Deeds and Leases

Sounds like blasphemy doesn’t it? A broker saying no to a listing? What agent in their right mind would turn down an opportunity to write up a few pieces of paperwork, snap some pictures, and sit back and let the money roll in?

Well I was never accused of being in the ‘right mind” and I turned a listing down today. It is not the first time, and I doubt it will be my last.

Why would I do such a thing? Well the word “money” appears above and that should have been a big hint. The pricing that the seller wanted for their property was unrealistically high. This seller is an educated intelligent person, but they are in denial about the current market realities, and like many sellers are still living in the heyday of 2007. They discount or ignore current market statistics, and the results (or lack of) from competitive listings in their immediate area.  In their opinion I can start high and lower it if I have to. They forget that during the period that they are “chasing the market” it may well be declining, thus the gap between asking and price and reality is widening, not narrowing as in the good old days.

In the current market inventory levels are increasing, and I and my active collegues are finding ourselves managing increasing portfolios of properties with anxious sellers. In order to maximize my time and offer my sellers the best service possible, I have to limit myself to those clients who are willing to LISTEN. They do not need to know anything about real estate or market economics; they just need to have an open mind are willing to be smart about their property.

Sadly the potential client that I had to say no to was not like that; and from what they told me they have an agent all lined up who will price it at the level they want. I truly hope they sell it close to that price, and that they can get it past the appraiser and the bank underwriter. I want every seller to be successful. But all good brokers have to be hard nosed enough in this environment to learn to say NO.