Special offer

Be Part of the Cure not the Disease...

By
Real Estate Agent with Pavao Real Estate

Sometimes we get inspired in the strangest ways. As I was driving in my car the other day, this song came on the radio which got me thinking about the state of the real estate market. Here in Bristol County, I see many homes go on the market that are over-priced. I know this is still happening everywhere, but it needs to change.

After writing about my recent experience with a FSBO and walking away for a listing. I realized that I have been doing this a lot lately. Not just with FSBO's, but with others clients and their various reasons for wanting more money that the market will bring them.

In my post, the comments tend to take on a life of their own, but the majority of you spoke and I heard ya! But I'm still a little distraught at how many agents out their would continue to take listings knowing they are over-priced....Is it ego? Is it the rush of getting another listing? I'm not sure what it is but for me their is no glory in getting a listing just to have my name on the sign, their are other ways to self promote!

Here on Active Rain, we have over 48,000 members and growing everyday! I would like to think that we have the advantage in the market, the strength to have our actions speak louder than our words!

Put an end to the disease, speak up when you see it, educate other agents and be an advocate to sellers.The old school mentality of getting listings needs to change! Help seller's understand the market, take the time to show them the real value of their home and maybe one voice at a time we can cure this disease of the over-priced listing.

Go ahead you can do it!

Comments (46)

Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hi Jay,

YAY! Absolutely, you can't fool them Buyers are educated! Thank you! :)

Sep 21, 2007 01:12 AM
P G
Charlottesville Solutions - Charlottesville, VA
Is it really worth it to get a listing knowing that the price is to high? Not for me.
Sep 21, 2007 07:43 AM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Peg,

You got that right! YAY! Thank you :)

Sep 21, 2007 07:57 AM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Suzanne...

As you know we will not take an over priced listing.

It may be common practice in our market.

But hey...We love being the second or third Company to take the listing.

By then the Seller's are ready for the truth and we can do the job we are hired to do :)

P.S. Can you say "I am going to use your yard for my sign" :)

TLW...ROAR!

Sep 21, 2007 11:38 AM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

TLW,

But they look sooo pretty! LOL! :)

Sep 21, 2007 02:06 PM
Julie Neerings~Lifting Hearts ♥ Building Dreams~
Agent Referral - Salt Lake City, UT

Suzanne, I completely understand your frustration here.  Especially when you go for a listing appointment and the seller tells you, "well so and so told me that they can sell my house for X $, why would you think my house is worth less than that?"  Me?  I stand strong with honesty and let the seller know exactly how and why I came up with that pricing.  One thing I have done, after fully disclosing to the seller my position on overpricing, if they are very persistent in starting out with that price, I will tell them, "we will try this price for 2 weeks, if no bites than we'll lower the pricing to my comps".  I have them sign a price reduction at the listing with the date 2 weeks from the listing date, that way I can reduce the price on that date with no further issues.  For me, it's not about the sign with my name on it, or the rush of getting the listing.  It's about, a stubborn seller who is trying to prove their point and if we're meant to work together and they want it sold, they'll sign that form.  I make no promises under those circumstances and with complete, whole hearted disclosure, they know upfront where I stand.  

Sorry about going on about that so much, but you are right there is a big issue with this. Especially in our market right now.   

Sep 23, 2007 11:35 AM
Julie Neerings~Lifting Hearts ♥ Building Dreams~
Agent Referral - Salt Lake City, UT
Suzanne, I was also going to mention. With the amount of FREE advertising I do on all my listings, if for those 2 weeks the home doesn't go under contract, usually I've been able to pick up a buyer from that listing.  So in some way it pays off.  The other side to this, I've only had this happen a couple times, and my clients over price was not a huge amount.  We did get them sold once the reduction took place. 
Sep 23, 2007 11:46 AM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hello Julie,

As long as you are honest with your sellers and getting your listings priced right you are serving the your clients and you have their best interest at heart. In my market, some homes are so ridiculously overpriced and they sit around until they expire, doesn't sound like you have any problem with that. Thanks :)

Sep 23, 2007 01:34 PM
Julie Neerings~Lifting Hearts ♥ Building Dreams~
Agent Referral - Salt Lake City, UT

Oh you are welcome.  I'm just sorry I took up so much space there.  You can delete it if you want.  I won't be offended.  Our market here in Utah is a bit different.  I do like that you are getting the word out on this though. When the listings are so overpriced it is a horrible injustice to the seller and as mentioned, it ends up being the agents fault in the eyes of the seller.  

Have a wonderful night!

We need to get something exciting going on in the AR Fit Club.  Like a contest. Maybe to donate to charity. What do you think?  

Sep 23, 2007 02:25 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
From a buyer's perspective these overpriced listings are a real turnoff.  If the buyers like a house, I have to really do a lot of work to convince them to put in an offer at a price where the comps indicate the house is worth!  It really does hurt the seller in the long run.
Sep 23, 2007 02:39 PM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hi Julie,

I love the comments and the different views we share, you can take up as much space as you need! Thank you :)

Sounds like you have an idea for a blog, post whatever is on your mind and let's see what happens! :)

Sep 23, 2007 02:40 PM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hi Joan,

It sure does and then of course the seller may be insulted if the offer comes in low (or where it should be) because their agent wasn't honest with them from the start. Thanks for your comments! :)

 

Sep 23, 2007 02:47 PM
Julie Neerings~Lifting Hearts ♥ Building Dreams~
Agent Referral - Salt Lake City, UT
Sure!  I will get the creative juices flowing and get it posted.
Sep 23, 2007 03:26 PM
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life
Hey Suzanne - I think you are right and the same can be said with us Mortgage Guys & Gals.  Too often we interview applicants and don't pre-qual them right there and then, needlessly running credit when there is no deal to be had.  I learn so much on Active-Rain, from the blogs and the comments. 
Sep 24, 2007 04:53 AM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hi Jason,

Very true, I love that we are always learning from each other! Have a great day! :)

Sep 24, 2007 05:58 AM
Adam Waldman
Westcott Group Real Estate Company - Hauppauge, NY
Realtor - Long Island
SUZANNE:  I think that established agents that have a lot of listings tend to just put new listings through their machine.  It doesn't necessarily mean that the home is going to sell, but if they just throw it into a group print ads, the cost to take them is not as great.  And therein lies the problem.  Because it's marketing is factored in as a group, there is no pain when the home doesn't sell.  If these same agents had to spend a lot of money marketing each one, I believe that you would see less of this.  Then there are the newer agents that will do anything for a listing, even though it most likely won't result in anything but red ink, but at least they can say that they got a listing.  Personally, I feel that each listing is a business decision, and if it's more likelt to cost me money than make me money, then I'm not interested.  Good post, Suzanne.
Sep 26, 2007 01:54 AM
Stacey McCarthy
McCarthy Real Estate - Philadelphia, PA
@SmartGirlsOwn
Well said, thank you!
Sep 26, 2007 03:32 AM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hi Adam,

I agree, that seems to happen around here too. Newer agents also add to it because they are excited to get their first listing,they will learn. Thanks for your comment!

Hi Stacey,

Thanks for your comment! :)

Sep 26, 2007 07:01 AM
Sandi Bauman
Chico Homes Real Estate - Chico, CA
Chico CA Realtor

Suzanne,

Considering I'm dumping 5 of my own overpriced listings this week, I am here to say I agree!  However, there is a difference in an over-priced listing that you can make salable, and an over-priced listing with an owner who will never see reason.  I am learning slowly to distinguish between the two! 

Sep 26, 2007 01:13 PM
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate

Hi Sandi,

I think you we feel good once those overpriced listings are off your back. One of the things I love about this business is we never stop learning, keeps us on our toes! From what I can see you are doing just fine. :)

Sep 26, 2007 01:25 PM