Giving Unrealistic Numbers To Get A Listing

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Real Estate Agent with RE/MAX Executive Realty in Franklin, Ma. 9033022

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.  

Moving forward.....

 

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Rainmaker
3,350,693
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Tammy,  overpricing is not good just to get a listing,  I tell people I can not afford to have a sign in front of their house for months.  Love the car picture!

Aug 05, 2015 10:44 PM #1
Rainmaker
5,272,020
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Tammy Todaro good decision to leave that one behind.... and I love that one-liner....collect rare coins, not listings.....

Aug 05, 2015 10:55 PM #2
Ambassador
3,939,328
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Tammy unfortunately there are Agents think nothing of "buying listing" by listing the property to high, and waste their time and money marketing the listing until the price drops to where it should have been listed at and the property finally sells.

Aug 06, 2015 01:22 AM #3
Rainmaker
680,080
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

I know of a few brokerages in my area who just like to stockpile listings so that their agents can do open houses in them all day every day. That will never be me. I'm like you, I like to sell houses not just list them. 

Aug 06, 2015 02:00 AM #4
Rainer
105,027
Tammy Todaro
RE/MAX Executive Realty in Franklin, Ma. - Franklin, MA
The Todaro Team Leader

I agree Will Hamm   It's almost embarrassing pricing that high.  Thank you for the car compliment.  I like speedy delivery, so the car fits my roll.  

I'll have to use that one too Barbara Todaro.  Keep them coming...

There is no time to waste in our business George Souto.  

That is horrible Nicole Doty - Gilbert Real Estate Expert but doesn't shock me at all.  

Aug 06, 2015 03:50 AM #5
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Rainer
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Tammy Todaro

The Todaro Team Leader
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