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Hi Folks, As many of you know, I’ve been helping my clients solve their real estate problems, challenges, issues and helping them reach their goals for over 30 years. And with that amount of experience, you would think certain things would get easier, wouldn’t you? And in fact, certain things have become easier. But I have a confession to make – there’s one issue that has plagued real estate agents for decades and will continue to challenge real estate agents for decades more. It is a perpetual source of fear, trepidation and nervous tension. I’m somewhat less susceptible to this issue today as I was in May of 1980 when I first obtained my real estate license, but it still gnaws on me and I would like to share with you how you should be aware of this so you don’t lose money! Do you want to take a guess at what it is? It’s TELLING THE TRUTH! Ahh, I know what you’re thinking … you’re thinking I’m talking about telling the truth about that broken furnace, or crazy neighbor, or some other sort of disclosure issue, right? Well, you’re wrong … telling the truth about disclosure issues is easy, at least for me. They are what they are, the law commands that you disclose, so you disclose. Period. No, what plagues every real estate agent is telling the truth to their potential seller with whom they are interviewing for the listing. And the problem all stems from FEAR. Did you know that in the South Bay area there are nearly 6,000 real estate licensees? So if an agent goes into an interview and really, really wants that listing, do you think there might be just the slightest tendency for that agent to be tempted to telling the potential seller what they want to hear, just to get the listing, rather than telling the cold hard truth? The agent is AFRAID that if they tell the brutal truth, that seller will just go and hire some other agent. In point of fact, that often happens. In fact that’s what mostly happens. That’s why today, and this is a typical day, there were 54% more price reductions, cancelled and expired listings than new listings. There were 67% more price reductions, cancelled and expired listings than there were properties being escrowed today. Put another way, the typical seller entering the market today, has a 67% better chance of not selling their home than selling. WHY? Because I’m convinced, real estate agents are too darn scared to tell the truth up front to their seller. They think, “Oh, if I just tell them what they want to hear then I can get the listing signed and then ask for price reductions later blaming the market as the bad guy”. And it may be much more “innocent” than this. Out of fear, the agent may not have any malice at all and just want the listing so bad that they make up reasons in their head for agreeing with why the seller is right on their inflated view of their home’s value. Either way, the seller is poorly, poorly served. So let me conclude here by saying this … if you want the truth, good, bad or neutral … if you want an agent that wants your business, but doesn’t “need” it so bad that fear becomes the motivator … if you want an agent from a position of strength can negotiate with other buyers and agents to defend the right price we set on your home … then call me. But let me warn you, this market is TOUGH. Know this, the only homes that are selling are those which buyers feel themselves compensated for the risk of buying in a market that probably has more price softness ahead than price firmness. That means you have to take the competitive sales to your home and subtract a few percent and make that your LIST price. You need to get ahead of the curve. Even then, it’s a tough, tough market and you need expert marketing and promotion skills in your agent to get the job done. So bottom line – strength/courage or fear? Which do you choose? Please feel welcome to contact me, hook me up to a polygraph and ask me what I believe the market will pay for your home. At Your Service, George Fotion |
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HomeIsPalosVerdes.com
Cognitive Ramblings about Real Estate in Palos Verdes CA
