BrokerageIndustry News

When to overprice a real estate listing

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Episode 21: All too often, real estate agents talk about how sellers are unrealistic in their desire to list their home for sale at an inflated price.In this segment of The Wheel Estate Cam, broker Frank LLosa makes a case for strategic overpricing.He shares an example of a past condo listing that he represented, which he felt was priced too high for the market. Another unit in the same building was later listed for sale with an even higher price, and quickly he received an offer for the unit he represented because it was about $40,000-$50,000 cheaper than the comparable unit."There was a buyer who got super-excited about my unit, thinking that my unit was like the bargain of the century even though mine was not a bargain and the other one was even less of a (bargain)," Llosa says.In another instance, when representing a townhouse in Reston, Va., LLosa says the seller agreed to overprice by about $15,000 to $20,000, which led to bids on a comparable home that was priced low...