When Should You Take an Overpriced Listing - Kevin Ward @ YesMasters.com

Question: When Should You Take an Overpriced Listing?

Short Answer: Very, very rarely...and normally you should walk away.

Long Answer: The first reason that most agents take an overpriced listing is because they don't have the confidence and skill to educate and convince the seller to price it right. So the first and most important step is to get better at educating and leading sellers to accept your guidance. You owe it to your clients and to yourself to be very strong on pricing.

So...what if the seller remains totally stubborn and adamant about listing it at "their price?" The only time to consider taking such a listing is when the seller's MOTIVATION is strong enough that they will eventually come around to reality and adjust the price so it will sell. Otherwise you should walk away.

If you do take the listing at a high price, make sure the seller understands that the market (not the seller, nor you) can ultimately determine the value or actual price it will sell for. And if the market does not respond by causing offers, you will have to re-visit the price to get it sold. Always be truthful and bold, and let them know that you will always do everything possible to get them the highest price possible in this market.

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[lori]

Love your videos! Such helpful knowledge and really sets a new agent up to be prepared!!

[carlrandal]

This really sucks because everything you said is true.  I am a new agent and I have missed out on five listings so far because I won't "buy into the sellers' insanity" of pricing way above market.  I'm confident that my presentation is strong, but when we get down to price the sellers go absolutely nuts. I don't want to compromise my integrity, but maybe I'll just have to be gumby and "buy into the insanity" to get something on the boards....so sad.

[jbp]

Given the current low inventory in San Diego I am now more open to using this strategy. One thing I have begun to do is to future pace on my appointments where I educate them that other agents will tell them what they want to hear and then pound on them for a reduction later. Always great content Kevin! 

[ShyakaJoseph]

That's true 100%, thank you Kevin.

[TyroneBryant]

Excellent presentation Kevin. Tyrone, Bryant, Keller Williams Preferred Properties

[abhishekrajbhar]

Hello sir your videos are just owe some but these are all related to the real estate business.
Why don’t you post some videos over improving our confidence and the fear of meeting new people for the first time . Please sir kindly make videos over such topics.

[Turbotax]

Very true it is quite frustrating when you tell sellers exactly what the home will sell for they don't accept it and list it with another agent who then pounds them with price reductions and gets it sold at exact price you told the sellers at initial meeting this home would sell at. Over the years I got quite better at communicating value to sellers but ultimately it all comes down to MOTIVATION yours first and their second. I ask myself a question do I want to worry about this listing not selling for the next six months at that ridiculous price? If the sellers not willing yo come down in price right at the meeting maybe more productive to let it go and focus on more realistic sellers or hot market areas? Tom at www.TomWitek.com