As much as I thought I would disagree and couldn't understand why agents take overpriced listings, I do think in the case of a multi million dollar listing it's worth it.. But honestly you have to be careful because more often than not you end up spending 3-6 months of your time on trying to sell the home, only to have the seller pull the listing.
I was going to answer Donne Knudsen's post asking why realtors take overpriced listings. But my answer in defense was way too long for a comment. So here goes, Donne.
None of us choose to take overpriced listings. All my listings have been overpriced. Everyone of them. I didn't ask the sellers how much they wanted to sell their homes for and say, "O.K." They were shown the comps, explained the ramifications of overpricing their listing and they didn't budge. If I had not taken these listings someone else would have, and I would have no business.
One of the listings was $750K overpriced. I sat on it for 9 months, took 9 months of abuse frome the sellers and got it sold for $2.7 million. Original listing price $3.450M. I was clear upfront that it was way overpriced, but nothing would make them listen. I earned my fee in spades. Did you want me to let someone else get the listing? I had put time in with these sellers, and I am not sure anyone else would have worked as hard as I did for the sale. Was it wrong to take this listing?
It is not a case of putting a home on the market or not putting it on, it is a matter of who is going to put it on. If I thought no one was going to take the listing I would also not take it. Someone is going to take that listing. Don't ask me to give up on something that is eventually going to sell even though it starts off overpriced.
I have never lost a listing, because I work it. I keep the seller informed, they trust me, and eventually we get it sold. We just have to do the dance.
This ongoing discussion is not going to solve the problem of human nature. It is not a perfect world. In a perfect world every house would be priced perfectly. Every buyer would pay that price straight up, and all would be well.
There is a buyer for every house and I will continue to give my honest feedback take these listings, and market them to the fullest, because I will be the one who finds that buyer.
Right or wrong, overpriced listings and lowball offers are just the nature of today's business.
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