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To TAKE or NOT TO TAKE AN OVERPRICED LISTING?

By ella tiu

Services for Real Estate Pros with The Machree Group

August 20, 2009 10:39 PM

If the seller insists on listing their home at too high a price, what is the real estate agent to do?

Many insist that you should never take an overpriced listing. From their point of view overpriced properties can be a liability in terms of time, money and reputation. Agents who adopt this philospohy aim at ramping up their lead generation so they have so many listing opportunities that saying no to a listing doesn't feel like saying no to income. Still this approach is not for everybody.

Others see listings as a marketing opportunity that shouldn't be ignored.

Which approach do you follow?

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Richard Weeks

Dallas, TX

REALTOR®, Broker

Ella,

Many agents will take it in hopes that somehow it will sell. Many agents know an overpriced listing is a liability not an asset.

Aug 20, 2009 10:45 PM

Kevin Cavanaugh

Keller Williams Hudson Valley Realty - Tappan, NY

Lic. Associate Broker, ABR, GREEN

Ella, if the listing is in a high visibility location, then I guess you could milk it for customers but you are also going to be the one in that high visibility location than couldn't sell that home. Personally, I think I would walk and not waste my time. Good luck.

Aug 20, 2009 10:48 PM

Chip Jefferson

Gibbs Realty and Auction Company - Columbia, SC

I hose to pass on any listing that is more of a pain than its worth. If its overpriced its not going to sell so why list it? I list to sell not to do paperwork.

Aug 20, 2009 10:57 PM

Missy Caulk

Missy Caulk TEAM - Ann Arbor, MI

Savvy Realtor - Ann Arbor Real Estate

Ella, I don't take over priced listings.

One of my team members is trying to get me to change my mind and then start lowering the price.

Different philophy's. But, I have enough on my plate to not waste time and NOT believe in the home I am selling.

I suppose if you were new and had the time or needed more business, I would do it. But, nah, not for me.

Aug 20, 2009 11:08 PM

Anonymous

Eileen Burns

Ella

As professionals we provide substantiation to enlighten the seller's of the current market conditions. We are in business to make a profit. When you factor in your valuable commodity of time, energy and resources, are you willing to let someone else dictate how you achieve your personal success. We should all want to be perceived as "the expert" in our respective arenas. I believe and agent acts out of integrity taking an overpriced listing.

Aug 20, 2009 11:08 PM

Richard Iarossi

Coldwell Banker Residential Brokerage - Crofton, MD

Crofton MD Real Estate, Annapolis MD Real Estate

Ella,

It's a strategy that can work or not work for the agent. If you can convince the seller to make appropriate price reductions, it may be effective. If not, your name is stuck on a sign and sucking up marketing money for a long time.

Rich

Aug 20, 2009 11:17 PM

Marcia Hawken

WILLIAM RAVEIS - Naples, FL

Naples Luxury Specialist

Ella, Don't take overpriced listings! I have turned down some beautiful listings only to have the seller phone me after his agent could not sell his home. We are Realtors and we know what the price should be. Standing your ground does not always mean you will not get the listing.

Aug 21, 2009 12:07 AM

Tori Stamps

Stamps Realty - Franklin, TN

MA JD - Broker/Owner Franklin TN Homes for Sale

IMO, even if it's the seller that wanted to overprice the listing, when it doesn't sell - it's YOUR fault. I had a listing where I couldn't get the sellers to go below $400,000. After marketing the heck out of it, the only thing left that hadn't been done (in the seller's mind) was to change agents. After a few months with the new agent, they finally lowered their price to what I told them it was worth in the beginning - and it sold. My money spent on marketing and the other agent got the commission. Lesson learned. Don't take an overpriced listing! Call the owner after it expires and re-discuss the listing with them. They may be more willing to listen the second time around.

Aug 21, 2009 03:24 AM

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