It only takes one…
When Your Homes Selling Price is too High, Beware!
Meeting with Realtors to sell your home
So you’ve decided to sell your home and have a idea of what you think it is worth. Being a sensible and sensible home seller, you schedule appointments with three local listing agents who’ve been sending you postcards for years. Each Realtor comes prepared with a “Competitive Market Analysis” on and they each recommend a specific sales price.
Amazingly, two of the Realtors have come up with prices that are lower than you expected or hoped for. Although they back up their recommendations with recent sales data of similar homes that have sold, you remain convinced your house is worth more.
When you interview the third agent’s figures, they are much more in line with your own anticipated price, or possibly even higher. Suddenly, you are a happy and excited home seller, already deciding how spending the money.
A Deceptive Sales Practice Called “Buying a Listing”
If you’re like some people, you pick Realtor number three. This is an agent who seems willing to listen to your input , agrees with what you say and work with you. This is an agent that cares about selling your home for the highest price and putting the most money in your pocket. This is an agent that is willing to start out at your price and if you need to drop the price later, you can easily do that, right?
After all, everyone else does it!
The truth is that you may have just met an agent engaging in a questionable sales practice called “buying a listing.”
He “bought” the listing by agreeing to your overpriced expectation and suggesting you might be able to get a higher sales price than the other agents recommended. Most likely, he is quite doubtful that your home will actually sell at that price. The intention from the beginning is to eventually talk you into lowering the price. They agree with you and state “it only takes one”.
Why do some agents “buy” listings this way?
There are reasons. A well-meaning and hard working agent can feel pressure from a homeowner who has an inflated perception of his home’s value, it’s a inexperienced or new agent, a part-time agent or under pressure from their broker to get listings or else. On the other hand, there are some bad agents who engage in this deceptive sales practice routinely.
Avoid this trap, it gives you false hopes and delays the sale of your home.
Price it right at the beginning and it will sell, a true market analysis is “what a buyer will offer and what a seller will accept”.