You know them--- ( and I was one of them) the new agents who, in their exuberance to get a listing, go into a listing appointment, inflate the market value of a property or worse yet, allow the seller to dictate the asking price and knock you out of the running. You give an effective and accurate CMA and the seller is impressed. BUT.. they just wanted to see how much more they could possibly get and another agent was right there to oblige. It is maddening and frustrating. There are companies who encourage agents to take "anything they can get" and then beat the seller down during the listing period. Would you want this to happen to you? This is not a professional practice. In fact, it violates a standard of practice in the Realtor Code of Ethics. Why is this so prevalent in our industry?And why is no one doing anything about it?
Agents- STOP doing this!! If you do not know how to do an accurate CMA- LEARN!!! Run your CMA by your Manager, Broker in Charge or veteran agent before presenting it. Encourage the seller to get an appraisal if you are far apart. Or, ask them to sign an automatic price reduction schedule at the time of listing. If you take an overpriced listing, we agents know it and you get branded. Be a professional and be able to walk away from an unrealistic seller. You are hurting the entire industry and especially your client. Overpriced listings almost always garner a much lower offer in the long run then if they had been priced right from the start.
Much of the reason we have a real estate crisis is because of the enormous number of properties for sale that are too high in price. Have some guts and get your sellers to "get real"!! Don't take a listing just to get your name out there.
In these tough times, we have an opportunity to elevate the integrity of our industry to the public. Or are we only in this for greed alone???I know it is rough out there and we all need the business but this deceptive practice is unacceptable. Get skilled in doing one of the most important aspects of your job- a proper and accurate Comparative Market Analysis. If the only way you can get a listing is to outbid your collegues, well- I won't say anymore.
In this new year, I urge- no I beg- realtors to :"take the high road." ALWAYS!! Integrity lost is never gained back.
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