The longer we are in this business the more we learn about people. We are motivated by our emotions more than I would ever have believe possible.
This morning I thought of four deals that went wrong this summer due to sellers letting their emotions getting in the way.
Here they are:
1. Rejecting the first offer. We listed a house at 100,000 euro in June. Nice place and within ten days we had a cash offer on the table.
We went to see the seller and told him the good news. The very next thing, he refused to sign the sales agreement and the property is back on the market today (with another agent) at 105,000. He was ready to sell it but got a shock when the offer came on the table. His cold feet will cost him cash, and time.
2. Being there during the viewing.
Buyers cannot properly look at the property they are interested in if the owner is there and if they are not comfortable, they are not buying. We understand sellers who do not know us are reluctant to allow strangers into their home – but we are professionals, we do this all the time. Trust us.
Buyers cant ask the questions they want to “Can I remove this conservatory, do I need to take the furniture..” etc if the seller is there. It makes it a lot harder and puts them off.
My father was present during a viewing on a property he owned once against my better judgement. The potential buyer asked him why he was selling it… “the garden takes too much work, I´m constantly cleaning the pool and sweeping leaves from around the place.”
Do you think we got a sale that day?
3. Taking offers personally
We had an Irish guy looking for 75,000 for his townhouse in Cabo Roig. A lovely Swedish lady who actually ended up buying two doors away, placed a bid of 70,000 euro. I took the offer to him and not only did he not agree, he took the property off our books saying that I had insulted him with a low ball offer! I was doing my job, and as I said the neighbour two doors away was thrilled to eventually accept 72,500 euro.
4. Over pricing
Oh, its the big one and is as much to blame for emotional stress as anything else.
Once people feel however that they are not getting the value for the upgrade to the furniture, the new kitchen, the cherry tree, we are in trouble.
Worse is when they tell us that they paid whatever amount of Euro for it ten years ago – often they tell us what it cost them in Sterling, Kroner or Punts – the new buyer does not care. The neighbour sold his (totally different) property in 2008 for X Euro – again, what difference to the value today? Worst of all, I and heard this only two weeks ago… “I love my house too much to sell for this price”. Ouch, that’s going to ultimately cost you money.
Be prepared for a calculated business arrangement- Comaskey Properties will sell your Spanish home. We do it all the time. We will advise and help you all the way, just listen to advice based on years of experience with buyers and sellers.
By all means sit and drink a glass of Rioja with the buyers after the deal has been signed – with the cash nestling comfortably in your bank account.
This morning I thought of four deals that went wrong this summer due to sellers letting their emotions getting in the way.
Here they are:
1. Rejecting the first offer. We listed a house at 100,000 euro in June. Nice place and within ten days we had a cash offer on the table.
We went to see the seller and told him the good news. The very next thing, he refused to sign the sales agreement and the property is back on the market today (with another agent) at 105,000. He was ready to sell it but got a shock when the offer came on the table. His cold feet will cost him cash, and time.
2. Being there during the viewing.
Buyers cannot properly look at the property they are interested in if the owner is there and if they are not comfortable, they are not buying. We understand sellers who do not know us are reluctant to allow strangers into their home – but we are professionals, we do this all the time. Trust us.
Buyers cant ask the questions they want to “Can I remove this conservatory, do I need to take the furniture..” etc if the seller is there. It makes it a lot harder and puts them off.
My father was present during a viewing on a property he owned once against my better judgement. The potential buyer asked him why he was selling it… “the garden takes too much work, I´m constantly cleaning the pool and sweeping leaves from around the place.”
Do you think we got a sale that day?
3. Taking offers personally
We had an Irish guy looking for 75,000 for his townhouse in Cabo Roig. A lovely Swedish lady who actually ended up buying two doors away, placed a bid of 70,000 euro. I took the offer to him and not only did he not agree, he took the property off our books saying that I had insulted him with a low ball offer! I was doing my job, and as I said the neighbour two doors away was thrilled to eventually accept 72,500 euro.
4. Over pricing
Oh, its the big one and is as much to blame for emotional stress as anything else.
Once people feel however that they are not getting the value for the upgrade to the furniture, the new kitchen, the cherry tree, we are in trouble.
Worse is when they tell us that they paid whatever amount of Euro for it ten years ago – often they tell us what it cost them in Sterling, Kroner or Punts – the new buyer does not care. The neighbour sold his (totally different) property in 2008 for X Euro – again, what difference to the value today? Worst of all, I and heard this only two weeks ago… “I love my house too much to sell for this price”. Ouch, that’s going to ultimately cost you money.
Be prepared for a calculated business arrangement- Comaskey Properties will sell your Spanish home. We do it all the time. We will advise and help you all the way, just listen to advice based on years of experience with buyers and sellers.
By all means sit and drink a glass of Rioja with the buyers after the deal has been signed – with the cash nestling comfortably in your bank account.
