There have been books written about this topic and sales trainers teach it... But does it actually happen?...

My experience has been "It depends."

Competitive pricing will attract potential buyers, but what causes them to buy?... For the most part, I believe that it does!

Unfortunately many agents will accept a listing with an unrealistic asking price, with the mindset that sooner or later, the sellers will reduce the price to be in line with the market.  The problem this presents is that the first 30-days of marketing is the most critical and when the property generates the most buyer interest.

I've sometimes suggested to my sellers, that they put the absolute best price forward and hold fast to that number. If they insist on overpricing the listing, then lets do if after the first 30-days of marketing... They usually get my point.

Agents who "buy listings" by overpricing properties, risk damaging their reputation, through market perception. While having more listing inventory to advertise and signs with their names and contact information can generate activity, it often sends the wrong message.

When a property languishes on the market, it sends the underlying message that "Ima Agent" can't sell this house!

So instead creating positive buzz for the listing agent... A negative perception is created... Further, overpriced listings create an emotional and financial drain for all concerned.

From my perspective, I would rather not have a listing... Then taking a listing that won't sell.

In our next post, we're going to look at an effective strategy of using other agents to help you educate your seller so the asking price will be much closer to the actual sales price.

We would love for you to share your experience... Please drop us a note and let us know your thoughts about this post.

Thanks in advance.

With our highest regard,

Wayne and Lynda Gomillion
"The Pinehurst Home Team"

"The friendship and referrals of those we serve is the foundation of our success."