We should avoid overpriced listings at all costs. When our gut, our heart, and our brains tell us it’s a, No-Go situation, we should gracefully bow-out. I know, it’s hard to decline business, “What if”, right?
The truth is, when a seller insists on overpricing their property, and a usually-rational real estate agent agrees, everyone involved goes down in tangled flames of bitter disappointment. When we concede to the irrational, we aren’t doing any favors for the seller, the market, our families, our colleges, or ourselves. When we concede to the irrational, we rob our futures. We waste time, money, energy, and emotion. Everyone loses, every time.
When You Know It’s A No-Go. Walk Away.
After you’ve presented your detailed market analysis, and the seller is adamant about pricing their property above your recommendation, walk away. Be polite, be professional, be firm. I’d say something like this.
“Thank you for the opportunity. In my professional opinion, based on research, the data I’ve shared with you, and experience, listing this property for sale, above X-Dollars would be irresponsible. I feel I’d be doing you a disservice by leading you to believe it was possible to find a buyer who would pay this price, the agent representing them will provide them with the same research, and data, I’ve shared with you.
I respect your desire to list higher, and I wish you the very best. Thanks for the opportunity to meet with you. Good luck. Good by.”
While every situation has unique circumstances, the bottom line is, nobody is served by attempting the irrational, the irresponsible, and the impossible.
How Do You Handle These Situations?
What have you experienced in this area? It’d be great to hear how you handle(d) it. If you would be kind enough to share it in the comments, we could all benefit. We could learn more about how to, educate and council the seller, how to hold our ground and believe in ourselves, and how to gracefully decline over priced listings. Respectfully.
Thanks for reading.
PS. About the video. I was sorta torn about broadcasting the video. Personally, I laughed to tears. Because it’s so real. I’ve been there, I’ve felt it, and seen it, and done it. Then there’s the language, which some might find offensive, hence the warning below the image. Anyway, my intention isn’t to criticize, poke fun of, or in anyway disrespect real estate agents, or sellers. My intention is shine a few shades of light, on a practice that benefits no one. In fact, it’s a practice that actually harms people, both agents, and sellers.