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Overpriced listings

Over the past few weeks my partner and I have acquired several new listings not because we came in with the highest listing price but because we were honest with the sellers.

One example is a home we listed just yesterday. The seller (who was a referral to us from another agent) contacted several local agents for CMA's, us included. We gave them a CMA, it was around $40,000 less than some of the other agents CMA's.

So, we get a call a few days after they received our CMA thanking us for our time and telling us that they had decided to go with an agent that had sold many of the same kind of home and would list it for $40,000 more than our CMA recommended. This seller was by the way "in dire need of selling." We chatted for a few minutes and after I  hung up with him I put the home on my "check back each month until expired list". I did some digging and it appears the agent had never sold a home like his, at least not though the MLS. OK, I thought good luck.

Well, just last night I get a call from this same guy saying that after going over the details of his home the agent says that she must have misunderstood the square footage and would recommend a price $40,000 lower. At this point the seller is pretty put off and calls us to see if we're still interested in listing his property. We got the listing for pretty close to our original CMA recommendation.

We'd rather be honest with them from the beginning and lose the listing than inflate the price, get the listing and have them be upset with us because it never sells. Don't take overpriced listings and be honest in the beginning. Your sellers will respect you more in the long run!

Comment balloon 6 commentsShannon Moore • January 28 2007 08:00AM

Comments

Let's see now, I believe that this is the 10th time I've written the below this month:

"An overpriced listing will EAT YOU ALIVE".

Lenn, Homefinders.com

 

homefinders.com

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 10 years ago

Shannon, your post is doubled up. The first half is same as the second half. Oops!!!

But you are 100% correct, always be honest about value. If they choose not to list with you they will be back in most cases.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 10 years ago
Way to go ladies! Honesty is the best policy!
Posted by Lysa Napolitano over 10 years ago
Thanks for the heads up Bryant :) I fixed it.
Posted by Shannon Moore, Realtor, Sarasota & Charlotte (Green Lion Realty) over 10 years ago

Good for you!  Good to hear that the seller chose you because of your honesty.  Hope it sells quickly!

Posted by Jim & Maria Hart, Charleston, SC Real Estate (Brand Name Real Estate) over 10 years ago
An overpriced listing isn't going to sell, so the odds are that at expiration time, they'll come back to you, hopefully more realistic than before.
Posted by Sharon Simms, St. Petersburg FL - CRS CIPS CLHMS RSPS (Coastal Properties Group International - Christie's International) over 10 years ago

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