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The Real Estate Rot.....

Guys today I want to talk about the real estate rot. Yes, the real estate rot....

What is the real estate rot....Well. I was pulling some stats of the mls for a client who has a home East of the ditch(thats the intra-coastal waterway for those of you who aren't familiar/local slang). I normally don't work that close to the ocean for numerous reasons...mostly because that market is polluted with over priced listings. Why are these listing overpriced? Inexperience...and I will leave it at that in order to keep the hate mail down.

For example today we had almost 500 listings expire. FIVE HUNDRED!!!! Guys the Myrtle Beach MLS is really on two counties. Myrtle Beach is really not that big...Why did they expire...I'll tell you why PRICING...And I will bet that within the next week or so I'll see the same listings come back on-line with the same asking price just a new name and face.

Fellow agents we must stop doing this. Some of these listings have expired three or four times. I saw one listing that was over a thousand days on the MLS....WOW....wouldn't guess why that one isn't selling. You could almost build a homeless person a home with the marketing dollars some of these agents are spending/wasting.

I don't list every listing. Especially here lately...Why would I waste time or energy answering calls, holding open houses, and advertising a listing that is overpriced. It makes no sense. It is our fault that the market is over inflated. Even if you didn't over price your listings we still sat back and watched other agents do it. It is now our job to correct the problem. Stop pointing fingers and blaming everyone it is our job to clean up the mess. We are all responsible. The days on the Mls must come down or the homes will start to look like these. A few listings that have been on the market a while.

Just kidding...But if we don't get a grip on this over valued/pricing issue don't be surprised if some of listings don't start to resemble some of these pics..

Posted by Brandon Causey Realtor Coastal Palmetto Realty LLC on 10/02/2007 06:32 PM

Comments (18)

overvalued property, pricing

18 Comments on The Real Estate Rot.....

OCT

2007

I think the approach of turning down the listing if the sellers won't accept your "professional" opinion on pricing issues makes sense. Let someone else waste their time and money on these. It's called "thinning the herd" and it will reward you in the long run.

How dumb are they all (sellers and agents) to stick to the same price that didn't work? Especially going into the holidays?

Here in Michigan if you own it in November, you'll probably still own it in March. I know you don't have our blustery winter, but still...

Great point chris...And it is happening believe you me...1,000 have dropped since Jan.

There was a crooked man- who had a crooked house - etc. etc. Some of those photos are great... LOL I bet they are ALL asking top dollar. I hate it when a broker or agent just takes listings to make the phone ring. I don't want to damage my reputation that way!

Diane,

I love when they do it...espically in my area. I call at least once a week just kidd around with the agent. If you can't laugh about it what can you do....

My team leader says 80% of the listings on the market will expire or sit there. 20% will sell!

Brandon, you've piqued my interest to add some more statistics to the portfolio. You're right, sometimes you just have to let go and let someone else learn the lesson.

I laughed so hard at the photos. but seriously it's time for Realtors to be the professionals we know we all are and stop taking those well over priced listings that sit on the market for months and just take up space. I also think wasting good money on an over priced listing is ridiculous, so I'm proud to say I haven;t taken an over priced listing yet, nor do I intend to start doing so now. "What's that you say dear you have a nice view of the strip and mountain views so you're at least $50k above all you're neighbors?" I think I'll pass and let some other sucker take that listing as you've described 50% of the listings here in Vegas!

Good post Brandon.

I would agree on what you said. We have had upwards of 50 in a day, and they get relisted with a new name and a small price drop..

I would think that with that many expired listings that some of them would be ready to list with a smart agent that can properly market their home if the price and conditions are right!

I can just say, keep up the good work and stick to your guns, the other Realtors will work themselves to death trying to market overpriced homes.I know I am done with it. I want good listings that belong to sellers who want to sell...in fact need to sell. Sounds like you are in the same boat.. Best of luck

Mike Norvell Sr

Mikenorvell.com

Brandon, Im curious to see how many we have each week??? Whats your guess?

OCT

2007

You know this reminds me of a saying I heard way back...."It's always better to be the first born son, the second wife and the third REALTOR"! These agents and sellers just never learn.

OCT

2007

Brandon, It appears that there is no antidote to stupidity.

Bill Roberts

Brandon,

I recently looked up al the expired (well as many as I could) in our Bay Area east bay market. I found that a number of them had already been taken over by the bank or city? Not quite sure. I think we are afraid to stand up for what we know is the right thing to do. We as Realtors are the experts, so lets demonstrate this by NOT taking over price kisitngs unless the seller is willing to sale at the market price. A home needs to be priced in the lower 25% of the range in order to sale. As we have seen, if they are priced in the upper 50% -75% they will sit for a long time. Let's help motivte this market and price our properties where they should be. Its a buyer's market......let's make it happen!

Hopeful in California!

Kim

OCT

2007

Excellent post! I love the pics!

Brandon

In recent years the market became flooded with agent's who were just hopping in for the quick buck you know the ones I am talking about the ones that let the owners tell them what the price should be and they all made money. Now that they have to think they are starting to find jobs elsewhere, there are still some stragglers that want to stay on and now they must gain enough confidence to tell people their opinion of value.

Once this happens and the true professionals opt not to take the over priced properties the market will begin to clear up.

Thanks scot see you are moving up today...Watch out for mrs. monte.

OCT

2007

Gary I couldn't agree more. Those of us who are career agents are left with this mess....

OCT

2007

I love the photos, I have some of my own. I only list when absolutely necessary, Sellers are very very needy. Great posting.

OCT

2007

Love the post. I am very picky when it comes to listings, if I don't think I can absolutely sell it, then I won't take the risk and waste my money and time. Thanks for keeping us informed.

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