Welcome to Reliberation Sign in | Help
in
Latest Most Popular Active Watch List Amigos  
Thinking about thinking...

I told you so...

By: John Bourassa
Thursday, May 10, 2007 11:28 PM

Don’t you feel a sense of relief, a sense of satisfaction, a sense of retribution when someone has to eat their words and face humiliation?

"Vengeance is a dish best served cold", expressed in the book Dangerous Liaisons, certainly brings gratification to a victimized soldier.

About one year ago, shortly after we began realizing the real estate market was waning, after my "Open House" I stopped at a FSBO’s open a block away to introduce myself. This was an old dilapidated house in a plush neighborhood. Loose original jealousy windows were less than proudly allowing light through complemented with old individual A/C units in each room windows which, by the odor inside, have not been used in 20 years. The lawn sprinkler had been on strike for years and the stained pool was not the least inviting. A house like that is a tear-down but it would pollute the waste depository. 

An early octogenarian woman in sloppy clothes, well erect, not too ravaged by time looking like Katherine Hepburn without the wobble and undoubtedly very educated greeted me pleasantly. I identified myself and told her that I represent one of her neighbors to sell their house and I, therefore, am offering my services. I hesitated to go inside the (I am at loss for adjectives now) house as my nose was already detecting a rancid odor combination of geriatric and mold that was permeating throughout. I thought maybe she killed Jimmy Hoffa and buried him in the house somewhere. She told me she is asking $795K yet she admitted that she was a bit high. We talked awhile and she led me to believe that I could have the listing. She asked me to prepare some comps and come back the next day. So I did.

I knock on the door.  She answers while talking on her portable phone. She covers the mouth piece of the phone to tell me that this is not a good time but she asks me to leave my information with her. I oblige and leave.

My listing recommendation for her house was about $650K on the high end.

I followed up with phone calls during the next week only to hear excuses amiably delivered. Then, a few days later, my office manager called me to his office to read me the nasty letter that woman had sent my broker accusing me and my broker of being the most incompetent idiots in the county, we don’t know how to appraise, we should go out of business and so on. I always keep copies of my work so I showed it to my manager who saw no malice on my part and I got his blessing.

Well, guess what? Yesterday I drove by that house and I saw a SOLD rider on the yard sign. When I got to my office, I immediately looked it up on the MLS and it closed three days ago at a sold price of $515K.

Oooooo, I could immediately savor the sweet taste of that cold dish.

Then, I remembered a famous anecdote between George Bernard Shaw and Winston Churchill (Shaw was a famous British playwright and Churchill was Britain’s foremost Statesman and Prime Minister - both circa WW-II). Shaw wrote a note to Churchill: "I am enclosing two tickets to the first night of my new Play, bring a friend...if you have one." To which Churchill replied: "Cannot attend first night, will attend second...if there is one."

Now I am pondering, what would I say to that woman if I ever see her again? I got it! "You were right all along - my estimation was way off. In fact, it should have been $135K less than what I quoted you." But I won’t say that. I’ll just walk to the other direction wearing a grin of victory still savoring the aftertaste of that cold dish.

John

<< Read More at Reliberation.com

Comments

Gary Szolosi
Member Since '03

Gary Szolosi said:

John – That was a great story and very well written. I especially liked your Churchill quote and will be racking my brain over the next few days for an opportunity to tell it.  A definite 5 stars!!

May 10, 2007 10:29 PM
Todd Clark
Member Since '06

Todd Clark said:

That is a great story! I had a similar situation about a year and a half ago. I turned down a listing that was over priced and told them it would never sell and even told them the days the other agent would ask for the price reductions. Well after watching on the MLS for a year. I saw it expire and the price dropped like clock work on the days I said it would. They never relisted and they never got close to the price that I told them it could sell for.

Todd

May 10, 2007 10:34 PM
Julia Malik
Member Since '06

Julia Malik said:

wow, John, could you write my daughter an essay for her scholarship app?  What does "octogenarian" mean?  I'm saving that one for my next game of scrabble.  The same thing happened to me-only theirs did not sell.

May 11, 2007 3:31 AM
Mike Farmer
Member Since '03

Mike Farmer said:

Thanks, John, I think I will start collecting these anecdotes to prove that over-pricing can be expensive, for both the seller and the listing agent.

I have practically stopped my marketing for listings right now because it is too costly and expensive to market over-priced homes. I would rather concentrate my efforts on buyers and investors for awhile.

May 11, 2007 5:20 AM
Becky Troutt
Member Since '05

Becky Troutt said:

LOL....Love that story.  I have a  similar story, and it really has been a little over a year later, and the people I had an "encounter" with still have NOT sold their house.

They had it listed with yet another agent up till about a month and a half ago and it was withdrawn out of the MLS and hasn't been re-listed with anyone.  Even after 77k in prices reductions, they were still over priced!  I'm guessing they went FSBO again.  Yeah!!!  The Realtor couldn't sell it, but I'm sure they think they can do it themselves!  

Greed will never get you anywhere.  They didn't need just one piece of humble pie.....they needed to eat the whole pie!

May 11, 2007 5:33 AM
John  Bourassa
Member Since '03

John Bourassa said:

John Bourassa said:

Goor Morning, Julia.

Octogenarian means 10 more than septuagenerain It derives from latin root word octo (8) or sept (6).  

Writing essays for college kids, coincidentally, two days ago,  I heard on National Public Radio (NPR) a report on the BIG business of essay writing.  Apparently there are many graduates who have become entrepreneurs in the artform of cheating by outsourcing students from overseas to mass produce essays and import them back to the US for marketing distribution to colleges and universities.   They are probably students from India who didn't get the job at Dell.

Having said that, now, what makes you so sure I wrote this essay?

John

May 11, 2007 6:10 AM
Lucia Brooks
Member Since '03

Lucia Brooks said:

Ghost writers can be most effective.  Look at all the books today that are written by someone other than the author of the book!

As far a vengeance is concerned, I try hard to let things go as soon as possible.  Watching behind for bad things to happen to people who in my opinion wronged me is a waste of my energy.  I Keep my eyes on what is ahead and don't look back.  It keeps me from from becoming bitter with your next prospect!

By the way, anyone know how I can get hooked up with these people writing essays from India?

May 11, 2007 7:03 AM
Howard Arnoff
Member Since '03

Howard Arnoff said:

Lucia, I agree with you to not waste time on revenge and just look forward with a positive outlook.

May 11, 2007 7:54 AM
Sharron and Steve Lobman
Member Since '06

Sharron and Steve Lobman said:

John,

We ran it through our "plagiarism check" software program!

May 11, 2007 8:15 AM
Mary Welch
Member Since '04

Mary Welch said:

I am going to admit that I have taken overpriced listings. Do I now, NO. WHY, because I learned my lesson (the hard way again). I dare say all of us here have done this and the only way we learned not to do it is because we did it. Like a childs first experience with fire, seems they have to experience it before they understand.

There will always be agents that need a listing so bad they will take everything. They are in the learning process as we are and we are all at different stages in learning and some of us learn quicker than others.

I do understand that human feeling of "I told you so". I think it makes us mad because people won't trust our advice. But to hold a grudge against a seller I can't say I can do that because basically all they want is as much money as they can make on their property and sometimes they already think they know more than what the market shows. Feel sorry for them, yes I do. Because not only is their property going to sit on the market, they are being scammed by agents who are doing them a disservice by taking the overpriced listing.

I feel sorry for the agent because their education is coming and sorry for the seller because they think they are trusting a professional. Sorry for me because I am missing out on the listing.  

May 11, 2007 8:59 AM
Brian Kennedy
Member Since '07

Brian Kennedy said:

I had a similar scenario  on a lisitng presentation I didn't get.

It was a FSBO. The owner was convinced he could sell his home at a price well above the market simply becuase his wife had spent a bundle in custom upgrades. (we are tlkaing hand-painted sink basins and hand-painted bathroom tiles and a custom made inlaid kitchen backsplash). Yeah , I know, pointless if you're not staying....

Anyhow, I quoted a price based on the neighborhod comps adjusted for the artwork. He balked and I didn't get the listing.

Fast forward six months. The listing has sat, been discounted now almost $60,000.00 and is within $7,000 of the price I suggested. The devil in me says call him when he hits the price point I suggested and ask if he would like to reconsider.  

May 11, 2007 9:47 AM
John  Bourassa
Member Since '03

John Bourassa said:

Julia,

Correction:   A septuagenerian is (7).

May 11, 2007 6:13 PM
Lonn Dugan
Member Since '05

Lonn Dugan said:

Just Smile.  Say nice things.  It heaps burning coals upon their head - but you don't get dirty in the process : )

May 12, 2007 6:53 AM

Add a comment

To post a comment you can sign in using a Point2 ID. Sign in.
Don't have a Point2 ID? Join Point2 NLS.

My Blog

John Bourassa
Paragon Properties on Las Olas!

John  Bourassa
Member Since '03

recent comments
"e fliers is it just me"
John Bourassa
"popular word"
John Bourassa
"don t let a crash ruin your..."
John Bourassa
"inspections"
John Bourassa
"price vs value the prequel"
John Bourassa
"you walk away"
John Bourassa
"the new jack the ripper"
John Bourassa
"the new jack the ripper"
John Bourassa
"the new jack the ripper"
John Bourassa
"charlotte fights back again..."
John Bourassa

News

My comments herein are not authotitative; they are humble expressions of my wanderous mind or they are recollections of my past or present real estate experiences, whether they are good or bad. Hopefully, someone may profit from them.