Love or Business

One time I loved a house too much - and it almost got in the way of a sale.  

The home was a center hall colonial in north Reston.  The minute I walked in the door it had "great vibes" - a traditional home with transitional style.  It was beautifully decorated in a consistent color theme from room to room - taupe and eggplant - without being over bearing like a model home.  It was immaculately clean and perfectly maintained.  I was thrilled to represent such a beautiful home.  And I loved the personalities of the clients.  I knew instantly we would become friends, and we are. 

The challenge we faced is that it was January, the market was declining and there were very few sales happening at all.  The sellers were realistic so we set an aggressive price.

Here's the hiccup.  Whenever I met with my clients, it was in their home.  They would greet me warmly at the door, and I'd walk through the lovely rooms, to the sun-filled breakfast area and look over their large wooded backyard.  And then I'd say "I love this house."   They would reply with their own affirmatives, "We do, too.  It's a hard decision to leave, but we know its the right thing to do."   Then we'd proceed to talk about showings, open houses, competition and the declining market.

When they received an offer it was, of course, much lower than we hoped to get.  They were having trouble coming to terms with accepting a negotiated price and moving on.  After a couple of visits, I realized I was part of the problem.  It was my "I love this house" each time I was there that was reminding them how much they loved the house.  And it was reinforcing a perception of value that the current market was not going to support.

I often meet clients in their home, but I needed to get this couple out of the house and in front of a computer so that they could see the facts: a spreadsheet I had put together of comps data and a study of other listings so they could understand where they stood.  When we removed the emotion that was there when we were in the home, they were quickly able to see the writing on the wall and come to a mutually agreeable selling price for the home.

My friends are now living happily in a new home in Potomac Green, an over-55 community with facilities like a high-end resort. They have decorated their new home with the same good taste as their colonial.  They now have a low-maintenance home and a lifestyle they'll enjoy for years to come.

My now friends have thanked me repeatedly for getting their home sold before the market continued to deteriorate.  They feel fortunate compared to the subsequent sales prices of some of their former neighbors' homes.

I learned a valuable lesson.  When it is time let go of emotional attachments and perceptions, get out of the home and into the office.  Business decisions are best made in business settings.