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If it doesn't sell, we'll just rent it (overpriced listing)

I have a client with a newer property in a declining market. The same layout sold two houses away for $969K 10 months ago. We started out at $1,050,000 against my suggestions. We are now at $1,010,000 and we got an offer at in the mid $900K clean, as is, pre approved that I would do both sides on so they would save on commission. They have decided not to take the offer stating that if they do not get what they want, 'we'll just rent it'. Now another larger property has come on market larger and with a VIEW hardwood floors and a hottub for $1,090,000.

The sellers have requested that I do an open house every Sunday and they do one every Saturday and do not have a lockbox on the house. Open houses are slow and those who do come say we are overpriced.

What would you do?

Posted by Holly Barr on 05/25/2008 05:19 PM

Comments (4)

older listing, unaccepted offer, just rent it, overpriced, declining market

4 Comments on If it doesn't sell, we'll just rent it (overpriced listing)

MAY

2008

I have listings (in the much lower price range) that its the same thing...I told one this weekend they cancel the listing if they want...then they responded that they don't want that. I am going to meet with them and tell them what they can do. Rent might be an option.

Another listing I am cancelling it and they are trying to rent it.

Take them on a tour of their competition. Do an open house and when the people are signing in, ask them to put their feedback in writing. Then sit down with them and be very honest about their price. If they decide not to lower their price to what it should be, tell them you have done everything you can to sell their home and if it's priced too high it isn't going to sell...then tell them you wish to cancel their listing.

Good Luck!

MAY

2008

Since they mentioned that they will rent it if they can't sell it for what they want. We would find out how much they can rent it for in their area and then see if it would be enough to pay for itself or close to it. It is hard for some sellers to understand that this is not the market of just a few years ago.

If they are hoping that the open houses is going to do it, stats on selling a home from an open house is anywhere from 2%-4%. We believe that no lock box is the worst thing that they can do in this market. They really need to have the house available whenever it is better for the buyer to see and not the other way around.

We would take them to see the listing that is their competition with the view. If they do not see that they are overpriced for the market and our not willing to let you put a lock box on the house you may not want to work with them. It is best to get these things all out in the open before taking the listing so that there are no surprises later.

AUG

2008

You should give the listing back to the seller.

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