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Replies (4)
- sunnyview
- Contributions:25139
I don't think that overpriced listings are a good strategy at all. There is an agent on my area that consistently does that though. She get listings by promising the moon for a sales price and then potential clients tend to see "Did you see the house that Ms. Wolfe listed? I bet I could get at least that much for mine." What the future clients fail to do is follow up after that initial list price. Those clients do not see that most of her listings do not sell for anywhere near list, that the agent is slow to do price reductions to bring the property closer to market value and that the overpriced listings often do not sell until another agent brings the client to back to reality.
I see it as a bad strategy for the seller based on what I have seen, but there must be a reason for the agent to do it. I would think it would be self defeating over time.
I see it as a bad strategy for the seller based on what I have seen, but there must be a reason for the agent to do it. I would think it would be self defeating over time.
- Kimberly Kinville, "Oregon Specialist"
- Contributions:186
No one benefits...
Especially your client! They only remain frustrated and angry at YOU for not selling their home.
I had to learn the hard way. Once was enough for me!
I no longer take overpriced listing! No way, no how.
Especially your client! They only remain frustrated and angry at YOU for not selling their home.
I had to learn the hard way. Once was enough for me!
I no longer take overpriced listing! No way, no how.
- Joseph San Angelo, "In Real Estate"
- Contributions:35
Overpriced Listing's do cost you time and money and a loss of credibility in the community.
However, with listing's being hard to come by there are alternatives you can employ:
1-Negotiate with the seller about reducing the price in 4 weeks if no showing's, offers or second looks are happening.
2-Have the seller sign the price reduction form (to a more realistic amount) at the lsiting presentation for a specified future date.
3-Have the seller give you a 1 year listing time frame (it may take you you 6 month's to convince the seller to reduce the price), in which case you should be able to convince the seller to reduce the price to a more realistic listing price.
However, with listing's being hard to come by there are alternatives you can employ:
1-Negotiate with the seller about reducing the price in 4 weeks if no showing's, offers or second looks are happening.
2-Have the seller sign the price reduction form (to a more realistic amount) at the lsiting presentation for a specified future date.
3-Have the seller give you a 1 year listing time frame (it may take you you 6 month's to convince the seller to reduce the price), in which case you should be able to convince the seller to reduce the price to a more realistic listing price.
- sunnyview
- Contributions:25139
I don't know about some of those strategies. It still feels as though the agent is trying to "buy the listing" by implying that the house may sell at the inflated value. In most cases, good agents know upfront that there is a price reduction in the house's immediate future. Sometimes as a professional you just have to tell the seller that their dream price is not reasonable, provide market education/insight and make them aware that other agents may promise them a higher list price that the market simply will not pay. A stale house gets harder to sell as time goes by. Sellers need to consider that.
Overpriced listings
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- 0.0/5.0
- (no reviews)
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