"I'm Not Going to Give This Away!" What has been your response?

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Real Estate Agent with Maxfield Real Estate

I hear this over and over from those listing their property at the point we determine what the price of the property is going to be first listed at. I've done the market for them,have counseled them on the reality of what homes similar to theirs have sold for as well as what they are competing against in a similar price range, what I feel is the high price that we can test the property at, as well as the range that I believe they will likely see offers being made. Still after all that more often than not they still want to list over the high price because they're "not going to give it away."

I want to say to them you are not going to give it away and someone will end up paying you a significant amount of money for your property, just not over pay for it. I also don't want to tick them off by debating them in greater detail after they have been shown the facts already.

What have you said in this instance?

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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Steve:  I always go back to the comps and data that suppport a sales price.  I sometimes take them to currently listed competiting properties so they can do an actual comparision .... and SEE first hand.  Good luck!

Oct 22, 2009 01:26 AM #1
Rainmaker
75,113
Amanda Wilson
EWM International Realtors, Inc. - Fort Lauderdale, FL
Real Estate Advisor

Steve...we ALL hear this over and over and over again...each time I ask for a price reduction...As Kathleen, I go back through the comps with the seller again...Hopefully, thinking this time--THEY WILL SEE THE LIGHT!

Oct 22, 2009 01:32 AM #2
Rainmaker
577,108
Martin Kalisker
Greater Boston Association of REALTORS - Boston, MA
Professional Standards & Legal Assistant

what do I do in this situation.  I pack up my bags and wish them luck because I will be unable to list their home at that price.  In the words of the Great David Knox, "I just let it go."  I hand them my card as I am leaving and let them know that I would be happy to relist their home at a more competitive price when their listing expires and they fire their realtor. And then I breath out and "just let it go."

Oct 22, 2009 01:35 AM #3
Rainer
209,593
Dennis Duvernay Broker/Owner
Hillview Realty - Northbridge, MA

I tell them I cannot list for a higher price than the comps show.....if I do I write into the contract that we will reduce in 2 weeks if activity is low and no offers.....If they don't agree I walk and when it expires with the agent who took the overpriced listing I then get in touch and ask if they are ready to list now at a realistic price.....works quite well....

Oct 22, 2009 01:41 AM #4
Rainer
157,179
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

The same people who "don't want to give it away" and those who want to "steal" their replacement property from the Seller because "it's a Buyer's market"!  "You can't have your cake. . . "

Oct 22, 2009 01:53 AM #5
Rainmaker
239,606
Stephanie Frost
Home Team Realty - Ocala, FL
CDPE, SFR

I just go back over the comps, and tell them that it is just market reality, and that I won't list a home that I don't believe that I can sell.  Then, if they won't get reasonable, I just politely wish them luck with their plans, and make my exit.  No point in wasting my time and marketing on an overpriced listing.

Oct 22, 2009 01:58 AM #6
Rainmaker
207,740
Steve Bush
Maxfield Real Estate - Moultonborough, NH
603.455.7428 - NH Lakes Region

Thank you for the many thoughtful suggestions.

Oct 22, 2009 06:33 AM #7
Rainer
30,180
Diana Hoyt
Lakes Region Buchanan Group, Ossipee, NH - Ossipee, NH

I have walked away from quite a few.  I want realistic sellers. I don't want to waste their time and put false hope in their heads. Even if you take the listing overpriced and scream from here to kindom come that you are taking the listing against your better judgement and they need to know that it won't sell at that price, they still hold out the"hope" that it will because you took the listing. The act of taking the listing plants the tinyest of seeds that "maybe" it will sell for this inflated amount.  I have taken overpriced listings and I have ALWAYS regretted it.

Nov 13, 2009 04:52 AM #8
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Rainmaker
207,740

Steve Bush

603.455.7428 - NH Lakes Region
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