Why my house isn’t selling?
By Eric Stevenson
Owner- Hat Trick Home Services
When I was a Realtor in Connecticut and now down here in Florida, this was and still is such a common question from potential clients coming to me for advice. Now my objective on these is to meet face to face no matter what! Who wouldn’t like a Grande caramel macchiato on the house right? That’s where we would start our conversation which would eventually lead back to the house they were trying to sell so I could evaluate it and give them an honest assessment on what I might think is hindering the sale of their home.
The first thing I ask them is how they came up with the price on the house, was it them or was it the last realtor that listed the house. Because of how they answered that question is what lead me to the next part of our conversation. When the homeowner wants to set the price that old adage should come to mind, honesty is the best policy! What good is it doing them if they want to list their house 50K higher than the closest comparable? When this situation happened to me, the people were still, after 6 months on the market with another realtor, about 20 K to high on their price.
I began to ask them how serious they were about selling their home to which they replied, very! I then began to pull from my folder, a list of 6 comparables to show them when I gave them the bad news and said, I hate to tell you this, and I don’t know why your last Realtor didn’t, but you are way overpriced on this house, by about 20k. They looked at me like I had 6 heads…then asked me, why wouldn’t our realtor have told us that? Um, because they were a dumbass! That’s what I was thinking anyway. Come to find out, the last Realtor never gave them comparables, never marketed the house like he told them, and even though 95% of the time they are useless, never had an open house. I asked them what he said about the price when they told him what they wanted to list it for. Not much, just that “I think we can get it done” and he was a friend of the family so we trusted him.
Come to find out he did do a price reduction once in each of the 3 month contracts he did and he was still 20k over where they should have been, which goes to show you he wasn’t doing his due diligence for his “friends”.
After talking with them and showing them examples of prices compared to days on market they quickly began to see that, this guy knows what he’s talking about! Signed contact at the price point I suggested and before their hands had time to recover from signing the listing contract they were signing a full price offer contract and closed in a little over a month.
The moral of the story is, Realtors, If you are lucky enough to earn business from a client, DO YOUR JOB! Don’t just phone it in, do the work you are supposed to do. People have put their trust in you and you owe it to them and yourself to be honest. If a homeowner wants to list their house at a specific price, it is your job to provide your expertise and explain to them what you, as a professional, would list their house at, and why, and have stuff to back it up!
And Homeowners, be prepared for an honest assessment of your house. I as a Realtor don’t pull any punches because it isn’t worth either of our time if my professional opinion means nothing to you. I have not had one client not appreciate my honest opinion, some might be taken aback, but I always have data to back it up so they can see why I tell them this.
I am always humbled when a client chooses me to represent them, and I can always promise them honesty, integrity, and trust, because essentially, I work for them!
Owner- Hat Trick Home Services