.  I am using this for a reblog.  Too often that is what happens.  The agent pays the price for the seller's anger in these different scenarios. 

Posted by Debbie Walsh, Hudson Valley NY Real Estate 845.283-3036 (Shahar Management) about 10 years ago

Carra- SUPERB and oh so true! Thankfully, I have forgiving sellers that end being friends and I do prep for insulting lowball offers since it is the nature of the business right now. Appreciate being able to share to help educate. thank you, I'll be checking your other articles :-) Thank you for sharing!  MaryEllen (Mel) Charles Broker/Owner ADK Realty 518-725-ADKS(2357)

Posted by MaryEllen Charles Broker/Owner ADK Realty about 10 years ago

Carra, we are finally seeing buyers make more reasonable offers.  I think this is ecouraging to both the sellers and the real estate agents involved.

Posted by Damon Gettier, Broker/Owner ABRM, GRI, CDPE (Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert) about 10 years ago

Carra -  great post!   I make sure my Sellers understand right when they list the property, that they're not to get angry at the Buyers making an offer because at least they've committed themselves on paper!  If they want to get angry, direct it at all the others who didn't even bother to write up an offer :0)

Posted by Susan Emo, Kingston and the 1000 Islands Area (Sotheby's International Realty Canada - Brokerage) about 10 years ago

Carra, An excellent post...even if we prepare the sellers at listings about low offers...some just don't listen or connect the dots :)

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) about 10 years ago

Debra ~ Thank you for the re-blog and glad to be of help.

MaryEllen ~ Educating and sharing the market realities is the key to customers for life.  We are all in the same boat together.

Damon ~ It is wonderful to hear about good news like that! 

Susan ~  Great way to think about the offer!  Those who did not write the offer.. I think that would be a great post!

Rebecca ~  you are exactly right.. it is one thing to talk about getting the gr

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Now have you emailed that to every prospective Seller in the nation? LOL

Posted by Jim Frimmer, Realtor & CDPE, Mission Valley specialist (HomeSmart Realty West) about 10 years ago

Jim ~ I was waiting for you to stop by and help me!  Maybe we can get on the Google Wave and do it together!

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Hello Carra,

What an excellent post!  Terrific advice for home sellers!  Thank you for sharing your article with us!  I am going to reblog!  Have a great weekend!

Rita

 

Posted by Rita Minion (O'Brien Realty) about 10 years ago

Carra~

Simple to understand and well-worth the read...all the way through the comments and your responses, this post deserves the Feature and the reBlog! THX!

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) about 10 years ago

Well presented advice for home sellers. Thanks for sharing on ActiveRain. Now to get the tips on the refrigerator doors.

 Blooming for Maryland home sellers.

Posted by Roy Kelley (Realty Group Referrals) about 10 years ago

Good advice here. The trick is taking the emotion out of the whole process!

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) about 10 years ago

Rita ~ Thank you for the re-blog.... it's a message to help create balance in today's market.

JaneAnne ~ the comments help with input from readers as much as the post.  I am humbled, thank you.

Roy ~ Good idea.. could work on a refrigerator magnet.. mmmm !  Thanks.

Gary ~  Emotion really should go in everything we do... easy to say.. hard to implement.

 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Carra - This is great advice and I love how you put it together.  I really want my sellers to read this.  I am going to reblog!  Thanks.

Posted by Kari Battaglia, PA, Love Where You Live (RE/MAX Platinum Realty) about 10 years ago

Carra fantastic post I am reblogging!

Posted by Marilyn Boudreaux, Lake Charles LA Century 21 Realtor (Marilyn Boudreaux, Century 21 Bono Realty) about 10 years ago

Kari and Marilyn,  Thank you so much for the re-blog. It is important information for sellers to know.

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

This post is great....I always prepare the seller and let them know before we put it on the market that there are some people who are going to make low offers and really, you can't blame them for trying.

Posted by Yvette Chisholm, Associate Broker - Rockville, MD 301-758-9500 (Long & Foster Real Estate, Inc.) about 10 years ago

Yvette ~  You have identified the best way to work with sellers.... tell them up front so they know what to expet. 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

Carra, somehow I missed this when you posted it; thanks to one of the many re-blogs I've now found it! Great advice for sellers -- I'll be using it when talking with mine.

Posted by Lottie Kendall, Helping make your real estate dreams a reality (Compass) about 10 years ago

Lottie ~ so glad you found the post.  I am glad it will be helpful with sellers! 

Posted by Carra Riley & Declan Kenyon, Helping people Transition at all ages! (Brokers Guild Cherry Creek Ltd) about 10 years ago

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