Comments on: Would a one dollar price drop motivate you to buy a home? http://crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/ Austin Real Estate Blog Tue, 07 Sep 2010 05:12:19 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Aaron B. http://crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/comment-page-1/#comment-942 Aaron B. Sun, 30 Sep 2007 00:08:36 +0000 http://ben.crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/#comment-942 Thank you much for bringing light to this type of situation. Same thing has been happening in an area I consistently watch. I called the lsiting agent to inquire of the situation. She said, "Well, the owner is thinking about putting on a new roof." "Thinking" being the key word. They did not replace the roof. She kept lowering it by $1 for several weeks. I finally contacted TREC to inquire of the feasibiity of this tactic. They were NOT excited. I highly suggest reporting this practice each and every time. Price it right, or don't price it at all. Thank you much for bringing light to this type of situation. Same thing has been happening in an area I consistently watch. I called the lsiting agent to inquire of the situation. She said, “Well, the owner is thinking about putting on a new roof.” “Thinking” being the key word. They did not replace the roof. She kept lowering it by $1 for several weeks. I finally contacted TREC to inquire of the feasibiity of this tactic. They were NOT excited. I highly suggest reporting this practice each and every time. Price it right, or don’t price it at all.

]]> By: Jim http://crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/comment-page-1/#comment-941 Jim Mon, 24 Sep 2007 14:28:28 +0000 http://ben.crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/#comment-941 Hehe, I found the listing and he's still doing it. Hey Steve, looks like he's with Keller Williams as well, so you should have no trouble figuring out whom to talk to about this idiot. What's funny is that he has "TLC" "handy man" and "motivated seller" in the comments, but the price doesn't seem to reflect that. Maybe this "strategy" is forced on him by the seller. Hehe, I found the listing and he’s still doing it. Hey Steve, looks like he’s with Keller Williams as well, so you should have no trouble figuring out whom to talk to about this idiot. What’s funny is that he has “TLC” “handy man” and “motivated seller” in the comments, but the price doesn’t seem to reflect that.

Maybe this “strategy” is forced on him by the seller.

]]> By: Dustin Schick http://crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/comment-page-1/#comment-940 Dustin Schick Thu, 20 Sep 2007 18:25:39 +0000 http://ben.crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/#comment-940 That type of behavior by a "professional" is ridiculous. Individuals like him give the real estate industry a black eye, the sleazy car salesman image. That type of behavior by a “professional” is ridiculous. Individuals like him give the real estate industry a black eye, the sleazy car salesman image.

]]> By: Steve Crossland http://crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/comment-page-1/#comment-939 Steve Crossland Wed, 19 Sep 2007 16:36:21 +0000 http://ben.crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/#comment-939 It was lowered by a dollar again today. > I would be curious to know what this agent’s broker thinks about this issue? I'm fixing to find out. It's rather annoying to receive the notification every day. > As a buyer with a watch list that would drive me crazy! Yes, exactly. It creates a false representation that the price has been lowered, when in fact a dollar doesn't really constitute a true price change. Steve It was lowered by a dollar again today.

> I would be curious to know what this agent’s broker thinks about this issue?

I’m fixing to find out. It’s rather annoying to receive the notification every day.

> As a buyer with a watch list that would drive me crazy!

Yes, exactly. It creates a false representation that the price has been lowered, when in fact a dollar doesn’t really constitute a true price change.

Steve

]]> By: shireen http://crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/comment-page-1/#comment-938 shireen Wed, 19 Sep 2007 15:19:26 +0000 http://ben.crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/#comment-938 Boo and hiss to that agent! As a buyer with a watch list that would drive me crazy! (And might be happening as I do see houses at the top with price change that seem not to have changed in price but it certainly doesn't happen everyday.) A meaningful price change to me is at least 5K. One house I recently looked at had a 5K price drop but I had been in the house, it badly needs updating, the entire backyard is taken up by a poorly maintained 30 year old pool, most of the sq footage is in a converted garage, and the house had been occupied by a heavy-duty smoker!! Yuck. The kids noticed the smell right away and we couldn't wait to get out of that house. They will never sell at the current price and a 5K cut makes no difference, maybe for 75% of the current price they could get a buyer but its been on the market for 100+ days and neither the price or the house seem to be going anywhere. Boo and hiss to that agent! As a buyer with a watch list that would drive me crazy! (And might be happening as I do see houses at the top with price change that seem not to have changed in price but it certainly doesn’t happen everyday.)

A meaningful price change to me is at least 5K. One house I recently looked at had a 5K price drop but I had been in the house, it badly needs updating, the entire backyard is taken up by a poorly maintained 30 year old pool, most of the sq footage is in a converted garage, and the house had been occupied by a heavy-duty smoker!! Yuck. The kids noticed the smell right away and we couldn’t wait to get out of that house. They will never sell at the current price and a 5K cut makes no difference, maybe for 75% of the current price they could get a buyer but its been on the market for 100+ days and neither the price or the house seem to be going anywhere.

]]> By: Sam http://crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/comment-page-1/#comment-937 Sam Wed, 19 Sep 2007 04:31:37 +0000 http://ben.crosslandteam.com/blog/2007/09/18/would-a-one-dollar-price-drop-motivate-you-to-buy-a-home/#comment-937 Hello Steve, I would be curious to know what this agent's broker thinks about this issue? Also how does this reflect on the broker's reputation? How would you react if you were a broker and discovered one of your agents engaging this type of activity? I see several issues implied with the price drop scheme. The agent accepts severely over priced listings. To compensate for the overpriced listing the agent then attempts one major price reduction followed by implementing the price drop scheme. This probably creates issues with the homeowners, but somehow the agent clings onto the listing. If the agent is an independent broker then that's just sad and scary to have a broker running around doing that kind of stuff. If the agent is a salesman licensed agent then why has their broker not reigned them in and pointed out the potential risks to both the agent and broker? Ultimately the broker would be risking their reputation associating with an agent who cuts corners, because if they do this kind of action I would question, "What else is this guy doing that I can not see and what liability has he created?" Thanks, Sam Hello Steve,

I would be curious to know what this agent’s broker thinks about this issue? Also how does this reflect on the broker’s reputation? How would you react if you were a broker and discovered one of your agents engaging this type of activity?

I see several issues implied with the price drop scheme. The agent accepts severely over priced listings. To compensate for the overpriced listing the agent then attempts one major price reduction followed by implementing the price drop scheme. This probably creates issues with the homeowners, but somehow the agent clings onto the listing. If the agent is an independent broker then that’s just sad and scary to have a broker running around doing that kind of stuff. If the agent is a salesman licensed agent then why has their broker not reigned them in and pointed out the potential risks to both the agent and broker? Ultimately the broker would be risking their reputation associating with an agent who cuts corners, because if they do this kind of action I would question, “What else is this guy doing that I can not see and what liability has he created?”

Thanks,

Sam

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