Taking overpriced listings - just say no!

By
Real Estate Agent with Carolina One Real Estate
Hey, fellow realtors!  What is your feeling of the supply and demand in our market place?  Do you know your rate of absorption?  The formula for the rate of absorption is to take the number of active listings on the market and divide it by the number of listings sold.  You can figure out YOUR own personal rate of absorption and compare to the market's rate of absorption and SELL YOURSELF!!!  Also, in a funny sort of way, we as Real Estate agents are partially responsible for increased the supply of overpriced listings.  What is the point? Let's correct the market!  The market is inflated with overpriced listings let's decrease the supply so there is more demand. Have a shape up and and ship out conversation with your seller to reduce the price or withdraw the listing.  Get your price reduction to current fair market value.  These listings are draining our market as well our marketing budget!  Thanks for your time!! 

Comments (10)

Leigh Bates
Atlantic & Pacific Real Estate - Flower Mound, TX
The Trinity Group

The 3 P's just don't work...

Put in MLS, Put a sign in the yard and PRAY... now agents need to work hard on Pricing, and Proactive Marketing - Well said!

Nov 14, 2007 01:54 PM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
In a perfect world your post makes sense.  I really feel most agents think they are doing a good job of educating sellers about correct pricing.  Still, plenty of them out there.
Nov 14, 2007 01:55 PM
Keisha Hosea- KASIHomes.com
KASI Homes - Chino Hills, CA
Real Estate Solutions For Real People
You are right. We must be proactive in helping to get the market back on track.
Nov 14, 2007 01:57 PM
Anonymous
Richie Nappi

Now is the time to tell Sellers to Price it right or I am not taking the listing.   We don't need to try and sell overpriced listing and pay for all the marketing just to have it expire. 

Nov 14, 2007 02:02 PM
#4
Ginger Magoon
Remax - Bryan College Station - College Station, TX
Bryan, College Station Texas Real Estate
I agree but it is a struggle to get them to come down to earth and get the home priced right.
Nov 14, 2007 02:14 PM
Gary Bolen
McCall Realty - South Lake Tahoe, CA
CRS - Lake Tahoe Real Estate Information

We let a lot of them go this year. And they more that withdraw the better. Anything on the mkt. more than our avg. DOM is going to be here for a lot longer.

best 

Nov 14, 2007 02:14 PM
Jim McCall
PRO REALTY INC - Erie, PA

Chris,

Congrats on a powerful approach.  Nothing is more powerful than telling a potential listing no thank you.

We have an ethical obligation to present sellers with an honest assessment of the market and their place in it.  In my 12 + years I have blown a couple listing presentations ( and learned from each one) and I have ALWAYS regretted taking overpriced listings when the seller 'promised' to adjust quickly.

So I learned from those couple of mistakes also.  Over-priced listings-- no thank you.  Time is too valuable to waste.+

Nov 14, 2007 03:00 PM
Gene Whittle
Century 21 Stellar Real Estate - Florence, KY

Chris,

You are more than correct in your assessment.  It is time for us, the true Real Estate Professional to take our market back.  Get rid of your current over priced listings by telling them it's better to take the house off the market and wait for things to change in 6 months or a year. 

Show some integrity people!!

Nov 14, 2007 03:15 PM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital
I dunno, Chris!  In a couple of decades in real estate, I've had my share of overpriced listings, and almost all of them sold, often for a lot more than I ever thought they would.  Go figure!
Nov 29, 2007 12:52 PM
Tom Ikonomou Vancouver
RE/MAX City - Vancouver, BC
Pro-active Real Estate Marketing

A home can sell for any price given the time needed to make that happen. I have sellers asking for $100,000 above market value and I ask them, how long can you wait for a sale? If a seller needs to sell in one month... then we need to adjust the asking price.

Aug 31, 2009 08:31 PM