We Shouldn't Take Every Listing or Should We?
We want listings, need listings and if we don't have listings we will soon be out of business. Listings are what the real estate business is all about. Without listings, buyers have no homes to buy and we have nothing to sell. Unrealistic sellers can be more trouble than they are worth and actually cost us money and time that cannot be recaptured. What's the point in taking on the frustration when you can use it to find cooperative sellers and buyers?
A Survey Revealed
A couple of years ago ActiveRain conducted a survey of 1000 real estate agents. The number one reason agents said that homes don't sell is that they are overpriced. That is still true. Sellers may want to try it higher just to see, then get more reasonable later. Other sellers are stuck on their price and refuse to move or consider anything lower. The market keeps passing them by. Should we pass them by, too? Keeping a listing that is overpriced has a cost associated with it. The agent's time is gone and area agents are taking note that the agent takes overpriced listings. The public is smart too, and they will stop calling about the property. So what's the point?
The homes sit and sit and the for sale sign fades and suffers wind and weather abuse. The neighbors are watching and determining that the agent cannot get the job done. So much for trying to farm in that area. The die is cast. It reflects badly on the agent and not only the agent but the company gets credit for this inactivity. You spend money trying to get it noticed but what you are doing is throwing good money after bad. This is one of those listings you should have declined.
Sellers sometimes think they know more than the many years of experience have taught the agent. They think their home is better than the one that just sold down the street and they sure know they put more money into it. In their minds this demands a higher price. If they paid too much years ago and the market hasn't caught up, overpricing isn't the cure. It doesn't matter what amount of money has been invested in the home. What matters is what the true value is and how it compares to the recent comparable sales in the neighborhood. Buyers do lots of research and are rarely duped into paying for overpriced listings.
Sellers Apply the Pressure
When the home sits on the market the seller thinks it is the agent's fault. Their memories grew dim of the conversations about it being put on the market at too high a price. Maybe there were things that needed to be done to make the property show better. The seller never got around to doing those things either. The agent trusted the seller to do his part; his hasn't. The right time for the agent to say no to the listing was at the beginning. When the seller refuses to take the advice of the agent the red flags should go up. These are clear signals that the road will be rocky and the agent is not likely to succeed in this endeavor.
Weigh the cooperativeness of the seller and willingness to get the property sold. Read between the lines to see if the seller will fulfill his part of the deal. Pricing it right from the beginning, making it show ready, making it easy to show, being openminded to negotiating and keeping pets put up and out of the way are indications that the seller means business and wants to work in partnership with the agent to get the job done. If the seller isn't saying the right things, it's time to say no to the listing.
2130 Wilma Rudolph Blvd.
Clarksville, TN 37040
it would be my pleasure to assist you!
"The Real Debbie Reynolds"
931-771-9070 Office | 931-320-6730 Cell