BrokerBryant.com: Don't Walk Away From Unrealistic Sellers. They May Be Future Clients.

Don't Walk Away From Unrealistic Sellers. They May Be Future Clients.

tutas towne realty

 

Hi folks. Walking away from a listing does not have to be the end opf the story. If you are a listing Broker and you are being truthful with Sellers, you WILL lose listings due to pricing. REALTORS®, that specialize in listings and are good at it, rarely take over priced listings. We have to say "no" quite frequently.

However, it doesn't mean the Sellers won't come back to us after their "tell them what they want to hear" REALTOR® fails. And they will fail, more times than not.

So this is what I do. If I meet with a Seller and we cannot agree on pricing I move on. Sometimes it's my choice and sometimes I just notice they have listed with someone else. Either way, I enter their details into my data base so I can stay in touch with them.

The first thing I do is send them a thank you card after our appointment. When I see their listing pop up in the MLS I call them. If I didn't know they were listing with someone else I ask them why they did. I want to know if there was something I did wrong or was it simply due to pricing. Whatever their response is I thank them and wish them luck. I also let them know that if I can help them in anyway, with real estate related matters, to please feel free to give me a call. I do this because I am "the go to guy" in Poinciana and I want them to feel free to contact me. It doesn't matter to me that they have listed with another REALTOR®. I'm not soliciting their business.

From that point on I stay in touch with them. They get emails from me with market updates or links to articles on my Blog. It's important to point out that I am not soliciting their business, I am just providing them information, as I do many people in Poinciana.

I also make sure that they receive all of my "just sold" post cards. My goal is to make them aware of the fact that I am actively listing and selling properties in Poinciana Fl.

Now folks, this may sound like I am crossing the "ethical line" but I can assure you I'm not. Our CoE does not prohibit aggressive real estate practices. Nor am I interfering with their current listing agreement. In fact, I don't ask for their business at all. I met them before they listed and I added them to my data base. That's all I've done. I am not required to delete folks from my data base just because they have hired another REALTOR®.

Usually, what happens is, they hear from me more than they hear from their own REALTOR®!! So of course, if their listing expires, and it will, they already know who their next REALTOR® will be. How simple is that?

If you're not doing this....you need to start. Just remember to NEVER talk bad about their REALTOR® and don't ask for their business. Just stay in touch. In due course, they will be calling you of their own free will and asking you to come over and list their property....at YOUR price.

This is one of the reasons I don't hesitate to walk away from an over priced listing. I'm really not walking away at all. I'm just letting them "test the market" on someone else's dime. Mister Lister can you spare a dime?

When they are truly ready to sell they will be back. And I'll be there for them.

So what do you think? Good idea?

 

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 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Comment balloon 48 commentsBryant Tutas • May 22 2013 04:48AM

Comments

GOOD MORNING BRYANT!  I like that you send thank you notes!  And I like that you walk away from over-priced listings.  Have you ever taken an over-priced listing on the agreement to do a price drop after a certain amount of days if it doesn't sell at the owners price?

Posted by Gabrielle Kamahele Rhind, Broker/Owner (KGC Properties LLC, Tucson Property Management & Real Estate) over 5 years ago

Interesting Bryant. I recently did this with two sellers.  I have kept in touch with emails similiar to this concept. They listed elsewhere and I'm still waiting. Right now they are still over priced and one did not care as she wasn't ready to move out. We will see. Price still high and nothing happening. Seems like the other realtors dime is now up to a dollar. Better hers than mine. 

Posted by Janis Borgueta, LIC RE Salesperson (Key Properties of the Hudson Valley ) over 5 years ago

Bryant, it's never personal just business. Nice touch on the Thank You card. I need to incorporate that idea. Thanks!

Posted by Frank Rubi, FrankRubiRealEstate.com (Frank Rubi Real Estate, LLC) over 5 years ago

Bryant, I know that every real estate commission has their set of rules as it pertains to "crossing the sign".  Even direct mail must be clarified with the proper language to NOT give the impression the broker is trying to directly contact the seller that is listed with another broker. 

Posted by Dan Hopper, Denver Realtor / Author / Advocate/Short Sale (Keller Williams Realty Downtown LLC) over 5 years ago

Gabrielle. I will take an overpriced listing if everything else lines up. I used to say "Never take alisting you can't sell". I've changes that thougt process to "Never take a listing unless you can make money off of it"

Here's an article I wrote about this.

http://activerain.com/blogsview/2429558/think-twice-before-walking-away-from-that-overpriced-listing-

 

 

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 5 years ago

A thank you card is so simple and smart. Wish I thought of it years ago. :-)

Posted by Michael J. Gallo, Florida Luxury Realty - Gulf Home Sales Team (Florida Luxury Realty) over 5 years ago

It's great if you get a 2nd chance. With the market heating up the way it is, it's possible even an overpriced home will sell.

Posted by Jill Sackler, LI South Shore Real Estate - Broker Associate (Charles Rutenberg Realty Inc. 516-575-7500) over 5 years ago
This is brilliant, Bryant! We used to say it's the third Realtor who gets the sale, so it's worth staying in touch.
Posted by Melanie Narducci, Your San FranciscoBay Area Real Estate Expert (Hillscape Properties, Inc.) over 5 years ago
This is an eye-opening blog. Thank you for a new system to implement with sellers. This system feels like a drip campaign to secure more listings.
Posted by Adrian Kindred (Keller Williams Arizona Realty) over 5 years ago

Good post Bryant.  It is an ethical fine line, but you are staying on the safe side of it.  Over priced listings are a drain emotionally on both ends, and I'm doing much better at walking away from them. 

Posted by Dan Derito (Success! Real Estate) over 5 years ago

Usually, what happens is, they hear from me more than they hear from their own REALTOR®!!

 

I had never thought of that but I am sure you are right! Adding this to my must start to do!

Posted by Corinne Guest, New Homes Specialist (Barrington Realty Company) over 5 years ago

Staying fresh in their minds is important because when the other agent has promised them the sun, moon and the stars and it doesn't come to fruition they WILL be calling you!

Posted by Janice MacMillan, Associate Broker (ERA Joyner Realty) over 5 years ago

Bryant- What a great strategy. You arr so right, when they fail.. they will call you

Posted by Scott Fogleman, New Home Team (New Home Team 804-573-9592) over 5 years ago

That's the attitude of a truly hard-working, succesful agent!  KUDOS to you!  It's not about getting the listing, it's about selling the property!  

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) over 5 years ago

They're eventually going to sell,,,so an absolute must to hang in there.

Posted by Ronald DiLalla, No. Orange Cty Real Estate (Century 21 Discovery DRE 01813824) over 5 years ago

Really Like the Thank you card and just sold cards, Going to add that right away.

Posted by A. Kothe, The Kothe Team - SFR, CDPE, CIAS (Re/max Preferred Choice) over 5 years ago

There was some good thoughts in your blog.  In our Board of Realtors we are precluded from contacting a seller once they are in contract with another agent.  We can send information with the proper disclosure but phone calls could lead to an ethical violation.  Thanks for the information.

Posted by Jacklyn Wells (BHG Mason-McDuffie) over 5 years ago

I agree that eventually everyone will sell but some folks are just too nutty to work with.  If it's juts a pricing issue I agree with you.

Posted by Marc McMaster, Putting my clients before myself (RE/MAX Centre Realty) over 5 years ago

Wonderful approach, BB.  And, ironic that I just wrote a post yesterday about 3 customers from 4-5 yrs ago that came back to me.  Your approach is even better than mine, so I may do some search & reapply here.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) over 5 years ago

I like your approach, Bryant, I will intgegrate some of those tips.

Posted by Michelle Carr-Crowe Just Call 408-252-8900 Top 1%!, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) over 5 years ago

Bryant... you are so right! I've lost count of the number of sellers who didn't give me their business the first go-around because we could agree on pricing. When their homes didn't sell and they "got real" my staying in touch in very unobstrusive ways reminded them to call me for the second listing round--at that point they were usually much "better" clients.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) over 5 years ago

I don't think you practice agressive real estate at all. I love the system you use and I may have to take some pointers from you! Wonderful post. :)

Posted by Trisha Bush-LeFore, Providing Realtor Services in the Walla Walla Area (Preferred Properties Land & Homes) over 5 years ago

Brilliant!  We are going to implement something similar asap

Posted by Kendra Todd (The Kendra Todd Group) over 5 years ago

There have been times when my most difficult clients have ended up being my most loyal clients.  Several have provided return business and friends and family as referrals.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 5 years ago

The only reason I would ever send a seller to a competitor is if the seller had a mental deficiency, like an unmanagable bipolar disorder, in which case, welcome to him. Otherwise, I take the listing. I make it clear if we disagree on price that we disagree, but I will do my best as a professional to get them what they want. Either way we all win. I like the odds in both of our favors.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) over 5 years ago

I like your approach.  I also stay in touch.

Posted by Dwight Puntigan, Dwight Puntigan (DRP Realty, LLC) over 5 years ago

good point here, have one right now that is very unrealistic and am tyring to help them  thanks for sharing!

Posted by Mark Loewenberg, KW 561-214-0370 (KW of the Palm Beaches) over 5 years ago

BB - I've walked away from a few listings opportunities this year because the seller wanted to list well over market value and "didn't have to move," just not worth my time or money, but this is excellent advice to stay in front of them. P.S. I guarantee you're right...they hear from you more than their current agent.

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 5 years ago

BB -- are you sure this is ok If I didn't know they were listing with someone else I ask them why they did.  I think I attended a professional standards course and legal counsel for NAR said once someone else has the listing you can't have this conversation.. Just wondering???

 

 

 

 

 

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 5 years ago

Mister Lister can you spare a dime?  LOL!  Sounds like you're quite the go-getter agent... Bryant!

Posted by Melinda (Mel) Peterson, Curator of Happy Endings (Real Estate Cafe LLC) over 5 years ago

You make a very good point - it is important to build that seller farm and then to feed it carefully and steadily - they will turn into business in the future! Good thinking! 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) over 5 years ago

Bryant, so now I know I sell short - and stop after I see listing with some other agent! (was afraid if it violates CoE - looks like it does not - so this should be on my 'to do' list soon!)

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) over 5 years ago

Bryant, this makes perfect sense!  You are a master at marketing! Never burn a bridge!

Posted by Sharon Parisi, Dallas Homes (United Real Estate Dallas ) over 5 years ago

I would say to check with the local board for one's self to verify all is ok.  Sounds like meat and potato's but make sure its safe to eat.  In CA a disclaimer must be included with all mail, to talk with a seller is also ok as long as you dont solicit, you could be talking about the market in general the family etc and in America thats called freedom of speech and there is no rule against that.

Posted by Michael Blue, REALTOR - 760-889-8877, Encinitas/Carlsbad (Home Smart Realty West) over 5 years ago

Hey, it's true I never met anyone who knew how to do everything perfectly the first try in business and even the you might need about 6 more tries. :)

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 5 years ago

Bryant, you are one focused and persistent broker and I respect your follow through. We have gotten more than one listing because we wrote a note after the appointment. People really like that.

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 5 years ago

Have some excellent points and sounds like you're very aggressive about staying in touch which is great. I could definitely do a better job on that. A lot of unrealistic sellers learn in time even if they're not willing to listen to you upfront.

Posted by Aaron Hofmann, aka Mr. Smyrna Vinings (Atlanta Communities) over 5 years ago

I agree 100% and will make sure to implement the same practice on my e-mail newsletter.  Recently, I turned down an overpriced listing of a new-build that I sold 3 years ago.  Her twin sister, whom I've also sold nearby, listed with me and we had it under contract in 2 weeks.  While the other twin is still listed, over price, and not selling.  Gotta make sure I have that e-mail address for my marketing!  Keep it up Bryant!

Posted by Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) over 5 years ago

Hi Joan Whitebook. Our CoE allows us to communicate with future customers/clients whether they are listed or not. What we can't do is solicit a listing that is active. BUT...if the customer/client contacts us then we are free to have a conversation about working for them when their current agreement expires.

So ethically it's not an issue. Legally you will have to check your state's laws on real estate.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 5 years ago

Not all relationships begin with a date...sometimes there is an initial rejection. Well put, BB.

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) over 5 years ago

Thanks for the answer Bryant!

Posted by Gabrielle Kamahele Rhind, Broker/Owner (KGC Properties LLC, Tucson Property Management & Real Estate) over 5 years ago

Is it a good idea, Bryant? No.  It's a FANTASTIC idea and one that should be modeled against as best practice!!! You are clearly working smart.  :-) 

Posted by Brenda Mayette, Getting results w/ knowledge & know-how! (Miranda Real Estate Group, Inc.) over 5 years ago

Bryant,

This is especially true in appreciating markets where we sometimes seeing the market catch up to what was an unrealistic list price 3-4 months prior.  I think your approach is valid as you are just provided information from someone who contacted you first and you are most likely in communication with them more than the agent they chose.  A great script that I like to use when dealing with unrealistic sellers is "I wish you the best of luck and yet the market and the buyers are showing that your price is not out there.  If I can ever be of assistance to you, please do not hesitate to call".

Keep up the good work!

 

Posted by Anthony Rollins, The Adam Butler Team (Keller Williams Realty-Overland Park) over 5 years ago
excellent advice.
Posted by Allison Stewart, St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904 (St.Cloud Homes ) over 5 years ago

Great Blog  Mr Bryant, that's the shrewdest advice I have ever heard from another Realtor to this day. I'll have to give you a call soon. 

Posted by Jorge Martinez, Fairfax County Realtor (Long & Foster) over 5 years ago

This makes so much sense. We just add them to our database even though they aren't listed with us. If they call, then we handle in appropriately. Great tip.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) over 5 years ago

Because of the short supply of resale homes , there seems to be a good many "promise them anything" listing presentations to deal with these days. Between that and Zillow Zestimates it's hard to convince a seller to list there home at an accurate fair market price.

Posted by Nancy Laswick, Your REALTOR® For The Valley Of The Sun (United Real Estate) over 5 years ago
Good advice--as always. I love walking away from an overpriced listing---next time---I will keep in touch better.
Posted by Judy Cicalese, Market Knowledge-Social Media Savvy 203-638-7812 (William Raveis Real Estate) over 5 years ago

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