Agents that tell you what you want to hear!
Today I lost a listing for being honest! One thing you will always get from me is my honest opinion. Whether it is my opinions that I write about in my blog, or my opinions in what it takes to get a condo sold for top dollar. The key words here are “TOP DOLLAR”. You have heard me say many times that “Any agent can sell your condo…but at what price?” To get the highest price in the sale of a condo, I have a pretty good feel for things that need to be done to get that top dollar. First and foremost… top notch marketing! Yes, even in a hot seller’s market it is important.
I mentioned that I lost a listing for being honest. This condo would have been priced in the 1.4M range. This particular condo had amazing river and bridge views. However, the furnishings (many antiques) were not the type that would “Wow” a buyer when they walked in the door. In fact, I believe the opposite affect would take place. I have often said, in the higher end of the market, buyers want the “Wow” affect when they walk in the door. This was a unit that had potential for a huge “Wow” factor that, with staging, I believe would have captured a very good price for the seller’s… if marketed correctly.
Telling sellers what they want to hear to get a listing is nothing new in our industry. I see it happen all of the time with agents that “Buy Listings”… in other words, they tell the seller it is worth more than what another agent said what it was worth because they know the seller will choose the agent with the higher price. Then, the condo stays on the market because it is priced too high and then the agent eventually beats up the sellers to drop the price ( the price the other agent had honestly told the seller’s) Then, because the unit becomes stale, the lowball offers begin to come in. My point here…be careful of agents that tell you what you want to hear. You should be more open to an agent that is honest and not just telling you what you want to hear just to get the listing. The listing above, well I believe the listing above will net the seller’s about $100,000 less than what it could get by staging and using good marketing. This is a lot of money! I felt so strongly about it in this case that I offered to pay for the staging.
The sellers made the comment to me that these were expensive antiques. One thing I have learned in this business is that the cost of something really has no relevance as to how it adds to the value of something. I have seen wallpaper, for example, where an owner spent a fortune and thought it was the most beautiful thing in the world… but everybody else hated it! In the unit above, I truly believe the sellers would net close to 100k more by staging this unit. In addition, the staging will help buyers focus on the beautiful unit…and take their eyes away from the kitchen! Remember the wallpaper above? Well the owners of this unit painted over the cabinets (DIY) in an un- attractive color that shows the wood grain through the paint. They also ripped out beautiful slab granite and replaced it with a inferior artificial product (blue speckled ) that is just not at the level expected for buyers in a unit like this in a building like this.
In the end, the sellers went with an agent that agreed with them and said what they wanted to hear. As a seller, do you want the most that you can get in the sale of your condo… or do you want to work with an agent that is being nice and says what you want to hear? The sellers choose an agent with inferior marketing to what I offer… and the truth is on this unit, to get top dollar, they are going to need great marketing!
I believe an agent should be nice… and tell you what you NEED to hear!