by Paula Hathawaay Southampton, NY Prudential Douglas Elliman Real Estate
How are you handling sellers who want you to over-price their homes? It may seem that the owner who insists on a couple of hundred thousand more in their asking price should be accomodated, especially if you are not the only broker on the hunt. But pricing properties properly should be priority #1
As we all know, if a seller wants to sell their property sooner rather than later, you are really doing them no favor if you are not totally straight with them—things are not like they used to be in real estate. Most sellers have an idea of how the recession has affected real estate prices; most however, still believe their house is the best house in the neighborhood and should get more money than the next guy’s. This is not the time to acquiesce just to get the listing.
HOW ARE YOU HANDLING SELLERS WHO WANT YOU T O OVER-PRICE THEIR HOMES???
This is where we come in as professionals; it is first and foremost the priority of all of us to price properties properly. If we don’t inform the seller that his price has to be the most sharply priced in order to sell before his competitors, we have not done our job. Sellers should review:
- Your comp search .
- Get out drive past recently sold properties.
- Understand how an internet search is done by a buyer/agent. If a price is just a few thousand dollars over the available comps, they won’t come up in searches and they won’t get the potential buyers attention.
Now there is no way that an over-priced property will even get shown, much less get sold!My buyer was reluctant to bid on the property which was priced $2million over the market–but he went ahead and told me to put in his bid. I got was a small drop in price—this was last year. The property is still there, still over-priced!
PROPERLY PRICING A PROPERTY IS CRUCIAL TO GETTING IT SOLD!! This is no secret–This is no time to “test” the market, since almost everyone who is buying now is looking for a good price and in most cases that is the only way deals are getting done!