This past spring I have lost or declined 4 listings because the seller and I disagreed on price. (None of those listings have sold yet by the way) But of course, there is another Realtor waiting in the wings who will take it at the inflated price. Why? In my opinion, all that is happening is that they are skewing the market negatively. LEaving the home to sit on the market as yet another unsellable property - I don't see the advantage to anyone, the seller, the Realtor, the real estate market or the economy... so Why do agents still do it?
ALLY Real Estate - Waikoloa, HI
Hawaii Real Estate Expert
All I can say is I just don't know. I am the walk away guy, too. I am not wasting my time or ad dollars on an overpriced listing. A couple weeks ago I blogged about a guy wanting to list his property. I had the price right, come home to get the forms together and he had sent me an email to get started but "let's reduce the commish to 6%". This was on land which is alwsys 10%, he wants me to reduce everyone's paycheck up front! Anyway, I told him NO WAY, very clearly. Took the time to explain us Realtors and that by putting out reduced "commish" he limits his showings. He ended up listing at a higher price and got himself the reduced "commis". Does he really think an overpriced listing at reduced commission will sell? Unlikely, but you would think the agent would know better. The agent is doing a disservice to the customer.
Jun 06, 2008 08:17 AM
Award Realty - Las Vegas, NV
Selling Las Vegas 702-498-3383
good post..I won't take over priced listings- they just don't sell and is a waste of time.
Jun 06, 2008 08:18 AM
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida
Suzann, it's unfortunate but it's inevitable. In the hopes of having some semblance of inventory available if things change for the better many associates will sign up unrealistic sellers with the knowledge that they're #500 in line of having any possibility of a sale. Then there's the aggravation of continually trying to get price reductions. Generally, you'll have to be at the bottom 5% of pricing to move on. Few sellers want to hear that!
Jun 06, 2008 08:27 AM
Lake Arrowhead, CA Coldwell Banker - Lake Arrowhead, CA
Lake Arrowhead Realtor - BRE#01412099 - Lake Arrow
It really depends on the home. Our area is a typical resort area. Some homes are overpriced, but the emotional buy happens here and you really can't tell on some whether it will sell or not. I will take a listing when the seller and I disagree on price, but always with the agreement that within two weeks if there are no showings we start with price reductions. I will play their game for a month and then they usually adjust and it sells.
Jun 06, 2008 08:28 AM
eLoanRates.org - Thornton, CO
right now I'm selective about ANY listings, there is no way I'm taking one that may be overpriced. However, from a strategy point, many agents take them with the expectation that they will get sign calls or leads, or be able to talk the seller down to a reasonable price at a later date.
Jun 06, 2008 08:32 AM
Anonymous
Kelly - -I agree with you in some respects. We are in a resort market here and if a home is unique because of one reason or another there is always that possibility that that feature may cause a buyer to pay more. However, its the homes that are not unique - where the price is a no-brainer. I really think it is a disservice to all involved, especially our industry - -it's the agent playing into the stereotype of the real estate agent willing to do anything for a potential buck. Shortsightedness at everyone's expense.
Jun 06, 2008 08:39 AM
#6
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
Suzann, I will and have turned down several listing this year alone. It is not worth my time or money to take a over price listing. This was true twenty years ago.
Jun 06, 2008 08:41 AM
Recent Posts
ActiveRain Community
over 13 years ago
Comments(7)