Wow the market has really made a correction! Probably not what a property owner wants to hear- HOWEVER, if you are selling your property wouldn’t it be best to hear that early rather than later?!
So why would a trained professional real estate agent consider taking an overpriced listing? Consider the following scenario; Listing agent is being pressured by an Office Manager to “get listings”. The theory is; the more listings you have the more probability you have of closing a deal. Dutifully, the listing agent agrees to seller’s request for yesteryear’s pricing. Property is listed with bogus income and expense numbers- to make the “numbers” look palatable. Property gets little to no interest and/or any interest is represented by LOW BALL offers. Seller gets disgruntled and even refuses to respond with a counter offer. Several months later the listing expires and Seller is stuck carrying a property that is now considered non sellable with a foul taste for listing agents. Listing agent loses advertising dollars and is no doubt busy securing the next overpriced listing. No one enjoys a positive outcome. Time is lost, expenses accrue and new opportunities are missed.
I have passed on more listings than I have taken simply because Seller’s have told me that another broker will list the property at a much higher price. Of course, at some point during their listing agreement the conversation turns to “Wow, the market has really made a correction- we should reduce the price.” Dare I call that a bait and switch tactic or just bad brokering? However you categorize this scenario it is a waste of time for everyone. If the listing agent is the market expert, they should know market rates and pricing- if the sellers are not willing to sell at today’s market rates, then it is best to learn how to operate more efficiently.
In my database, I track properties that are available for sale. Many are expired listings and as such have a certain “stigma” attached to them. Don’t be the victim of an overpriced listing. If it sounds too good to be true…
For a no non sense discussion on your property and the market place, please email or call. I am always interested in discussing the market dynamics.
Lastly, I am NEVER too busy for your Commercial referral and I am happy to pay a 25% referral fee. To learn more about my background, visit Consult Pete. To learn more about my company services, visit Commercial MasterMinds. I can be reached via email at Pete@CommercialMasterMinds.com or just call (925) 719-3569
Continued Success, Pete
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