Have you heard the saying “A boat is a hole in the water you pour money into?” The same saying applies to taking an overpriced listing in sellers’ market. How much does it really cost you to maintain that listing in time and money? That’s time and money you will never recover because when the property does not sell, the Seller will blame you, fire you and list with another Realtor. (or maybe two or three more Realtors)
There are 5 Stages of Grief and Loss: These stages are based on the book ”On Death and Dying” by Elisabeth Kubler -Ross. In the real estate industry, most seller’s are experiencing these 5 stages of grief. The stages are Denial, Anger, Bargaining, Depression, then Acceptance. When you meet sellers that are in Denial and Anger it’s next to impossible for them to be realistic on price. They just aren’t mentally and emotionally in a position to sell because they are still holding on to “what was”. It’s better for you to tell the seller the truth about the market and walk away from the listing If the Seller is persistent he will find someone else to list the overpriced property.
Later when the listing expires and the property has not sold, the seller will remember your honesty and may give you another opportunity to list the property. You will need to provide an updated education on the market as most likely the value of the property will have declined since you spoke with the seller last. Hopefully while the property was on the market with no showings or offers the seller had time to process the situation and moved through the stages of grief toward “Acceptance”
Acceptance isn’t all bells and whistles. It’s simply a decision to be at peace with the way things are; to know that no amount of denial, bargaining, anger or depression is going to bring the property back to its former value soon. The seller begins to accept that this loss is part of life. It isn’t good or bad…it’s just how it is. It’s a decision to move on, to find joy in life and to bring joy to the lives of others. ”Acceptance brings a knowing that if the the sale of the property is delayed, the value will decline even further in value. The seller will be open and ready to list the property with you as the Realtor, at a price ”ahead of the market” and move on with life.
Tags: Maui Real Estate, Pricing, Real Estate Sellers' Market, Realtors Association of Maui
