How to prevent problems with overpriced listings

  • Lack of inventory can quickly lead to desperation and compromised business standards; don't let that be you.
  • Always address price reduction matters in the initial brokerage agreement.

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

Listings are slim pickings in many parts of the nation. For some, an inventory shortage can quickly lead to desperation and compromised business standards. Case in point: A particular seller was adamant about listing her home almost $75,000 above market value. The agent, unwilling to lose the listing, did the unthinkable: he agreed. Two months later, the home sat with only one lonely, lowball offer. The sales agent pleaded with the seller to reduce the asking price during those two months, but his request fell on deaf ears. Can you guess what happened next? The agent got fired by the seller. In a predictable twist of events, the seller listed the home with another agent at the exact listing price originally recommended by the first agent. It closed shortly thereafter, and the original agent lost his marketing dollars and his good name with the friends of this seller. He might have even lost his spirit and motivation. This scenario is what drives some salespeo...