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          Home Sequim Real Estate

          How Do We Get Grossly Overpriced Listings?

          Chuck Marunde by Chuck Marunde
          September 4, 2012
          Reading Time: 3 mins read
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          Grossly Overpriced Listings“Why are there some grossly overpriced listings” is a question that clients from as far away as Texas and Florida have asked me.  There are three reasons a home may be grossly overpriced.  First, the seller and Realtor may not have known how to price it.  Second, the seller may want way too much for it, and a weak real estate agent agreed to overprice it.  Third, and this may surprise you if you have not been a Realtor yourself for many years, some real estate agents want listings even if overpriced because they can be good lead generators.  Let’s talk about this last one.

          Grossly Overpriced Listings

          “Let’s be clear,” as the President likes to say, about what I mean by overpriced in this context.  Grossly overpriced listings are homes that are clearly and unquestionably overpriced by a lot, such as $50,000 to $100,000 and in a few cases by as much as $200,000.  In the real estate profession, we all know about grossly overpriced listings.  Some Realtors have a reputation for listing homes and land at prices substantially above fair market value.  People often asked why, and say that it makes no sense, because the agent doesn’t earn a commission if he/she doesn’t sell the property.

          Grossly Overpriced Listings Explained

          Whenever you have trouble explaining why something is happening or why someone is doing something, pause to reflect on this simple statement:  Follow the money.  In this case, all we have to do is follow the money.  Grossly overpriced listings can be wonderful lead generators for the listing agent.  He/she gets calls off the sign all the time, and each one of those calls can turn into a buyer for another property.  Aha! you say.  See how nicely that clause, “follow the money” answers our question?

          One listing that is overpriced can generate months of buyer leads from calls off the sign, from the listing in the MLS, and from syndicated Internet sites promoting the listing through the MLS IDX data feed.  In other words, a listing agent can sell two or three homes from one grossly overpriced listing.  Amazing, isn’t it?  This is why some agents have grossly overpriced listings. They’re easy to get, because all you have to do is promise the owner the moon, and then you list it and wait for the leads to pour in.

          I Cannot Compete to List Grossly Overpriced Listings

          Why can’t I get grossly overpriced listings?  I could, but I wouldn’t be able to sleep at night.  I’m such a nincompoop.  If I was only willing to play the game, I could make so much more money.  Here’s the cold truth about listing presentations.  Sellers often don’t want to believe the Realtor who tells them the truth about fair market value.  Instead, they most often list with the agent who quotes the highest price, kind of like a bidding process.  The highest bidder is the agent who gets the listing who doesn’t sell the property, but who gets leads to other buyers who buy other houses.  Follow the money.

          Amazing, isn’t it?  But now you know another reason why we have some grossly overpriced listings.

           

          Tags: Listing Prices
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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          Comments 1

          1. Rudy says:
            11 years ago

            Follow the money, indeed. When I was first an agent I learned quickly that overpriced listings were a waste of my marketing efforts. If I couldn’t show a Seller that their idea of their home’s value was unrealistic, I wasn’t doing my job very well. I did occasionally take a listing with too high a price, but only when we had a clause in the listing agreement to that provided for an automatic reduction after a short time period.

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