Today was the first time in my 7 year real estate career where I wanted to reach across the table, slap the seller, and give him several pieces of my mind with a few choice words... Boy, was it hard to restrain myself! I ended up just gathering my things, wished him luck, and walked out, but I did get him with one last jab as I walked out. Here's what happened.
I got a call yesterday about 5pm. This seller wanted me to come meet him right there and then that evening. First, I'm not a "Pop-Tart" Realtor who can drop everything and run out the door with the snap of a finger. Once you give them that control, they'll have it the entire time you're working together. I suggested two other times, neither of which worked for him, and his attitude was "I guess you don't have time and we need to do something." And let me preface this with saying, he gave me one option and then said he was leaving town for over a week, but wanted to meet before leaving town.
I finally suggested this morning at 8:30am. Calling at 5pm last night (with my Father-in-law in town) didn't give me much time to prepare for an appt first thing the next morning, but I did stop a couple of things in order to make it happen before he left town.
I got to the Condo, and was greeted by a massive cloud of smoke. WOW, was it bad!! Not only do I suffer from migraines in which cigarette smoke is a big contributer, but I'm 8 months pregnant trying to hold my breath as much as possible. The man that comes to the door looks to be about 5 foot nothin' and about 70 years. He takes me around the Condo and every time I ask him about updates or repairs, he shrugs. He says he bought it from him father who was elderly and too old to do much. I'm thinking, if this guy is 70, his dad must have been REALLY old!
Anyway, we sit down to talk about numbers, the average Condo that has SOLD in the area in the last 8 months sold for about $61k. The average Condo for SALE is currently listed at about $82k. The SOLD properties sold, on average, in 88 days at 90.68% of asking price. The ACTIVE properties are currently active on the market for 105 days. The Active properties have already had price reductions of about 2%.
Looking at these numbers tells me that the current sellers are not looking at any of the sold activity and are grabbing numbers out "of the air" for lack of keeping this clean. The seller has already bought a property in Oklahoma and wants to sell immediately. I explained to him that if his goal is to actually sell his property and to sell it quick, we needed to price according to the sold prices and not the currently active prices since the active prices aren't moving.
He raised his voice at me saying that I can't come into his home and tell him he needs to sell for such and such amount when he wants such and such amount. I hadn't even told him the price I was thinking yet. Everything had been in general terms at that point. I reminded him that a seller can price their property at whatever they want, but if the buyers don't like the price, and if the appraisers can't appraise that high, it's not going to sell. He reiterated that his property was worth way more than any of the others, and he would only look at this one particular property as a true comp, and it sold for $88,600. I reminded him that an appraiser must turn in at least 3 comparables and sometimes up to 5.
He got a little irrate, and I thought to myself, "Donna, why bother fighting for this? He's not happy now, he wasn't happy when you didn't jump and meet him last night, he's never going to be happy no matter what you do for him. Get up and walk away."
I sat there for a second, and then just reached across the table and gathered all my paperwork. He tried to reach for the piece of paper with the questions he was supposed to get answered by the HOA, but I wasn't going to leave him any information to help him with whomever he ends up working with.
As I started walking towards the door, I turned around and said one final thing, "This place smells! How do you expect to sell it when most buyers will just turn around and walk out!" Yes, I know, shame on me, but I'm 8 months pregnant and I'm allowed to say it how it is!!