Charlottesville Real Estate Talk

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Don't Get Greedy

"Don't get greedy" was the warning given this week by the Today Show"s Barbara Corcoran and is an important caution for sellers to remember when choosing an agent to list their Charlottesville home.

Usually before putting their home on the market sellers will interview several real estate agents.  In the presentation the agents will talk about their strenghts in areas such as marketing and the strength of their company and finally they will offer a suggested list price.  That price can often vary considerably.  Much of the time the only thing that the seller will focus on out of this whole presentation is the numbers.  The seller thinks "This is the agent who can sell my home for the most money."  It never occurs to him that this may only be the agent who will list my home for the most money.  Then we watch that overpriced listing languish on the market until it goes through price reductions chasing the market down, to finally sell months later, or expire and be relisted by an agent who brings it back on at a realistic price.

In todays market with the large inventory of Charlottesville VA homes for sale, it may serve sellers well to change their mindset and go with the agent who suggested the lowest list price. This does not mean that you should discount any differences in marketing or company exposure, but you should carefully consider the agent who is not afraid to be brutally honest with you.  Selling faster can translate to avoiding months of carrying costs.  Putting your home on the market for a lower list price could save you money in the long run.

Before you list your home interview several agents and don't automaticallly go with the agent who is willing to list at the highest price.  As Barbara Cocoran said on this weeks Today Show, "don't get greedy"!

 

 

Comment balloon 8 commentsPam Dent • January 13 2011 09:22AM

Comments

Amen! A good Realtor is like a good Doctor. You wouldn't want a Doctor to tell you you're healthy and fine when the reality is that he/she just discovered that you have cancer and need chemo ASAP. So, why would you go with a Realtor who will tell you what you want to hear rather than what you need to hear in order to sell your home? When interviewing 3 or more agents, the one whose information deviates from the others is probably wrong, or telling you what you want to hear. In a shifted market, selling quickly is selling for more money.

Posted by Jerry Dugan almost 7 years ago

Ah - the old bait and switch that too many fall for...  List price vs. sales price.  Just a few comps and day on market statistics and it's easy to see if a potential seller and I are a match.  

Posted by Laura Sargent (Carolina One Real Estate) almost 7 years ago

Pam, you have a very good point. Sellers also like to look at commission and then pick the lowest. It can hurt them to have a lower than standard commission because less agents tend to show their home. You're right, many sellers let their greed get in the way of selling and it can cost them more in the long run. Great Post

Posted by Larry Atkins (State Wide Realty Co.) almost 7 years ago

Pam, I always have the conversation about --- what part of this time frame would you prefer your home to sell in?    If there is 6 months of inventory, they do have a choice, and being GREEDY does not usually get a quicker sale.   Barbara Corcoran is great, I listen to her too!   Great post Pam!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) almost 7 years ago

Great advise for your sellers. Setting the price right and being competitive against other area listings is the best strategy for your clients.

Posted by Dawn Crawley, Find Pinehurst Homes (Dawn Crawley Realty) almost 7 years ago

Jerry - Good analogy.

Larry - Sellers need to understand that if they lower the commission they will also lower the chances of their home being shown.

Laura - It is important that they understand that list price does not mean sales price.

Joan - In this market there are too many well priced homes on the market, todays buyer does not have to overpay.

Dawn - Price is the number one amenity right now.

Posted by Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse (Gayle Harvey Real Estate, Inc.) almost 7 years ago

Pam - What great advice to sellers!  It's such a shame that so many sellers do just the opposite.

Posted by Donne Knudsen, CalState Realty Services (Los Angeles & Ventura Counties in CA) almost 7 years ago

Donna - We can give them advice but we can't make them follow it.

Posted by Pam Dent, REALTOR® - Charlottesville Virginia Homes / Horse (Gayle Harvey Real Estate, Inc.) almost 7 years ago

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