Ginny's RI House Hunt Blog: Why A Home for Sale Keeps Changing Realtors

Why A Home for Sale Keeps Changing Realtors

Changing Realtors Does Not Solve the Problem of Pricing on a Home

 

Most real estate agents have experienced this scenario in their real estate work lives.  The homeowner calls another agent in to see what they will do ri real estate wrongsfor their home for sale that already has been for sale with 2 or 3 other real estate agents.  Obviously, no home sale has resulted.  Why is that?  Is it condition of the home?  Is it size of the home?  Is it the location of the home?  And the list goes on of reasons.  But there is one reason they all share...it is all based on home selling price...that is is it.  When the sweet spot of a selling price is on a home it will sell quickly!!  No brain science here.

 

Yet we have homeowners who continue to share with the new agents coming in that the house was just not presented well and correctly to the public!  They will live in their own bubble ignoring advice on staging or odors to price the home they have for sale correctly.  

 

It is so interesting to watch as I have driven by two homes over the last 3 years that have gone through this process.  I know all the Realtors who have unsuccessfully tried to market and sell the home. They did their job well as far as I can see to do their best at the wrong selling price. Each agent was told the seller 'had to get this price' and thought they could move the sellers on price.  Sometimes past patterns and motivation are indicative of future actions ( just a bit of psychology of human patterns observed here).  Sometimes you need to just not take the listing!

 

Unfortunately, these homeowners have bashed the agents who tried to sell their home for all sorts of bizarre reasons.  Know that it is the real estate market that tells you the price the home will sell at.  We are in a sellers market in Rhode Island ( a long time coming by the way) so any house sitting on the market for more than 45 days is priced wrong.  Sellers you need to understand that it does not matter what you owe on the house or what you put into it dollar wise.    Hear ye, hear ye...the bell tolls for the real estate market pricing right.  The time to do it is now!

 

Yes, both these houses are on their third & fourth real estate agents at the original prices and still they have not moved the sellers or priced to the sweet spot of selling yet!

 

So why does a home for sale keep changing Realtors?

~~~~~~~~~~~~~~~~~

Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard.  When you are in need of a knowledgeable North Kingstown RI real estate specialist for your buying, selling or relocating needs and a savvy marketer who sells RI houses in this real estate market, call Ginny Gorman at 401.529.7849 or email her at RiByTheBay@gmail.com today.

 

 

This blog © and its contents is original to Ginny Lacey Gorman

the RI waterfront Realtor of Choice

 

Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate   

Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ...  I sell dreams!  Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.

 

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Comment balloon 61 commentsGinny Gorman • August 22 2017 11:13AM

Comments

Hi Ginny... I've been the second or third agent in on many a listing... with the right sellers I like not being first... by then sellers have gotten real about pricing and condition. And I can put my marketing magic to work.

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) about 2 months ago

Good morning Ginny Gorman,

I've seen these same sellers listing and changing agents and not reducing the price. Its all about the price if you don't have good supporting comparable sales and insist on pricing way above..you will sit on the market and not sell!

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) about 2 months ago

Good morning Ginny. The truth is the truth. What part of "NO" don't you undertand? Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) about 2 months ago

Good morning, Ginny Gorman had those homeowners started their journey with you as the leader, they would have been long gone.... it's all about the price...and you would have made that clear to them...

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) about 2 months ago

Price and condition are important factors to selling homes.  Also, access needs to be available.  In tenant occupied properties, and even some owner occupied, this can somethinmes be an issue.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 2 months ago

Ginny, you are SO right, the price has everything to do with it, and will overcome condition, location and anything else wrong with the home.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) about 2 months ago

Great observations here from you Ginny Gorman . Often, it is a tightrope we walk to try to get our sellers to understand that we are only the messengers not the reason why a home doesn't sell when it is priced incorrectly. Another reason why seasoned agents do not take over-priced listings.

Posted by Sandy Padula and Norm Padula, JD, GRI NMLS#1483386, Presence, Persistence & Perseverance (Realty One Group) about 2 months ago

Hello Ginny Gorman, and as always you are right on target on the suggest.  I hope you are having a great week.

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) about 2 months ago

Price, Condition, and Location are what needs to be fixed- what do you want to adjust? 

Posted by Ben DeHaven, Proudly serving Winter Haven & Lakeland, Florida (Haven Realty & Investments) about 2 months ago

Ginny it is part of the BLAME game.  Sellers do not listen to advice, and then it is the fault of those who gave the advice that was not followed.

It does not matter what price you want to sell for, it is what the market will bear.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 2 months ago

Hi Ginny- many sellers still don't get it. They must find blame somewhere...anywhere but themselves. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) about 2 months ago

I've seen unique circumstances like this before where it keeps changing ownership. It takes some patience

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) about 2 months ago

In the long run it is always about the price... sellers dont like to hear it but price is paramount....

Posted by Debra Leisek ( Bay Realty,Inc Homer Alaska) about 2 months ago

I was asked to represent a realtor to sell her house. I knew it was on the market previous 15 months. After representing a good offer she declined with no reason given.  Next year she asked me the same I told her she needed to sign a complete contract and all disclosures. She chose to work with another agent. She did that to 4 listing agents (all frustrated) until a year ago. That house was on the market under 6 agents and 5 brokerages.  I knew all that. She called recently told me that she sold direct to a buyer who came earlier.  If I sense something not right I wanted to be as far away from that situation. We are in an area where just about any shack will sell as long it is priced following the market.

Posted by Sam Shueh, mba, cdpe, reopro, pe ( (408) 425-1601) about 2 months ago

It really is very logical, isn't it.  What is the definition of insanity?

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) about 2 months ago

Sometimes sellers just don't want to listen to the reality of the situation. So the house sits....

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, 914-419-0270, kat@thehousekat.com) about 2 months ago

Ginny Gorman Congrat's on the Feature!!
So true - we work hard and we try but for some reason, a pair of shoes from Wal-Mart just won't sell for the price of shoes from Jimmy Choo. Hmmm ...
All the best - Lynn

Posted by Lynn B. Friedman, Concierge Service for Our Atlanta Sellers & Buyers (Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...) about 2 months ago

Ginny Gorman - I always love what you write and this is no exception - It is so important for a seller to understand that the market does not care what the seller wants or needs. 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Long and Foster) about 2 months ago

I second your comment, Ginny Gorman

Posted by Sharon Kowitz, Cary, NC Relocation Specialist ~ Buying or Selling (Fonville Morisey-CRS-SRES-ABR-GRI-E-Pro-CREN Cary, NC) about 2 months ago

Great post Ginny and I am with Nina Hollander on this one. Sellers can be a bit more receptive after the first agent or five.  It's a bit more difficult when all the sellers keep hearing about is this "sellers' market", but smart pricing is still warranted.

Posted by Chris Lima, Local or Global-Allow me to open doors for you. (Atlantic Shores Realty Expertise) about 2 months ago

It is always about the price.  Price relative to condition, and accessibility.

Posted by Shirley Coomer, Realtor, Keller Williams Realty, Phoenix Az (Keller Williams Realty Sonoran Living) about 2 months ago

Great points Ginny Gorman , i am going through this now. Some sellers are just not listening

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) about 2 months ago

Good post Ginny. It's the sure sign of a 'problem' seller. If I'm the second or third (never happened), I'll take the listing on my terms, never on the client's terms, otherwise it's bye-bye.

Posted by Richard Bazinet /MBA, CRS, ABR, Phoenix Scottsdale Real Estate (AZuRE Team - Realty ONE Group) about 2 months ago

I'm shaking my head at a local listing - it's been on the market since 2013 with 3 different agents.  And the price has never changed!

Perhaps in this case it is the agents' faults - for taking the listing in the first place.

Posted by Margaret Goss, Chicago's North Shore & Winnetka Real Estate (Baird & Warner Real Estate) about 2 months ago

You learn quite a bit about the one speaking when they speak about others

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) about 2 months ago

Most of us can share our own personal experience with the pricing scenario. Sometimes you have the seller's (verbal) agreement to reduce, and this is why the agent accepts the listing in the first place. After a month, the seller refuses to reduce the price. That's when the agent has a tough decision to make. Keep the house at an unsellable price, or give it back. Sometimes it's better to turn it down right from the start.

Posted by Pat Starnes, Brandon, MS, Broker Associate, ABR, 601-278-4513 (Front Gate Real Estate) about 2 months ago

Amen sister! Tell the story!

Posted by Ron Barnes, "Most agents claim they're #1 - I THINK YOU'RE #1! (Associate Broker at Berkshire Hathaway Home Services Georgia Properties) about 2 months ago

Ginny,

Your blog article should be "required reading" for anyone contemplating the sale of property. Specializing in waterfront property, (second/vacation homes) I run into this scenario almost daily. Seller's think their property is comparable to Mar a Lago in value and a Zillow analysis, backs up their claim. For property which isn't moving, "It's not the messenger folks.......it's your message! If your property is not considered  "a best value" by a great percentage of potential buyers, it will languish on the market indefinately.

We have properties here on the lake which have been on the market for five, seven or more years. The sellers remain in a time warp circa 2004, continuing to believe their property is comparable in value to those now receiving multiple offers in places like San Francisco and Miami Beach.

Attempting to educate large numbers of sellers is like that of chasing a cat. You begin to wear down while the cat becomes increasingly elusive........

Posted by Sharon Miller (RE/MAX Platinum) about 2 months ago

I have found that agents will take any listing, never mind that the owner wants too much. Then they figure they can talk the owner into lowering their price. This has happened at caravans I've gone on, the listing agent will even give broad "hints" that he would like participating agents to say so on the suggestion form.

Posted by Hella M. Rothwell, Broker/Realtor®, Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea about 2 months ago

Instead of listening to a Realtor's advice or believing in comps, some sellers simply have to see it for themselves.  The same is true for buyers who think they can negotiate 10% off list price in a sellers' market. 

Posted by Lee Keadle, Keadle Real Estate Group (Carolina One Real Estate) about 2 months ago

Ha, they just don't trust the data. Too many sellers think their house is "special." And it becomes somewhat special in that it doesn't sell. ;) D 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) about 2 months ago

Over priced properties do not sell! I blame agents not sellers for taking the listing. For setting expectations that won't be happening. No dice for the clear to close insutrcutions, the sit down pass the keys, slide the check please.

Posted by Andrew Mooers, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 2 months ago

It's important to manage expectations from the gate. Thinking that you can take on the client and fix the price down the road is a great way to create an expired listing.

Posted by Luke Acree, Making Agents Memorable (ReminderMedia) about 2 months ago

A wonderful post on this topic. We often deal with folks who have unrealistic expectations and then others who simply will not listen to our advice.

Posted by Paula McDonald, Magnolia Realty ~ Granbury, TX 936-203-0279 (Magnolia Realty ~ Granbury) about 2 months ago

Hi Ginny

We have all seen this, over and over. Some sellers just refuse to listen to the cold hard facts of the market and their price. But then some agents are at fault here, too. The risk, apart from the home not selling, is the seller bad-mouthing you as the agent, and having others see YOUR listing, in a strong market, just languishing.

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) about 2 months ago

I agree with you for the most part, but think there are exceptions.

First, not all agents are working for their clients. Some take one fuzzy photo, plop it and minimal description on MLS, and forget about it.

Further, I know of one agent in a nearby community who was using a house as a bait and switch. "Oh, you don't really want to see this one, now I have..." Unfortunately for her, the person calling to inquire was the seller's sister.

And then there are the sellers who so severely restrict the times when a home can be shown that everyone passes it by.

I agree - at the right price any home will sell. But first someone has to see it.

Posted by Marte Cliff, your real estate writer (Marte Cliff Copywriting) about 2 months ago

This is a case of doing the same thing over and over expecting different results. Obviously, the seller knows more than the seriies of agents..... or, there is some financial problem that we don't know about. Short sale may be a problem solver.

Posted by Brad Rachielles, REALTOR, CDPE, Upland, CA (CENTURY 21 Peak, Ca BRE# 01489453) about 2 months ago

Congrats on the feature Ginny!  Your blog is right on, no agent can make a house sell when it is overpriced.

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) about 2 months ago

Good evening thank you for sharing your thoughts on this topic, over priced is for the most part the reason. 

Posted by Laura Filip RE/MAX UTOPIA | 903-271-4978, Your locally owned RE/MAX OFFICE (RE/MAX UTOPIA , Serving all of Texoma ) about 2 months ago

Yes, price is everything Ginny.  The buyers and their agents know the values of homes out there.  There's no fooling them.  And even if you did, you're not going to fool the appraiser.  Good post.  Best wishes to you.

Posted by Jerry Murphy, CRS, Anthem, Phoenix, and Scottsdale AZ Real Estate (Long Realty West Valley) about 2 months ago

Thank you all for your comments & feedbacks...I hope SELLERS read the post more so than agents.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 2 months ago

I agree with the initial point here, although I think there can be other factors, especially things such as poor location or condition. HOwver, it's usually price!

Posted by Mary Hutchison, SRES, ABR, Specializing in Brookside, Waldo, Prairie Village (Better Homes and Gardens Real Estate-Kansas City Homes) about 2 months ago

Great article! So very true!

Posted by Donna Bruno, Field Instructor For Coldwell Banker Res Brokerage (Coldwell Banker Real Estate) about 2 months ago

Some things never change. An over priced home never sold in the past, it's not going to sell now and it won't sell in the future. Why is that so hard for sellers and some agent to understand ????

Posted by Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA, Providing the integrity and service you deserve. (Future Home Realty) about 2 months ago

Hello Kathy,  I think we believe the homeowners will reduce the price when the market speaks but as you point out they need someone to blame because it certainly is not the very special house with the gaudy hot tub in the bedroom and the hand made cabinets (with trim missing) that contributes to it not selling for the inflated price. Alas.... They will reduce the price with the next agent and explain how they lost precious market time with you..... 

Posted by Dana Basiliere, Making deals "Happen" (Rossi & Riina Real Estate) about 2 months ago

The seller is always right.  The seller is right to blame us when we do not attract a buyer. Why? Because we failed our client. The seller is right because by accepting the assignment we agreed with their own rationale for setting the price as they insisted; for accepting the condition of the home "as is"; for continuing every practice that might have worked against a successful transaction. I"m not joking. It's always the agent's fault when a home fails to sell.  We're sales brokers, not miracle workers.  We know, or should know all the components contributing to a successful sale in a crowded marketplace. When a home fails to sell, we, not the seller, failed.   Let's quit blaming seller's and start focusing on our own activities.

Posted by Randy Hilman, Associate Broker, What Matters to You, Means Everything to Me! (Randy Hilman Homes at Keller Williams Coastal, Lakes & Mountains Realty) about 2 months ago

Whatever other excuses are offered it is always ultimately PRICE! And yes it is the buyers who decide what a house is worth when they agree to a final price at settlement.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) about 2 months ago

When I did listings I preferred to be the second agent. I could go in and reduce a price, improve the house, declutter it or whatever, then walk away when they won't do this.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) about 2 months ago

Here is the explanation to this: In psychology and behavioral economics, the endowment effect (also known as divestiture aversion and related to the mere ownership effect in social psychology) is the hypothesis that people ascribe more value to things merely because they own them.

Posted by Ron Aguilar, Mortgage & Real Estate Advisor since 1995 (Continental Mortgage) about 2 months ago

The one constant is the seller! They need to take a good hard look at themselves instead of blaming all the agents for failing!

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) about 2 months ago

Sometimes I give sellers different scenarios, outlining what steps are likely to result in top dollar and what that dollar might be, or presenting the home in the current condition, and what price that might likely bring. Occasionally someone will choose ease of sale, and we price it accordingly. 

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) about 2 months ago

Dear Ginny,

The hero Realtor will be the one, who sells by the time the market has caught up with the seller's inflated opinion. Not everyone loves all the upgrades that you so lovingly put in in 1982. Some potential buyers were not even born then & have a different opinion of what an upgrade should be.

Posted by Dörte Engel, ABC - Annapolis, Bowie, Crofton & rest of Maryland (RE/MAX Leading Edge) about 2 months ago

Two years ago, I interviewed with a luxury home seller. She wanted to ask about $500K more than comparable properties. I passed on the listing. She is on agent #7. Each time an agent comes in and lists where the seller demands and each time it becomes an expired listing. When are agents going to get some backbone and do what I did--refuse the listing? Then maybe, just maybe, the seller will finally get with the program.

Posted by Tammie White, www.FranklinHomesRealty.com or (615) 495-0752 (Franklin Homes Realty LLC) about 2 months ago

I do not take every listing offered to me. If the Seller will not price it within the market, I turn it down.

Then I track it. I know there will be an agent that will list it within days.

It does not sell and is listed with another agent and then it expires.

Not once did they get the price to where I first told them it would sell.

This has happened numerous times and each of the sellers still live in their home.

Posted by John Wiley, Lee County, FL Real Estate GRI, SRES,GREEN,PSA (Jones & Co. Realty) about 2 months ago

The seller isn't always right, especially if their goal is to sell their property using a specialist like a Realtor. If their price was right, would they really need a professional or real estate agent? Think about that for a moment.

Agents who take listings knowing that the seller's price to secure the listing won't sell should decline the opportunity and concentrate on clients who are not unreasonable and uncooperative.

When Brokers accept listings from their agents with these conditions, what does it say about their leadership and marketing skills?

I've been told by many professionals that there are more order takers in this industry than sales professionals, yet, that's another topic for another time. 

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) about 2 months ago

Good morning, Ginny!

I agree for the most part.  There are exceptions, though, as Marte Cliff mentioned.  I had a Seller contact me years ago to sell his 29 acre farm.  He wanted to list it for $xxx,xxx.  I showed him the Market Analysis and informed him it will probably sell for $yyy,yyy.  He listed it with a national brokerage firm.  This went on for 6 years.  He would call me I would walk away from the appointment telling him to basically call me when he came down to reality.  In the end, he did finally list with me and it was slightly overpriced, which I could work with.  In the end, I sold it.  He could have saved himself frustration if he had listened in the first place.

Brigita

Posted by Brigita McKelvie, Associate Broker, The Broker with horse sense and no horsing around (Cindy Stys Equestrian and Country Properties, Ltd.) about 2 months ago

If an agent is going to take an overpriced listing, they need to be able to get price reductions quickly.  Otherwise, they are going to be dragged over the coals as the listing lingers on the market.

Posted by Chris Ann Cleland, Associate Broker, Northern VA (Long and Foster REALTORS®, Gainesville, VA) about 2 months ago

Good morning Ginny.  Denial is prevalent for some home sellers that just can't come to grips with the reality of their property's value.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 2 months ago

I will take an overpriced listing if it's close to my home and I know the neighborhood well as I feel it might as well be an agent who can do a good job servicing the listing by living nearby. There are no bad listings, if it will bring in buyers.

Posted by Georgie Hunter R(S) 58089, Maui Real Estate sales and lifestyle info (Hawai'i Life Real Estate Brokers) about 2 months ago

It's alwys the price, except when it isn't. I remember as a new agent going through training at a large company our training broker basically told us if your listing doesn't sell drop the price. My very first listing got lots of traffic but no offers. On both an office and an all company tour all feed back from veteran agents was lower the price. I did talk to the sellers about price but they decided if it didn't sell at their price they'd just stay. While we were at the high end of the price range we were in a strong seller's market and I did think the price was okay (based on my evaluation of the comps), but what did I know, I was just a rookie and all the old timers were telling me lower the list price.

Most feedback from showing agents was something like "They really liked the house but just bought something else". No help but finally an agent told me the only reason their buyer didn't make an offer was because of the apartments (a group of 4 fourplexes that really weren't that bad) that were visible from the dining room window. The seller bought the biggest tree they could find ($400) and planted it to block the view. Four days later we got two full price offers, one cash. Usually it is price, and price is the one thing that'll overcome all other issues, but sometimes it's as simiple as easier access, better pictures or even planting a tree.

Posted by Patrick Willard about 2 months ago

Sometimes you just never know.  I always feel badly for the previous agents who started with high hopes of getting it sold, and due to a stubborn seller didn't get paid. 

Posted by Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) about 1 month ago

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