Dear John....A Letter to Sellers

2 years seems a little long to get those cabinets sold.  Good letter.  Maybe you can write some for me too?  I have different buzz words though.

Maggie, Miami Dade sounds like Volusia right now, lots of available homes on the market.

Don't overprice it if you want to sell it.

oh my Gosh Maggie!! How did you know my Sellers so well?  Are they cheating on me already before I can copy and paste your letter and send it to them?!?  I can't believe it!  Great post my dear, you are the best!

Wow Maggie, those are scary statistics.  But I love your letter, apparently they will be necessary..

a dear John to a seller- what's not to love about this one. Somewhere I hear Neal Sedaka singing "Breaking up in hard to do"....

A good kick in the $#%@, and well deserved! Those are really tough numbers your working with Maggie.

Maggie.. in a word AWESOME!    this is a 5!

WOW, I thought we were bad at a 10% absorbtion rate.  We sound like a housing boom compared to you.  Great letter and it soo true.  I have been coming to listing presentation with those numbers...I ask them one question.  What side of the absorbtion rate do you want to be on...The 10% that is selling next month or the 90% that still haven't figured it out yet? 

Maggie, your local absorption rates are amazing.  I wish I had written that letter once or twice!

Love this post.  Went through something last night with a seller.  I am not sure I want the listing.  She wants top dollar but won't do anything about the worn brown carpet and the ancient kitchen appliances.  I won't even talk about the wall paper.

Hi, Maggie!  Congratulations on your Feature!!  (I was going to flag it, then I saw I was too late!!)  Oh, your poor Seller.  I feel for him, losing you this way.  If only he'd appreciated all you had to offer.  Some people just don't know when they have a great thing going!  NEXT!!

That is so funny, those same people come to me for a mortgage. "Why can't I have 3% fixed for 30 yrs with a 400 credit score?, I know I didn't do any of the things you told me too when we talked a year ago, too much work". I give people step by step moves to make to fix the problems on their credit and a year later, it's worse!!!!

Thanks for the laughs,

Amanda

Great post!!

Amanda,

I know exactly how you feel.

Maggie, I love your letter. I'm hoping to weed out the unrealistic sellers before I even start. Great job!

I absolutely love your letter ! Wow, this says it all. I may copy and send a Dear John to a few of my ex's

I got a kick out of your "Dear John" letter. I forget sometimes that I'm not the only one who deals with this sort of thing.

The absorbtion rate technique I believe can be a very effective tool. George Tallabas posted about this as well I believe last week.

I like the concept a lot. You will never get past people who believe we are just agents and will say anything though. Especially those who have there minds already made up.

Maggie

Very good!  Yes the dear johns seem to be falling by the wayside. Good for you!  I have had to kick a few to the curb myself recently.  But I would be honest and sleep well at night than to delude them and feel frustrated in the morning! I enjoyed your post!

Ouch those number hurt just to look at them.

This post is fantastic- thank you!  I'm just now sending a huge stack of letters to expireds- mind if I include this along with our info?  We don't want to offend, but if your home being expired isn't an indication of a problem...then we don't want to impose on your time by listing it.  If you're ready, we're here!

Maggie,

Love the letter! NEXT

Some sellers really need to be told. Good for you!

What a wonderful letter, now if the spec builders and the sellers would actually read it and take it to heart

Wow.. didn't realize you had such a huge inventory down there...

Dear Maggie:

This is my FAVORITE post yet!  BRAVO!!!

Funny how people have selective hearing when it comes to their wallet. You did a good job presenting those shocking statistics at the end. What an eye opener.

Great post, Maggie. Creative, but boy does it get the idea across.

THose are scary numbers. The other number to throw out is 3% of available homes sold last month - do you want to be that percentage this month or the 97% that do not sell?

Thanks for this post - I loved it.

Jeff

Those are incredible numbers.  Great letter.  Don't you love the clients that listen to you and realize that is why they hired you?  Those are the best. 

I am sure when you met appropriately he had more cousins and family members, wouldn't that be appropriate!

Nice post, we have an adsorption rates of just over 10 with over 10,000 listings  not quite a bad as your area.

How come I feel like I've just been Jilted? Typical Fickle. Congrats on the Feature Maggie. 

Perfect timing for this letter.  Loved it!  If more of us dared to share this with our sellers do you think it would make a difference?

Maggie, I LOVE this letter!  It's perfect and, of course, the numbers here in our area reinforce the fact that we simply CAN'T take overpriced listings.  I pull the numbers and give them to Sellers and they're always surprised when they hear the actual numbers ....they knew they were high, but many are just blown away when they hear the real numbers.  Unfortunately, as you know, some still won't comply with what the market dictates...what a shame!!! Thanks for the post!

GREAT post Maggie.

Our market is flooded with overpriced homes for sale.  How do I know that they are overpriced???

Because they haven't sold.

Maggie-  you are nothing short of genius!  I love this post!

The market here in NW Ohio is pretty similar to your area (relatively speaking) and it is almost impossible to get people to realize that while their house is very nice, it's not the only house on the market.

Thanks for this one!  Kudos! 

Maggie my friend your poetic side is brutal, but I love it.

Those are really scary numbers.  I glad the Atlanta market is doing much better.  Hope things pick up for you soon so all those Floridians get move up here.

Bravo Maggie!

I think the least stressed Realtors right now are the Buyer's Agents

Maggie - love this post - ROTFL - That is the best letter I've seen in a long time - you nailed it - love the cabinets ending... You communicated this info in a light but effective way - get real to get sold. Congrats on being featured to - well deserved.

Maggie - this was my second post to read this morning - sure glad I was not on the lap top - because I about chocked on my coffee

Good feature...hey you got too many points...I demand a recall! lol! you should only get 599 not 600! :)

I just had one similar..but I did not write any letter. I showed up at the door exchanged their key for my brochure holder. Good Luck!

I love that letter!  That is one of the coolest things I have read in awhile.

Maggie, this is absolutely fantastic!  I think your sellers are lucky to have you, and those who don't know how lucky they are don't deserve you. ;)  I think your letter should end with a post-script suggesting that the Seller give up entirely and just go FSBO!  If he's not getting his price, it must be YOU, so he's better off on his own ... don't you think?  LOL!

Again, great post!  Thanks for your creativity and sense of humor.  You ought to submit this post to the columnist for the real estate section of your local paper.  I bet they'd run it, and you'd get some nice publicity.

Maggie, This is a wonderful post. Two things I would do different. First it should be a public post and second it should be posted in Localism as a market report. It's to good to be reserved for members only. This is exactly the kind of info the consumer should be able to access. It's truthful and it's factual. Don't hide it. If I read this as a consumer it would make me want to hire you.

Maggie,

What a great sense of humor!  I love it.  It sounds tough but it is the reality, we have to be more upfront with our sellers about the market and what they can expect. I think one of the main reasons for the high number of inventory is due to the agents that take the overpriced listing knowing that there is no way is going to sell at that price. Maggie as long as you keep writing I will keep reading! 

Too Funny, but sooooo true! Granite countertops are in almost every house now so their prestige is gone.

Ditto -- > BB Tutas.  Let the public see it.

Speaking of "appopriate"...  There are a lot of sellers out there today who could use a letter like this!  (And I've had quite a few over the years)

OK guys, I have to laugh because I had no idea I would be returning to a featured post and 47 comments!  I originally had this on Localism for about 5 minutes.  Then I realized my loyal readers would be piping in and sometimes we get carried away with our comments.  So, I made it members only.  At your urging, I will return it to it's rightful place.  If you notice how I closed my letter, it really was written to the consumer. Thank you all for the great comments.  Alysia, thanks for that idea.  I just may do that!

Maggie:

Absolutely love the letter. I can think of few to send it to - can I borrow?

Sandra

Sandra, yes, of course.  Everyone, feel free to use in marketing to your customer database if you care to.  Although I'm not sure how you would actually do that.  The only thing I ask is that you not send it to any editors as your own please =)  I really, really liked Alysia's idea =)

Great letter!! I need your help with letters for the Mortgage side.lol

Very funny, and very appropriate!  Too many people have unrealistic expectations.  A house is worth only what someone is willing to pay for it!

Hi Maggie!  Congrats on again a SUPER great post!  I love this letter, as you can tell, everyone else does too!

Eveline

Again Maggie...great post. You would have loved having my wife and self as a client. When we sold our house last year, we told the listing agent we thought the initial listing price was too high.

Maggie, i feel your pain with those kind of sellers, we all have been there at one time or another, thanks for your creativity nice job .

What an outstanding post---You articulated perfectly how I am currently feeling about a few of my listings. 

Maggie...that was too cool!  I've had to FIRE several sellers in the past two years, but the way you put it was just great.  I think I'll send your bolg to a few others!

Regards...Jay Burnham

Maggie you forgot to add - "...yes I really do understand that you've refinanced 6 dozen times and sucked every little piece of equity you had out of the house but that still doesn't mean we can price it $20,000 over market value. And technically you really aren't 'giving' your house away it's just that you already spent that money..."

(Cranky? Me? No!)

Maggie

Excellent Letter.... I would love to send this to the sellers I have fired.

It's really sad to learn that because they do not listen to our suggestion and decide to go with a Brand X realtor that their experience becomes more painful than just selling the house for $50,000 less!

Interesting letter.  More interesting absorption rate.  2+ years?  I don't know what people in my area are complaining about with 3 months!

More than ever before, listing appointments are a two way street - do they want us? do we want them?

I love it! What an awesome post. Thanks for the dose of humor with reality.

Great letter. I would send a copy to your local newspaper and then I would hire some assistants to handle the calls from all the sellers that are going to call you to list their homes! It's Hilarious and to the point.

I absolutely loved your letter!  If I could just add a "Appropriately doesn't blame me for the downturn in market and your lack of offers" I could use it myself.

good luck down there!

Lot's of Sellers to choose from... So few named Appropriately!

Great Letter!

Great Letter, loved your humor.  Now, how to tweak this for some of my clients, mmmmmmmmmm

Broker-Maggie,

I know I'm showing up late to the dance on this one, but ditto everything (except one). Your absorption rate is unbelievable. I'm also assuming that means if nothing else new comes on the market right? Orange Co. CA is now at 6.7 months.

Give up r.e., just start writing, you're da best!

Maggie - this is sooooooooo tempting. And off the subject your Meez and mine look a lot alike. I had the laptop then changed it.

Maggie-Just way too funny and so right on.. thanks for making me smile..

Maggie-As a home seller, I have to admit I was once in the same opinion of your former client. My house didnt sell (after five months on the market) and due to the enormous amount of stress and weekends gone to showings, I took it off the market.

In my opinion, sellers need to pay attention and do some research on their own. Understand the market, understand the basicis of selling a home (or selling any commodity), and listen.

In my second "phase" of selling my home, I did just that. I did the research, understood the market (as a whole, in my state, my region, and my locale), listened to my agent, and thus my house was sold in three weeks.

So often (as I did), sellers look at their home and think its always better than the next one, regardless if its in the same city, neighborhood, or next door. Its the biggest asset, however, people need to listen and understand the current conditions of the market. Otherwise, its just wasting your own time and that of your realtor.

Good for you, Maggie!

Maggie this is so good! I would love to send it my sellers.

WOW!  That's a lot of inventory.  Good letter.

That letter was hilarious. Great job!

Maggie,

That was greaat!!!  Can I use it to show my clients that want to over price their listings?  Very well done! 

Alas this is the same rationale/mindset by which numerous sellers can have their listings 'bought'.  Some folks just ignore rhyme/reason and go for the bigger $$...even if unattainable!!!

PS - you guys have a HOOOOGE supply of homes.  I thought the metro Phoenix supply was large..but wow!

Maggie,

That sure is a huge inventory. Buyers and sellers seem to be very far apart on what the correct property value is. Usually it's the seller who is less than realistic on the market's health.

EVERYONE, I apologize for not returning until now.  I wasn't being rude.  I've been in the middle of a big change and it's taken a lot of my time.  (good changes).  I appreciate all your comments and was frankly very surprised by the acceptance this off-the-wall-throw-it-together-in-15-minutes idea of mine.  Thank you all!!

Great post Maggie. It's always hard to let listings go but we, as a group of professionals, must raise the bar and be gut-level honest with our clients to get things back in check. 

Great job! I can certainly relate to what you are saying!

Jack

Ryan - thanks.  I didn't really let a listing go.  I was taking advantage of some poetic license here.  I was checking the hotlist and was flabbergasted by the numbers when the idea hit me.

Jack - thank you.  I think in this market most of us have come across this type of seller much too often.

Maggie: Gotta love your style! Your “Dear John” letter is a work of art—and if the world were in proper order, should be a part of every agent’s portfolio of de-listing de-marketing materials, along with a “Services Rendered Statement” to bill the prospective seller who chooses the friend-of-a-friend’s real estate agent sister to list their home after you’ve spent hours providing comps and other marketing information.

Jay - I love it!  You think like a true real estate agent at heart.  I know I am only one of many who have spent countless hours providing free advice.

Yep, This is a GREAT post for us listing agents. I loved it, short sweet and to the point - I feel like printing it out and plastering it all over my office!

Thanks Maggie 

Debbie - new wallpaper?  lol  Thanks for stopping by and commenting.

Yes, sometimes we need to fire people. Unrealistic sellers and buyers, who will drain us of our time & money. It is better to just let go. Some people just dont want to listen.

Joseph -  you reminded me that there are those I refer to as human vampires...those people who drain us just as you say, plus also of energy.  I'm stocking up on garlic!

I agree with Brian - if I were a consumer I would want to hire you as well.  Great post and I will definintely keep this in mind with my next "overpriced" sellers.  I loved it. 

Judy - thank you!  I think writing this, actually putting it down so I could see it, gave me the extra reminder so that next time I can walk away from anyone who thinks he can price his home better than I can.  I've discovered for myself what a waste of time that can be.

I like Appropriate!  He or she are the only sellers I'm gonna work with!  Great post!!

Rick - thank you.  We may not come across them all the time, but we can educate and hope for the best.