Don't Gamble with your time with Overpriced listings.

By
Real Estate Agent with RE/MAX Real EstateGroup.com

Are you gambling with your time and energy when you take an overpriced listing?  As Dirk Zeller posted http://www.realtown.com/DirkZ/blog/over-priced-listings

1. You need to make sure that your sellers have a strong motive to sell.

2. The sellers must have the financial capacity to sell at "true" market value.

3. Accept over-priced listings only for clients who make a long term commitment to allow you to represent them.

I don't know about you but, in my market the chances of selling an overpriced listing at top value are slim and the home is most likely going to sell for less that if they listed the home at market value from the begining.

If you take an overpriced lsiting make an agreement with the seller to be aggressive on price reductions and see if there are other incentives the seller can provide. 

So.... Are you gambling with your time and energy?

 

Peggy S. Harmeyer

 

Posted by

Peggy

Peggy  Harmeyer & Associates

RE/MAX Real Estate Group

932 Shadyview Blvd.

Pleasant Hill, Ia 50327

Licensed in the State of Iowa

Peggy : 515-208-8132 

Caitlyn: 515-321-3821

Peggy@PeggyHarmeyer.com

An Independently Owned and Operated Member RE/MAX Real Estate Group

Information is believed to be accurate but should not be relied on without verification.

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Rainmaker
221,353
Richard Strahm
American Foursquare Realty - Lansdale, PA
Lansdale and North Penn Real Estate

I'm not sure about #3 -- I'd rather walk away from a seller who insistent on overpricing his/her home.  It's just not worth the time and effort -- especially if they are going to be resistant to price reductions down the road.

Jun 06, 2010 09:19 AM #1
Rainmaker
63,208
Peggy Harmeyer- Harmeyer Team
RE/MAX Real EstateGroup.com - Altoona, IA
Licensed in the State of Iowa

Richard,

Yes #3  is a tough one to swallow but, I think it really is Case by Case and you use your judgement and either take the listing or not.  My history is when I take an overpriced listing without an agreement it usually get's me in the end without a pay check of course.  Thanks for the response.

Peggy

Jun 06, 2010 09:23 AM #2
Rainmaker
440,743
Dominick Dina, MA, REALTOR®
Christian Realty San Antonio - San Antonio, TX
GRI, e-PRO, TAHS, SFR, Notary Public

Walking away is tough...and sometimes necessary.

A long-term listing is one way to handle the issues, however those who looked when it was beyond FMV may not come back.

For me, in my experience, let it lie ranther than take on the emotional burden of failure.

Dominick

Jun 06, 2010 01:56 PM #3
Rainmaker
63,208
Peggy Harmeyer- Harmeyer Team
RE/MAX Real EstateGroup.com - Altoona, IA
Licensed in the State of Iowa

Dominick,

Yes that is very true.  We sometimes kick ourselves when we don't sell the home but, we do need to remind ourselves that when the seller doesn't do as we recommend it is sometimes out of our hands.  Thanks for the response.  Peggy

Jun 07, 2010 05:18 AM #4
Rainer
18,762
Jim Graham - REALTOR - Sumter and Shaw AFB real estate
Prudential John M. Brabham Real Estate - Sumter, SC

In 2010, there are some that are very upside down in their homes, and feel they must buck what the CMA's are telling them. This is getting harder rather than easier. I had to walk away from one just a few weeks ago.

Jun 07, 2010 08:37 AM #5
Rainmaker
63,208
Peggy Harmeyer- Harmeyer Team
RE/MAX Real EstateGroup.com - Altoona, IA
Licensed in the State of Iowa

Jim,

2010 has been a challenging year for most of us and for some of the sellers also.  It is what it is and with that being said we must do what we can the best that we can and that is all that we can do.  Sometimes the best thing to do is to walk away and other times it is to help the seller through this time of crisis. 

Peggy

Jun 07, 2010 09:12 AM #6
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Rainmaker
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