NOT ALL AGENTS ARE CREATED EQUALLY!

By
Real Estate Agent with Baltimore & Harford County Maryland - RE/MAX AMERICAN DREAM 604121

 There are many real estate agents in the business, but if you are a home seller, how would you know who to choose to list your home?  Most agents know that listings sell because of 3 things, PRICE, CONDITION, and LOCATION!  And I know that some agents just plain can't compete for listings because they have absolutely NO MARKETING PLAN to offer their sellers, so what do you think they do? 

Those agents tell the sellers they can get more for their home just so the sellers agree to give them the listing.  I even warn the sellers that I meet about this during my listing appointments.  Yet, the sellers continue to believe them!  WHY?  Do you think these agents have some kind of MAGIC PILL to give to the buyers that will make them pay more than if you listed with one of the other agents?  OF COURSE NOT (But if you do know where I can get one of those prescriptions for those kind of pills, please let me know, I'm all ears!)

 

The moral of this story is, NOT ALL AGENTS ARE CREATED EQUALLY!

 

For those here on Active Rain, DO YOU TAKE OVERPRICED LISTINGS?  It's important for the sellers to see what MOST agents have to say about this!

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Show All Comments
Rainer
129,600
Al Maxwell
Coldwell Banker - Marietta, GA
Real Estate Agent
I only take overpriced listings if the sellers are willing to re-asses the situation in 30,60 and /or 90 days for a possible reduction.
January 04, 2008 08:29 AM #1
Ambassador
2,371,650
Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital
Michael, during my 2-year career, I've taken my share of overpriced listings.  And you know what, almost all of them sold, sometimes at or near their outrageous price tag.  I think it depends on what your market is doing and how willing the people are to lower their price quickly if the market says no.  Having said that, I do start off with a carefully prepared market analysis, doing a side-by-side comparison of the listing I am trying to get and the recent sales.  And I may try to get price reductions built into the listing agreement.
January 04, 2008 08:40 AM #2
Rainmaker
570,044
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Michael,  Not sure I buy the connection between quality of agent and willingness to take an overpriced listing.  My bet is that many of the best/better agents take almost any listing and rely on their sales skills to getthe price lowered, etc.
January 04, 2008 08:49 AM #3
Ambassador
706,765
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Dyersburg Tn Real Estate

Michael, 

Everytime I take overpriced listings I end of wasting money on advertising that does not work. I have a New Year's resolution to not take overpriced listings.

January 04, 2008 08:53 AM #4
Rainmaker
633,405
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate
I have taken overpriced listings with similar plan of revisiting in 30 days.  Every 30 days I have a progress report prepared for the seller that has the showing activity, the marketing that has been done, feedback from showings and a fresh new market analysis.  Seems to work.
January 04, 2008 09:22 AM #5
Rainmaker
243,895
Mike Klijanowicz
Baltimore & Harford County Maryland - RE/MAX AMERICAN DREAM - Perry Hall, MD
#1 Baltimore & Harford County Maryland REMAX Agent

Thanks for all your comments and varying views!  It makes it more interesting to read.

Bill, TOP PRODUCERS know when to say NO!  Simply because they already have enough business that they know is coming to deal with!

Mike, I also have a New Years Resolution to learn how to say NO more efficiently and trust my gut instincts (to both unqualified buyers and outrageous sellers)!

Al, I have to agree with you too, IF and a BIG IF they are willing to comit in writing to a price reduction at the time of the listing appointment, I will take it!

January 04, 2008 09:29 AM #6
Rainmaker
305,770
Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTORĀ®, Broker, Salesperson, Property Management
Michael, I think it depends on what type of market we are in.  In our current market, I would not take an overpriced listing.
January 04, 2008 11:38 PM #7
Rainmaker
332,294
Eric Kodner
Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN
Wayzata Lakes Realty: Twin Cities, Madeline Island
All agents may not be created equal, but some are more equal than others..
January 04, 2008 11:47 PM #8
Rainmaker
238,111
Scott Guay
Coldwell Banker Residential Brokerage - Ocean City, MD
Associate Broker. Ocean City and Ocean Pines MD
Over priced listings that do get a contract could end up wasting everyone time once the appraiser has their say. On listing appointments where the seller thinks he knows better them my CMA I let them know that an appraiser will be looking at the same data and will not be supporting a higher price even if there is an offer. That seems to bring them back to reality.
January 05, 2008 07:00 AM #9
Rainmaker
285,398
Philip Turner
MCCUE MORTGAGE COMPANY - New London, CT
Mortgage Banker Since 1980
MIKE - Most Realtors that I speak with can always relate the story of the listing that they initially lost to the over-promising competitor. They then usually can relate how the seller eventually came back to them to get it sold.
January 05, 2008 01:21 PM #10
Rainmaker
243,895
Mike Klijanowicz
Baltimore & Harford County Maryland - RE/MAX AMERICAN DREAM - Perry Hall, MD
#1 Baltimore & Harford County Maryland REMAX Agent
EXACTLY PHILIP!  Thanks for all of your comments!
January 06, 2008 09:01 PM #11
Rainmaker
197,491
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate
Michael - Sometimes I think they're giving sellers a cup of that Jim Jones Koolaid.  Sad for the sellers that they will be on the market a long time today with overpriced listings.  Good news is, it's easier to be the second agent.
January 07, 2008 02:21 AM #12
Rainmaker
342,096
Dan Brudnok
Keller Williams RE- Exton - PA License Number #RS225179L - Downingtown, PA
REALTOR,e-PRO,ABR,GREEN,SRES,CSP

Michael,

I did last year for 2 personal referrals....they were both elderly and adamant.  In each case as I do in every listing that there is a Seller wish for the pie in the sky sale price, even if just 10% higher than mine....have them sign their number and mine for the closing cost estimate so that their is NO need for a conversation when they don't get their number.

I no longer do....no matter the source of the referral.

January 07, 2008 11:03 AM #13
Anonymous
Anonymous
Anonymous
Mike-I have taken overpriced listings and if the seller insists on that pricing, I have them sign a price reduction form at the listing appointment to reduce the price in 2 weeks/30 days.  
January 07, 2008 08:37 PM #14
Rainer
5,100
Anthony Licciardello
RealEstateSINY.com - Staten Island, NY
Kudos Mike, My biggest problem with some clients is their first question, which is What's your commission. not interested in the person handling the sale.
January 07, 2008 10:43 PM #15
Ambassador
2,032,224
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

You are very correct not to over price your home or you will just end up paying more mortgage payments than you have to! There are plenty of ways to make more money from your property that don't involve raising the price, you just have to find the agent that knows those secrets!

January 18, 2008 12:15 AM #16
Rainmaker
208,127
Terrylynn Fisher
Dudum Real Estate Group - BuyStageSell.com - Walnut Creek, CA
HAFA Certified, EcoBroker, CRS, CEP Realtor, Etc.
Well, complicated question.  Not willingly, but only with built in reductions.  It is Just not best for the seller to be on the market longer though, so negotiate hard on this point. They'll thank you later.
January 18, 2008 12:22 AM #17
Rainmaker
243,895
Mike Klijanowicz
Baltimore & Harford County Maryland - RE/MAX AMERICAN DREAM - Perry Hall, MD
#1 Baltimore & Harford County Maryland REMAX Agent
Thanks for all of your continued comments on this post!
January 18, 2008 08:31 PM #18
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Rainmaker
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Mike Klijanowicz

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