Southern Maryland Best Buys

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I need to be in business 6 months from now. I can't take your listing.

I like the bottom line, no nonsense last paragraph in Mike Cooper's blog post. It is like emptying an ocean with a thimble. It reflects upon our knowledge of the current market. It threatens our business sustainability. But most of all, an overpriced listing does not provide for our families. It is a cement truck load in the ointment.

 I don't take a lot of listings because I typically work as a buyer's broker, but once in a while I'll list for a friend, family member or friends of friends and family members.  I do list for REO companies and banks, but that's a whole different category of listing.  Ironically, I have a unique opportunity this week, but I'll save that for another blog.

Yesterday, I received a call from a friend of a family member.  I dropped by and met the caller and took a look at the house.  It was a nice older home in an older neighborhood.  This neighborhood has been heavily burdened by foreclosures since 2008.  Because of that, home values have fallen through the floor.

As I was leaving, I was talking to the homeowner about what I would do.  I promised to do a thorough Shocked manstudy of the market in his area, and then I would prepare a CMA to give him a good idea of what I thought the house would sell for in this market.  Then, he said, "Do you want to know the price I want to sell it for?"  Of course, I said yes. 

It was $100K over the possible reasonable sales price.  I did go back to the office and ran the numbers.  It's definitely never going to sell for his number.  Actually, it would be amazing if it sold for 50% of that number.  I will have to turn this listing opportunity down.  I would be a joke in the local real estate industry if I listed it for anywhere near his price. 

I realize selling a house is not about me, but when I take on a listing this far out of sync with the market, it proves that I have no idea what I'm doing, and I need to be in business six months from now So, as much as I would love to help this nice couple, I love my family more, and that means I need to be able to provide for them.  I can't do that if I'm spinning my wheels trying to empty the ocean with a thimble.

 

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Give me a call for all your real estate needs, and let's make something amazing happen. 

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029

Real Estate Sales and Property Management         

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.   Feel free to cackle.)                                                                                                

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Comment balloon 3 commentsCheryl Ritchie • November 16 2012 04:42AM

Comments

I agree * When I have to explain the TIME value of MONEY to someone, I REexplain it to myself....I need to do what benefits ME and MY company so I can STAY IN BUSINESS!

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) almost 7 years ago
I sure do agree...if I can't explain it I won't take it....
Posted by Donna Paul, Long Island Home Specialist,All About Real Estate (Keller Williams Realty Gold Coast) almost 7 years ago

It is smart to turn down business from unrealistic sellers.  Always ask them to contact you again when they want to cope with market prices.

Have a great day and an outstanding weekend.

Winterthur Museum

Posted by Roy Kelley (Realty Group Referrals) almost 7 years ago

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