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Is an over priced listing a deal???

By Richard V. Foster, Esq.

Real Estate Broker/Owner with Law Office of Richard V. Foster B.58356 PM.163860

September 04, 2008 03:13 PM

I can not count the signs of agents that take listings for homes that will NEVER SELL...

Now I know all the rhetoric, how they will finally drop the price or they will get the sign calls and convert those to buyers, etc etc etc...

What are these agents doing for these clients? As this market retreats further and further their clients are losing value every day. It is the job of an agent to protect their clients needs first and foremost, and to endure the public is served before they are. Can you say this is good business or good business practice? Is this good service or a service for the agent?

Tell your clients the truth, show them the reality, help them understand... It is worth it in the long run and you will look in the mirror better. Besides I spend an average of $500 to $1000 for each listing because I actually do marketing, are these agents? or is it just a paste in the MLS, plant a sign in the yard, and then PREY???

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Chuck Carstensen

RE/MAX Results - Elk River, MN

Minnesota/Wisconsin Real Estate Expert

I agree. Sometimes its not that easy...but its not going to sell over priced.

Sep 04, 2008 03:18 PM

Bob Cosby

One Source Realty - Shaw AFB, SC

I've turned down many around here, because they financed 100% with the VA funding fee on top. Then they want to move the property after three years or less. I will not lie to anyone to take a listing and if I don't think I can sell it, then I walk away.

www.bobsellssumter.com

Sep 04, 2008 03:22 PM

Ann Sabbagh

Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT - Pawtucket, RI

President, Sr. Loan Officer

I think it all depends on how "desperate" the seller is. If the seller is very eager to sell the property, then taking a high priced listing is ok. The seller will lower the price as time goes on because they are eager. If they are not eager to sell, pass on the listing if it is overpriced. They will most likely never lower the price.

www.annsabbagh.com

Sep 04, 2008 03:24 PM

Bill Parecki

Elite Pacific Properties - Hilo, HI

RS, ABR, RDCPro, SFR, E-Pro, SRS, AHWD, Green

Aloha Richard,

I need an overpriced listing like I need a hole in the head. When I sit down for the initial consultation I go over what the property is worth on the market today. I like to have a complete presentation with what is on the market what has sold and what is in escrow. Advantages and high points of their property and the down side of their property. Then the conversation about what is happening in the market place. I know there are a lot of agents that buy a listing, knowing that it will not sell but they figure they can come back later and get them to drop the price. I believe that is doing a disservice to the client and will not go that route. I like to tell em like it is and let the chips fall where they may. Like you I market the property and spend money to get it in the public eye. If you want to sell I can help you, if you want to get 2006 prices then I'm not the man for you and I'm not going to lie to get it.

Sep 04, 2008 03:40 PM

Tom Davis

Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE

FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor

Ann good point,

This is a great blog topic...I firmly believe in pricing it right the first time!

Good Work,

World Class Delaware Realtor

Sep 04, 2008 04:47 PM

Is an over priced listing a deal???

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