I try not to get caught in this trap but too many times lately I have gone against my better judgment and spent so much time and energy trying to make deals work that were loaded with red flags and flashing yellow signs when I first took them.

My latest attempt was accepting a listing on a beautiful 5 bedroom/4 bath colonial sited on 3 acres surrounded by wooded preserve land. The owners had expanded the house to include a glass-walled In-Law Suite (complete with its own full kitchen) on the lower level. ABSOLUTELY GORGEOUS!!

So what's the problem you ask - if you were to pick that house up and move it half mile down the road it would double in value. But the house had been over improved for its location and, to complicate matters, the owners refused to accept that fact. So OK I take the listing thinking that it is such a beautiful home that I might be able to find a buyer who falls in love with it and, by some miracle, find an appraiser that will put on heavily tinted rose colored glasses and appraise it close enough to the selling price so I can make the deal.

So here I am 5 weeks later with no offers and the showings have slowed to a trickle. I know what the problem is - the home is overpriced - and I am kicking myself for not listening to that inner voice that we all have, but too often ignore, that said "DON'T TAKE THIS LISTING".

 
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8 Comments on WHEN AND HOW TO PULL THE CORD ON AN OVERPRICED LISTING?

MAY
20
2011
Called Shot Master

Now you have to fight the "Drop the price war".  Either the price goes down or you need to find another listing that will sell.  Good Luck!
9:17pm • #1
114,594 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Gloria, we have all done it at some point, and I blame it on the market.  "Well, I gave it my best shot, but THE MARKET has clearly not accepted your price and so if you want to sell....."
9:20pm • #2

Gloria    Jeanne is right we have all taken a listing that was over priced and then been stuck trying to convince the owners they need to lower the price. Show the owners expired and sold listings, called the expireds " failures " and the solds "success's"  Askt the owner which column he wants his house in,, Sometimes they see things different,  Not always but sometimes

 

good luck
9:32pm • #3
183,128 Points Called Shot Master

Gloria - You have to listen to your professional side. The time to drop the listing is before you take the listing.
9:35pm • #4
MAY
21
2011
524,170 Points 10 Featured Posts Outside Blog Called Shot Master

Gloria, you need to have that awkward but necessary "come to Jesus" meeting with your Sellers.

As Jeanne said, if you need a Bad Guy, blame it on the market.

The sooner you drop either the price (substantially), or walk away from the Listing, the better it will be for both you and the Seller.

Best wishes.
1:34am • #5
168,435 Points

Yeah Phil and I really dislike following the market and playing the "drop the price"game but you are right.

Thanks Jeanne for letting me know that I am not alone and I have a fall back position.

Good idea Tim - most people want to identify with the "success" side.

Bill I know - if only I had listened to that inner voice I would not be in this position.

OH Fred - knowing these sellers that is a meeting that will not be pretty but you are right saying that it has to happen. STAY TUNED!
8:31am • #6
115,913 Points 1 Featured Post

I think we all have been in this situation, and getting a price reduction can be very difficult with some sellers.  Good luck!
8:38pm • #7
MAY
23
2011
168,435 Points

Thanks Michele - one of the things I like about AR is that fellow agents understand and support each other.
9:01am • #8


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GLORIA LAUGHTON ALLSTON, GREEN, SFR

Princeton, NJ

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COLDWELL BANKER/PRINCETON

Address: 10 NASSAU STREET, PRINCETON, NJ, 08542

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