As the business of listing property becomes more competitive, there are more overpriced listings going on the open market. These listings have activity for the first few days, and then they sit stagnantly and wait their turn!!
Why do agents continually list ever property they enter to give a presentation? Not all properties should be listed. Not all sellers need to sell. The common statement of “we don’t have to sell, but if we can get this price, we will sell” is the forerunner to disaster. As soon as one of my team members hears that statement, the bottom line is delivered.
The bottom line is that we are not in the business of collecting listings. We are presenting the homeowner with a fair market value assessment, according to today’s real estate market. Anything beyond that figure will hinder the sale.
We do not list every property that we visit to give a presentation. Just as Ginny Gorman described in her post today, it’s to our advantage to continue our marketing for new inventory that is priced properly and will sell in a reasonable period of time.
A collection of overpriced listings is a precursor to the demise of a real estate team. We continually monitor our inventory and price adjustments are made, as needed. When the homeowner stops adjusting, we cancel the listing. Collections of overpriced listings don’t make money.
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