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Don't Take An Overpriced Listing

Will You Overprice The Listing Today Just To Get It?

In this market, taking an overpriced listing is usually a step for disaster...most times you are dealing with someone unreasonable about the market, their equity, and what they want to see as a return for their investment...More and more lately I see great agents taking awful listings...True...this means I have not been asked to list these properties but unless you want to be realistic with me, their is no use for our proposed partnership anyhow....

UNREALISTIC SELLERS=

Waste of Money

+....of Energy

+....of Time

=$$$000.00

It is hard saying no, or for that matter giving the true value...sometimes I give in and say but within 30 days...we need to drop the price sort of thing... but unless that is a realism for the sellers...you are better off without it or ...wait for it to expire with the overpriced asking price and get it the 2nd time around, can you believe I have even seen some 2nd time listings being re-listed for more? Who are they kidding...

Cynical...maybe, smart, I think...just the other day a seller called me upon referral, I did a CMA for him, he is currently listed at 850K with another agent...I came in at 760K, with bonafied comps...Guess What...he is still listed with the other agent, he said "I Am Not Giving It Away"...he only owes $290K, doubling one's money is hardly giving something away...but I say, let that other agent struggle through with that listing until January or February...at that time, I bet...he will call back...

Until then... I like the listings that people have no control over, that the decision of price has been taken out of their hands...IE: Foreclosures, Short Sales...or the chance that someone is willing to listen to the professional, I mean that is what we do right? Good Luck this week, Sell Something!

You Can Count on Me For All of Your Real Estate Needs!

Melissa Polce mjpolce@kw.com 704-450-4335

www.MyRelocation2Charlotte.com www.ExclusiveHomesofCharlotte.com

www.TheShortSaleAgents.com

"Lake to Land, I've Got It Covered"

Posted by Melissa Polce on 10/19/2009 10:05 AM

Comments (6)

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6 Comments on Don't Take An Overpriced Listing

OCT

Great post Melissa. In these times it certainly doesn't do anyone favors when a client overprices their home.

Unrealistic sellers are a problem.

The better you get at personality profiling, the more you're able to tell whether you should walk away or see if they'll be open to price reduction.

Knowing their financial situation and/or logistical situation also plays a big role in deciding to take the listing.

Melissa - As real estate professionals, we sometimes forget that we have the right to walk away from an unrealistic seller that is unwilling to budge. I have found that providing my sellers with multiple market updates during a listing appointment has helped bring sellers back to the reality and understand the current value of their home.

There will always be unrealistic sellers out there, but thankfully I feel that most of them have come to terms with the general standing of the economy and current real estate market.

OCT

Good post, Melissa! I have found that sellers who have a renter in the property paying the mortgage payment are some of the most reluctant to accept a reasonable offer. (and often get into trouble if they can't find a replacement renter later)

NOV

Melissa ~ That is why WE choose our listings and if we can work with them. We don't set the price of their home the Market does and we as professionals need to explain that to them. Believe me if I can get more for their home its more for me. If they want to list it way too high they really don't want or need to sell their home. We often do them a dis-service by taking the listing anyway. I am guilty of it myself. I justify it by saying to myself "well if I don't list it somebody will".

Great Post.

NOV

Great Post!! Many sellers are still stuck in a warped reality that their home is "better" much like the show Real Estate Intervention!!

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