I would love to hear from you in different parts of the country about how your Real Estate Market is doing? Are prices coming down where you work or are they staying the same? It would be great to discuss the different markets.
It would also be great to share what is working in your area as far as how you as a Real Estate Agent are promoting your services in this market. In our Real Estate Board all the agents that jumped in when our market was really hot and thought they were going to get rich quick have been dropping out like flies. Veteran Real Estate agents are glad about that. When that dilution of the industry happens bad apples tend to show up and taint the public opinion about Real Estate Agents.
In our marketplace there is like this stand off going on. The sellers are refusing to drop their prices and the buyers are refusing to pay the sellers’ prices. That means a lot of homes are expiring and there are not a lot of sales going on right at the moment.
I believe in being ethical and honest with my prospects. When I go on a listing appointment I want to know why the seller is selling and where are they moving to.
Because if they can hold on for 4 or more years than they should not sell. On the other hand if they are moving out of the state, getting relocated or have to move because of threat of foreclosure than we need to have an aggressive marketing plan set up for them and they must be realistic about pricing.
My advice is to not take overpriced listings. You are not doing yourself or the seller any service by taking listings that are not going to sell. It makes you look like you do not know what you are doing. It only causes the seller to become angry with you and blame you for their house not selling.
I know there is an old school of thought out there among some Real Estate Agents to take the listing at the higher price and then come back in 30 days and tell the sellers to drop their price. I think this is unethical and deceiving. If sellers believe you at first and then you come back to drop the price you have just betrayed their trust in you. Remember that trust is the reason people do business with you.
Now, if the seller is adamant about overpricing to begin with, you can have them sign a letter stating that this is their idea and that they agree ahead of time to drop the price within a certain time frame if they are not getting any showings at their perceived price. Of course, prior to doing that I would caution them about the downfalls of starting off with a high price and how much money they stand to lose rather than gain by using this strategy. Show them the proof! Documentation beats conversation!
You can email me at Katerinag@bellsouth.net for coaching and consulting information for Real Estate Agents. I am a Realtor and a Business, Career, Health and Personal Coach, Real Estate Business Consultant, trainer and speaker. Yours In Real Estate, Katerina
Coaching For Real Estate Agents
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