02 | 4 | 2010 Posted By Douglas Heddings

Outdated Sales Tactics Remain the Norm

PRICED TO SELL...MOTIVATED SELLER...NOW THE PRICE IS RIGHT...OWNER SAYS SELL

You can probably guess where I'm going with this before you even finish reading this sentence but here are my thoughts on these ridiculous mantras that are spewed all over my inbox on a daily basis:

  • PRICED TO SELL-isn't this the point always?  To sell I mean?  How else would you price something.  How about this one...PRICED TO SIT ON THE MARKET FOREVER
  • MOTIVATED SELLER-one would hope that a seller is at least somewhat motivated when they decide to sell their home but just how motivated is relative.  The irony here for me has always been that when you make an offer to one of these 'motivated-type" sellers, you find out immediately that they aren't quite as motivated as you had imagined.  I like this one...UNREALISTIC SELLER HOPES TO FIND STUPID BUYER
  • NOW THE PRICE IS RIGHT-This one actually came in today and was the impetus for this post.  It made me laugh out loud.  The price is right when you have offers and a place sells not just because you say so.  Trust me, I always think the asking price I set is right and that is definitely NOT the case all of the time.  In fact, I have a 4800sf townhouse in Washington Heights that is asking the absolute "RIGHT" price of $1,500,000 (it started out at the absolute "RIGHT" price of $2.495M with another broker 2 years ago) and although we are close to a bid, it still seems that we have missed the "RIGHT" price.
  • OWNER SAYS SELL-this is often paired with BRING ALL OFFERS.   Now I don't know about anyone else but ALL of my owners have said "sell."  ALL of them!  Not one has said to me, "hey Doug, please market our home for sale but whatever you do, DON'T sell it!"

I know that you get my point here so why then are so many still using these antiquated sales slogans to try to pique interest?  I have my theories of which the primary is that most people will beat a dead horse until way after they realize there's no pulse.  Innovation and change are rarely embraced and my 18 years of experience in the Manhattan real estate market have served as evidence of that.  Still no official MLS in Manhattan; no standard measure of square footage; listings data still perceived as proprietary; and the industry remains one that puts it's own interests before the consumer more frequently than not.

But change is coming and it's coming fast!  The DOJ continues to investigate the real estate industry, more players are entering the listings business and trying to streamline the process for consumers and just recently I met with someone who is so incredibly well funded and who hopes to change the entire way that the industry operates.  And let us not forget about Google who in my humble opinion is going to redefine our industry and how we do business in about 3-5 years.

Embrace the change my friends...it's coming!

Written By:david On February 4, 2010 5:40 PM

awesome!! thanks doug!

Written By:Antoinette Scognamiglio On February 4, 2010 5:53 PM

The flip side of the silly rhetoric really is hysterically funny...maybe that's just me. Great blog. I'm proud to say that in my 5 years I have NEVER EVER used that idiotic jargon! Thanks for the laugh. :)

Written By:Noah On February 8, 2010 10:37 AM

Funny how you point this out Doug! Like these words will sell the unit...here is a thought, try lowering the price to where the market is trading! The market is always trading..sometimes more actively than other times as we recently found out. This market has many forces behind it but its a GREAT market with a great buyer pool to market properties too. It amazes me how sellers think these types of phrases will move property and garner interest, instead of the proven way: lower the price to where market is.

Your issues with this market are spot on. And change IS coming. Streeteasy seemed to solve the MLS, now the VOW monster is coming and you may see 100s of mini OLRs and Realplus's..As you say, I would love if we can somehow install a regulatory framework so brokerage firms MUST maintain the integrity of the listings their agents market: i.e., correct and timely status updates from ACTIVE to CLOSING, right sft, right listing info, etc..Such a simple concept, yet it is so hard to get done right! I guess there is no money in it. In a commission based industry, shady things will happen and money is the word of the day! Blog on DOUG!

Written By:real-estate On March 31, 2010 12:38 PM

Another great article, thanks douglas!

Written By:Georgia Bankruptcy Lawyers On June 23, 2010 5:20 PM

Haha yeah everyone uses these words, it's best NOT to use them to stand out from the crowd. Really!