5 Steps to Correct an Overpriced Listing - Kevin Ward @ YesMasters.com

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[tedanderson]

I am litterally implementing this today with my sellers! Thanks Kevin!!

[markcodysr]

I like the tips, not sure I fully agree with the "stale bread" analogy. There are many factors that could result in longer DOMs, for example, sub-division properties with many different types of homes at various price points. Typically the larger higher priced homes will sit longer because people looking just to get inside the sub-division are probably more likely to go after the homes that are $50k to $100k less expensive. I've noticed this with actual listings in a very popular sub-division that I'm engaged in.

[ineztorri]

Thank you! I have watched this numerous times and find this extremely helpful. I would also like to know more about the 70% stat.

[NuritPetri]

Great video Kevin. I'm keeping this in my rotation of videos to view frequently. Thank you

[jennyhu]

This is great. It clarifies my thinking about how to decide the price and to list at the right price. Thank you!

[ameliascruggs]

Great points. Going on a listing tomorrow morning. Will certainly use this.

[stevencmytube]

Thank you! This was very helpful. I'm in a similar situation with a seller. We are getting showings but no offers. I know how to proceed now. Thanks

[debraroggenburg]

Great job Kevin, I took notes and will incorporate into my business. Thanks!

[nissaysao]

And always expect YES! good stuff as always Kevin! 

[vickiegleason]

Excellent info, Kevin. Well stated and "refreshing" value.

[donniemoder]

A house is not a loaf of bread. A house is not a heart bypass patient. Or a quart of milk. But I understand the gist of your point.

[Turbotax]

Kevin, when property is overpriced, you come in for price reduction because there are no showings. Sellers say oh its December, or January its slow will pick up in march. What do you say then? Stale bread technique? Will not work because they are sure that the showings will pick up in the spring....thoughts?

[hunterfisher]

after watching many vids on this topic . it seems that the agent and the sellers are at odds . the seller has a investment that may not have been easy . and the realtors only want to drop prices to dump it for a fast buck . that's fine when you are not the one who earned the place . dumping hard earned equity and then paying 6% is not interesting to most sellers .

[lori]

What if you have done all of this, a few times and the seller still refuses to drop the price to where it needs to be? Would you let the listing expire and not Try to continue it?

[JuanaHernandez-bfco]

Tk. I'm new salesperson, and need it this guidance :) tk, tk

[namastecolorado]

Thanks for sharing this.  I had this happen recently.

[cameronevans]

Hello Kevin,  
Quick question, I believe in choosing who I want to do business with, not the other way around. Telling clients the truth and not what they want to hear just to get a listing. But, what about those agents who are desperate for business due to them being new or simply just they need more business? Being new, it would be hard to turn down that first listing that you have been craving for. 
Thanks

[kiwidizzle]

Question for yeah no one ever asks! Who owns the rights to MLS in each State? Who is making money off this MLS? Is someone getting paid from each State they have MLS all owned by same people?

[jodidonovan]

Thank you!! Some helpful info for sure.

[Turbotax]

So what's the percentage formula?
The problem is that if you just consider canceled and expired you are bending the truth because they are relisted at lower price and sold or relisted several times and sold. Anybody figured out the formula? If you take (cancel+expired)/over all listed in 2013 for example this will give skewed percentage, unless you can somehow count a municipal address once and only once. Which in our system we can't. I am not even sure how they determine inventory counts for past year, or month....thoughts?