You did the comps, the property was priced right when you listed it, but no one is buying. It’s now six months later, prices have declined even more, and your listing is now overpriced. What could you have done to avoid being in this predicament in the first place?
No matter how good you are at pricing, there are times when you’ll get stuck with an overpriced listing. The best way to avoid having an overpriced listing is to take proactive steps at the time you sign the listing agreement.
1. Executive review
This strategy works well at the time you list the property or any time during the listing period. During an executive review, your manager and a team of three or four other agents visits the property before it officially goes on the market. Each member of the executive review team provides a written evaluation of the property including strengths, weaknesses, as well as anticipated selling price. This written feedback is then given to the listing agent to assist the seller in correctly pricing the property.