I need to be in business 6 months from now. I can't take your listing.

Mike you did the right thing.  An overpriced listing is not worth anyones time. 

Mike we all struggle with these types of sellers. Just had one myself that wanted to go well above market and did not really want to listen to what wa a "REAL" selling price. They had bought the property for much more than it could be listed for and they looked at me as if I had a third eye on my forehead. Thank you for pointing out that it is sometimes best to walk away and wish them the best.

the quicker you can see this type of situation the better. Sometimes you can determine the seller is un realistic over the telephone.

To me, it's a red flag that the owners even wants to set the list price for the home.  That's what they hired YOU for--to analyze the market and come up with a competitive price.  Sometimes I have to remind sellers that I control the MARKETING, not the MARKET, and that unfortunately,  the market really doesn't care what you paid or what you "need to get out of the home".

As hard as it sometimes is to turn down an over-priced listing, we're in the business of selling, not listing,  And like you, I don't want MY sign in the neighborhood for months on end, giving me a bad reputation.  The last one I lost to another agent giving false promises on price is STILL on the market a year later...

Hi Mike,

Good decision.

Sometimes the best thing we can do for clients is to walk away.

Keep up the good work!

This is kinda what I was saying in my post, wasn't it, Mike?  But did they want that amount because that's what they owed, or did they want it because that's what their mind told them it was worth????  THIS was a fantastic post, and you are absolutely right.  It is AMAZING to me the agents who continue to list way over market.

Mike well said, great post, and I need keep this in mind...Thank you for sharing!!

I think turning down an over-priced listing is one empowering feeling. Makes you feel like you have really good sense.

Dear Mike,

With all the issues with transactions these days, even for non-short sales, you do not need to add this headache on top of it.

Thanks for your advice.  As a new agent, it's easy to forget the negatives of accepting an overpriced listing.

That is a good business decision.  Listing do cost money and time so it is beeter to turn down an over priced listing than sit on it.  The seller will eventually be very unhappy with you and will list it with someone else.  Better to disappoint them now and tell them the truth as you might get a second chance after it stays on the market too long with agent X.  Good Luck

Yep.  Overpriced listings aren't worth it.  I know some agents that do it just to have their sign in the yard, but how does it look when your sign is in the yard for months and months and a home isn't selling?  Not great I think. -Kasey

Good morning Mike,

There is nothing good for anyone concerned when you take an overpriced listing! The seller doesn't sell and the Realtor wasted time, energy and money for nothing!!

We do have to set limits and put value in our own time.

"I can't do that job for that price, I love my family too much."

Thanks Mike.

This is a great article that all of us need to consider seriously as Spring 2013 approaches. At least in North Atlanta, I think it should be the best spring in 6 years, but only if we do our job upfront by helping sellers to price their homes appropriately.