Hello, all.  My scenario is this:  I've sold two high end homes in a neighborhood that to date I've been the only agent who has sold any.  Now I have a seller who has a terrific home in the same neighborhood, but in my opinion wants 50K too much.  I've explained to her in every way I know possible that this is not in her best interest, but I've hit a brick wall.  I've even suggested she up the commission to the selling agent to encourage them to show it, but she won't do that either.  In my opinion my marketing is aggressive and I've shown her my plan in detail which she is impressed by.  I'm up against 4 other agents, one of them a top producer in my office; they've all agreed to take the listing at the higher price.  I clearly don't want to have another agent's sign in front of them home.  Any advice is welcome!
 

6 Comments on WHAT ARE YOUR THOUGHTS TO OVERPRICING?

FEB
04
2007
609,952 Points 244 Featured Posts Localism Sponsor Outside Blog

My thought on over pricing is I NEVER take alisting unless I can sell it. If you think they will come down with time and you have been perfectly honest with them about the value of the house AND it's not an outrageous price, then take the listing and have them sign off on the true value. Then every time they ask you why they haven't had any showings remind them of this and ask them to reduce and keep asking. If yo think they will never reduce then walk away and find a listing you can sell. They will be back after the other agent fails. I turned down 5 listings last week alone.

2:48pm • #1
405,948 Points 72 Featured Posts Outside Blog

Marcia...

Never as in EVER over price a listing. This is pointless. It wastes a customers time and it wastes the time of an agent.

We may turn down 5 a week but when those 5 a week expire because they were over priced they become our listings. Why? Because we were honest enough not to list their house knowing we could not sell it :)

TLW...ROAR!

3:10pm • #2
5 Featured Posts Localism Sponsor

Marcia,

Listen to BB and TLW... they are right.  I'd rather walk away from a listing than to have it sit there forever.

Try some dialogue like this:

You know, there is an actual strategy to pricing homes. First we do not want to price it

too low. That strategy will insure that we do not achieve your first goal of best price.

Secondly, we do not want to price it too high. If we price it too high it will be compared

to homes priced properly. Your home will end up helping sell those homes. Your property

will end up as a market reject. I'm sure that is a strategy you do not want to take.

Fran White, REALTOR
www.kansascity-realestate.net

4:33pm • #3
415,944 Points 21 Featured Posts Localism Sponsor Outside Blog

I agree better to not take the listing than to take an overpriced listing.  I have had several times that I have come in as the second or even third agent and the seller by that time was ready to price the home correctly.  Who knows maybe you will get it when it expires.

6:20pm • #4
836,015 Points 213 Featured Posts Localism Sponsor Outside Blog Hit Router

AN OVERPRICED LISTING WILL EAT YOU ALIVE.

What do you care if another agent's sign sits there in the weather, getting old from bird droppings.

Let the other agent advertise, sit, show, put in the magazine, get embarrassed when the DOM reaches

119 and the owner blames that listing agent because the house doesn't sell. 

I'd be embarrassed to take a listing that I knew was overpriced.

Lenn 

 

8:00pm • #5
FEB
05
2007
525,255 Points 52 Featured Posts Localism Sponsor Outside Blog
Sometimes you need to know when to hold em and when to fold em.  If you have faced every possible objection, it is probably time to fold em.   Let someone else do the work, let your words ring through their ears as their listing expires.  You will get the listing then!
12:16am • #6

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Maria Picardi-Kenyon

Hamilton, NJ

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Re/Max Tri County Realtors

Address: 2275 State Hwy. 33, Suite 308, Hamilton, NJ, 08690

Office Phone: (609) 587-9300 x 473

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