When Realtors Buy Listings…Who Pays the Price?
Tuesday, June 23, 2009
“Buying a listing” occurs when a seller adamantly believes their property to be worth more than what the market comparables will support and the interviewing agent “agrees” to the price in order not to lose the listing. Is this in the best interest of the seller; absolutely not!
What can happen with an overpriced listing?
- The seller begins chasing the market
- This positions the seller “behind the 8-ball”
- The listing becomes “stale” on the market
- Buyers won’t offer on these properties as they believe the seller is difficult, or they feel the may offend the seller.
- The agent can earn a bad reputation in the industry
- The seller usually ends up mad at the agent and after the listing period decides on a more professional approach
- Time and money are wasted
Seller beware…when interviewing agents to sell your home, be weary of agents that would rather tell you what you want to hear price-wise than trust in their own knowledge of the market. If your chosen agent can’t negotiate with you, they can’t negotiate for you. Choose a professional with market knowledge!
