Cincinnati Real Estate

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Kathy S. Koops GRI

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The Horse in the Middle of the Room

filed under: Real Estate posted on May 19th, 2015

Real estate problems

There’s a horse in the middle of the room and apparently nobody sees or smells it but me!

At some time in our lives we’ve all dealt with somebody with an over inflated view about their product.  Maybe you were buying a car, appliances or a “house”.  So when an agent walks into a property for the first time – for a showing or to meet the owners about listing the property- quite often there’s a horse standing in the middle of the room and nobody wants to acknowledge it.  It could be as simple as the smell of smoker or heavy cooking oders.  Or it might be cracked or foggy window panes, leaky faucets or badly worn carpeting.  Potential sellers are usually eager to get to the bottom line of how much their property is worth and how much can we ask for the house?  As the horse wanders around the agent provides detailed information on listings and sales for in direct competion with the property.  It’s normal for the sellers to gravitate to the highest dollar figure and assume that will be the asking price.

Whoa! Let’s talk about the horse in the middle of the room before we get to the bottom line.  Sellers willing to fix, clean and prep their property for market will be able to ask a higher price.  For sellers who are unable or unwilling to deal with the fixes needed to market their property usually have to settle for lower list price. (of course there are always exceptions)

Agents and/or sellers who aren’t willing to discuss the pluses and minuses of the property prior to listing are often disappointed with the end results.  And to be fair many properties are listed with the understanding that the list price will be dropped after so many days-but the seller won’t drop it.  Consequently the horse in the middle of the room gets bigger and smellier every day.

Commodoties for sale

It’s hard to convince potential sellers that buyers don’t always appreciate your home in the way you do.  Today’s sellers need to understand “houses” are “commodities” and buyers are very picky.  The seller needs to understand the image of 10 cars for sale- all about the same price with the same ammenities.  3 of the cars have flat tires, 2 have smashed in trunks and 2 have lots of trash inside the car,  1 is a hideous color and 1 backs up to a waste treatment plant- which one are you willing to pay more for?

Remember the best time to deal with the horse in the middle of the room- is before the property is listed.  By taking care of the problem before potential buyers walk away is the best way to sell quicky and for the highest price.

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