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The Friend Priced The Home!

I'm sure all of you have been there but I just have to laugh and wonder what people are thinking in today's market. An HOA property manager referred a potential client to me to either sell her house or to lease it for her. I contacted Mrs. Jones (name changed to protect the guilty) and offered my services. She lives in Florida but has a home in Surprise, Arizona.

We discussed the market and I told her I would do some comparables for her on both leasing and selling, which I did, and then called back the next day to give her the information. She had told me she had a friend that had put a for sale sign and for lease sign in the yard for them. I drove by to see the home and sure enough the two signs were in the yard.

I gave Mrs. Jones the price I know the home should be listed for; $245,000 and she gasp and said, my friend has had 5 people inquire about the home and he has told them the price is $290,000 and they are interested. Your price is so much lower than the market 2 years ago. (Ya think????) She informed me that her friend isn't a Realtor nor does he have any property management experience or qualifications.

I was informed that she was going to go with her friends advice, even after I painstakingly explained the difference between a qualified professional and a neighbor with no experience. I told her that a home WITH a pool and virtually identical to her home in her neighborhood was listed at $259,900 and had been on the market for over a year.

Apparently, the "free" neighbor with no experience is a better deal than a licensed professional who deals in this market and area every day. I told her good luck and I would be tracking her results, which I definitely will. I don't know why but I still get amazed and people and their stupidity. I do expect a call in three or four months from Florida and I will be laughing at that time too.

It pays to go with a professional Realtor!

Posted by Gaylen Thornton on 10/11/2007 05:14 PM

Comments (7)

surprise real estate, sellingedge, arizona real estate, phoenix real estate, surprise arizona, realtor, professional, surprise, gaylen

This post has been included in Arizona Information Maricopa County, AZ Information Surprise, AZ Information

7 Comments on The Friend Priced The Home!

Some people never learn. I've lost several listing the past few months because I won't overprice their house just because they want to. Stick to your guns!! But she might be too embarrassed to call you in a few months, so if she's still By Owner, you should contact her.

10/11/2007 05:22 PM

by Donna Harris, ASP (Re/Max HiNet)

Good for you to walk away ... I wonder if people just don't read or are just in plain denial about the value of property in certain areas?

10/11/2007 05:23 PM

by Allen Wright CNS, AHS, REPS (RealtyU)

It never ceases to amaze mehow "friends & co-workers" must know more about the real estate and mortgage business. I run into similar obstacles on the mortgage side and have decided to turn down the client once they start saying "My friend said ......" or "My boss suggested that we....".

Sean Allen

10/11/2007 05:52 PM

by International Financing Solutions

Stick to your guns, Gaylen. If she's questioning you now - can you imagine the headache you will have six months from now? You're the professional and she will eventually see that! She may not admit it now, but assuredly she will be referring others to you because of it. Keep up the good work! - Calie

10/11/2007 09:18 PM

by Calie Waterhouse - Chandler AZ Homes (John Hall & Assoc)

Interesting... In Washington State, a person has to be licensed to do real estate. Unless they are selling their own property or a family members. Next door doesn't cut it.

10/12/2007 01:02 AM

by Sarah Nopp, REALTOR(R), CRS. RE/MAX Four Seasons, Olympia WA (RE/MAX Four Seasons)

Sarah - I'm not sure what he will do if anyone is serious. However, no one in their right mind would pay that kind of price. It is way out of line.

10/12/2007 09:42 AM

by Gaylen Thornton (Desert Heritage Real Estate)

People believe what they want to believe. When it doesn't sell they may come back to you (if they can admit they were wrong).

10/12/2007 01:21 PM

by Leslie Prest, Prest Realty, Payson, AZ