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Dealing With Unrealistic Sellers

Dealing With Unrealistic Sellers


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Scott Newman
By Scott Newman
The market is recovering—in some areas it’s even a seller’s market—and that means sellers can once again be a little more demanding…and a little more unrealistic.
So your client is turning into a “sellerzilla.” What do you do when your relationship with the client is on the line, but you need to get your point across?  Read on…
Show Them, Don’t Tell Them
If my seller client isn’t willing to listen to my pricing advice and they think they know better me, I prove to them that I’m right. But I don’t do this through arguing, CMAs, or anything of that nature. Instead, I utilize their own two eyes.
If your client wants to list for $275,000 and you know the house won’t sell for more than $240,000, schedule 45-60 minutes with your seller prior to listing their home and take them to see homes for $275,000.  When your client sees that the homes in his or her intended price point are bigger, nicer, and overall more appealing, then you significantly strengthen your argument without having to risk isolating your client.
Stay Consistent
They say it takes 21 days of doing something everyday to make it a habit. The same concept comes into play with unrealistic sellers.
So you’ve done the CMA, shown them competing listings, but they still want to list a little high. Don’t worry, it’s not the end of the world! Make sure you don’t shy away from confrontation, and make it a point to call them once or twice a week and review the latest data and push for that price drop.
Let Them Hear It Straight From The Horse’s Mouth
No one wants to upset their client, but the reality is your client needs an adviser, not a cheerleader. That means sometimes having an opinion or giving advice will contrast to what your client thinks or feels is best.
Rather than risk damaging the relationship with your client by directly pushing for a price drop, instead try letting the buyers do your dirty work for you.
At my company, we made the decision a while ago to set up a feedback system, so anytime a buyer’s agent leaves feedback about one of our listings, it goes directly to both the client and us. This way, the feedback arrives unfiltered and will demonstrate that it’s not just you who thinks the price is off.  These e-mails also serve as jumping off points for discussion about a price drop, which should help you got the ball rolling with those uncomfortable conversations.
Not every listing is going to be perfect. But by staying on top of your clients and following these tips, you’ll be able to circumvent the objections and concerns of unrealistic sellers and make listing property a profitable part of your business model.
Scott Newman is the broker-owner of Newman Realty in Chicago. Connect with Scott at www.newmanknowschicago.com or @newmanrealty.
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203-217-4979
ron.nettleton@raveis.com
141 Main Street North
Southbury, CT 06488
As a premier real estate agent in New Haven County, I’m here to provide you with all the resources and information you need to buy or sell real estate. 203-217-4979
ron.nettleton@raveis.com
141 Main Street North
Southbury, CT 06488

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traditional-kitchen

By Sabine H. Schoenberg, SabinesHomes.com
Traditional Kitchen by Boston Kitchen & Bath DesignersVenegas and Company
Unequivocally, the kitchen is …
(1)     the most important space in a home today.  From a home value perspective this means it is the most important space to get right.
(2)     where we all spend our time. Therefore, it is the space you most want to tailor to support you and your family’s lifestyle.
Create your win-win kitchen remodel: Build a fantastic space to live in and add value to your home at the same time — provided you make the right choices for your remodel – small or large. No other space in your home gives a higher return on home improvement dollars.
Here are some important guidelines:
  • Since functionally kitchens are multi-dimensional social environments in addition to cooking space a good kitchen today accommodates many people and tasks. “Open concept kitchen” is the hot new term since it expands the kitchen into the family room and allows for social interaction with everyone in the family room.
  • Perhaps the biggest design feature of today’s kitchen is the center island. Peninsulas of the 1980’s and 90’s are yesterday’s news. One side of the island should have plenty of casual seating while the production side of the island can feature everything from sinks to a plain countertop work area.
  • Clean, sleek modern styling is the pulse of the day. Ornate, dark wood cabinets are passé. Simple painted white wood, light maple and, for eco-minded home owners, bamboo cabinets are all the rage.
  • Spend a good portion of your budget on appliances. Gone are the days when a plain refrigerator and basic stove will suffice.  The fancier, the better — including even high-end “toys” like wine units, if the budget allows.
  • Today’s wide range of materials and price points for countertops and backsplashes make these two areas the fashion statement in the kitchen. Give yourself permission to choose something unusual, dramatic or colorful. Mix materials even. When it is time to “freshen up” your kitchen in 5-7 years – yes, you read correctly! — change these two elements and you’ll be able to create a whole new look.

On a beer budget? The same principles apply.  Maybe you can figure out how to build a small kitchen island. If the cabinet layout works, install new doors, give your kitchen that fresh new look with a new backsplash, or find some fun new quality hardware. No matter the budget, improve your kitchen and improve your life – you can have both!
ABOUT THE AUTHOR: Sabine H. Schoenberg is the author of the kitchen design book, “ Kitchen Magic ,” which provides home owners with kitchen inspirations, designs, and product ideas. Schoenberg is the owner and founder of two firms: the boutique real estate firm PrimeSites, Inc. in Greenwich, Conn., and SabinesHome.com , a web-based company to inspire and share how to create improved homes and more fulfilled lives for oneself, one’s family, and community by changing one’s physical surroundings. Over the years, Schoenberg’s homes have received many accolades, including being listed as one of the “Top 10 Homes around the World” in a leading European magazine. Schoenberg is a regular guest on radio and television programs. 0
ypn_scott_newmanII
Scott Newman
By Scott Newman
The market is recovering—in some areas it’s even a seller’s market—and that means sellers can once again be a little more demanding…and a little more unrealistic.
So your client is turning into a “sellerzilla.” What do you do when your relationship with the client is on the line, but you need to get your point across?  Read on…
Show Them, Don’t Tell Them
If my seller client isn’t willing to listen to my pricing advice and they think they know better me, I prove to them that I’m right. But I don’t do this through arguing, CMAs, or anything of that nature. Instead, I utilize their own two eyes.
If your client wants to list for $275,000 and you know the house won’t sell for more than $240,000, schedule 45-60 minutes with your seller prior to listing their home and take them to see homes for $275,000.  When your client sees that the homes in his or her intended price point are bigger, nicer, and overall more appealing, then you significantly strengthen your argument without having to risk isolating your client.
Stay Consistent
They say it takes 21 days of doing something everyday to make it a habit. The same concept comes into play with unrealistic sellers.
So you’ve done the CMA, shown them competing listings, but they still want to list a little high. Don’t worry, it’s not the end of the world! Make sure you don’t shy away from confrontation, and make it a point to call them once or twice a week and review the latest data and push for that price drop.
Let Them Hear It Straight From The Horse’s Mouth
No one wants to upset their client, but the reality is your client needs an adviser, not a cheerleader. That means sometimes having an opinion or giving advice will contrast to what your client thinks or feels is best.
Rather than risk damaging the relationship with your client by directly pushing for a price drop, instead try letting the buyers do your dirty work for you.
At my company, we made the decision a while ago to set up a feedback system, so anytime a buyer’s agent leaves feedback about one of our listings, it goes directly to both the client and us. This way, the feedback arrives unfiltered and will demonstrate that it’s not just you who thinks the price is off.  These e-mails also serve as jumping off points for discussion about a price drop, which should help you got the ball rolling with those uncomfortable conversations.
Not every listing is going to be perfect. But by staying on top of your clients and following these tips, you’ll be able to circumvent the objections and concerns of unrealistic sellers and make listing property a profitable part of your business model.
Scott Newman is the broker-owner of Newman Realty in Chicago. Connect with Scott at www.newmanknowschicago.com or @newmanrealty.
Want to Sell the Home Faster? Stage it First, Study Says
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By Melissa Dittmann Tracey
You hear the message a lot in the real estate industry: Staging can help get a home sold faster and for more money. But convincing customers of that — particularly if it means fronting some money on their end — is not always easy.
The Real Estate Staging Association, a trade association for the staging industry, recently released some findings from a study using data from January 2012 to December 2012 that back up that message.
RESA studied 89 homes that were previously on the market that were not staged. The unstaged homes remained on the market for 166 days, on average, before the home owners called in a professional stager.
After the homes were staged, the homes received their first offer within 32 days, the study found. What’s more, nine of those homes received multiple offers.
Do your sellers need more convincing?
In studying another sample of homes, RESA evaluated 359 homes that were staged but this time before the homes ever went on the market. The homes, on average, received an offer within 26 days after being professionally staged and listed. Nearly 70 of those homes received multiple offers too.
“Our study proves it does not benefit the home owner to list their property first to see if it will sell,” according to RESA. “When [home owners] invest in staging before listing, they sell 87 percent faster.”
Plus, home owners have the potential to save more than $4,000 in carrying costs by staging first, according to the study.
Working With Your Clients During the Gov’t Shutdown
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UtahDavePic
Dave Robison
By Dave Robison
In the midst of the government shutdown, we are still working with our clients to get their deals closed.  Yes, the FHA is still committed to getting loans processed, but other government entities are closed, including the IRS.  Lenders require a 4506-T form, but the IRS is now unable to fulfill requests. So what does this mean? If your lender requires this, the loan won’t close until the IRS reopens, thus putting your deal at risk. Some lenders are waiving the 4506-T requirement, with income verification to follow later. But you can be proactive and help your clients. Here are some tips:
1. Contact any buyers you currently have under contract and talk to their lender about this.  Evaluate your buyer’s current situation and determine if they have the ability to close or not.
2. If the lender needs the 4506-T and doesn’t have it from the IRS, then your buyer’s earnest money may be at risk. Check your due diligence deadlines and possibly extend them.
3. Talk to your sellers and warn them of the potential issue of delayed closings.  Be proactive right now so your sellers don’t pack up and then their home doesn’t close. Show them you are a professional and proactive in helping alleviate stress.
4.  Renegotiate with sellers on closing dates, if possible.  The odds are in your favor, as the only way a seller can close with a different buyer is if they find a cash buyer.
5. Start contacting your representatives in Congress . And while you are at it…donate to RPAC !
6. Stay up-to-date with the government shutdown and its impact on real estate here: www.realtor.org/articles/government-shutdown-updates
If you are seeing any workarounds regarding this issue, please post a comment.  Also, if you are experiencing other issues related to the shutdown, let us know!
Dave Robison, known as “Utah Dave,” is broker/owner of UtahDave.com Neighborhood Experts.
203-217-4979
ron.nettleton@raveis.com
141 Main Street North
Southbury, CT 06488
As a premier real estate agent in New Haven County, I’m here to provide you with all the resources and information you need to buy or sell real estate.
203-217-4979
ron.nettleton@raveis.com
141 Main Street North
Southbury, CT 06488
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