I have recently been dealing with clients who seem to think the market has absolutely nothing to do with the sale of their home.  Anyone else in this boat?  Regardless of how much homework I do (comps., market stats, etc.), the owners of these homes seem to think their home can still be sold for an unrealistic price.  And, get this, they seem to think it could only take 3 months to sell!!  So, against my advice, I am the lucky (or not-so-smart) agent who takes the overpriced listing.  Even better, when an offer comes, it looks really low, and the sellers are shocked--go figure.  The best advice I can give (and I need to take my own advice) is not to take those listings.  I tend to argue that these kinds of listings are still ways to advertise and gain other clients, but how much time are we wasting??  In the current market, we must be able to convey to sellers that their home will only sell for what the market will allow.  Perhaps, in time, things will rebound and I will be able to sell that lakefront property in Arizona I just listed!

 

23 Comments on Dealing with overpriced listings in an underperforming market?!

20 Most Recent Comments Displayed Show All

AUG
11
2008

I feel your pain!  I now choose to spend my time doing direct marketing, rather than take on these clients.  All the best!
6:18pm • #5

Scott, take the sellers out to preview their competition.  Tell them to look at them as though they were going to buy one of them.  Maybe they will get a clue.

Good luck.  Welcome to Active Rain.

 
7:08pm • #6
101,374 Points

SCOTT: I do a CMA on all property around the area some that is active and others that have sold. That should give the seller a range to go by. I see you are a Century 21 agent too. My husband was born in Newport Tn. I know that is not to far you. Good luck!!

 

          Tinker
7:25pm • #7
160,380 Points Outside Blog

Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.
9:24pm • #8
1 Featured Post

Scott,

Way to get the first one under your belt. I wish you the best of luck and look forward to reading your future blogs. This is an awesome place to learn and grow.
9:27pm • #9
557,403 Points 2 Featured Posts Outside Blog

Hello Scott,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith
10:07pm • #10
Hit Router

Just keep them informed to new listings and pendings and solds on a regular basis. The market is what is it. Hopefully they will start to get it after awhile.
10:39pm • #11

Welcome to the rain! This is a great site for learning and for teaching others. Write often and write whatever comes to mind - sometimes the best blogs have nothing to do with real estate!
11:01pm • #12
AUG
12
2008
650,191 Points Localism Sponsor Outside Blog

Where is that lakefront property you listed in Arizona? Perhaps you were kidding, but there are lakes here and lakefront property. Welcome to Active Rain.
12:29am • #13

Hello Scott, Welcome to Activerain. Visit my blog to learn more about credit and personal finances. This is a great site for learning and sharing. --- Jen :)
3:03am • #14

Great blog and welcome to the Active Rain Community!  This is a great site to network, learn, and share ideas with others.  Have a great day!
5:30am • #15

May I be one of the first to welcome you to the ActiveRain community - full of information, ideas and surprises. Enjoy and be heard!
6:15am • #16

Welcome to Active Rain, I hope you enjoy the great site to network. Enjoy your day!
7:10am • #17
432,138 Points Outside Blog

 

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
7:32am • #18
338,355 Points

Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.  Have fun with it and hope to see more of your blogs soon!
7:50am • #19
153,983 Points Outside Blog

Hi Scott, Welcome to AR, Be a Blogholic and start writing your own blog soon on AR. All the best for your RE business. This is the right place for customers, friends, realtionships etc.

Best - Sash 

PS: FREE blog traffic strategy video...Hope this will help you... click here
8:25am • #20

Welcome to Active Rain! This is a great site to network, learn and share ideas with others. Thanks for a great post and I look forward reading more in the future. Have a great day!
9:13am • #21
314,186 Points Outside Blog

Hi, welcome to Active Rain! I hope to see more of your blogs in the future. Learn from others, share your knowledge and experiences and enjoy yourself! Take care! ---Kirk.
10:00am • #22
228,475 Points 2 Featured Posts Localism Sponsor Outside Blog

Hi Scott - Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here.  It is a great education and lots of fun.  Looks like you're off to a great start...keep it up!
10:51am • #23

Welcome to Active Rain!! This is a great site to network and share ideas!! Have fun with it!!
2:27pm • #24

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Scott Hendrix REALTOR®, Historic Home Specialist

Knoxville, TN

More about me…

Century 21 Select Properties

Address: 6000 Walden Drive Suite 101, Knoxville, TN, 37919

Office Phone: (865) 531-2121

Cell Phone: (865) 548-3201

Email Me

I hope you will find some useful and insightful information about Real Estate and how it pertains to life in general. Real Estate, our lives, and our economy all seem to be connected in one way or another and I am glad to be involved! Hope to hear from you!


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