Monday, July 9, 2007

Never Heard From Again

Sometimes when you tell someone the truth... they don't want to hear it. I recently had a situation where I was called in for a market analysis of a property in Freeport. A lovely property on almost two acres, over 3000 square feet. It had been listed previously by another real estate agent for almost $900,000. For over a year. When I presented my analysis, I showed the seller that an acre-plus waterfront property recently sold for $650,000. In addition, there was a competing property for sale with similar square footage and lot size for $520,000. I recommended the seller price no higher than $599,000. I explained that the property would not appraise for what it had been previously listed. I had to make my presentation unexpectedly just to the wife, the husband could not make the appointment. The wife said she certainly understood my pricing explanation and presentation. She said she would let her husband know and get back to me. Two weeks later, I never heard back from them. I saw today that the property had been re-listed with the same agent for $799,900, $200,000 more than I recommended. I pondered if I should have called back the husband after I met with the wife. I also considered whether I should have not made my presentation, since it was clear the wife was not the sole decision-maker. I had set aside several hours of research, driving and appointment time, so did not want to waste the day. I decided not to contact the husband later, because in this market, a non-"call back" (they didn't get back to me) is usually a non-motivated seller. An unrealistic seller is someone I don't want. The time I "wasted" was part of my cost of doing business.

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