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Josh M. Boggs…, Real Estate Pro in San Antonio, TX

To fellow Realtors: How do you handle loosing a listing to another agent when....

Asked by Josh M. Boggs ABR, SFR., San Antonio, TX Mon Oct 29, 2007

the other agent priced the home at wherever the home owner wanted it..... and now 4 months later... they are about to loose a lot MORE money because they didn't list w/ you at the RIGHT PRICE!

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Hi Josh. I am not sure there's much you can do. I don't think you really lost a listing opportunity since it's unlikely that the seller would have listed with you for a more reasonable price. The way I see it, you saved yourself a lot of money by not having an overpriced listing and the seller is the one who lost money. Should the seller contact you now and want to list with you, be gracious and prepare a new CMA and new price recommendation. If the seller does not contact you, then there's nothing for you to do but sit back and wait until the listing expires. Of course, you could also try to find a buyer for them at a reasonable price. That way it would be a win-win if they accept the price.
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1 vote Thank Flag Link Mon Oct 29, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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Josh,
If your sellers have unrealistic ideas and you shot them straight they will remember that. When this listing doesn't sell, if you left them on good terms, who do you think they will call to list the house after this listing fails. It will be you! Just be patient! You will get to be the prince on the white horse that comes in and saves the day by listing it correctly and helping them get the sell they so badly need. Good luck!
1 vote Thank Flag Link Mon Oct 29, 2007
Josh, There is power in numbers. Move on and get used to the word "next!" This will hopefully happen to you many, many times as you will be set free from having to have an overpriced listing with Seller's calling you daily asking why you have NOT sold there overpriced listing. If you wish, put them on a call back program 90 days after the other agent takes the listing and if it has expired call them and ask, "Are you now ready to list with the RIGHT agent this time!".
0 votes Thank Flag Link Fri Nov 2, 2007
It has happened to all of us, I am sure. It hurts, show the home as much as you can, maybe you can bring them the Buyer - because even though it is overpriced, they will most likely accept an offer for what it is really worth. I always let my clients know that even if we find a buyer willing to pay for the overpriced home, the appraiser and the bank will probably cost us the deal. That is hand in hand with comps, CMA presentation, and Trend Graphix reports. The facts are hard to dispute.
0 votes Thank Flag Link Fri Nov 2, 2007
I would be very careful about giving seller's advice when they are listed with someone else. I realized they've contacted you, but unless they are considering changing over to you, it might be considered interfering with a listing.
0 votes Thank Flag Link Mon Oct 29, 2007
I always say customers that walk away, if they do come back they are usually lifetime customers. So take advantage of this situation, and make them lifetime clients. Someone might have sold them better, or over promised but clients always remember that you were honest with them and they never forget that. You will get a promoter for you that i guarantee you will put there 2 cents in when someone is talking real estate and refer you someone you never expect.

Some call it karma i call it good business.
0 votes Thank Flag Link Mon Oct 29, 2007
Josh,
We've all been there and it's not fun. Its part of the business, you lose a few listing you should get. Take heart that the agent that has the listing isn't having a fun time either. The universe will repay you, stay positive and be the bigger person, it will pay off soon.
Michael
0 votes Thank Flag Link Mon Oct 29, 2007
thanks for all the replies... it is just frustrating but you all are right! I am know getting the sellers e-mailing and calling me complaining and asking what I would do now?.... I'm not one to hold the proverbial dollar sign over there head.... but now that they didn't listen to me in the first place... it's extremely hard to answer their questions w/out a bit of animosity as I know that if they DO listen NOW and sell... t may get a pat on the back.. but the other agent will make off w/ the commission. Obviously that may be a referral pipeline down the road, but I have a VERY HARD time padding another agent's pockets that didn't deserve it!
Web Reference: http://www.jmbsa.com
0 votes Thank Flag Link Mon Oct 29, 2007
Josh,
You need to go into the listing presentation with enough documentation so they don't fall for another agent that tells them what they want to hear. What did you really lose, four months of trying to sell an overpriced listing, don't worry about it. If the home expires without selling try talking to them again. Until then let it go and move on, you did what you could for them.
Michael
0 votes Thank Flag Link Mon Oct 29, 2007
You wait till it expires and then knock on the door!
0 votes Thank Flag Link Mon Oct 29, 2007
All you can do is honor their decision and make yourself available to them if they have any questions.

Remember
1st Horse
2nd Wife
3rd Realtor
0 votes Thank Flag Link Mon Oct 29, 2007
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