There's a show I like to watch as it tortures me. It's one of those shows where you want to yell back through the screen and hope they hear you. I have a few of those. The one I'm referencing in this situation is Million Dollar Listing: Los Angeles.
Why am I puling my hair out with this show this time? One of the main characters, Josh Flagg, was given the opportunity to list his parents' financial advisor's house... almost 3 hours away!! And the advice from his grandmother, which is usually bad advice? To take the listing because it's not good to turn away business and also made the comment about how he "needs" the money.
3 hours away!! Josh's first reaction was that he wasn't going to do it. He kept saying things like, "You expect me to drive 3 hours each time a buyer wants to view it?" And the grandmother is like, "You're young, what's 3 hours?" (paraphrased and not exact verbiage from the show) Josh should have listened to his gut.
What's 3 hours? First of all, it's not just 3 hours because he has to drive back, so double it and add time for the showing. That's about 7 hours for 1 showing.
Second of all, it's 3 hours away!! That's a completely different market! That's like me, here in Austin, deciding that I am still going to work in Dallas in addition to my Austin business. Seriously? I wouldn't even work in Waco which is just over 1 1/2 hours away. Why? Because, and I can't stress this enough, they're completely different markets!!
Different things drive these markets. Relocation, jobs, inventory on the market, foreclosures, short sales, etc... You can't be an expert in every market out there.
I think Million Dollar Listing: Los Angeles did an extremely poor job at portraying the reality of the real estate business. What's even worse is he priced it over $1M too high!
Pick a market, stick to your market, sell your market. Don't stray into someone else's market and pretend you know what you're doing.
**graphic courtesy of Million Dollar Listing: Los Angeles' website.
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Copyright© 2012 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Pick a Market- Stick to your Market- Don't Take Listings 3 Hours Away! * was first published on donnahomesblog.com.