Coldwell Banker says 10% off for 10 days nationwide (banks, agreement, price)
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I am a Coldwell Banker Residential Brokerage agent and ... there are a lot of misconceptions stated by those who don't know the facts.
I don't really see any significant misconceptions. Perhaps different opinions and different spin, but I think the "sale" is generally understood.
"Strong arm" was, perhaps, not the best choice of words. But to imply that sellers are not pressured to participate doesn't pass the smell test. If no sellers participated, the promotion would be a failure. So, of course, agents are naturally recommending that their sellers participate. And sellers don't want to fall behind the competition, so they will naturally feel pressure to participate, even if their list price is not the reason their home isn't selling.
Furthermore, if the "sale" is simply a promotion of sellers who choose to lower their price by whatever amount they desire (or not to lower their price) and there is no coordinated effort by CB to arrange for a collective reduction in price, then the promotion is misleading, because that happens every day.
Lastly, to say that CB is paying for the advertisement is smoke and mirrors. It's basically the same argument as telling buyers that they don't have to pay for a buyer's agent because the seller pays the commission. In reality, only one party in the entire transaction is bringing money to the table, and that's the buyer. Everything that is spent is coming out of the buyer's pocket. Cut out those costs, and buyers would be able to get the exact same house for much less money. Or alternatively, sellers would be able to walk away with more money.
If I was a CB-rep'd seller, I would not be happy that my advertising dollars are being spent in this manner.
I don't really see any significant misconceptions. Perhaps different opinions and different spin, but I think the "sale" is generally understood.
"Strong arm" was, perhaps, not the best choice of words. But to imply that sellers are not pressured to participate doesn't pass the smell test. If no sellers participated, the promotion would be a failure. So, of course, agents are naturally recommending that their sellers participate. And sellers don't want to fall behind the competition, so they will naturally feel pressure to participate, even if their list price is not the reason their home isn't selling.
Furthermore, if the "sale" is simply a promotion of sellers who choose to lower their price by whatever amount they desire (or not to lower their price) and there is no coordinated effort by CB to arrange for a collective reduction in price, then the promotion is misleading, because that happens every day.
Lastly, to say that CB is paying for the advertisement is smoke and mirrors. It's basically the same argument as telling buyers that they don't have to pay for a buyer's agent because the seller pays the commission. In reality, only one party in the entire transaction is bringing money to the table, and that's the buyer. Everything that is spent is coming out of the buyer's pocket. Cut out those costs, and buyers would be able to get the exact same house for much less money. Or alternatively, sellers would be able to walk away with more money.
If I was a CB-rep'd seller, I would not be happy that my advertising dollars are being spent in this manner.
I just find this viewpoint amazing. I guess with some people there is absolutely nothing that can be done to make them happy - except bring in multiple offers, over asking in less than 30 days. I hate to break it to you, but those days are over and this is an example of a company trying to think outside the box to get inventory sold. One would think that sellers would support such efforts, but apparently not.
The job of a real estate brokerage is to promote the properties entrusted to it. The concept of a "sale" has been used as long as there has been commerce. This 10% off sale is an attempt to raise interest. To create a sense of urgency. I bet there will be some people that "take advantage" of this sale opportunity, and if so then CB will have done the job it was hired to do.
In today's market (at least in my area) offers already come in a minimum of 10% off. I've counseled. my sellers to expect low offers, regardless of how they are priced.
Looks like Shelly will have to wait until I can rep her again.
I just find this viewpoint amazing. I guess with some people there is absolutely nothing that can be done to make them happy - except bring in multiple offers, over asking in less than 30 days. I hate to break it to you, but those days are over and this is an example of a company trying to think outside the box to get inventory sold. One would think that sellers would support such efforts, but apparently not.
Thinking outside the box is not, in itself, the answer. Just because it is a new and fresh idea doesn't make it a good idea. The idea that my house (hypothetically, as I am not a seller) is "inventory" that needs to be moved out of the way is not going to win CB any brownie points from me.
What I find amazing is that agents constantly harp on the local nature of real estate and the view that every property is different, and then come in with this one-size-fits-all promotion. A promotion that, even according to CB, they have no ability to influence or bring about. I am not rooting for the promotion to fail; I just don't think it is a particularly good idea.
If the idea is to change the current negative perception of the industry, perhaps an increased emphasis on ethics would be, from a long-term perspective, a more thoughtful reform than a purported sale that is, in the end, an illusion.
The concept of a "sale" has been used as long as there has been commerce.
The concept of a "sale" is usually used by those who are in control of the price at which something is offered for sale.
But I agree that the agent is supposed to promote the properties entrusted to it. That's one of the reasons that I would not be happy with CB if my house was entrusted to it. If I don't choose to participate, these advertising dollars are not being used in a way that is particularly helpful to me.
Perhaps this is the "Kohls" methodology....if they don't have a sale every day, you don't walk in the door with your extra 15% off coupon. Housing is no different with the exception of the emotion attached to the residential sale. 10% off across the board and then an additional 15% off when the offer comes in.....all goes back to price. Use the TJ Maxx philosophy --- If you price it correctly, it will sell. The rest is just "smoke and mirrors". And when the selling public gets it...and when idiotic realtors stop telling people what they want to hear and numbskull mortgage brokers stop giving loans to those who shouldn't have them, the economy will right itself.
If I was a CB-rep'd seller, I would not be happy that my advertising dollars are being spent in this manner.[/quote]
They can always cancel the listing and stick a FSBO sign in their front yard and wait for qualified buyers to show up.
If the promo is adequate to motivate a buyer off the fence, it could spur a domino effect. Someone gets sold and buys something else which allows those sellers to more on and buy something else.
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