Real Estate Agent with Cummings & Co. Realtors 604121

 There are many real estate agents in the business, but if you are a home seller, how would you know who to choose to list your home?  Most agents know that listings sell because of 3 things, PRICE, CONDITION, and LOCATION!  And I know that some agents just plain can't compete for listings because they have absolutely NO MARKETING PLAN to offer their sellers, so what do you think they do? 

Those agents tell the sellers they can get more for their home just so the sellers agree to give them the listing.  I even warn the sellers that I meet about this during my listing appointments.  Yet, the sellers continue to believe them!  WHY?  Do you think these agents have some kind of MAGIC PILL to give to the buyers that will make them pay more than if you listed with one of the other agents?  OF COURSE NOT (But if you do know where I can get one of those prescriptions for those kind of pills, please let me know, I'm all ears!)


The moral of this story is, NOT ALL AGENTS ARE CREATED EQUALLY!


For those here on Active Rain, DO YOU TAKE OVERPRICED LISTINGS?  It's important for the sellers to see what MOST agents have to say about this!


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Al Maxwell
Keller Williams - Marietta, GA
Real Estate Agent
I only take overpriced listings if the sellers are willing to re-asses the situation in 30,60 and /or 90 days for a possible reduction.
Jan 04, 2008 12:29 AM #1
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital
Michael, during my 2-year career, I've taken my share of overpriced listings.  And you know what, almost all of them sold, sometimes at or near their outrageous price tag.  I think it depends on what your market is doing and how willing the people are to lower their price quickly if the market says no.  Having said that, I do start off with a carefully prepared market analysis, doing a side-by-side comparison of the listing I am trying to get and the recent sales.  And I may try to get price reductions built into the listing agreement.
Jan 04, 2008 12:40 AM #2
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Michael,  Not sure I buy the connection between quality of agent and willingness to take an overpriced listing.  My bet is that many of the best/better agents take almost any listing and rely on their sales skills to getthe price lowered, etc.
Jan 04, 2008 12:49 AM #3
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor


Everytime I take overpriced listings I end of wasting money on advertising that does not work. I have a New Year's resolution to not take overpriced listings.

Jan 04, 2008 12:53 AM #4
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate
I have taken overpriced listings with similar plan of revisiting in 30 days.  Every 30 days I have a progress report prepared for the seller that has the showing activity, the marketing that has been done, feedback from showings and a fresh new market analysis.  Seems to work.
Jan 04, 2008 01:22 AM #5
Mike Klijanowicz
Cummings & Co. Realtors - Perry Hall, MD
Associate Broker @ Cummings & Co. Realtors

Thanks for all your comments and varying views!  It makes it more interesting to read.

Bill, TOP PRODUCERS know when to say NO!  Simply because they already have enough business that they know is coming to deal with!

Mike, I also have a New Years Resolution to learn how to say NO more efficiently and trust my gut instincts (to both unqualified buyers and outrageous sellers)!

Al, I have to agree with you too, IF and a BIG IF they are willing to comit in writing to a price reduction at the time of the listing appointment, I will take it!

Jan 04, 2008 01:29 AM #6
Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTOR®, Broker, Salesperson, Property Management
Michael, I think it depends on what type of market we are in.  In our current market, I would not take an overpriced listing.
Jan 04, 2008 03:38 PM #7
Eric Kodner
Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN
Wayzata Lakes Realty: Twin Cities, Madeline Island
All agents may not be created equal, but some are more equal than others..
Jan 04, 2008 03:47 PM #8
Scott Guay
Berkshire Hathaway Home Services PenFed Realty - Ocean Pines, MD
Associate Broker. Ocean City and Ocean Pines MD
Over priced listings that do get a contract could end up wasting everyone time once the appraiser has their say. On listing appointments where the seller thinks he knows better them my CMA I let them know that an appraiser will be looking at the same data and will not be supporting a higher price even if there is an offer. That seems to bring them back to reality.
Jan 04, 2008 11:00 PM #9
Philip Turner
Mortgage Banker Since 1980
MIKE - Most Realtors that I speak with can always relate the story of the listing that they initially lost to the over-promising competitor. They then usually can relate how the seller eventually came back to them to get it sold.
Jan 05, 2008 05:21 AM #10
Mike Klijanowicz
Cummings & Co. Realtors - Perry Hall, MD
Associate Broker @ Cummings & Co. Realtors
EXACTLY PHILIP!  Thanks for all of your comments!
Jan 06, 2008 01:01 PM #11
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate
Michael - Sometimes I think they're giving sellers a cup of that Jim Jones Koolaid.  Sad for the sellers that they will be on the market a long time today with overpriced listings.  Good news is, it's easier to be the second agent.
Jan 06, 2008 06:21 PM #12
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA


I did last year for 2 personal referrals....they were both elderly and adamant.  In each case as I do in every listing that there is a Seller wish for the pie in the sky sale price, even if just 10% higher than mine....have them sign their number and mine for the closing cost estimate so that their is NO need for a conversation when they don't get their number.

I no longer matter the source of the referral.

Jan 07, 2008 03:03 AM #13
Julie Neerings~Lifting Hearts ♥ Building Dreams~
Agent Referral - Salt Lake City, UT
Mike-I have taken overpriced listings and if the seller insists on that pricing, I have them sign a price reduction form at the listing appointment to reduce the price in 2 weeks/30 days.  
Jan 07, 2008 12:37 PM #14
Anthony Licciardello - Staten Island, NY
Kudos Mike, My biggest problem with some clients is their first question, which is What's your commission. not interested in the person handling the sale.
Jan 07, 2008 02:43 PM #15
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

You are very correct not to over price your home or you will just end up paying more mortgage payments than you have to! There are plenty of ways to make more money from your property that don't involve raising the price, you just have to find the agent that knows those secrets!

Jan 17, 2008 04:15 PM #16
Terrylynn Fisher
Dudum Real Estate Group - - Walnut Creek, CA
HAFA Certified, EcoBroker, CRS, CSP Realtor, Etc.
Well, complicated question.  Not willingly, but only with built in reductions.  It is Just not best for the seller to be on the market longer though, so negotiate hard on this point. They'll thank you later.
Jan 17, 2008 04:22 PM #17
Mike Klijanowicz
Cummings & Co. Realtors - Perry Hall, MD
Associate Broker @ Cummings & Co. Realtors
Thanks for all of your continued comments on this post!
Jan 18, 2008 12:31 PM #18
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Mike Klijanowicz

Associate Broker @ Cummings & Co. Realtors
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