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Overpricing your home? I can't help you...

Reblogger
Real Estate Agent with Massachusetts Buyers Broker Agency, LLC

Well said.

Original content by Jim Gatos

About a year ago, I was talking to a fellow agent about how we run our businesses.  Probably, that was my first mistake right then and there. (Just Kidding)...

However, I told that agent, no matter what I tell sellers when I look at their property, I could hit them in the head with the "TRUTH Sledgeahammer" all day long, a lot of them STILL opt to list with yet another agent, who agrees to list their home for "a little overpriced" and they wind up for the most part, either NOT selling their home, or accepting an even LOWER price than even I recommended, because after several months have passed, 19 open houses and weeks of NO Calls or activity, the sellers finally reduce the price and/or their agent FINALLY gets through to them, or sometimes FINALLY gets the courage to tell them the truth, at the risk of losing the listing.


Believe me, if the sellers won't bring the price down in this market, you really have nothing to lose, period.

So, against my better judgement, I decided to adopt a slightly "softened" version of my listing acceptance policy, one that I STILL TELL THE TRUTH, of course, but instead of turning down listings, to list them "a little overpriced", if the sellers really insist. And I mean REALLY!

This of course is ridiculous.  With Zillow and so much information out there, buyers simply have so much to choose from. They won't waste their time with a seller, or agent, who's playing pricing games.  Sellers are in competition for attention. I give sellers the best exposure I can; with an overpriced listing, all that's accomplished is .... NOTHING.

So, why would an agent overprice a listing today?

Two reasons I found.

#1. They are hoping a buyer candidate who doesn't know the price and hasn't studied the market will call, most likely from a sign call, appraisal be damned!

#2. They are hoping the seller will realize the price is too high and get desperate or realistic and reduce the price on their own. Of course they hope NOT to become another "expired" (failed to sell) statistic.

Well, I should've known.


None of my listings "expired".. I canceled them myself after repeated attempts to reduce the price. These sellers just don't want to "get it".. They'll keep "agent hopping" until they either change their mind or lower the price low enough to reality.  


One reason I like listing short sales is they are REALISTICALLY priced. I'm NOT insulting the intelligence of today's average buyer.

So with this, I'm returning to my "tough as nails" policy.  Maybe I won't get the listing, BUT the feeling you get knowing you stood your ground and acted like a TRUE professional, and turned down a listing that most likely won't sell, well, try it! I betcha you'll feel like a million bucks!

 

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Comments (1)

Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

I agree Melissa.  Thanks for the re-blog as I missed this post.  Have a good day!  Mary

Aug 03, 2010 06:13 AM