 What's up everybody? Ricky Krooth here coming at you from my office today. Welcome back to another episode of the pros and cons of being a real estate agent where I'm giving you behind-the-scenes look of unedited video me talking about my business. This is my business. I'm talking about the good and the bad. Okay today I want to talk to you about losing the listing. This happened to me just a couple days ago. Okay a property owner called me. They've been following me for a while. I didn't realize it but they've been following me for a while. They called me. We already have some report built up through the email through the social media and all the different things and so they call me. We start talking. We have a really good conversation. We're really connecting okay and we talk about commission. We talk about price. We negotiate everything and I'm feeling really good about this. He didn't commit okay and I didn't want to push him too hard right because I could feel like he was still trying. I didn't know exactly what it was but I could I could feel something was still going on there that he was trying to figure out. Little did I know he was trying to figure out what agent to go with right so but he did tell me to send him the listing agreement so I sent him the listing documents. I texted him. I said did you get it? He said yes. I'm not necessarily going to pull the trigger today but I'll let you know. I said great. I have a photographer ready on standby to go take professional pictures of your condo and we can get it on the market ASAP. A day goes by. The next day I realized he listed it with another agent. Why did he list it with another agent? Because that other agent told them a higher price. They told him a higher price than what I quoted him. Okay so let me run through the scenario with you. I told the owner a price that I felt like was the highest price that we could possibly ask to get the most out of that condo. Okay period. The the market is really price sensitive where I am. If you're a little bit off it's a big deal. Okay buyer for some reason don't want to insult owners with offers. Okay when they're asking too much. Okay it's a weird thing but it's real. Also benchmarks. You know you don't want to price it at 309 when it really should be at 299 because when people search up to 300 they're not going to see it if it's 309. It's probably going to sell for 295. It's just going to take you longer to get to 295 if you price it at 309. It's better to be priced a little closer to what you'll take and be more firm than to have a lot of wiggle room and lose showings. Lose possible buyers. Right. Be priced closer or you'll take under the possible benchmark. Get them in the door. Get the buyers in the door. Get them emotionally attached to the property. This was a strategy that I used on sellers to price it right and I'm being incredibly honest with them about it. I'm not trying to get them to list lower. I'm trying to get them to price it right because most sellers in a listing agreement a listing presentation, listing appointment they want to price it just a little bit more than what you're saying all the time. They want to price it 10,000 higher. They want to just push the envelope just a little bit. So it's okay to push the envelope here and there just depends on the situation but especially in this market it's flattening out because of interest rates over the last 18 months. You want to price it right on the money. If you don't you could be setting yourself up for something that's going to sit on the market for a while. So this agent comes in and says probably we're going to price it higher, price of this probably had the seller all excited and boom. Listen that's fine. That's all fine and Daniel. Let me tell you what I think is going to happen. Let me tell you what I hope is going to happen. What I hope happens is that the listing sells for full price in a day and everybody's happy. That's what I really genuinely hope happens. What do I think is going to happen? I believe that that property will sit on the market for a while. It'll eventually become expired. The owner will turn around and call me back and say Ricky I'm ready to give you a shot. I'm going to list it for the right price because I'm going to explain the whole scenario of remember when I talked to you last time and I told you what was going to happen and I told you this is why we needed a price out of this price and that's why we needed to do that. These are going to say yes. I'm going to say okay great I'm sending you the listing agreement for the correct asking price. But I really genuinely hope it sells. We'll see. I'll be watching it. Other than that losing the deal I gave myself five seconds to think about that for a second about how much it stings to lose the deal that you thought you had and to realize how much future time I just got back that I don't have to fill out a listing put it on the MLS get pictures set up showings deal with negotiations contracts inspectors appraisals title companies I have to do any of that anymore now I could take all that time and go find five more deals and that's what fires me up is the fact that I can multiply my business because I've lost this deal I can multiply that deal by five right this second that's what I'm doing I put six under contract last week I'm already three this week it's Tuesday right and I'm looking for my next one I got seven listings in the last two weeks and I'm on fire right now because I'm putting in the work to try to figure out who's next who can I help I don't care about what I did last week I don't care about what I did today or even an hour ago I want to know who I can help who's new on my list what where can I call somebody how can I help somebody don't need to make calls don't need to call past clients don't need to start with prospect expires for sell by owners following up with internet leads what do I need to do right now to find somebody that can help put a deal together for them that's gonna help them through something in their life people buy and sell for a reason of something bigger than buying or selling it's something going on in their life and that's what I want to know about why are you buying or selling and how can I help you accomplish that that's what I want to know how can I help you accomplish a bigger goal than just buying or selling a piece of property that's not what this is about we're in the people business not the real estate business with that I'm out of here thank you guys for tuning in on this episode of the pros and cons of being a real estate agent I hope you got something out of it let me know if there's anything in the world I can do for you click subscribe hit the bell we'll talk to you soon