Walk Away From Over-Priced Listings!

By
Real Estate Sales Representative with Century 21 John T. Ferreira & Son, Inc.

When I first got into this business in the early 80's, I believed in the old addage that "any listing is a good listing". That's the conventional wisdom and it's coming back to bite a lot of agents today.

If a listing has no chance whatsoever of selling because it's $100,000 over market, what good is it? In my view, it's a liability. It costs money to advertise, it weakens your reputation because it never sells and the perception to the world is, if you are too weak to negotiate with your seller and have him see reality, how can you can you negotiate with a buyer?

In any market, it's hard to fight momentum. If the momentum is downward, then your market analysis is wrong the day you print it. Find out the average rate of depreciation and use it. Then, if a seller does not take your advice, say thank you very much and move on to the next one. It will save you time, money and a lot of stress.

You can still sell a house in 30 days. You need a motivated, rational seller who is willing to be the best value on the block.

Comments (2)

Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

Grace

You are correct. It is a simple equation that seems to elude most of us right now. Nice house+priced correctly=quick sale.

Aug 04, 2008 06:36 AM
Anonymous
Terry

It works! I see so many agents who've never been through one of these corrections just tearing their hair out with sellers who are not dealing with the real world. They're expecting 2004/5 prices and that ship has sailed! These poor agents are used and abused and they just need to gain some self-respect and confidence in their professional ability and walk away! I'm never sorry when I do it. I'm only sorry when I'm stuck with the over priced white elephant.

Aug 04, 2008 07:10 AM
#2