Brad Inman says we need to improve the real estate transaction. He’s right. The only question I have is who the “we” is. Here’s what I mean. Inman argues in “Why homesellers demand better than a shaky real estate labyrinth” that the growth of well-funded “we will buy your home for cash in three days” companies such as Opendoor point to a screaming need in the industry to simplify the real estate transaction.
Brad Inman wrote earlier this week about the breakup of an “empire” — the sale of Better Homes and Gardens Real Estate | Mason-McDuffie, a company with a 100-plus-year history, upon the retirement of my friend and colleague Ed Krafchow.
The first thing panelists need to realize is that they’re not giving a “presentation.” Too many industry “panels” are really just a series of individual talks: one panelist goes for five or 10 minutes, then the next panelist goes and so on. Boring!
So let’s say you took an overpriced listing. No shame in that. It happens. The question is — what are you going to do about it now? Here’s what most agents do. They’ll wait a month or two, then call the sellers and tell them it’s time to do a “price improvement” or a “price adjustment.” First of all, can we just call it what it is: a “price reduction?”
Every real estate agent takes overpriced listings. OK, maybe not every agent. I’m sure that someone is already composing some pointedly outraged rebuttal for the comment section about how they’ve never taken an overpriced listing. OK, fine, you’re the exception. You never take overpriced listings. Congratulations. You’re so strong.