We all come in contact with customers all day long, no matter what profession or job we might be engaged in. Even back office staff sometime during the day speaks to someone, whether on the phone or in person; and it’s no different in the real estate profession.
We converse with our client sellers, buyers and tenant customers on a daily basis whether on the cell, office phone or in person.
The words, “to be perfectly honest” or “can I be perfectly honest with you” or can I be truthful with you, are used so, so loosely, especially today, you have to wonder is the customer, agent or whomever you are talking with, telling the “real truth” of what they believe to be true or what they think to actually be true? Or are they really hiding the truth or something like that?
People are supposed to be telling you the truth, so why do they have to use those phrases or words when talking and explaining their position on some situation or fact?
Sounds familiar in todays’ political environment, right?
As a real estate consultant, who is trying to guide you through the arduous, sometimes mind-boggling and complicated process of selling, investing and purchasing residential and commercial property.
I do my utmost best to eliminate and not use the words “honest, honestly, and truthful” for it’s just not my style; but instead use phrases like, “I want to be perfectly candid with you” or “I want to be perfectly upfront with you.”
Because if you are honest and truthful, then you will never have to use those words! Because there are times when those who use them aren’t honest and truthful and are caught in their own lies and deceit!
With all the so-called “fake news” you have to fact check pretty much everything to know how much is true and what is false.
When a client says, I won’t take anything less than a certain amount of money and you provide them an excellent offer, they will say, “honestly, that’s not what I want or it’s not high enough to consider, so don’t call me with, “what they think are low offers.”
But in actuality, the offer is very good or even excellent. But a seller must realistically and candidly consider where the market is heading and the potential threat of another interest rate increase or possibly two, in 2019, by Federal Reserve Chair Jerome Powell.
Then several weeks or even a month or two go by, the seller comes back and asks, is that buyer still interested?
Then you, unfortunately, have to be upfront with them and say, they bought another property that was priced closer to the market value of what others are selling for in the current market.
The mindset for some is still “my home is worth more than the market wants to pay, so I will wait until the potential buyers respond in the correct fashion and come up to my “perceived value.” I have said this time and again, the market value of your single family home, homeowners association, condo or co-op is the price that the buyers (or even tenants who want to rent) are willing to pay in a given location at that current moment in time and who come to the closing table and consummate the sale.
This is why “feelings are generally never relevant to “market value.” That is why a comparative market analysis is so crucial and critical to determining what is available, under contract, sold and expired or withdrawn and released to determine a correct listing price.
Of course, most everyone adds a bit of a cushion or sometimes too much to their asking price and then some or maybe a lot of negotiation may occur due to overpricing.
Then price adjustments take place over several weeks or months, costing money and time for the seller, right? When the proper price could have been set up initially and if done correctly, maybe a little bit of a bidding war might have taken place? It works for me!
Philp A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 Great Neck NY 11021-2415. He has earned designations as a Graduate of the Realtor Institute and a Certified International Property Specialist. Receive regular “FREE” updates of sold homes in your area and what your home would sell for in today’s market or search on: WWW.Li-RealEstate.Com He can be reached by email, at: Phil@TurnKeyRealEstate.Com, or by cell: (516) 647-4289.
Come back for Part 2 Next week