Well here's a kick in the head ......
I recently cancelled a listing that I had for some time because 
the seller just would not lower the price. All the signs were that since she didn't have a fireplace, she was being overlooked at her price. Townhomes with fireplaces were getting regular showings and this one didn't have a showing in 30 days! We had to adjust our price for wanted features that we didn't have.
Seller said no way, they can just make an offer as we've all heard that before. "Lowering my price won't make a difference and everyone knows they can just make an offer in this market."
Well, as always I check the new listings everyday in the MLS and who should appear? Ms. I won't ever reduce my price! Here's that kick in head - she's $13,000 lower than I had it. I'm quite sure at that price, it's going to sell right away. Now at the new price it's below the current market value and with the newer carpet she put in, I'm confident an offer will be in her hands soon.
But, what was all the fuss, fighting and digging in her heals all about? I was only looking for $2000 to bring her more in line. I'd have to say the other agent was a better sales strategist than myself because she got the job done and got the seller down below what she needed to be at. She did a great job.
I'll certainly be putting it on my list for future showings. Just don't understand what Ms. Seller was thinking here? It cost her alot of valuable market time.
Even after a homeowner reduces a listing price to where it should be, it becomes less attractive becasue of the amount of time it's been on the market.
I agree. I had a listing that the seller cancelled with us. She thought we were not on her side. I made suggestions on how to get an offer because we were getting showings but no offers. It finally sold after two more listing agents.
Brian: Totally true, even agents wonder what the problem is.
Angelia: 2 more listing agents! Now there's an example of an unmotivated seller.
Hmmm. There is no telling what is on a Seller's mind (when they don't tell you), and what source of outside force may suddenly motivate them. --Sara
Lyn - I think sometimes seller's think we just want to keep lowering the price until it sells so we get an "easy sale." I also think hearing the "truth" from another professional reinforced what you told her. In a case like this I would want to call the seller and ask why she didn't do this when you asked, but at this point it wouldn't make a difference since she's listed with another broker.
Lyn, you just cannot figure some of these people out. They tell you things like that and then as you said, they "kick you in the head". Just like some of my buyers who most definitely DO NOT want a certain area or style. Next thing you know they are beating me up about not showing them a house that they absolutely did not want. Welcome to the jungle.
Hi Lyn, Don't take this on a personal level ! You convinced her ( by your actions ) that she needed to correct the price. Sell it be gracious !
Michelle: Yes, it would seem like sour grapes from me. I did send her an email congratulating her on relisting and I will be sure to show it at the new price given a chance.
Sara: You're right, never know what they are thinking. Just wished she would have confided in me go I could have gotten the job done. Heck at that price, it's a shoe-in.
Bill: You are correct. Thank you for your gracious comment.
Jean: We need a psychology degree also.
You bring the flour, and I'll bring the eggs.
Lynn. I have been down this road so many times I don't need a map, they would lower the price for you because that is what they said once and would have to admit defeat. While a new listing agent can suggest anything and its all on the table. Not going back on her convictions...will cost her for sure.
Alix: Where can we meet?
Steve: Never thought about it that way, thanks for your perspective on this.
Lyn - If sellers were always rational, life would be much easier. But then there would just be more Realtors, and that would make business tougher. Guess we'll just have to settle with things as they are : )
The seller probably found themself in an awkward situation by hearing similar information from their new agent. Interesting how pride and personality can get in the way.
Lyn...I also have had sellers tell me I am ripping them off when I tell them that the price needs to be lower, and then relist with someone else and go a lot lower.
John M: Good point.
John T: Same information that we both work from, just from a new agents perspective. Thanks.
Bill: You're right about the ripping us off mentality. Well if the house isn't selling or there are no offers to be seen, how can they be getting taken advantage of?
Howdy there Lyn
It sure is hard to know how or just why a seller sometimes thinks the way they do. From the blog post you write, anyone sure should be able to see they should listen to what your sayen. Folks always seem to need to blame, for their own short comings.
What a pain & an all too common story! I can't understand why sellers do this to their agents every day. Sorry for your loss, hope you get some better clients to work with!
Sincerely,
Kathleen
Thanks Kathleen.
Dale: I wish her well at her new price.
Lyn: You are actually the one that sold her on that idea. The other agent just had good timing... You can be the one with the good timing by getting the next withdrawn/expired listing....
Your right Mirela, pricing is everything in this market.
Pricing is key. It's amazing how many people are in denial about the value of their home. Keep up the great posts.
Lyn,
That must of been a bit frustrating for sure....been there...
Sometimes it's just difficult being the first agent in a market like this one! Seller's just don't realize how strong of a buyer's market it is and make irrational decisions about their property !
Mike: You're right that sellers just don't comprehend or maybe believe what a market it is. You can only cajole & coach for so long.
Most of us have encounter that same situation, it often happens when a seller just dig her/his heels and refuses to see the light at the end of the tunnel. I believe it all goes back to the listing presentation, where if the price the seller wants is too high in our opinion, then scheduling a price reduction at a specific date becomes a working goal and perhaps avoids having to give the listing up. Play the game to win. Thanks for the post Lyn.
Antonio
Antonio: Market conditions downward was also not foreseen by the seller. The longer she waited to get 'her price' the more the market lowered. Hard lesson to learn and I wish the seller well. Today's price is obviously just that. 30 days from now?