Every so often, I make a mistake. Yes, I'm prone to them. I recently lost a listing presentation in my farm area. How? Simple,,,I know the area too well. The Sellers were asking an unreasonable dollar in my humble opinion given recent comps and land value. My marketing plan was stellar, our rapport was strong. All I needed to do was change my number to suit them. Many agents do this and then work on the Sellers to drive the price downwards over time. The arguement goes, it's better to have a listing then not and youre one step closer to earning the commission (even if it is a long painful journey).
The Sellers opted to use another agent who was quicker to believe in their number. I was convinced wearing my Listing Agent hat that this property would sit. It did. For about 1 day and sold close to asking.
What I didn't do is try on the hat that many Buyer's are wearing these days. Scared out of their wits of tougher mortgage standards, increasing rates, HST (which doesnt have much of an effect on prices tho the media will have you believe it's huge), they're buying up property and in many cases paying a pretty penny for it.
When I work with my Buyer's I'm so focussed on pricing and comparables, etc. that often enough I don't see the value that other Buyer's may readily see with their representation.
Next time I go to a listing presentation and the Sellers name their price, I just may think twice and remember how that one went down! But, that's me on the listing end. Catch me on the Buying end and it's a different hat!
Best,
http:www.TheSmithsBuyAHouse.com
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