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IS IT BECAUSE OF THE ECONOMY?
Posted by V.K. [Mel] Melhado P.A. on Thursday, October 16th, 2008 at 4:46pm.
Sometimes I find myself wishing that I had an ‘easy button’ to push while working on some of those hard real estate deals…You know the ones where you work like a dog, excited to find what you consider to be a gem of a property and have the customers drag their feet because they think that there will be a better deal around the next corner. The only saving grace is that the property immediately goes under contract, making you look like you knew what you were talking about. Yet they still wait!
I’m reminded of a gentleman I met years ago from the U.K. selling at a large home show. He had a product from England that no one here had access to and was making a killing. We talked about product selling and he told me he found it nuts that Americans selling the same products would discount them just to feel like they were gaining an advantage over other sellers despite the fact that they weren’t even making a profit. He went on to say that we coach our buyers to wait to see if they can get if cheaper and invariably they never end up buying at all. He said that doesn’t happen in the U.K. If people have similar products, they all sell it for the same price.
Now to get back to real estate, I’m not suggesting that it should necessarily be easy, but I find myself wondering from time to time whether some of that discount mentality doesn’t spill over in our real estate market more than ever because of the lagging economy.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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