Giving Unrealistic Numbers To Get A Listing
I got wind yesterday that a house I went on a listing appointment for, months ago, was coming on the market. That's never a good feeling hearing that someone else got the listing. Then I heard the price the agent was listing it for. "OH MY GOODNESS" I thought!!!
The asking price is at least $50,000. overpriced. When I went for my appointment, the sellers were disappointed with the number I gave them. I provided all the comps. and I explained how I got to the number I quoted them. They were comparing themselves to homes in a large, desirable neighborhood while their home sits on a main road with a shared driveway.
I explained what would happen if we overprice the home to that extent. I'm always willing to list a little higher but not $50,000. higher. I told them we would have to reduce if there was no activity the first week. I also told them it never looks good having a house on the market for a long period of time with multiple price reductions.
For a minute, I asked myself if my calculations were off, but they were absolutely not. I just listed and sold 2 house in the past 2 months that were equivalent in size, year and amenities and my listings sold for at least $30,000. less in a very desirable neighborhood. The remaining 2 houses in that same subdivision, listed with other agents, are now reducing their prices lower than what my listings sold for.
This blows my mind how an agent could go in there and quote that much higher or mislead the clients to believe they could get that much more. I prefer to keep my "Canceled" listings to a minimum.
I am anxious to see what this home will sell for. I'm thinking any close by neighbors should hurry up and put their houses on the market so the overpriced home will sell theirs.
I like to sell listings not collect them.
This gives "Onward and Upward" a whole different meaning.