Collecting Listing - Try and remember they are NOT trading cards

By
Real Estate Sales Representative with Coldwell Banker Residential Brokerage
Someone help me here because I just don't get it!  I understand that we all want and need to make a living, which makes this even harder to grasp.  I am talking about agents that "collect" listing.  I know there is a value in having you name out there on the streets, but what does it say about you when 1 year later your sign is still hanging in the same yard?  I don't know about anywhere else, but here in Maricopa county Arizona we have a 2+ year supply of homes.  With this in mind why are agents still willing to spend money advertising homes that are $50,000 - $150,000 over priced?

Can someone/anyone explain this to me.  Maybe I'm missing a great marketing technique and should be telling sellers that their house will sell for whatever amount they think it should sell for.

I look forward to anyones explanation.
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Rainmaker
17,317
Mary Aguilar
David Lyng Real Estate
I don't need more listings - I need a house that will sell and a motivated seller.
March 15, 2008 05:54 PM
Rainmaker
271,620
Ron Tarvin
Broker, Katy, Houston, Cypress 77450,77494,77095
Luxury and New Construction in Katy & Cypress TX

Price 'em right for their conditions and location or get them fixed  so that price, location and condition are in line or don't hold them at all!

A lot of agents have the philosophy that if they at least have listing it will generate buyers in that price range.  Not exactly true.  What usually happens is that people are not looking in that area if it's over priced really badly so it

  • doesn't sell
  • doesn't show (except to the occasional curiosity seeker)
  • doesn't generate buyer calls (except for the occasional nosey neighbor)
  • doesn't generate anything but ill will from the seller
  • and did I mention....IT DOESN'T SELL?
March 15, 2008 05:57 PM
Rainmaker
255,758
Melina Tomson
Principal Broker/Owner, M.S.
Tomson Burnham, llc Licensed in the State of Oregon
I think people think if they take the overpriced listings they will glean buyers from it, therefore making it worthwhile. 
March 15, 2008 05:58 PM
Rainmaker
563,705
Pam Joffe
Solaris Realty
Brett - When I have talked to agents with overpriced listings they are hoping for two things, one is a buyer calling on the house, so they can work with them and the other thing is they are hoping the seller will eventually become more realistic and lower the price.
March 15, 2008 05:59 PM
Rainmaker
147,704
Steve Hirschler
Big Bear Real Estate
Keller Williams Big Bear

Brett,

You're right! If they aren't willing to list at the price that I recommend,I'll take the listing later. I wrote a blog on this

Why I want to be the 4th Real Estate Agent that lists your Big Bear Home!

It is a waste of time and effort. I want to create success, not failure.

 

March 15, 2008 06:01 PM
Rainer
256,188
Debi Ernst
GRI, e-PRO, Broker/Sales Associate
St. Charles County, Missouri - Prudential Alliance Realtors
I think agents are hoping that the sellers will eventually realize that the price is too high and lower it...and they are hoping they will pick up some buyers.
March 15, 2008 06:26 PM
Rainer
331,895
Danny Thornton
WordPress Guru
R & D Art
Brett, first, let me welcome you to ActiveRain. Secondly, thanks for blogging here in the Rain on your first day. And lastly, if there is anything that I can do for you to help your experience here in ActiveRain a better one, please do not hesitate to ask.
March 15, 2008 06:30 PM
Rainmaker
158,751
Leo Namiot
CT Mortgage Lender - FHA, VA - CT First Time Home Buyers, USDA, FHA, VA
www.LeoLends.com: CT Low Rate Mortgages

Hello Brett,

   Welcome to active rain, it's a great online real estate community, Enjoy!

Leo Namiot

Connecticut Mortgage Specialist

http://www.benchmarkct.com/

March 15, 2008 08:22 PM
Rainer
6,214
Brett Villeneuve
Coldwell Banker Residential Brokerage
Thank you to all who have responded and shared advice.  It is as I thought, we spend too much on promoting our properties to take on homes where the owners can't be made to see that correct pricing is the ONLY way to sell it.
March 16, 2008 01:49 PM
Rainmaker
471,350
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
March 16, 2008 09:23 PM
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Rainer
6,214

Brett Villeneuve

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