"I Love You But...3 other Realtors Said...." Confessed the Desperate Seller

There are a few agents who routinely buy their listings and then somehow are able to get them sold.  Those are almost always sold same agent rather than coop.  I can't explain it.  I'll continue to offer straight advice and turn down the overpriced listings.

They will probably list it at the high price and then drop the price and sell for less than you wanted to list for.  This happens to me all the time.

While sometimes there may be a small inner satisfaction when a house finally sells at the price I said it would sell at - when I didn't get the listing, that small sense does not outweigh the real sadness I feel when I see that the seller sells at far less than that amount, a year after it was listed with another agent for that way too high price! 

I agree with you Alexsandra #107 when you see it sold for what you first told them it would brings a small sense of satisfaction but not the sale. I now will tell sellers who are interviewing agents about "buying a listing" and that there are agents out there that routinley do it. I never mention names or offices. And tell yes I would love to sell your house for that because not only do they make more money but I make more money, what a win win but explain the data just not support that. Typically if I do a good job conveying this to sellers and on my pricing analysis spreadsheet then it does make sense to them. If not and they list with someone else then I follow up with a thank you/ best wishes card.

An over priced listing will cost you more than money in the long run.

Ty

Sometimes sellers need to call a Realtor before they get started through all the mess, don't they?

I hope you're wrong, eventhough I know you're not. Agents like this are stupid and blind-greedy. They want to put a sign in the ground, regardless of what it will do to the owner. I unfortunately understand because he felt he had to take a chance to make some money because your reality was scaring him. Too bad...it's hard for many of us to face the oncoming truck in front of us, even when its lights are blaring right in our eyes.

That is a shame. I have had conversations with expired listings that were so overpriced that I just had to ask "How did the other agent come up with the number?" many times the answer was "That was the number we told them to put it at." Some agents don't care what the price is al long as they get the listing.

I fell sorry for him. There will come a day when he realizes that he chose the wrong agent to get the job done.

Sally and David,  Unfortunately, way too common!  Had a Realtor call me today after putting home under contract in 72 hours....Oh My she said...You had it priced way too cheap......yeah right

Once in a while I get a "run" of 3, 4 or 5 listing appointments within a short period of time and I play a game with myself about what percentage of them I will actually list.   I used to be able to lock up 90% of them but these days it's less than 50%.   Why?   Nobody wants to sell for market value.   They understand the concept.   They understand that the house has to appraise.   But, for whatever reason, they hang their hat on the slim chance that someone will love their home and be willing to pay MORE so that they can pay off their two mortgages and all their credit card debt and take a much needed vacation.  

When they start singing that song, I'm packing my briefcase up and on my way out the door.    I just wish there was some way of figuring this out BEFORE I do all the prep work and take time out to go to their house and waste time.  

This same thing happened to me just a few days ago.  Some clients of mine had a rental property, and when I met them they were in the process of replacing carpet, painting, etc to get it ready to sell so they could reap their "profit".  They planned on selling it for $145K, except the comps put it at $125k, less than what they owe on it.  You could see the hope & enthusiasm drain out of their feet as I gave them the bad news.  In recent years, I've had to have that conversation way too often...

Sally snd David

It's the same old sad story we see and hear over and over. Some sellers want to hear a certain number and that's how they make their decision. TOugh lesson to learn.

Jeff

There are far too many agents with this strategy. They give a price that tickles the seller's ears but is not realistic, knowing that it will eventually come down and sell. And I find it unlikely that they are willing to help take down mirrors, change light fixtures, or do the other steps necessary to make it marketable.

I look forward to hearing the update!

I came over from a reblog - Seven years later and this is still true. Sellers often choose the agent who gives them the highest number whether or not it's back up by data.