Be Careful What You Wish For — RE Version

I got a courtesy call from an acquaintance the other week to let me know that they were “going to go with another Realtor” (yes, it happens — even to me!).

I knew the owner was contemplating selling, but didn’t know when, and also knew that one of their neighbors and close friends was a Realtor.

So it wasn’t exactly a shock.

And believe it or not, I do appreciate such calls, because: 1) you like to know where you stand; and 2) it gives me a heads up on an upcoming property that one of my Buyers may be interested in.

Whatever disappointment I was harboring quickly turned to relief when I saw the home’s listing price today.

In a word, “Yoww!”

The price is easily 25% over market, and going toe-to-toe with at least 3 other, similar properties literally priced $100k-$200k lower.

The homeowner’s chances of selling for anything close to their asking price, in this lifetime: zero. At least IMHO, as they say (“in my humble opinion”).

In the meantime, you can speculate that a couple things will happen.

The owner will get increasingly annoyed that “nothing’s happening,” and suspect that the Realtor “isn’t doing enough” (on this second score, they may even be right — see below).

The Realtor will get increasingly annoyed with the Seller, whose inflated expectations defy all manner of negative feedback.

The Realtor’s time and marketing dollars — assuming they intend to commit any — will be wasted, because the property is unsaleable.

And the home’s time on the market will steadily mount, making prospective Buyers even more critical — and aggressive on their offer price (assuming they offer).

As Realtors like to say, “if I can’t be your first Realtor . . . maybe I can be your last.”

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

Leave a Reply